IEH (IEHC) 10-Q 13 Aug 18 2018 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Jun. 29, 2018	Aug. 13, 2018
Document And Entity Information
Entity Registrant Name	IEH CORPORATION
Entity Central Index Key	50,292
Document Type	10-Q
Document Period End Date	Jun. 29, 2018
Amendment Flag	false
Current Fiscal Year End Date	--03-30
Entity Filer Category	Smaller Reporting Company
Entity Common Stock, Shares Outstanding		2,323,468
Document Fiscal Period Focus	Q1
Document Fiscal Year Focus	2,018

BALANCE SHEETS

BALANCE SHEETS - USD ($)	Jun. 29, 2018	Mar. 30, 2018
CURRENT ASSETS:
Cash	$ 2,322,996	$ 1,407,013
Accounts receivable, less allowances for doubtful accounts of $0 at June 29, 2018 and $11,562 at March 30, 2018 (Note 13)	5,871,169	4,429,267
Inventories (Note 3)	11,459,800	10,751,498
Excess payments to accounts receivable factor (Note 6)	1,593,173	154,960
Prepaid expenses and other current assets (Note 4)	670,509	489,594
Total Current Assets	21,917,647	17,232,332
PROPERTY, PLANT AND EQUIPMENT, less accumulated depreciation and amortization of $9,518,960 at June 29, 2018 and $9,377,361 at March 30, 2018 (Note 5)	1,981,988	2,066,155
OTHER ASSETS:
Other assets	54,489	54,489
Total Assets	23,954,124	19,352,976
CURRENT LIABILITIES:
Accounts payable	1,167,833	576,629
Accrued corporate income taxes	2,477,691	935,762
Other current liabilities (Note 7)	974,301	768,369
Total Current Liabilities	4,619,825	2,280,760
Total Liabilities	4,619,825	2,280,760
SHAREHOLDERS' EQUITY:
Common stock, $.01 par value; 10,000,000 shares authorized; 2,323,468 shares issued and outstanding at June 29, 2018 and 2,303,468 issued and outstanding at March 30, 2018	23,235	23,035
Capital in excess of par value	3,770,206	3,767,608
Retained earnings (Note 9)	15,540,858	13,281,573
Total Shareholders' Equity	19,334,299	17,072,216
Total Liabilities and Shareholders' Equity	$ 23,954,124	$ 19,352,976

BALANCE SHEETS (Parenthetical)

BALANCE SHEETS (Parenthetical) - USD ($)	Jun. 29, 2018	Mar. 30, 2018
Statement of Financial Position [Abstract]
Allowances for doubtful accounts	$ 0	$ 11,562
Accumulated depreciation and amortization	$ 9,518,961	$ 9,377,361
Common stock, par value	$ 0.01	$ 0.01
Common stock, shares authorized	10,000,000	10,000,000
Common stock, shares issued	2,323,468	2,303,468
Common stock, shares outstanding	2,323,468	2,303,468

STATEMENTS OF OPERATIONS

STATEMENTS OF OPERATIONS - USD ($) shares in Thousands	3 Months Ended
	Jun. 29, 2018	Jun. 30, 2017
Income Statement [Abstract]
REVENUE, net sales	$ 9,043,306	$ 4,992,979
COSTS AND EXPENSES
Cost of products sold	4,758,488	3,355,052
Selling, general and administrative	861,693	939,011
Interest expense	10,248	8,538
Depreciation	141,600	107,300
Total Costs and Expenses	5,772,029	4,409,901
OPERATING INCOME	3,271,277	583,078
OTHER INCOME	1,206	944
INCOME BEFORE INCOME TAXES	3,272,483	584,022
PROVISION FOR INCOME TAXES	1,013,198	278,400
NET INCOME	$ 2,259,285	$ 305,622
BASIC EARNINGS PER SHARE (Note 2)	$ 0.98	$ .13
WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING (IN THOUSANDS)	2,315	2,303
FULLY DILUTED EARNINGS PER SHARE	$ 0.95	$ 0.13
WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING FULLY DILUTED	2,382	2,307

STATEMENTS OF CASH FLOWS

STATEMENTS OF CASH FLOWS - USD ($)	3 Months Ended
	Jun. 29, 2018	Jun. 30, 2017
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income	$ 2,259,285	$ 305,622
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation	141,600	107,300
Recognition of stock compensation expense	2,798	19,586
Changes in assets and liabilities:
(Increase) in accounts receivable	(1,441,902)	(37,510)
(Increase) in inventories	(708,302)	(635,737)
(Increase) decrease in excess payments to accounts receivable factor	(1,438,213)	191,430
(Increase) in prepaid expenses and other current assets	(180,915)	(6,297)
Increase in accounts payable	591,404	74,009
Increase in other current liabilities	205,732	33,576
Increase in accrued corporate taxes	1,541,929	252,104
Total adjustments	(1,285,869)	(1,539)
NET CASH PROVIDED BY OPERATING ACTIVITIES	973,416	304,083
CASH FLOWS FROM INVESTING ACTIVITIES:
Acquisition of fixed assets	(57,433)	(104,191)
NET CASH (USED) BY INVESTING ACTIVITIES	(57,433)	(104,191)
CASH FLOWS FROM FINANCING ACTIVITIES:
Net activity on accounts receivable financing		190,975
Payment of dividend		(575,867)
NET CASH PROVIDED (USED) BY FINANCING ACTIVITIES		(384,892)
INCREASE (DECREASE) IN CASH	915,983	(185,000)
CASH, beginning of period	1,407,013	1,210,761
CASH, end of period	2,322,996	1,025,761
Cash paid during the six months for:
Interest	10,248	2,265
Income Taxes		51,147
Increase in issued and outstanding shares	$ 200

INTERIM RESULTS AND BASIS OF PR

INTERIM RESULTS AND BASIS OF PRESENTATION	3 Months Ended
	Jun. 29, 2018
Organization, Consolidation and Presentation of Financial Statements [Abstract]
INTERIM RESULTS AND BASIS OF PRESENTATION	Note 1- INTERIM RESULTS AND BASIS OF PRESENTATION: The accompanying unaudited financial statements as of June 29, 2018 and June 30, 2017 and for the three months then ended have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) for interim financial information and with the instructions to Form 10-Q. In the opinion of management, the unaudited financial statements have been prepared on the same basis as the annual financial statements and reflect all adjustments, which include only normal recurring adjustments, necessary to present fairly the financial position as of June 29, 2018 and June 30, 2017 and the results of operations and cash flows for the three months then ended. The financial data and other information disclosed in these notes to the interim financial statements related to these periods are unaudited. The results for the three months ended June 29, 2018, are not necessarily indicative of the results to be expected for any subsequent quarter or the entire fiscal year. The balance sheet at March 30, 2018 has been derived from the audited financial statements at that date. Certain information and footnote disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”). The Company believes, however, that the disclosures in this report are adequate to make the information presented not misleading in any material respect. The accompanying financial statements should be read in conjunction with the audited financial statements and notes thereto of IEH Corporation for the fiscal year ended March 30, 2018 included in the Company’s Quarterly Report on Form 10-Q as filed with the SEC and the attached Management’s Discussion and Analysis of Financial Condition and Results of Operations.

