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Restaurant operating expenses

$ 103,325

$ 101,849

COSTS AND EXPENSES

Cost of sales

54,488

52,779

3,476

3,525

General and administrative expenses

1,233

1,212

14,779

13,851

Advertising fund expense (Note B)

2,177

2,506

Total costs and expenses

76,153

73,873

Gain on sale of property and equipment (Note F)

27,172

27,976

11,177

Interest expense

(10,601)

(10,792)

Interest income

1,357

840

Other income, net

209

Income before provision for income taxes

18,014

29,410

Provision for income taxes

4,579

7,917

Net income

$ 13,435

$ 21,493

Weighted average shares used in computing income per share:

Basic (in shares)

4,216,000

4,187,000

Diluted (in shares)

4,216,000

4,220,000

Income per share:

Basic (in dollars per share)

$ 3.19

$ 5.13

Diluted (in dollars per share)

3.19

5.09

Dividends declared per share (in dollars per share)

$ 1.40

$ 1

Product [Member]

REVENUES

$ 70,559

$ 71,561

License [Member]

REVENUES

Franchise Fees and Royalties [Member]

25,859

23,615

REVENUES

Advertising Fund Revenue [Member]

4,572

4,171

REVENUES

^[1]

$ 2,335

$ 2,502

[1]	Prior to adoption of Topic 606, inflows into the National Advertising Fund were not considered revenue.

Consolidated Statements of Stockholders' (Deficit) - USD ($) $ in Thousands	Cumulative Effect, Period of Adoption, Adjustment [Member] Retained Earnings [Member]	Cumulative Effect, Period of Adoption, Adjustment [Member]	Common Stock [Member]	Additional Paid-in Capital [Member]	Retained Earnings [Member]	Treasury Stock [Member]	Total
Balance (in shares) at Mar. 25, 2018			9,311,922			5,127,373
Balance (Accounting Standards Update 2014-09 [Member]) at Mar. 25, 2018	$ (2,004)	$ (2,004)
Balance at Mar. 25, 2018			$ 93	$ 60,823	$ (68,181)	$ (77,303)	$ (84,568)
Shares issued in connection with share-based compensation plans (in shares)			24,416
Shares issued in connection with share-based compensation plans				134			134
Withholding tax on net share settlement of share-based compensation plans				(174)			(174)
Repurchase of common stock (in shares)						14,390
Repurchase of common stock						$ (1,000)	(1,000)
Dividends on common stock					(4,187)		(4,187)
Share-based compensation				162			162
Net income					21,493		$ 21,493
Balance (in shares) at Mar. 31, 2019			9,336,338			5,141,763	4,194,575
Balance at Mar. 31, 2019			$ 93	60,945	(52,879)	$ (78,303)	$ (70,144)
Shares issued in connection with share-based compensation plans (in shares)			32,454
Shares issued in connection with share-based compensation plans			$ 1	1,077			1,078
Withholding tax on net share settlement of share-based compensation plans				(8)			(8)
Repurchase of common stock (in shares)						85,642
Repurchase of common stock						$ (4,966)	(4,966)
Dividends on common stock					(5,912)		(5,912)
Share-based compensation				116			116
Net income					13,435		$ 13,435
Balance (in shares) at Mar. 29, 2020			9,368,792			5,227,405	4,141,387
Balance at Mar. 29, 2020			$ 94	$ 62,130	$ (45,356)	$ (83,269)	$ (66,401)

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Mar. 29, 2020	Mar. 31, 2019
Cash flows from operating activities:
Net income	$ 13,435	$ 21,493
Adjustments to reconcile net income to net cash provided by operating activities
Depreciation and amortization	1,233	1,212
Gain on sale of property and equipment		(11,177)
Non cash rental expense	232
Amortization of debt issuance costs	691	691
Share-based compensation expense	116	162
Income tax benefit on stock option exercises	228	310
Provision for doubtful accounts	71	100
Deferred income taxes	352	86
Changes in operating assets and liabilities:
Accounts and other receivables, net	(1,006)	229
Inventories	157	(151)
Prepaid expenses and other current assets	(174)	1,866
Other assets	122	(172)
Accounts payable, accrued expenses and other current liabilities	(2,028)	(3,367)
Deferred franchise fees	(1,088)	(161)
Other liabilities	8	35
Net cash provided by operating activities	12,349	11,156
Cash flows from investing activities:
Proceeds from disposal of property and equipment		12,775
Purchase of property and equipment	(870)	(447)
Net cash (used in) provided by investing activities	(870)	12,328
Cash flows from financing activities:
Dividends paid to stockholders	(5,912)	(4,337)
Repurchase of treasury stock	(4,966)	(1,000)
Proceeds from the exercise of stock options	1,078	134
Payments of withholding tax on net share settlement of share-based compensation plans	(8)	(174)
Net cash used in financing activities	(9,808)	(5,377)
Net increase in cash and cash equivalents	1,671	18,107
Cash and cash equivalents, beginning of year	75,446	57,339
Cash and cash equivalents, end of year	77,117	75,446
Cash paid during the year for:
Interest	9,938	9,938
Income taxes	$ 3,874	$ 6,284
Noncash financing activity:
Dividends declared per share (in dollars per share)	$ 1.40	$ 1

Note A - Description and Organization of Business	12 Months Ended
Note A - Description and Organization of Business	Mar. 29, 2020
Notes to Financial Statements
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block]	NOTE A - DESCRIPTION AND ORGANIZATION OF BUSINESS Nathan’s Famous, Inc. and subsidiaries (collectively the “Company” or “Nathan’s”) has historically operated or franchised a chain of retail fast food restaurants featuring the “Nathan’s World Famous Beef Hot Dog”, crinkle-cut French-fried potatoes and a variety of other menu offerings. Nathan’s has also established a Branded Product Program, which enables foodservice retailers to sell select Nathan’s proprietary products outside of the realm of a traditional franchise relationship. Nathan’s also licenses the manufacture and sale of “Nathan’s Famous” packaged hot dogs, crinkle-cut French fries and a number of other products to a variety of third parties for sale to supermarkets, club stores and grocery stores. The Company is also the owner of the Arthur Treacher’s brand. Arthur Treacher’s main product is its "Original Fish & Chips" product consisting of fish fillets coated with a special batter prepared under a proprietary formula, deep-fried golden brown, and served with English-style chips and corn meal "hush puppies." The Company considers itself to be a brand marketer of its products to the foodservice and retail industries, pursuant to its various business structures. Nathan’s has also pursued co-branding and co-hosting initiatives. At March 29, 2020, the Company’s restaurant system included four Company-owned units in the New York City metropolitan area and 216 franchised or licensed units, located in 21 states and nine foreign countries.

Note B - Summary of Significant Accounting Policies

12 Months Ended

Mar. 29, 2020

Significant Accounting Policies [Text Block]

NOTE B - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

The following significant accounting policies have been applied in the preparation of the consolidated financial statements:

1.	Principles of Consolidation

The consolidated financial statements include the accounts of the Company and all of its wholly-owned subsidiaries. All significant inter-company balances and transactions have been eliminated in consolidation.

2.	Fiscal Year

The Company’s fiscal year ends on the last Sunday in

March,

which results in a

-week reporting period. The fiscal year ended

March 29, 2020

is on the basis of a

-week reporting period. The fiscal year ended

March 31, 2019

is on the basis of a

-week reporting period.

3 .	Use of Estimates

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.

Significant estimates made by management in preparing the consolidated financial statements include revenue recognition, the allowance for doubtful accounts, valuation of stock-based compensation, accounting for income taxes, and the valuation of goodwill, intangible assets and other long-lived assets.

4 .	Cash and Cash Equivalents

The Company considers all highly liquid instruments purchased with an original maturity of

three

months or less to be cash equivalents. The Company did

not

have any cash equivalents at

March 29, 2020.

Cash equivalents at

March 31, 2019

were

$20,000.

March 29, 2020

and

March 31, 2019

substantially all of the Company’s cash balances are in excess of Federal government insurance limits. The Company does

not

believe that it is exposed to any significant risk on these balances.

5 .	Inventories

Inventories, which are stated at the lower of cost or net realizable value, consist primarily of food items and supplies. Cost is determined using the

first

-in,

first

-out method.

6 .	Property and Equipment

Property and equipment are stated at cost less accumulated depreciation and amortization. Major improvements are capitalized and minor replacements, maintenance and repairs are charged to expense as incurred. Depreciation and amortization are calculated on the straight-line basis over the estimated useful lives of the assets. Leasehold improvements are amortized over the shorter of the estimated useful life or the lease term of the related asset. The estimated useful lives are as follows:

Building and improvements (years)	5	–	25
Machinery, equipment, furniture and fixtures (years)	3	–	15
Leasehold improvements (years)	5	–	20

7 .	Goodwill and Intangible Asset s

Goodwill and intangible assets consist of (i) goodwill of

$95

resulting from the acquisition of Nathan’s in

1987;

and (ii) trademarks, trade names and other intellectual property of

$1,269

in connection with Arthur Treacher’s.

As of

March 29, 2020

and

March 31, 2019,

the Company performed its annual impairment of goodwill based upon qualitative analysis and has determined that

impairment is deemed to exist.

March 31, 2019,

the Company’s intangible asset had a carrying amount of

$1,353

for the trademarks, trade names and other intellectual property in connection with Arthur Treacher’s.

During the fiscal year ended

March 29, 2020,

the Company subsequently determined its indefinite-lived intangible asset to have a finite useful life based on the expected future use of this intangible asset. Based upon the review of the current Arthur Treacher’s co-branding agreements, the Company determined that the remaining useful lives of these agreements is

twelve

years and the intangible asset is subject to annual amortization. The Company has recorded amortization expense of

$84

for the year ending

March 29, 2020.

Annual amortization of the intangible asset for the next

five

years and thereafter will approximate the following:

	Estimate for fiscal year
2021		113
2022		113
2023		113
2024		113
2025		113
Thereafter		704
Total	$	1,269

8 .	Lon g-lived Assets

Long-lived assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying value

may

not

be recoverable.

Each reporting period, management reviews the carrying value of its investments based upon the financial information provided by the investment’s management and considers whether indicators of an other-than-temporary impairment exists. If an impairment indicator exists, management evaluates the fair value of its investment to determine if an, other-than-temporary impairment in value has occurred. We are required to recognize an impairment on the investment if such impairment is considered to be other-than-temporary.

Impairment losses are recorded on long-lived assets on a restaurant-by-restaurant basis whenever impairment factors are determined to be present. The Company tests the recoverability of its long-lived assets with finite useful lives whenever events or changes in circumstances indicate that the carrying value of the asset

may

not

be recoverable. The Company tests for recoverability based on the projected undiscounted cash flows to be derived from such asset. If the projected undiscounted future cash flows are less than the carrying value of the asset, the Company will record an impairment loss, if any, based on the difference between the estimated fair value and the carrying value of the asset. The Company generally measures fair value by considering discounted estimated future cash flows from such asset. Cash flow projections and fair value estimates require significant estimates and assumptions by management. Should the estimates and assumptions prove to be incorrect, the Company

may

be required to record impairments in future periods and such impairments could be material. The Company considers a history of restaurant operating losses to be its primary indicator of potential impairment for individual restaurant locations.

long-lived assets were deemed to be permanently impaired during the fiscal years ended

March 29, 2020

and

March 31, 2019

based upon quantitative analysis.

9 .	Fair Value of Financial Instruments

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 (an exit price).

The fair value hierarchy, as outlined in the applicable accounting guidance, is based on inputs to valuation techniques that are used to measure fair value that are either observable or unobservable. Observable inputs reflect assumptions market participants would use in pricing an asset or liability based on market data obtained from independent sources while unobservable inputs reflect a reporting entity’s pricing based upon their own market assumptions.