SUMMARY OF SIGNIFICANT ACCOUNTI

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	3 Months Ended
	Jun. 29, 2018
Accounting Policies [Abstract]
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	Note 2- SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES: Description of Business: The Company designs, develops and manufactures printed circuit connectors for high performance applications. We have also developed a high-performance plastic circular connector line. All of our products utilize the HYPERBOLOID contact design, a rugged high-reliability contact system ideally suited for high-stress environments. We are the only independent producer of HYPERBOLOID in the United States. Our customers consist of OEM’s (Original Equipment Manufacturers), companies manufacturing medical equipment, and distributors who resell our products to OEMs. We sell our products directly and through regional representatives located in all regions of the United States, Canada, Israel, India, various Pacific Rim countries, South Korea and the European Union (EU). The customers of the Company services are in the following markets: Government, Military, Aerospace, Medical, Automotive, Industrial, Test Equipment and Commercial Electronics. The Company appears on the Military Qualified Product Listing “QPL” to MIL-DTL-55302 and supply customer requested modifications to this specification. Sales to the Commercial Electronic and Military markets were 35% and 45%, respectively, of the Company’s net sales for the year ended March 30, 2018. The Company’s offering of “QPL” items has recently been expanded to include additional products. In order to remain competitive, the Company has an internal program to upgrade, add and maintain machinery, review material costs and increase labor force productivity. During the fiscal year ended March 30, 2018, the Company purchased several machines to increase the productivity of certain processes. This will help the Company meet this goal. Business New Product Development: The Company is sought after by many of its customers to design and manufacture custom connectors. This has created many new products that are innovative designs and employ new technologies. The Company continues to be successful because of its ability to assist its customers and create a new design, including engineering drawing packages, in a relatively short period of time. The Company will continue to support its customers to the best of its ability. The circular product line of connectors introduced several years ago for the medical industry continues to be very rewarding for the Company. The line has been expanded to include connector cable assemblies utilizing the circular connectors. A new product line featuring high density connectors is being added to the Company’s product offering. This offering should be available within the next few months. The Company expects the new product line to bring additional revenue. The standard printed circuit board connectors we produce are continually being expanded and utilized in many of the military programs being built today. We have recently received approval for additional products that the Company can offer under the Military Qualified Product Listing “QPL.” Accounting Period: The Company maintains an accounting period based upon a 52-53 week year, which ends on the nearest Friday in business days to March 31. The year ended March 30, 2018 was comprised of 52 weeks. The current fiscal year, ending on March 29, 2019, will be comprised of 52 weeks. Revenue Recognition: Sales are recognized when revenue is realized or realizable and has been earned. Revenue transactions represent sales of inventory. The Company has historically adopted shipping terms that title to merchandise passes to the customer at the shipping point (FOB Shipping Point). Revenue is realized or realizable and earned when all of the following criteria are met: · Persuasive evidence of an arrangement exits · Shipment has occurred · The Company’s selling price for its products are fixed and determinable · Collectability is reasonable assured The Company does not offer any discounts, credits or other sales incentives. Historically, the Company believes that it has no collection issues with its customer base. The Company’s policy with respect to customer returns and allowances as well as product warranty is as follows: The Company will accept a return of defective product within one year from shipment for repair or replacement at the Company’s option. If the product is repairable, the Company at its own cost, will repair and return it to the customer. If unrepairable, the Company will either offer an allowance against payment or will reimburse the customer for the total cost of product. The cost of defective products is immaterial at this time. The Company provides engineering services as part of the relationship with its customers in developing the custom product. The Company is not obligated to provide such engineering service to its customers. The Company does not invoice its customers separately for these services. Inventories: Inventories are stated at an average cost on a first-in, first-out basis, which does not exceed market value. The Company manufactures products pursuant to specific technical and contractual requirements. The Company historically purchases material in excess of its requirements to avail itself of favorable pricing as well as the possibility of receiving additional orders from customers. This excess may result in material not being used in subsequent periods, which may result in this material being deemed obsolete. The Company annually reviews its purchase and usage activity of its inventory of parts as well as work in process and finished goods to determine which items of inventory have become obsolete within the framework of current and anticipated orders. The Company based upon historical experience has determined that if a part has not been used and purchased or an item of finished goods has not been sold in three years, it is deemed to be obsolete. The Company estimates which materials may be obsolete and which products in work in process or finished goods may be sold at less than cost. A periodic adjustment, based upon historical experience, is made to inventory in recognition of this impairment. Concentration of Credit Risk: Financial instruments which potentially subject the Company to concentrations of credit risk consist primarily of cash, cash equivalents and accounts receivable. Under the provisions of the Dodd-Frank Wall Street Reform and Consumer Protection Act, the Federal Deposit Insurance Corporation (FDIC) will permanently insure all accounts maintained with each financial institution up to $250,000 in the aggregate. As of June 29, 2018 and March 30, 2018, the Company had funds on deposit in the amount of $2,515,693 and $1,887,682, in one financial institution comprised of the following: June 29, 2018 March 30, 2018 Non-interest-bearing accounts $ 1,273,763 $ 746,958 Interest bearing account 1,241,930 1,140,724 $ 2,515,693 $ 1,887,682 The Company has not experienced any losses in such accounts and believes its cash balances are not exposed to any significant risk. Property, Plant and Equipment: Property, plant and equipment are stated at cost less accumulated depreciation and amortization. The Company provides for depreciation and amortization using the Double Declining Balance method over the estimated useful lives (5-7 years) of the related assets. Maintenance and repair expenditures are charged to operations, and renewals and betterments are capitalized. Items of property, plant and equipment, which are sold, retired or otherwise disposed of, are removed from the asset and accumulated depreciation or amortization accounts. Any gain or loss thereon is either credited or charged to operations. Net Income Per Share: The Company has adopted the provisions of ASC Topic 260, Earnings per Share, Diluted earnings per share is similar to basic earnings per share except that the weighted average number of common shares outstanding is increased to reflect the dilutive effect of potential common shares, such as those issuable upon the exercise of stock or warrants, as if they had been issued. For the three months ended June 29, 2018 and June 30, 2017, respectively, there were no items of potential dilution that would impact on the computation of diluted earnings or loss per share. Fair Value of Financial Instruments: The carrying value of the Company’s financial instruments, consisting of accounts receivable, accounts payable, and borrowings, approximate their fair value due to the relatively short maturity (three months) of these instruments. Use of Estimates: The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, revenues and expenses, and disclosure of contingent assets and liabilities at the date of the financial statements. Actual amounts could differ from those estimates. Impairment of Long-Lived Assets: The Company has adopted the provisions of ASC Topic, 360, Property, Plant and Equipment-Impairment or Disposal of Long-Lived Assets Stock-Based Compensation Plan: Compensation expense for stock options granted to directors, officers and key employees is based on the fair value of the award on the measurement date, which is the date of the grant. The expense is recognized ratably over the service period of the award. The fair value of stock options is estimated using a Black-Scholes valuation model. The fair value of any other non-vested stock awards is generally the market price of the Company’s common stock on the date of the grant. Recent Accounting Pronouncements: In December 2016, the FASB issued ASU 2016-19; the amendments cover a wide range of topics in the Accounting Standards Codification, including differences between original guidance and the Accounting Standards Codification, guidance clarification and reference corrections, simplification and minor improvements. The adoption of ASU 2016-19 is effective for annual periods, including interim periods, within those annual periods, beginning after December 15, 2016. The Company is currently evaluating the effect of this standard on its financial statements. In December 2016, the FASB issued ASU 2016-20, Technical Corrections and Improvements to Topic 606, Revenue from Contracts with Customers. The amendments in this update are of a similar nature to the items typically addressed in the ASU 2016-19, Technical Corrections and Improvements. The FASB elected to issue a separate update for technical corrections and improvements to Topic 606 as well as other Topics amended by ASU 2014-09 to increase public awareness of the proposals and to expedite improvements to ASU-2014-9. The adoption of ASU 2016-20 is effective from the periods beginning after December 31, 2017, including interim reporting periods within that reporting period. Early adoption is permitted only as of annual reporting periods beginning after December 15, 2016, including interim reporting periods within that reporting period. The Company is currently evaluating the effect of this standard on its financial statements. In addition, the Financial Accounting Standards Board (“FASB”) has issued certain accounting standards updates as of June 29, 2018 that will become effective in subsequent periods. The Company believes that none of those updates would have significantly affected the Company’s financial accounting measures or disclosures had they been in effect during the three months ended June 29, 2018 and June 30, 2017, respectively, and it does not believe that any of those pronouncements will have a significant impact on the Company’s financial statements at the time that they become effective.