The fair value hierarchy consists of the following

three

levels:

●

Level

- inputs to the valuation methodology are quoted prices (unadjusted) for an identical asset or liability in an active market

●

Level

- inputs to the valuation methodology include quoted prices for a similar asset or liability in an active market or model-derived valuations in which all significant inputs are observable for substantially the full term of the asset or liability

●

Level

- inputs to the valuation methodology are unobservable and significant to the fair value measurement of the asset or liability

The use of observable market inputs (quoted market prices) when measuring fair value and, specifically, the use of Level

quoted prices to measure fair value are required whenever possible. The determination of where an asset or liability falls in the hierarchy requires significant judgment. The Company evaluates its hierarchy disclosures quarterly and based on various factors, it is possible that an asset or liability

may

be classified differently from year to year.

March 29, 2020

and

March 31, 2019,

we did

not

have any assets or liabilities that were recorded at fair value.

The Company’s long-term debt had a face value of

$150,000

as of

March 29, 2020

and a fair value of

$138,000

as of

March 29, 2020.

The Company estimates the fair value of its long-term debt based upon review of observable pricing in secondary markets as of the last trading day of the fiscal period. Accordingly, the Company classifies its long-term debt as Level

The carrying amounts of cash and cash equivalents, accounts receivable and accounts payable approximate fair value due to the short-term maturity of the instruments.

The majority of the Company’s non-financial assets and liabilities are

not

required to be carried at fair value on a recurring basis. However, the Company is required on a non-recurring basis to use fair value measurements when analyzing asset impairment as it relates to goodwill and other indefinite-lived intangible assets and long-lived assets. The Company utilized the income approach (Level

inputs) which utilized cash flow forecasts for future income and were discounted to present value in performing its annual impairment testing of intangible assets.

Start-up Costs

Pre-opening and similar restaurant costs are expensed as incurred.

Revenue Recognition

We adopted Topic

606

at the beginning of the fiscal year ended

March 31, 2019.

Revenue Recognition - Branded Product

Program

The Company recognizes sales from the Branded Product Program and certain products sold from the Branded Menu Program upon delivery to Nathan’s customers via

third

party common carrier. Rebates provided to customers are classified as a reduction to sales.

Revenue Recognition - Company-owned Restaurants

Sales by Company-owned restaurants, which are typically paid in cash or credit card by the customer, are recognized at the point of sale. Sales are presented net of sales tax.

Revenue Recognition – License Royalties

The Company earns revenue from royalties on the licensing of the use of its intellectual property in connection with certain products produced and sold by outside vendors. The use of the Company’s intellectual property must be approved by the Company prior to each specific application to ensure proper quality and a consistent image. Revenue from license royalties is generally based on a percentage of sales, subject to certain annual minimum royalties, recognized on a monthly basis when it is earned and deemed collectible.

evenue Recognition - Franchising Operations

In connection with its franchising operations, the Company receives initial franchise fees, international development fees, royalties, and in certain cases, revenue from sub-leasing restaurant properties to franchisees.

The following services are typically provided by the Company prior to the opening of a franchised restaurant.

●

Approval of all site selections to be developed.

●

Provision of architectural plans suitable for restaurants to be developed.

●

Assistance in establishing building design specifications, reviewing construction compliance and equipping the restaurant.

●

Provision of appropriate menus to coordinate with the restaurant design and locations to be developed.

●

Provision of management training for the new franchisee and selected staff.

●

Assistance with the initial operations of restaurants being developed.

The Company determined that the services provided in exchange for these upfront restaurant franchise fees do

not

contain separate and distinct performance obligations from the franchising right and these initial franchise fees, renewal fees and transfer fees shall be deferred and recognized over the term of each respective agreement, or upon termination of the franchise agreement.

The Company determined that the services provided in exchange for these international development fees do

not

contain separate and distinct performance obligations from the franchise right and these international development fees are recognized over the term of each respective agreement. Certain other costs, such as legal expenses, are expensed as incurred.

The following is a summary of franchise openings and closings for the Nathan’s franchise restaurant system for the fiscal years ended

March 29, 2020

and

March 31, 2019:

	March 29,			March 31,
	20 20			2019

Franchised restaurants operating at the beginning of the period		255			276

New franchised restaurants opened during the period		16			13

Franchised restaurants closed during the period		(55	)		(34	)

Franchised restaurants operating at the end of the period		216			255

The Company recognizes franchise royalties on a monthly basis, which are generally based upon a percentage of sales made by the Company’s franchisees, when they are earned and deemed collectible. The Company recognizes royalty revenue from its Branded Menu Program directly from the sale of Nathan’s products by its primary distributor or directly from the manufacturers.

Franchise fees and royalties that are subsequently deemed to be

not

collectible are recorded as bad debts until paid by the franchisee or until collectibility is deemed to be reasonably assured.

Contract balances

The following table provides information about contract liabilities (Deferred franchise fees) from contracts with customers (in thousands):

		March 29 , 20 20				March 31, 2019
Deferred franchise fees (a)		$	1,917			$	3,005

(a)

Deferred franchise fees of

$230

and

$1,687

are included in Deferred franchise fees – current and long term as of

March 29, 2020,

respectively and

$318

and

$2,687

as of

March 31, 2019,

respectively.

Significant changes in Deferred franchise fees are as follows:

	Fifty-T wo Weeks Ended			Fifty-Three Weeks Ended
	March 29 , 20 20			March 31, 2019
Deferred franchise fees at beginning of period	$	3,005		$	3,139
Additions to deferred revenue		157			371
Revenue recognized during the period		(1,245	)		(505	)
Deferred franchise fees at end of period	$	1,917		$	3,005

Anticipated Future Recognition of Deferred Franchise Fees

The following table reflects the estimated franchise fees to be recognized in the future related to performance obligations that are unsatisfied at the end of the period:

	Estimate for fiscal year
2021		230
2022		219
2023		196
2024		184
2025		177
Thereafter		911
Total	$	1,917

Revenue Recognition – National Advertising Fund

The Company maintains a national advertising fund (the “Advertising Fund”) established to collect and administer funds contributed for use in advertising and promotional programs for Company-owned and franchised restaurants.