INVENTORIES

INVENTORIES	3 Months Ended
	Jun. 29, 2018
Inventory Disclosure [Abstract]
INVENTORIES	Note 3- INVENTORIES: Inventories are stated at average cost, on a first in first out basis, which does not exceed market value. The Company manufactures products pursuant to specific technical and contractual requirements. The Company historically purchases material in excess of its requirements to avail itself of favorable pricing as well as the possibility of receiving additional orders from customers. This excess may result in material not being used in subsequent periods, which may result in this material being deemed obsolete. The Company annually reviews its purchase and usage activity of its inventory of parts as well as work in process and finished goods to determine which items of inventory have become obsolete within the framework of current and anticipated orders. The Company based upon historical experience has determined that if a part has not been used and purchased or an item of finished goods has not been sold in three years, it is deemed to be obsolete. The Company estimates which materials may be obsolete and which products in work in process or finished goods may be sold at less than cost. A periodic adjustment, based upon historical experience, is made to inventory in recognition of this impairment. Inventories were comprised of the following: June 29, March 30, 2018 2018 Raw materials $ 6,875,400 $ 6,644,436 Work in progress 1,029,800 2,288,115 Finished goods 3,554,600 1,818,947 $ 11,459,800 $ 10,751,498

PREPAID EXPENSES AND OTHER CURR

PREPAID EXPENSES AND OTHER CURRENT ASSETS	3 Months Ended
	Jun. 29, 2018
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
PREPAID EXPENSES AND OTHER CURRENT ASSETS	Note 4- PREPAID EXPENSES AND OTHER CURRENT ASSETS: Prepaid expenses and other current assets were comprised of the following: June 29, March 30, 2018 2018 Prepaid insurance $ 96,541 $ 16,256 Prepaid corporate taxes 513,079 467,606 Other current assets 60,889 5,732 $ 670,509 $ 489,594

PROPERTY, PLANT AND EQUIPMENT

PROPERTY, PLANT AND EQUIPMENT	3 Months Ended
	Jun. 29, 2018
Property, Plant and Equipment [Abstract]
PROPERTY, PLANT AND EQUIPMENT	Note 5- PROPERTY, PLANT AND EQUIPMENT: Property, plant and equipment were comprised of the following: June 29, March 30, 2018 2018 Computers $ 496,489 $ 496,489 Leasehold improvements 888,488 888,488 Machinery and equipment 6,201,024 6,189,340 Tools and dies 3,726,827 3,681,077 Furniture and fixture 179,071 179,072 Website development cost 9,050 9,050 11,500,949 11,443,516 Less: accumulated depreciation and amortization (9,518,961 ) (9,377,361 ) $ 1,981,988 $ 2,066,155

ACCOUNTS RECEIVABLE FINANCING

ACCOUNTS RECEIVABLE FINANCING	3 Months Ended
	Jun. 29, 2018
Receivables [Abstract]
ACCOUNTS RECEIVABLE FINANCING	Note 6- ACCOUNTS RECEIVABLE FINANCING: The Company entered into an accounts receivable financing agreement with a commercial finance company, whereby it can borrow up to 80 percent of its eligible receivables (as defined in the financing agreement) at an interest rate of 2.5% above JP Morgan Chase’s publicly announced rate with a minimum rate of 6% per annum. The financing agreement has an initial term of one year and will automatically renew for successive one-year terms, unless terminated by the Company or the commercial finance company upon receiving 60 days’ prior notice. Funds advanced by the commercial finance company are secured by IEH’s accounts receivable and inventories. As of June 29, 2018 and March 30, 2018, the Company had reported excess payments to the commercial finance company of $1,593,173 and $154,960, respectively. These excess payments are reported in the accompanying financial statements as of June 29, 2018 and March 30, 2018 as “Excess payments to commercial finance company.”

OTHER CURRENT LIABILITIES

OTHER CURRENT LIABILITIES	3 Months Ended
	Jun. 29, 2018
Other Liabilities Disclosure [Abstract]
OTHER CURRENT LIABILITIES	Note 7- OTHER CURRENT LIABILITIES: Other current liabilities were comprised of the following: June 29, March 30, 2018 2018 Payroll and vacation accruals $ 824,843 $ 569,043 Sales commissions 110,710 104,791 Other 38,748 94,535 $ 974,301 $ 768,369

CORRECTION OF AN ERROR

CORRECTION OF AN ERROR	3 Months Ended
	Jun. 29, 2018
Accounting Changes and Error Corrections [Abstract]
CORRECTION OF AN ERROR	Note 8- CORRECTION OF AN ERROR: On July 1, 2015, the Company granted 245,000 options to purchase shares of the Company’s common stock under the 2011 Equity Incentive Plan. The Company did account for these grants as statutory stock options but did not report these grants as additional compensation expense during the fiscal year ended March 25, 2016. Upon subsequent review, it was determined that these grants should have been reported as compensation expense using a Black Scholes Method of valuation for the fiscal year ended March 25, 2016. The Company is reporting additional stock option compensation expense of $995,055 as an adjustment of the opening component balances of stockholders’ equity as of March 31, 2017. The following table shows the effect of this correction: Capital in Excess of Retained Par value earnings Balances at March 25, 2016 $ 2,744,573 $ 10,812,960 Correction of an error: recognition of stock option compensation expense 995,055 (995,055 ) Restated balances at March 26, 2016 $ 3,739,628 $ 9,817,905

CHANGES IN SHAREHOLDERS' EQUITY

CHANGES IN SHAREHOLDERS' EQUITY	3 Months Ended
	Jun. 29, 2018
Equity [Abstract]
CHANGES IN SHAREHOLDERS' EQUITY	Note 9- CHANGES IN SHAREHOLDERS’ EQUITY: The accumulated retained earnings increased by $2,259,285, which represents the net income for the three months ended June 29, 2018. On May 9, 2018, the Estate of Michael Offerman, the late Chief Executive Officer of the Company, exercised all of the options (75,000) that had been awarded to him under the 2011 Equity Incentive Plan. As a result of such exercise, the aggregate issued and outstanding shares of common stock of the Company increased to 2,323,468 shares.