The revenue, expenses and cash flows of the Advertising Fund are fully consolidated into the Company’s Consolidated Statements of Earnings and Statements of Cash Flows.

While this treatment impacts the gross amount of reported advertising fund revenue and related expenses, the impact is expected to approximately offset the increase to both revenue and expense, with minimal impact to income from operations or net income because the Company attempts to manage the Advertising Fund to breakeven over the course of the fiscal year. However, any surplus or deficit in the Advertising Fund will impact income from operations and net income.

17 .	Business Concentrations and Geographical Information

The Company’s accounts receivable consists principally of receivables from franchisees for royalties and advertising contributions, from sales under the Branded Product Program, and from royalties from retail licensees. At

March 29, 2020,

three

Branded Product customers represented

24%,

11%

and

10%,

of accounts receivable. At

March 31, 2019,

four

Branded Product customers represented

19%,

18%,

17%

and

13%,

of accounts receivable. One Branded Products customer accounted for

12%

and

14%

of total revenue for the years ended

March 29, 2020

and

March 31, 2019,

respectively. One retail licensee accounted for

24%

and

22%

of the total revenue for the years ended

March 29, 2020

and

March 31, 2019,

respectively.

The Company’s primary supplier of hot dogs represented

92%

of product purchases for each of the fiscal years ended

March 29, 2020

and

March 31, 2019.

The Company’s primary distributor of products to its Company-owned restaurants represented

of product purchases for each of the fiscal years ended

March 29, 2020

and

March 31, 2019.

The Company’s revenues for the fiscal years ended

March 29, 2020

and

March 31, 2019

were derived from the following geographic areas:

	March 29, 2020		March 31, 2019

Domestic (United States)	$	98,453	$	97,871
Non-domestic		4,872		3,978
	$	103,325	$	101,849

The Company’s sales for the fiscal years ended

March 29, 2020

and

March 31, 2019

were derived from the following:

	March 29, 2020		March 31, 2019

Branded Products	$	57,586	$	57,960
Company-owned restaurants		12,973		13,601
Total sales	$	70,559	$	71,561

License royalties	$	25,859	$	23,615

Royalties		3,327		3,666
Franchise fees		1,245		505
Total franchise fees and royalties		4,572		4,171

Advertising fund revenue		2,335		2,502

Total revenues	$	103,325	$	101,849

18 .	Advertising

The Company administers an advertising fund on behalf of its restaurant system to coordinate the marketing efforts of the Company. Under this arrangement, the Company collects and disburses fees paid by manufacturers, franchisees and Company-owned stores for national and regional advertising, promotional and public relations programs. Contributions to the advertising fund are based on specified percentages of net sales, generally ranging up to

2%.

Company-owned store advertising expense, which is expensed as incurred, was

$145

and

$107,

for the fiscal years ended

March 29, 2020

and

March 31, 2019,

respectively, and have been included within restaurant operating expenses in the accompanying Consolidated Statements of Earnings.

19.	Stock-Based Compensation

March 29, 2020,

the Company had

one

stock-based compensation plan in effect which is more fully described in Note

M.2.

The cost of all share-based payments, including grants of restricted stock and stock options, is recognized in the financial statements based on their fair values measured at the grant date, or the date of any later modification, over the requisite service period. The Company recognizes compensation cost for unvested stock awards on a straight-line basis over the requisite vesting period.

20 .	Classification of Operating Expenses

Cost of sales consists of the following:

The cost of food and other products sold by Company-operated restaurants, through the Branded Product Program and through other distribution channels.

The cost of labor and associated costs of in-store restaurant management and crew.

The cost of paper products used in Company-operated restaurants.

Other direct costs such as fulfillment, commissions, freight and samples.

Restaurant operating expenses consist of the following:

Occupancy costs of Company-operated restaurants.

Utility costs of Company-operated restaurants.

Repair and maintenance expenses of Company-operated restaurant facilities.

Marketing and advertising expenses done locally and contributions to advertising funds for Company-operated restaurants.

Insurance costs directly related to Company-operated restaurants.

21 .	Income Taxes

The Company’s current provision for income taxes is based upon its estimated taxable income in each of the jurisdictions in which it operates, after considering the impact on taxable income of temporary differences resulting from different treatment of items for tax and financial reporting purposes and income tax benefits from share-based payments. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases and any operating loss or tax credit carryforwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the year in which those temporary differences are expected to be recovered or settled. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income in those periods in which temporary differences become deductible. Should management determine that it is more likely than

not

that some portion of the deferred tax assets will

not

be realized, a valuation allowance against the deferred tax assets would be established in the period such determination was made.

Uncertain Tax Positions

The Company has recorded liabilities for underpayment of income taxes and related interest and penalties for uncertain tax positions based on the determination of whether tax benefits claimed or expected to be claimed on a tax return should be recorded in the financial statements. The Company

may

recognize the tax benefit from an uncertain tax position only if it is more likely than

not

that the tax position will be sustained on examination by the taxing authorities based on the technical merits of the position. The tax benefits recognized in the financial statements from such position should be measured based on the largest benefit that has a greater than

fifty

percent likelihood of being realized upon ultimate settlement. Nathan’s recognizes accrued interest and penalties associated with unrecognized tax benefits as part of the income tax provision.

See Note I for a further discussion of our income taxes.

22 .	A doption of New Accounting Standards

Leases

February 2016,

the Financial Accounting Standards Board (“FASB”) issued new guidance on leases, Topic

842,

which outlines principles for the recognition, measurement, presentation and disclosure of leases applicable to both lessors and lessees. The new guidance requires lessees to recognize on the balance sheet the assets and liabilities for the rights and obligations created by finance and operating leases. The Company adopted the new guidance at the beginning of the fiscal year ended

March 29, 2020

using the effective date of

April 1, 2019

as the date of initial application; therefore, the comparative period has

not

been adjusted and continues to be reported under the previous lease guidance.

The new standard provides for a number of practical expedients upon adoption. The Company elected the package of practical expedients, which permits the Company

not

to reassess under the new standard our prior conclusions about lease identification, lease classification and initial direct costs. For those leases that fall under the definition of a short-term lease, the Company elected the short-term lease recognition exemption. Under this practical expedient, for those leases that qualify, we did

not

recognize right-of-use (“ROU”) assets or liabilities. The Company also elected the practical expedient for lessees to account for lease components and non-lease components as a single lease component for all underlying classes of assets. The Company did

not

elect the use-of-hindsight practical expedient.

As a result of adopting this new guidance on the

first

day of fiscal year

2020,

substantially all of the Company's operating lease commitments were subject to the new guidance and were recognized as operating lease assets and liabilities, initially measured as the present value of future lease payments for the remaining lease term discounted using the Company’s incremental borrowing rate based on the remaining lease term as of the adoption date. The Company recognized operating lease assets and liabilities of

$7,804

and

$8,533,

respectively, as of the

first

day of fiscal year

2020.

The difference between the assets and liabilities is attributable to the reclassification of certain existing lease-related assets and liabilities as an adjustment to the right-of-use assets.

The effects of the changes made to the Company's consolidated balance sheet as of

April 1, 2019

for the adoption of the new lease guidance were as follows (in thousands):

	Balance at March 31 , 20 19		Adjustments due to adoption of the new lease guidance			Reclassi - fications		Balance at April 1, 2019
Other Assets
Operating lease assets		-		7,804			-		7,804
Other assets		465		-			31		496

Current Liabilities
Current portion of operating lease liabilities		-		1,162			-		1,162

Long Term Liabilities
Long-term operating lease liabilities		-		7,371			-		7,371
Other liabilities		1,390		(729	)		31		692

The adoption of the new guidance is non-cash in nature and had

impact on net cash flows from operating, investing, or financing activities.

See Note L

for additional information regarding our lease arrangements and the Company's updated lease accounting policies.

23 .	New Accounting Standards Not Yet Adopted

June 2016,

the FASB issued new guidance on the measurement of credit losses, which significantly changes the impairment model for most financial instruments. Current guidance requires the recognition of credit losses based on an incurred loss impairment methodology that reflects losses once the losses are probable. Under the new standard, the Company will be required to use a current expected credit loss model (“CECL”) that will immediately recognize an estimate of credit losses that are expected to occur over the life of the financial instruments that are in the scope of this update, including trade receivables. The CECL model uses a broader range of reasonable and supportable information in the development of credit loss estimates. In

November 2019,

the FASB deferred the effective date for smaller reporting companies for annual reporting periods beginning after

December 15, 2022.

This standard is required to take effect in Nathan’s

first

quarter (

June 2023)

of our fiscal year ending

March 31, 2024.

The Company is currently evaluating the impact that the adoption of this guidance will have on its consolidated financial statements and related disclosures.

January 2017,

the FASB issued an update to the accounting guidance to simplify the testing for goodwill impairment. The update removes the requirement to determine the implied fair value of goodwill to measure the amount of impairment loss, if any, under the

second

step of the current goodwill impairment test. A company will perform its annual or interim goodwill impairment test by comparing the fair value of a reporting unit with its carrying amount. A goodwill impairment charge will be recognized for the amount by which the reporting unit’s carrying amount exceeds its fair value,

not

to exceed the carrying amount of the goodwill. The guidance is effective prospectively for public business entities for annual reporting periods beginning after

December 15, 2019.

This standard is required to take effect in Nathan’s

first

quarter (

June 2020)

of our fiscal year ending

March 28, 2021.

Nathan’s does

not

expect the adoption of this new guidance to have a material impact on its results of operations or financial position.

December 2019,

the FASB issued ASU

2019

12,

“

Income Taxes (Topic

740

): Simplifying the Accounting for Income Taxes

,” which is intended to simplify various aspects related to accounting for income taxes. ASU

2019

removes certain exceptions to the general principles in Topic

740

and also clarifies and amends existing guidance to improve consistent application. ASU

2019

is effective for fiscal years beginning after

December 15, 2020.

This standard is required to take effect in Nathan’s

first

quarter (

June 2021)

of our fiscal year ending

March 27, 2022.

The Company is currently evaluating the impact that the adoption of this guidance will have on its consolidated financial statements and related disclosures.

The Company does

not

believe that any other recently issued, but

not

yet effective accounting standards, when adopted, will have a material effect on the accompanying consolidated financial statements.

Note C - Income Per Share

12 Months Ended

Mar. 29, 2020

Earnings Per Share [Text Block]

NOTE

- INCOME PER SHARE

Basic income per common share is calculated by dividing income by the weighted-average number of common shares outstanding and excludes any dilutive effect of stock options. Diluted income per common share gives effect to all potentially dilutive common shares that were outstanding during the period. Dilutive common shares used in the computation of diluted income per common share result from the assumed exercise of stock options and warrants, as determined using the treasury stock method.

The following chart provides a reconciliation of information used in calculating the per-share amounts for the fiscal years ended

March 29, 2020

and

March 31, 2019,

respectively:

	Net Income				Shares				Net income per share
	2020		2019		2020		2019		2020		2019

Basic EPS
Basic calculation	$	13,435	$	21,493		4,216,000		4,187,000	$	3.19	$	5.13
Effect of dilutive employee stock options		-		-		-		33,000		-		(.04	)

Diluted EPS
Diluted calculation	$	13,435	$	21,493		4,216,000		4,220,000	$	3.19	$	5.09

Options to purchase

10,000

shares of common stock for the year ended

March 29, 2020

were

not

included in the computation of diluted earnings per share because the exercise price exceeded the average market price.