2011 EQUITY INCENTIVE PLAN

2011 EQUITY INCENTIVE PLAN	3 Months Ended
	Jun. 29, 2018
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
2011 EQUITY INCENTIVE PLAN	Note 10- 2011 EQUITY INCENTIVE PLAN: On August 31, 2011, the Company’s shareholders approved the adoption of the Company’s 2011 Equity Incentive Plan (“2011 Plan”) to provide for the grant of stock options and restricted stock awards to purchase up to 750,000 shares of the Company’s common stock to all employees, consultants and other eligible participants including senior management and members of the Board of Directors of the Company. The 2011 Plan replaced the prior 2002 Employee Stock Option Plan which had expired in accordance with its terms. Options granted to employees under the 2011 Plan may be designated as options which qualify for incentive stock option treatment under Section 422A of the Internal Revenue Code, or options which do not qualify (non-qualified stock options). Under the 2011 Plan, the exercise price of an option designated as an incentive stock option shall not be less than the fair market value of the Company’s common stock on the day the option is granted. In the event an option designated as an incentive stock option is granted to a ten percent (10%) or greater shareholder, such exercise price shall be at least 110 percent (110%) of the fair market value of the Company’s common stock and the option must not be exercisable after the expiration of five years from the day of the grant. The 2011 Plan also provides that holders of options that wish to pay for the exercise price of their options with shares of the Company’s common stock must have beneficially owned such stock for at least six months prior to the exercise date. Exercise prices of non-incentive stock options may be less than the fair market value of the Company’s common stock. The aggregate fair market value of shares subject to options granted to a participant(s) that are designated as incentive stock options, and which become exercisable in any calendar year, shall not exceed $100,000. On July 1, 2015, our Board of Directors granted 245,000 options to purchase shares of the Company’s common stock under the 2011 Plan as follows: (i) Michael Offerman, our then Chief Executive Officer, was granted 75,000 options; (ii) Robert Knoth, our Chief Financial Officer, was granted 50,000 options; (iii) four non-executive officer key employees were granted 110,000 options; and (iv) each of our non-management directors, Allen Gottlieb and Gerald Chafetz, was granted 5,000 options. The stock options: (i) have a ten-year term; (ii) have an exercise price equal to the fair market value of the Company’s common stock as determined under the 2011 Plan, as reported in the OTCBB, on the date of grant ($6.00), except that the options granted to Michael Offerman has an exercise price equal to 110% of such fair market value because he owns ten percent (10%) or greater of the Company’s outstanding common stock; and (iii) were all immediately vested. In the event of the termination of each recipient’s employment by, or association with, the Company (as applicable), the options will remain exercisable in accordance with the terms of the 2011 Plan. Effective July 15, 2016, the Board of Directors of the Company unanimously voted to increase the number of directors from three to six directors and elected David Offerman as a Class II director and Dr. Sonia Marciano and Eric C. Hugel as Class I Directors. Effective August 15, 2016, the Board of Directors also approved the granting of stock options to purchase shares of the Company’s common stock under the 2011 Plan to each of Dr. Marciano and Mr. Hugel as follows: Each of the new non-management directors will receive a grant of options totalling 5,000 shares each subject to the following vesting schedule: (i) 1,000 shares vested immediately (August 15, 2016); (ii) 2,000 shares vested on August 15, 2017; and (iii) 2,000 shares will vest on August 15, 2018. The stock options: (i) have a ten-year term; and (ii) have an exercise price equal to the fair market value of the Company’s common stock as determined under the 2011 Plan, as reported in the OTCBB, on the date of grant ($5.30). In the event of the termination of each recipient’s association with the Company, the options will remain exercisable in accordance with the terms of the 2011 Plan. The table below summarizes the option awards for the named executive officers and non-management directors: Name Stock Option Grants David Offerman 50,000 Robert Knoth 50,000 Allen Gottlieb 5,000 Gerald Chafetz 5,000 Sonia Marciano 5,000 * Eric Hugel 5,000 * *Options for 3,000 shares were vested, options for 2,000 shares have not yet vested. They shall vest on August 15, 2018. The following table shows the option activity for the fiscal year ended March 30, 2018 and the current three months ended June 29, 2018. Stock-based compensation expense, shown in the table below, is recorded in general and administrative expenses included in our statement of operations: Quarter ended Quarter ended June 30, 2017 Ref June 29, 2018 (in thousands) IEH employees $ — $ — Non-employee directors 3 20 Total stock option expense (a) $ 3 $ 20 (a): The Company reported compensation expense of $2,798 during the quarter ended June 29, 2018 and $19,586 during the quarter ended June 30, 2017 resulting from stock options granted on August 15, 2016. Unrecognized stock-based compensation expense Quarter ended Quarter ended June 30, 2017 Ref June 29, 2018 (in thousands) Unrecognized expense for IEH employees $ — $ — Unrecognized expense for Non-employee directors 11 22 Total unrecognized expense (b) $ 11 $ 22 (b): Unrecognized stock-based compensation expense related to prior years’ equity grants of stock options to non-employee directors, that had not vested as of the end of the applicable fiscal year. Note March 30, 2018 March 31, 2017 Risk free interest rate 2.09 % 1.88 % Contractual term 10 years 10 years Dividend yield — — Expected lives 10 years 10 years Expected volatility 64 % 56 % Fair value per option $ 5.85 $ 6.00 The following table shows the activity for the fiscal years ended March 30, 2018 and March 31, 2017. Weighted Avg. Remaining Aggregate Exercise Contractual Intrinsic Value Shares Price Term (Years) (in thousands) Outstanding at the Beginning of the Year 3/25/2016 245,000 $ 6.18 9.27 $ — Granted 8/15/2016 10,000 $ 5.30 10.00 — Exercised 0 Forfeited or Expired 0 Outstanding at the End of the Year 3/31/2017 255,000 $ 6.15 8.82 $ 87 Fully Vested 247,000 $ 6.05 Exercisable at the End of the Year March 31 2017 247,000 Outstanding at the Beginning of the Year 3/31/2017 255,000 $ 6.15 8.82 $ 87 Granted 0 Exercised 0 Forfeited or Expired 0 Outstanding at the End of the Year 3/30/2018 255,000 $ 6.15 8.07 $ 702 Fully Vested 251,000 $ 6.02 Exercisable at the End of the Year 251,000 Outstanding at the Beginning of the Year 3/30/2018 255,000 $ 6.15 8.07 $ 702 Granted 0 Exercised (75,000 ) Forfeited or Expired 0 Outstanding at the End of the Quarter 6/29/2018 180,000 $ 6.04 7.57 $ 666 Fully Vested 176,000 $ 5.94 Exercisable at the End of the Year 176,000 The aggregate intrinsic value in the table above represents the total pretax intrinsic value (i.e., the difference between the Company’s closing stock price on the last trading day of the period and the exercise price, times the number of shares) that would have been received by the option holders had all option holders exercised their in-the-money options on those dates. This amount will change based on the fair market value of the Company’s common stock. The Company intends to provide additional information regarding the compensation awarded to the named executive officers and non-management directors in respect of and during the fiscal year ended March 30, 2018, in the proxy statement for the Company’s 2018 annual meeting of shareholders.

CASH BONUS PLAN

CASH BONUS PLAN	3 Months Ended
	Jun. 29, 2018
Compensation Related Costs [Abstract]
CASH BONUS PLAN	Note 11- CASH BONUS PLAN: In 1987, the Company adopted a cash bonus plan (“Cash Bonus Plan”) for executive officers. Contributions to the Cash Bonus Plan are made by the Company only after pre-tax operating profits exceed $150,000 for a fiscal year, and then to the extent of 10% of the excess of the greater of $150,000 or 25% of pre-tax operating profits. Accordingly, the Company has accrued a contribution provision of $100,500 for the three months ended June 29, 2018. For the year ended March 30, 2018, the Company’s contribution was $324,000.

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	3 Months Ended
	Jun. 29, 2018
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	Note 12- COMMITMENTS AND CONTINGENCIES: The Company leases space for its corporate offices (including its manufacturing facility) at 140 58 th Fiscal year ending March: 2019 138,240 2020 189,200 2021 128,640 $ 456,080 The rental expense for the three months ended June 29, 2018 was $45,480 and $44,145 for the three months ended June 30, 2017. The Company has a collective bargaining multi-employer pension plan (“Multi-Employer Plan”) with the United Auto Workers of America, Local 259 (“UAW”). Contributions are made by the Company in accordance with a negotiated labor contract and are based on the number of covered employees employed per month. With the passage of the Multi-Employer Pension Plan Amendment Act of 1990 (the “1990 Act”), the Company may become subject to liabilities in excess of contributions made under the collective bargaining agreement. Generally, these are contingent upon termination, withdrawal, or partial withdrawal from the Multi-Employer Plan. The Company has not taken any action to terminate, withdraw or partially withdraw from the Multi-Employer Plan, nor does it intend to do so in the future. Under the 1990 Act, liabilities would be based upon the Company’s proportional share of the Multi-Employer Plan’s unfunded vested benefits, which is currently not available. The Plan’s information and data for the year ending December 31, 2017 is not yet available. As of the date hereof, the Company expects that its proportional share of the 2017 liability will also be fully funded. The amount of accumulated benefits and net assets of such Plan is also not currently available to the Company. The total contributions charged to operations under the provisions of the Multi-Employer Plan were $35,637 and $33,622 for the three months ended June 29, 2018 and June 30, 2017, respectively.