Note D - Accounts and Other Receivables, Net

12 Months Ended

Mar. 29, 2020

Loans, Notes, Trade and Other Receivables Disclosure [Text Block]

- ACCOUNTS AND OTHER RECEIVABLES, NET

Accounts and other receivables, net, consist of the following:

	March 29 ,		March 31,
	20 20		2019

Branded product sales	$	6,789	$	7,432
Franchise and license royalties		4,299		2,661
Other		257		665
		11,345		10,758

Less: allowance for doubtful accounts		237		585

Accounts and other receivables, net	$	11,108	$	10,173

Accounts receivable are due within

days and are stated at amounts due from franchisees, retail licensees and Branded Product Program customers, net of an allowance for doubtful accounts. Accounts that are outstanding longer than the contractual payment terms are generally considered past due. The Company does

not

recognize franchise and license royalties that are

not

deemed to be realizable.

The Company individually reviews each past due account and determines its allowance for doubtful accounts by considering a number of factors, including the length of time accounts receivable are past due, the Company’s previous loss history, the customer’s current and expected future ability to pay its obligation to the Company, the condition of the general economy and the industry as a whole. Based on management’s assessment, the Company provides for estimated uncollectible amounts through a charge to earnings. After the Company has used reasonable collection efforts, it writes off accounts receivable through a charge to the allowance for doubtful accounts.

Changes in the Company’s allowance for doubtful accounts for the fiscal years ended

March 29, 2020

and

March 31, 2019

are as follows:

	March 29, 2020			March 31, 2019

Beginning balance	$	585		$	468
Reclassification to conform with Topic 606		-			77
Bad debt expense		71			100
Accounts written off		(419	)		(60	)

Ending balance	$	237		$	585

Note E - Prepaid Expenses and Other Current Assets

12 Months Ended

Mar. 29, 2020

Other Current Assets [Text Block]

NOTE E - PREPAID EXPENSES AND OTHER CURRENT ASSETS

Prepaid expenses and other current assets consist of the following:

	March 29,		March 31,
	2020		2019

Income taxes	$	-	$	106
Real estate taxes		75		67
Insurance		263		244
Marketing		369		412
Other		474		178

Total prepaid expenses and other current assets	$	1,181	$	1,007

Note F - Sales of Real Estate	12 Months Ended
Note F - Sales of Real Estate	Mar. 29, 2020
Notes to Financial Statements
Disposal Groups, Including Discontinued Operations, Disclosure [Text Block]	NOTE F - SALES OF REAL ESTATE On October 23, 2018, the Company completed the sale of its Company-owned restaurant located in Bay Ridge, Brooklyn, NY for proceeds of $11,445, net of direct expenses, and recorded a gain of $10,854, which represented the excess of the proceeds, before legal fees of $33, over the carrying value on that date. On August 9, 2018, the Company completed the sale of its regional office building located in Fort Lauderdale, Florida for proceeds of $1,330, net of direct expenses, and recorded a gain of $323, which represented the excess of the proceeds, before legal fees of $17, over the carrying value on that date.

Note G - Property and Equipment, Net

12 Months Ended

Mar. 29, 2020

Property, Plant and Equipment Disclosure [Text Block]

NOTE

- PROPERTY AND EQUIPMENT, NET

Property and equipment consist of the following:

	March 29 ,		March 31,
	20 20		2019

Land	$	123	$	123
Building and improvements		1,456		1,452
Machinery, equipment, furniture and fixtures		5,529		5,422
Leasehold improvements		6,891		6,481
Construction-in-progress		79		22
Total property and equipment		14,078		13,500
Less: accumulated depreciation and amortization		9,468		8,611

Property and equipment, net	$	4,610	$	4,889

Depreciation and amortization expense related to properties was

$1,149

and

$1,212

for the fiscal years ended

March 29, 2020

and

March 31, 2019,

respectively.

Note H - Accrued Expenses, Other Current Liabilities and Other Liabilities

12 Months Ended

Mar. 29, 2020

Accounts Payable, Accrued Liabilities, and Other Liabilities Disclosure, Current [Text Block]

NOTE

H - ACCRUED EXPENSES, OTHER CURRENT LIABILITIES AND OTHER LIABILITIES

Accrued expenses and other current liabilities consist of the following:

	March 29,		March 31,
	2020		2019
Payroll and other benefits	$	3,075	$	3,150
Accrued rebates		514		770
Rent and occupancy costs		84		113
Deferred revenue		797		807
Construction costs		105		58
Interest		4,084		4,111
Professional fees		194		146
Corporate income taxes		176		-
Sales, use and other taxes		17		27
Other		251		202
Total accrued expenses and other current liabilities	$	9,297	$	9,384

Other liabilities consist of the following:

	March 29,		March 31,
	2020		2019
Reserve for uncertain tax positions (Note I)		567		496
Deferred rental liability		-		670
Other		129		224
Total other liabilities	$	696	$	1,390

Note I - Income Taxes

12 Months Ended

Mar. 29, 2020

Income Tax Disclosure [Text Block]

NOTE

- INCOME TAXES

The income tax provision consists of the following for the fiscal years ended

March 29, 2020

and

March 31, 2019:

	March 29 , 20 20		March 31, 2019
Federal
Current	$	2,904	$	5,385
Deferred		322		43
Total Federal income tax		3,226		5,428
State and local
Current		1,323		2,447
Deferred		30		42
Total State and local income tax		1,353		2,489
Total provision for income taxes	$	4,579	$	7,917

March 27, 2020,

President Trump signed the Coronavirus Aid, Relief and Economic Security (“the CARES Act”) into law which among other provisions increases the limitation on the allowed business interest expense deduction from

percent to

percent of adjusted taxable income for tax years beginning

January 1, 2019

and

2020.

Additionally, the CARES Act allows businesses to immediately expense the full cost of Qualified Improvement Property, retroactive to tax years beginning on or after

January 1, 2018.

The Company is evaluating the impact of the CARES Act.

The income tax provisions for the years ended

March 29, 2020

and

March 31, 2019

reflect effective tax rates of

25.4%

and

26.9%,

respectively.

During the fiscal year ended

March 31, 2019,

pursuant to Staff Accounting Bulletin

No.

118

("SAB

No.

118"

), Nathan’s refined and completed the accounting for the Tax Cuts and Jobs Act as the Company obtained, prepared, and analyzed additional information and as additional legislative, regulatory, and accounting guidance and interpretations became available, resulting in an increase in the provision for income taxes of

$99

0.3

percentage points.

The total income tax provision for the fiscal years ended

March 29, 2020

and

March 31, 2019

differs from the amounts computed by applying the United States Federal income tax rate of

21%

to income before income taxes as a result of the following:

	March 29 , 20 20			March 31, 2019

Computed tax expense	$	3,783		$	6,176
State and local income taxes, net of Federal income tax benefit		1,028			1,875
Change in uncertain tax positions, net		60			86
Nondeductible meals and entertainment and other		(95	)		(66	)
Nondeductible compensation		31			57
Tax reform act		-			99
Tax benefit share based payments		(228	)		(310	)
Total provision for income taxes	$	4,579		$	7,917

The tax effects of temporary differences that give rise to significant portions of the deferred tax assets and deferred tax liabilities are presented below:

	March 2 9 ,			March 31,
	20 20			2019
Deferred tax assets
Accrued expenses	$	394		$	387
Allowance for doubtful accounts		57			58
Deferred revenue		485			955
Deferred stock compensation		45			70
Excess of straight line over actual rent		205			162
Other		94			85
Total deferred tax assets	$	1,280		$	1,717

Deferred tax liabilities
Deductible prepaid expense		246			210
Depreciation expense		720			783
Amortization		323			381
Total deferred tax liabilities		1,289			1,374
Net deferred tax asset (liability)	$	(9	)	$	343

A valuation allowance is provided when it is more likely than

not

that some portion, or all, of the deferred tax assets will

not

be realized. We consider the level of historical taxable income, scheduled reversal of temporary differences, tax planning strategies and projected future taxable income in determining whether a valuation allowance is warranted. Based upon these considerations, management believes that it is more likely than

not

that the Company will realize the benefit of its deferred tax asset.

The following is a tabular reconciliation of the total amounts of unrecognized tax benefits, excluding interest and penalties, for the fiscal years ended

March 29, 2020

and

March 31, 2019.

	March 29 , 20 20			March 31, 2019

Unrecognized tax benefits, beginning of year	$	253		$	263
Decreases of tax positions taken in prior years		(10	)		(8	)
Increases based on tax positions taken in current year		52			46
Settlements of tax positions taken in prior years		16			(48	)
Unrecognized tax benefits, end of year	$	311		$	253

The amount of unrecognized tax benefits at

March 29, 2020

and

March 31, 2019

were

$311

and

$253,

respectively, all of which would impact Nathan’s effective tax rate, if recognized. As of

March 29, 2020

and

March 31, 2019,

the Company had

$259

and

$245,

respectively, accrued for the payment of interest and penalties. For the fiscal years ended

March 29, 2020

and

March 31, 2019

Nathan’s recognized interest and penalties in the amounts of

$32

and

$31,

respectively. During the fiscal year ending

March 28, 2021,

Nathan’s will seek to settle additional uncertain tax positions with the tax authorities. As a result, it is reasonably possible the amount of unrecognized tax benefits, excluding the related accrued interest and penalties, could be reduced by up to

$16

which would favorably impact Nathan’s effective tax rate, although

assurances can be given in this regard.

November 2019,

the State of New Jersey notified Nathan’s that our tax returns for the fiscal years ended

March 27, 2016,

March 26, 2017

and

March 25, 2018

will be audited. The audit is ongoing.

January 2018,

Nathan’s received notification from the State of Virginia that it was seeking to review Nathan’s tax returns for the period

April 2014

through

March 2017.

The review has been completed and the effects of the review, which were

not

significant, were factored into the Company’s effective tax rate for fiscal

2019.

The earliest tax years’ that are subject to examination by taxing authorities by major jurisdictions are as follows:

Jurisdiction		Fiscal Year
Federal		2017
New York State		2017
New York City		2017
New Jersey		2016
California		2016

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References + Details

Note J - Segment Information

12 Months Ended

Mar. 29, 2020

Segment Reporting Disclosure [Text Block]

NOTE

J - SEGMENT

FORMATION

Nathan’s considers itself to be a brand marketer of the Nathan’s Famous signature products to the foodservice industry pursuant to its various business structures. Nathan’s sells its products directly to consumers through its restaurant operations segment consisting of Company-operated and franchised restaurants, to distributors that resell our products to the foodservice industry through the Branded Product Program (“BPP”) and by

third

party manufacturers pursuant to license agreements that sell our products to club stores and grocery stores nationwide. The Company’s Chief Executive Officer has been identified as the Chief Operating Decision Maker (“CODM”) who evaluates performance and allocates resources for the Branded Product Program, Product Licensing and Restaurant Operations segments based upon a number of factors, the primary profit measure being income from operations. Certain administrative expenses are

not

allocated to the segments and are reported within the Corporate segment.

Branded Product Program

– This segment derives revenue principally from the sale of hot dog products either directly to foodservice operators or to various foodservice distributors who resell the products to foodservice operators.

Product licensing

– This segment derives revenue, primarily in the form of royalties, from licensing a broad variety of Nathan’s Famous branded products, including our hotdogs, sausage and corned beef products, frozen French fries and additional products through retail grocery channels and club stores throughout the United States.

Restaurant operations

– This segment derives revenue from the sale of our products at Company-owned restaurants and earns fees and royalties from its franchised restaurants.

Revenues from operating segments are from transactions with unaffiliated

third

parties and do

not

include any intersegment revenues.

Income from operations attributable to Corporate consists principally of administrative expenses

not

allocated to the operating segments such as executive management, finance, information technology, legal, insurance, corporate office costs, corporate incentive compensation and compliance costs and expenses of the advertising fund.