ALLOWANCE FOR DOUBTFUL ACCOUNTS

ALLOWANCE FOR DOUBTFUL ACCOUNTS	3 Months Ended
	Jun. 29, 2018
Receivables [Abstract]
ALLOWANCE FOR DOUBTFUL ACCOUNTS	Note 13- ALLOWANCE FOR DOUBTFUL ACCOUNTS The Company historically had maintained an allowance for accounts receivables. The Company did determine that over the past five years, no customer account balances were determined to be uncollectable and charged off to operations. A review of accounts receivable at June 29, 2018 indicated that none were either delinquent or uncollectable. Accordingly, the Company removed this allowance for uncollectable accounts as of June 30, 2018.

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	3 Months Ended
	Jun. 29, 2018
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	Note 14- SUBSEQUENT EVENTS: The Company has evaluated all subsequent events through August 13, 2018, the date the financial statements were available to be issued. Based on this evaluation, except as set forth below, the Company has determined that no subsequent events have occurred which require disclosure through the date that these financial statements were available to be issued.

SUMMARY OF SIGNIFICANT ACCOUN20

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	3 Months Ended
	Jun. 29, 2018
Accounting Policies [Abstract]
Description of Business	Description of Business: The Company designs, develops and manufactures printed circuit connectors for high performance applications. We have also developed a high-performance plastic circular connector line. All of our products utilize the HYPERBOLOID contact design, a rugged high-reliability contact system ideally suited for high-stress environments. We are the only independent producer of HYPERBOLOID in the United States. Our customers consist of OEM’s (Original Equipment Manufacturers), companies manufacturing medical equipment, and distributors who resell our products to OEMs. We sell our products directly and through regional representatives located in all regions of the United States, Canada, Israel, India, various Pacific Rim countries, South Korea and the European Union (EU). The customers of the Company services are in the following markets: Government, Military, Aerospace, Medical, Automotive, Industrial, Test Equipment and Commercial Electronics. The Company appears on the Military Qualified Product Listing “QPL” to MIL-DTL-55302 and supply customer requested modifications to this specification. Sales to the Commercial Electronic and Military markets were 35% and 45%, respectively, of the Company’s net sales for the year ended March 30, 2018. The Company’s offering of “QPL” items has recently been expanded to include additional products. In order to remain competitive, the Company has an internal program to upgrade, add and maintain machinery, review material costs and increase labor force productivity. During the fiscal year ended March 30, 2018, the Company purchased several machines to increase the productivity of certain processes. This will help the Company meet this goal.
Business New Product Development	Business New Product Development: The Company is sought after by many of its customers to design and manufacture custom connectors. This has created many new products that are innovative designs and employ new technologies. The Company continues to be successful because of its ability to assist its customers and create a new design, including engineering drawing packages, in a relatively short period of time. The Company will continue to support its customers to the best of its ability. The circular product line of connectors introduced several years ago for the medical industry continues to be very rewarding for the Company. The line has been expanded to include connector cable assemblies utilizing the circular connectors. A new product line featuring high density connectors is being added to the Company’s product offering. This offering should be available within the next few months. The Company expects the new product line to bring additional revenue. The standard printed circuit board connectors we produce are continually being expanded and utilized in many of the military programs being built today. We have recently received approval for additional products that the Company can offer under the Military Qualified Product Listing “QPL.”
Accounting Period	Accounting Period: The Company maintains an accounting period based upon a 52-53 week year, which ends on the nearest Friday in business days to March 31. The year ended March 30, 2018 was comprised of 52 weeks. The current fiscal year, ending on March 29, 2019, will be comprised of 52 weeks.
Revenue Recognition	Revenue Recognition: Sales are recognized when revenue is realized or realizable and has been earned. Revenue transactions represent sales of inventory. The Company has historically adopted shipping terms that title to merchandise passes to the customer at the shipping point (FOB Shipping Point). Revenue is realized or realizable and earned when all of the following criteria are met: · Persuasive evidence of an arrangement exits · Shipment has occurred · The Company’s selling price for its products are fixed and determinable · Collectability is reasonable assured The Company does not offer any discounts, credits or other sales incentives. Historically, the Company believes that it has no collection issues with its customer base. The Company’s policy with respect to customer returns and allowances as well as product warranty is as follows: The Company will accept a return of defective product within one year from shipment for repair or replacement at the Company’s option. If the product is repairable, the Company at its own cost, will repair and return it to the customer. If unrepairable, the Company will either offer an allowance against payment or will reimburse the customer for the total cost of product. The cost of defective products is immaterial at this time. The Company provides engineering services as part of the relationship with its customers in developing the custom product. The Company is not obligated to provide such engineering service to its customers. The Company does not invoice its customers separately for these services.
Inventories	Inventories: Inventories are stated at an average cost on a first-in, first-out basis, which does not exceed market value. The Company manufactures products pursuant to specific technical and contractual requirements. The Company historically purchases material in excess of its requirements to avail itself of favorable pricing as well as the possibility of receiving additional orders from customers. This excess may result in material not being used in subsequent periods, which may result in this material being deemed obsolete. The Company annually reviews its purchase and usage activity of its inventory of parts as well as work in process and finished goods to determine which items of inventory have become obsolete within the framework of current and anticipated orders. The Company based upon historical experience has determined that if a part has not been used and purchased or an item of finished goods has not been sold in three years, it is deemed to be obsolete. The Company estimates which materials may be obsolete and which products in work in process or finished goods may be sold at less than cost. A periodic adjustment, based upon historical experience, is made to inventory in recognition of this impairment.
Concentration of Credit Risk	Concentration of Credit Risk: Financial instruments which potentially subject the Company to concentrations of credit risk consist primarily of cash, cash equivalents and accounts receivable. Under the provisions of the Dodd-Frank Wall Street Reform and Consumer Protection Act, the Federal Deposit Insurance Corporation (FDIC) will permanently insure all accounts maintained with each financial institution up to $250,000 in the aggregate. As of June 29, 2018 and March 30, 2018, the Company had funds on deposit in the amount of $2,515,693 and $1,887,682, in one financial institution comprised of the following: June 29, 2018 March 30, 2018 Non-interest-bearing accounts $ 1,273,763 $ 746,958 Interest bearing account 1,241,930 1,140,724 $ 2,515,693 $ 1,887,682 The Company has not experienced any losses in such accounts and believes its cash balances are not exposed to any significant risk.
Property, Plant and Equipment	Property, Plant and Equipment: Property, plant and equipment are stated at cost less accumulated depreciation and amortization. The Company provides for depreciation and amortization using the Double Declining Balance method over the estimated useful lives (5-7 years) of the related assets. Maintenance and repair expenditures are charged to operations, and renewals and betterments are capitalized. Items of property, plant and equipment, which are sold, retired or otherwise disposed of, are removed from the asset and accumulated depreciation or amortization accounts. Any gain or loss thereon is either credited or charged to operations.
Net Income Per Share	Net Income Per Share: The Company has adopted the provisions of ASC Topic 260, Earnings per Share, Diluted earnings per share is similar to basic earnings per share except that the weighted average number of common shares outstanding is increased to reflect the dilutive effect of potential common shares, such as those issuable upon the exercise of stock or warrants, as if they had been issued. For the three months ended June 29, 2018 and June 30, 2017, respectively, there were no items of potential dilution that would impact on the computation of diluted earnings or loss per share.
Fair Value of Financial Instruments	Fair Value of Financial Instruments: The carrying value of the Company’s financial instruments, consisting of accounts receivable, accounts payable, and borrowings, approximate their fair value due to the relatively short maturity (three months) of these instruments.
Use of Estimates	Use of Estimates: The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, revenues and expenses, and disclosure of contingent assets and liabilities at the date of the financial statements. Actual amounts could differ from those estimates.
Impairment of Long-Lived Assets	Impairment of Long-Lived Assets: The Company has adopted the provisions of ASC Topic, 360, Property, Plant and Equipment-Impairment or Disposal of Long-Lived Assets
Stock-Based Compensation Plan	Stock-Based Compensation Plan: Compensation expense for stock options granted to directors, officers and key employees is based on the fair value of the award on the measurement date, which is the date of the grant. The expense is recognized ratably over the service period of the award. The fair value of stock options is estimated using a Black-Scholes valuation model. The fair value of any other non-vested stock awards is generally the market price of the Company’s common stock on the date of the grant.
Recent Accounting Pronouncements	Recent Accounting Pronouncements: In December 2016, the FASB issued ASU 2016-19; the amendments cover a wide range of topics in the Accounting Standards Codification, including differences between original guidance and the Accounting Standards Codification, guidance clarification and reference corrections, simplification and minor improvements. The adoption of ASU 2016-19 is effective for annual periods, including interim periods, within those annual periods, beginning after December 15, 2016. The Company is currently evaluating the effect of this standard on its financial statements. In December 2016, the FASB issued ASU 2016-20, Technical Corrections and Improvements to Topic 606, Revenue from Contracts with Customers. The amendments in this update are of a similar nature to the items typically addressed in the ASU 2016-19, Technical Corrections and Improvements. The FASB elected to issue a separate update for technical corrections and improvements to Topic 606 as well as other Topics amended by ASU 2014-09 to increase public awareness of the proposals and to expedite improvements to ASU-2014-9. The adoption of ASU 2016-20 is effective from the periods beginning after December 31, 2017, including interim reporting periods within that reporting period. Early adoption is permitted only as of annual reporting periods beginning after December 15, 2016, including interim reporting periods within that reporting period. The Company is currently evaluating the effect of this standard on its financial statements. In addition, the Financial Accounting Standards Board (“FASB”) has issued certain accounting standards updates as of June 29, 2018 that will become effective in subsequent periods. The Company believes that none of those updates would have significantly affected the Company’s financial accounting measures or disclosures had they been in effect during the three months ended June 29, 2018 and June 30, 2017, respectively, and it does not believe that any of those pronouncements will have a significant impact on the Company’s financial statements at the time that they become effective.

SUMMARY OF SIGNIFICANT ACCOUN21

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)	3 Months Ended
	Jun. 29, 2018
Accounting Policies [Abstract]
Schedule of funds on deposit	As of June 29, 2018 and March 30, 2018, the Company had funds on deposit in the amount of $2,515,693 and $1,887,682, in one financial institution comprised of the following: June 29, 2018 March 30, 2018 Non-interest-bearing accounts $ 1,273,763 $ 746,958 Interest bearing account 1,241,930 1,140,724 $ 2,515,693 $ 1,887,682

INVENTORIES (Tables)

INVENTORIES (Tables)	3 Months Ended
	Jun. 29, 2018
Inventory Disclosure [Abstract]
Schedule of inventories	Inventories were comprised of the following: June 29, March 30, 2018 2018 Raw materials $ 6,875,400 $ 6,644,436 Work in progress 1,029,800 2,288,115 Finished goods 3,554,600 1,818,947 $ 11,459,800 $ 10,751,498

PREPAID EXPENSES AND OTHER CU23

PREPAID EXPENSES AND OTHER CURRENT ASSETS (Tables)	3 Months Ended
	Jun. 29, 2018
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Schedule of prepaid expenses and other current assets	Prepaid expenses and other current assets were comprised of the following: June 29, March 30, 2018 2018 Prepaid insurance $ 96,541 $ 16,256 Prepaid corporate taxes 513,079 467,606 Other current assets 60,889 5,732 $ 670,509 $ 489,594

PROPERTY, PLANT AND EQUIPMENT (

PROPERTY, PLANT AND EQUIPMENT (Tables)	3 Months Ended
	Jun. 29, 2018
Property, Plant and Equipment [Abstract]
Schedule of property, plant and equipment	Property, plant and equipment were comprised of the following: June 29, March 30, 2018 2018 Computers $ 496,489 $ 496,489 Leasehold improvements 888,488 888,488 Machinery and equipment 6,201,024 6,189,340 Tools and dies 3,726,827 3,681,077 Furniture and fixture 179,071 179,072 Website development cost 9,050 9,050 11,500,949 11,443,516 Less: accumulated depreciation and amortization (9,518,961 ) (9,377,361 ) $ 1,981,988 $ 2,066,155

OTHER CURRENT LIABILITIES (Tabl

OTHER CURRENT LIABILITIES (Tables)	3 Months Ended
	Jun. 29, 2018
Other Liabilities Disclosure [Abstract]
Schedule of other current liabilities	Other current liabilities were comprised of the following: June 29, March 30, 2018 2018 Payroll and vacation accruals $ 824,843 $ 569,043 Sales commissions 110,710 104,791 Other 38,748 94,535 $ 974,301 $ 768,369

CORRECTION OF AN ERROR (Tables)

CORRECTION OF AN ERROR (Tables)	3 Months Ended
	Jun. 29, 2018
Accounting Changes and Error Corrections [Abstract]
Schedule of Effect From Correction of Error	The following table shows the effect of this correction: Capital in Excess of Retained Par value earnings Balances at March 25, 2016 $ 2,744,573 $ 10,812,960 Correction of an error: recognition of stock option compensation expense 995,055 (995,055 ) Restated balances at March 26, 2016 $ 3,739,628 $ 9,817,905

2011 EQUITY INCENTIVE PLAN_ (Ta

2011 EQUITY INCENTIVE PLAN: (Tables)	3 Months Ended
	Jun. 29, 2018
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Schedule of Options Awarded to Officers and Directors	The table below summarizes the option awards for the named executive officers and non-management directors: Name Stock Option Grants David Offerman 50,000 Robert Knoth 50,000 Allen Gottlieb 5,000 Gerald Chafetz 5,000 Sonia Marciano 5,000 * Eric Hugel 5,000 * *Options for 3,000 shares were vested, options for 2,000 shares have not yet vested. They shall vest on August 15, 2018.
Schedule of Stock-Based Compensation Expense	Stock-based compensation expense, shown in the table below, is recorded in general and administrative expenses included in our statement of operations: Quarter ended Quarter ended June 30, 2017 Ref June 29, 2018 (in thousands) IEH employees $ — $ — Non-employee directors 3 20 Total stock option expense (a) $ 3 $ 20 (a): The Company reported compensation expense of $2,798 during the quarter ended June 29, 2018 and $19,586 during the quarter ended June 30, 2017 resulting from stock options granted on August 15, 2016.
Schedule of Unrecognized Stock-Based Compensation Expense	Unrecognized stock-based compensation expense Quarter ended Quarter ended June 30, 2017 Ref June 29, 2018 (in thousands) Unrecognized expense for IEH employees $ — $ — Unrecognized expense for Non-employee directors 11 22 Total unrecognized expense (b) $ 11 $ 22 (b): Unrecognized stock-based compensation expense related to prior years’ equity grants of stock options to non-employee directors, that had not vested as of the end of the applicable fiscal year.
Schedule of Stock Option Grants	Note March 30, 2018 March 31, 2017 Risk free interest rate 2.09 % 1.88 % Contractual term 10 years 10 years Dividend yield — — Expected lives 10 years 10 years Expected volatility 64 % 56 % Fair value per option $ 5.85 $ 6.00
Schedule of Option Activity	The following table shows the activity for the fiscal years ended March 30, 2018 and March 31, 2017. Weighted Avg. Remaining Aggregate Exercise Contractual Intrinsic Value Shares Price Term (Years) (in thousands) Outstanding at the Beginning of the Year 3/25/2016 245,000 $ 6.18 9.27 $ — Granted 8/15/2016 10,000 $ 5.30 10.00 — Exercised 0 Forfeited or Expired 0 Outstanding at the End of the Year 3/31/2017 255,000 $ 6.15 8.82 $ 87 Fully Vested 247,000 $ 6.05 Exercisable at the End of the Year March 31 2017 247,000 Outstanding at the Beginning of the Year 3/31/2017 255,000 $ 6.15 8.82 $ 87 Granted 0 Exercised 0 Forfeited or Expired 0 Outstanding at the End of the Year 3/30/2018 255,000 $ 6.15 8.07 $ 702 Fully Vested 251,000 $ 6.02 Exercisable at the End of the Year 251,000 Outstanding at the Beginning of the Year 3/30/2018 255,000 $ 6.15 8.07 $ 702 Granted 0 Exercised (75,000 ) Forfeited or Expired 0 Outstanding at the End of the Quarter 6/29/2018 180,000 $ 6.04 7.57 $ 666 Fully Vested 176,000 $ 5.94 Exercisable at the End of the Year 176,000

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Tables)	3 Months Ended
	Jun. 29, 2018
Commitments and Contingencies Disclosure [Abstract]
Schedule of basic minimum annual rental payments	The basic minimum annual rentals are as follows: Fiscal year ending March: 2019 138,240 2020 189,200 2021 128,640 $ 456,080

SUMMARY OF SIGNIFICANT ACCOUN29

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Narrative) (Details) - USD ($)	3 Months Ended	12 Months Ended
	Jun. 29, 2018	Mar. 30, 2018
Property, Plant and Equipment [Line Items]
Number of days in fiscal period	364 days	371 days
FDIC coverage of deposits	$ 250,000
Commercial Electronic Markets [Member] | Sales Revenue, Net [Member]
Property, Plant and Equipment [Line Items]
Percentage of sales		35.00%
Military Markets [Member] | Sales Revenue, Net [Member]
Property, Plant and Equipment [Line Items]
Percentage of sales		45.00%
Property, Plant and Equipment Other Types [Member] | Minimum [Member]
Property, Plant and Equipment [Line Items]
Useful lives of property plant and equipment	5 years
Property, Plant and Equipment Other Types [Member] | Maximum [Member]
Property, Plant and Equipment [Line Items]
Useful lives of property plant and equipment	7 years

SUMMARY OF SIGNIFICANT ACCOUN30

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Funds on Deposit) (Details) - USD ($)	Jun. 29, 2018	Mar. 30, 2018
Cash and Cash Equivalents [Line Items]
Funds on deposit	$ 2,515,693	$ 1,887,682
Non-interest-bearing accounts [Member]
Cash and Cash Equivalents [Line Items]
Funds on deposit	1,273,763	746,958
Interest bearing account [Member]
Cash and Cash Equivalents [Line Items]
Funds on deposit	$ 1,241,930	$ 1,140,724

INVENTORIES (Details)

INVENTORIES (Details) - USD ($)	Jun. 29, 2018	Mar. 30, 2018
Inventory Disclosure [Abstract]
Raw materials	$ 6,875,400	$ 6,644,436
Work in progress	1,029,800	2,288,115
Finished goods	3,554,600	1,818,947
Inventories	$ 11,459,800	$ 10,751,498

PREPAID EXPENSES AND OTHER CU32

PREPAID EXPENSES AND OTHER CURRENT ASSETS (Details) - USD ($)	Jun. 29, 2018	Mar. 30, 2018
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Prepaid insurance	$ 96,541	$ 16,256
Prepaid corporate taxes	513,079	467,606
Other current assets	60,889	5,732
Prepaid expenses and other current assets	$ 670,509	$ 489,594

PROPERTY, PLANT AND EQUIPMENT33

PROPERTY, PLANT AND EQUIPMENT (Details) - USD ($)	Jun. 29, 2018	Mar. 30, 2018
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Gross	$ 11,500,949	$ 11,443,516
Less: accumulated depreciation and amortization	(9,518,961)	(9,377,361)
Property, Plant and Equipment, Net	1,981,988	2,066,155
Computers [Member]
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Gross	496,489	496,489
Leasehold improvements [Member]
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Gross	888,488	888,488
Machinery and equipment [Member]
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Gross	6,201,024	6,189,340
Tools and dies [Member]
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Gross	3,726,827	3,681,077
Furniture and fixture [Member]
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Gross	179,071	179,072
Website development cost [Member]
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Gross	$ 9,050	$ 9,050

ACCOUNTS RECEIVABLE FINANCING (

ACCOUNTS RECEIVABLE FINANCING (Narrative) (Details) - USD ($)	3 Months Ended
	Jun. 29, 2018	Mar. 30, 2018
Short-term Debt [Line Items]
Excess payments to the Factor	$ 1,593,173	$ 154,960
Accounts Receivable Financing Agreement [Member]
Short-term Debt [Line Items]
Financing agreement - percentage of eligible receivables that may be borrowed	80.00%
Interest rate above JPMC rate, ceiling	2.50%
Interest rate floor	6.00%
Financing agreement term (years)	1 year
Financing agreement notice (days)	60 days

OTHER CURRENT LIABILITIES (Deta

OTHER CURRENT LIABILITIES (Details) - USD ($)	Jun. 29, 2018	Mar. 30, 2018
Other Liabilities Disclosure [Abstract]
Payroll and vacation accruals	$ 824,843	$ 569,043
Sales commissions	110,710	104,791
Other	38,748	94,535
Total other current liabilities	$ 974,301	$ 768,369

CORRECTION OF AN ERROR (Narrati

CORRECTION OF AN ERROR (Narrative) (Details) - shares	Jul. 01, 2015	Jun. 29, 2018	Mar. 30, 2018	Mar. 31, 2017
Options granted	245,000	0	0	10,000
2011 Equity Incentive Plan [Member]
Options granted	245,000

CORRECTION OF AN ERROR (Schedul

CORRECTION OF AN ERROR (Schedule of Effect of Correction) (Details) - USD ($)	3 Months Ended		12 Months Ended
	Jun. 29, 2018	Jun. 30, 2017	Mar. 31, 2017	Mar. 25, 2016
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Correction of an error: recognition of stock option compensation expense	$ 2,798	$ 19,586
Capital in Excess of Par Value [Member]
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Balances at March 25, 2016				$ 2,744,573
Correction of an error: recognition of stock option compensation expense			$ 995,055
Restated balances at March 26, 2016			3,739,628
Retained Earnings [Member]
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Balances at March 25, 2016				$ 10,812,960
Correction of an error: recognition of stock option compensation expense			(995,055)
Restated balances at March 26, 2016			$ 9,817,905

CHANGES IN SHAREHOLDERS' EQUI38

CHANGES IN SHAREHOLDERS' EQUITY (Details) - USD ($)	May 09, 2018	Jun. 29, 2018	Jun. 30, 2017	Mar. 30, 2018	Mar. 31, 2017
Net income		$ 2,259,285	$ 305,622
Option exercise		75,000		0	0
Common stock, shares issued		2,323,468		2,303,468
Common stock, shares outstanding		2,323,468		2,303,468
Michael Offerman [Member] | 2011 Equity Incentive Plan [Member]
Option exercise	75,000

2011 EQUITY INCENTIVE PLAN (Nar

2011 EQUITY INCENTIVE PLAN (Narrative) (Details) - USD ($)	Jul. 01, 2015	Jun. 29, 2018
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Number of Stock Options and Restricted Stock Awards authorized under 2011 Equity Incentive Plan		750,000
Incentive stock options, granted to shareholder holdings (percent)		10.00%
Incentive stock options, exercise price as compared to fair market value (percent) to majority shareholder		110.00%
Expiration period from grant date	5 years
FMV of shares subject to options granted to participants and designated as incentive stock options, maximum amount		$ 100,000

2011 EQUITY INCENTIVE PLAN (Gra

2011 EQUITY INCENTIVE PLAN (Grants Under Plan) (Details) - $ / shares		Aug. 15, 2016	Jul. 15, 2016	Jul. 01, 2015	Jun. 29, 2018	Mar. 30, 2018	Mar. 31, 2017	Aug. 15, 2017
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options granted in period				245,000	0	0	10,000
Expiration period from grant date				5 years
Incentive stock options, exercise price as compared to fair market value (percent) to majority shareholder					110.00%
Incentive stock options, granted to shareholder holdings (percent)					10.00%
Exercise price				$ 6			$ 5.30
Option yet to vest					176,000	251,000	247,000
Four non-executive officer key employees [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options granted in period				110,000
Expiration period from grant date				10 years
Exercise price				$ 6
Michael Offerman [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options granted in period	[1],[2]			75,000
Expiration period from grant date				10 years
Incentive stock options, exercise price as compared to fair market value (percent) to majority shareholder				110.00%
Incentive stock options, granted to shareholder holdings (percent)				10.00%
David Offerman [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options granted in period	[1],[2]		50,000
Expiration period from grant date			10 years
Exercise price			$ 5.30
Robert Knoth [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options granted in period	[1]			50,000
Expiration period from grant date				10 years
Exercise price				$ 6
Allen Gottlieb [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options granted in period	[1]			5,000
Expiration period from grant date				10 years
Exercise price				$ 6
Gerald Chafetz [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options granted in period	[1]			5,000
Expiration period from grant date				10 years
Exercise price				$ 6
Sonia Marciano [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options granted in period	[3]		5,000
Expiration period from grant date			10 years
Exercise price			$ 5.30
Option vested		3,000
Option yet to vest		1,000						2,000
Sonia Marciano [Member] | Scenario, Forecast [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Option yet to vest					2,000
Eric Hugel [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options granted in period	[3]		5,000
Expiration period from grant date			10 years
Exercise price			$ 5.30
Option vested		3,000
Option yet to vest		1,000						2,000
Eric Hugel [Member] | Scenario, Forecast [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Option yet to vest					2,000
[1]	As of the date hereof, none of the options has been exercised.
[2]	On March 24, 2017, Michael Offerman, our President and Chief Executive Officer, died suddenly. On March 26, 2017, the Board of Directors elected David Offerman to the positions of Chairman of the Board, President and Chief Executive Officer of the Company.
[3]	Unrecognized stock-based compensation expense related to prior years' equity grants of stock options to non-employee directors, that had not vested as of the end of the applicable fiscal year.

2011 EQUITY INCENTIVE PLAN (Sch

2011 EQUITY INCENTIVE PLAN (Schedule of Stock-Based Compensation Expense) (Details) - USD ($) $ in Thousands		3 Months Ended
		Jun. 30, 2018	Jun. 29, 2018	Jun. 30, 2017
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock option expense	[1]		$ 3	$ 20
IEH employees [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock option expense
Non-employee directors [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock option expense		$ 20	$ 3
[1]	The Company reported compensation expense of $2,798 during the quarter ended June 29, 2018 and $19,586 during the quarter ended June 30, 2017 resulting from stock options granted on August 15, 2016.

2011 EQUITY INCENTIVE PLAN (S42

2011 EQUITY INCENTIVE PLAN (Schedule of Unrecognized Stock-Based Compensation Expense) (Details) - USD ($) $ in Thousands		3 Months Ended
		Jun. 29, 2018	Jun. 30, 2017
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total unrecognized expense	[1]	$ 11	$ 22
IEH employees [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total unrecognized expense
Non-employee directors [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total unrecognized expense		$ 11	$ 22
[1]	Unrecognized stock-based compensation expense related to prior years' equity grants of stock options to non-employee directors, that had not vested as of the end of the applicable fiscal year.

2011 EQUITY INCENTIVE PLAN (S43

2011 EQUITY INCENTIVE PLAN (Schedule of Stock Option Grants) (Details) - Officers, directors and key employees [Member] - $ / shares	12 Months Ended
	Mar. 30, 2018	Mar. 31, 2017
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Risk free interest rate	2.09%	1.88%
Contractual term	10 years	10 years
Dividend yield
Expected lives	10 years	10 years
Expected volatility	64.00%	56.00%
Fair value per option	$ 5.85	$ 6

2011 EQUITY INCENTIVE PLAN (Opt

2011 EQUITY INCENTIVE PLAN (Option Activity) (Details) - USD ($) $ / shares in Units, $ in Thousands	Jul. 01, 2015	Jun. 29, 2018	Mar. 30, 2018	Mar. 31, 2017	Mar. 25, 2016
Shares
Outstanding at the Beginning of the Year		255,000	255,000	245,000
Granted	245,000	0	0	10,000
Exercised		(75,000)	0	0
Forfeited or Expired		0	0	0
Outstanding at the End of the Year		180,000	255,000	255,000	245,000
Fully Vested		176,000	251,000	247,000
Exercisable at the End of the Year		176,000	251,000	247,000
Weighted Avg. Exercise Price
Outstanding at the Beginning of the Year		$ 6.15	$ 6.15	$ 6.18
Granted	$ 6			5.30
Outstanding at the End of the Year		6.04	6.15	6.15	$ 6.18
Fully Vested		$ 5.94	$ 6.02	$ 6.05
Remaining Contractual Term (Years)
Outstanding at the Beginning of the Year		7 years 6 months 25 days	8 years 26 days	8 years 9 months 25 days	9 years 3 months 8 days
Granted				10 years
Aggregate Intrinsic Value
Outstanding at the Beginning of the Year		$ 702	$ 87
Granted
Outstanding at the End of the Year		$ 666	$ 702	$ 87

CASH BONUS PLAN (Narrative) (De

CASH BONUS PLAN (Narrative) (Details) - USD ($)	3 Months Ended	12 Months Ended
	Jun. 29, 2018	Mar. 30, 2018
Compensation Related Costs [Abstract]
Cash Bonus Plan, threshold of pre-tax operating profits	$ 150,000
Cash Bonus Plan, contribution tier 1	10.00%
Cash Bonus Plan, contribution tier 2	25.00%
Cash Bonus Plan, contribution	$ 100,500	$ 324,000

COMMITMENTS AND CONTINGENCIES46

COMMITMENTS AND CONTINGENCIES (Narrative) (Details) - USD ($)	3 Months Ended
	Jun. 29, 2018	Jun. 30, 2017
Commitments and Contingencies Disclosure [Abstract]
Rental expense	$ 45,480	$ 44,145
Pension plan contributions	$ 35,637	$ 33,622

COMMITMENTS AND CONTINGENCIES47

COMMITMENTS AND CONTINGENCIES (Basic Minimum Annual Rentals) (Details)	Jun. 29, 2018USD ($)
Future Minimum Rental Payments
2,019	$ 138,240
2,020	189,200
2,021	128,640
Total	$ 456,080