Gain on sale of property and equipment, loss on debt extinguishment, interest expense, interest income, impairment charge and other income, net are managed centrally at the corporate level, and, accordingly, such items are

not

presented by segment since they are excluded from the measure of profitability reviewed by the CODM.

Corporate assets consist primarily of cash and cash equivalents, and long-lived assets.

Operating segment information is as follows:

	Fifty-T wo			Fifty-Three
	weeks ended			weeks ended
	March 29 , 20 20			March 31, 2019

Revenues
Branded Product Program	$	57,586		$	57,960
Product licensing		25,859			23,615
Restaurant operations		17,545			17,772
Corporate (1)		2,335			2,502
Total revenues	$	103,325		$	101,849

Income from operations
Branded Product Program	$	7,688		$	10,302
Product licensing		25,677			23,433
Restaurant operations		1,637			2,398
Corporate		(7,830	)		(8,157	)
Income from operations	$	27,172		$	27,976

Gain on sale of property and equipment	$	-		$	11,177
Interest expense		(10,601	)		(10,792	)
Interest income		1,357			840
Other income, net		86			209
Income before provision for income taxes	$	18,014		$	29,410

Total assets
Branded Product Program	$	7,352		$	8,334
Product licensing		3,906			2,127
Restaurant operations		12,915			6,411
Corporate		81,109			77,434
Total assets	$	105,282		$	94,306

Depreciation & amortization expense
Branded Product Program	$	312		$	312
Restaurant operations		641			657
Corporate		280			243
Total depreciation & amortization expense	$	1,233		$	1,212

(

)

Represents advertising fund revenue

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

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Note K - Long-term Debt

12 Months Ended

Mar. 29, 2020

Debt Disclosure [Text Block]

NOTE K - LONG-TERM DEBT

Long-term debt consists of the following:

	March 29 ,			March 31,
	20 20			2019

6.625% Senior Secured Notes due 2025	$	150,000		$	150,000
Less: unamortized debt issuance costs		(3,860	)		(4,551	)
Long-term debt, net	$	146,140		$	145,449

November 1, 2017,

the Company issued

$150,000

6.625%

Senior Secured Notes due

2025

(the

"2025

Notes") in a private offering in accordance with Rule

144A

under the Securities Act of

1933,

as amended (the “Securities Act”). The

2025

Notes were issued pursuant to an indenture dated as of

November 1, 2017

by and among the Company, certain of its wholly-owned subsidiaries and U.S. Bank National Association (the “Indenture”). The Company used the net proceeds of the

2025

Notes offering to satisfy and discharge the Indenture relating to the

$135,000

10.000%

Senior Secured Notes due

2020

and redeem the

2020

Notes (the "Redemption"), paid a portion of a special

$5.00

per share cash dividend to Nathan's stockholders of record, with the remaining net proceeds for general corporate purposes, including working capital. The Company also funded the majority of the special dividend of

$5.00

per share through its existing cash. The Redemption occurred on

November 16, 2017.

The

2025

Notes bear interest at

6.625%

per annum, payable semi-annually on

May 1

and

November 1

of each year. The Company made its required semi-annual interest payments of

$4,969

May 1, 2019

and

November 1, 2019.

May 1, 2020,

the Company paid its

first

semi-annual interest payment of fiscal

2021.

The

2025

Notes have

scheduled principal amortization payments prior to its final maturity on

November 1, 2025.

The terms and conditions of the

2025

Notes are as follows (terms

not

defined shall have the meanings set forth in the Indenture):

There are

ongoing financial maintenance covenants associated with the

2025

Notes. As of

March 29, 2020,

Nathan’s was in compliance with all covenants associated with the

2025

Notes.

The Indenture contains certain covenants limiting the Company’s ability and the ability of its restricted subsidiaries (as defined in the Indenture) to, subject to certain exceptions and qualifications: (i) incur additional indebtedness; (ii) pay dividends or make other distributions on, redeem or repurchase, capital stock; (iii) make investments or other restricted payments; (iv) create or incur certain liens; (v) incur restrictions on the payment of dividends or other distributions from its restricted subsidiaries; (vi) enter into certain transactions with affiliates; (vii) sell assets; or (viii) effect a consolidation or merger. Certain Restricted Payments which

may

be made or indebtedness incurred by Nathan’s or its Restricted Subsidiaries

may

require compliance with the following financial ratios:

Fixed Charge Coverage Ratio

: the ratio of the Consolidated Cash Flow to the Fixed Charges for the relevant period, currently set at

2.0

1.0

in the Indenture.

The Fixed Charge Coverage Ratio applies to determining whether additional Restricted Payments

may

be made, certain additional debt

may

be incurred and acquisitions

may

be made.

Priority Secured Leverage Ratio

: the ratio of (a) Consolidated Net Debt outstanding as of such date that is secured by a Priority Lien to (b) Consolidated Cash Flow of Nathan’s for the Test Period then most recently ended, in each case with such pro forma adjustments as are appropriate; currently set at

0.40

1.00

in the Indenture.

Secured Leverage Ratio

: the ratio of (a) Consolidated Net Debt outstanding as of such date that is secured by a Lien on any property of Nathan’s or any Guarantor to (b) Consolidated Cash Flow of Nathan’s for the Test Period then most recently ended, in each case with such pro forma adjustments as are appropriate. The Secured Leverage Ratio under the Indenture is

3.75

1.00

and applies if Nathan’s wants to incur additional debt on the same terms as the

2025

Notes.

The Indenture also contains customary events of default, including, among other things, failure to pay interest, failure to comply with agreements related to the Indenture, failure to pay at maturity or acceleration of other indebtedness, failure to pay certain judgments, and certain events of insolvency or bankruptcy. Generally, if any event of default occurs, the Trustee or the holders of at least

25%

in principal amount of the

2025

Notes

may

declare the

2025

Notes due and payable by providing notice to the Company. In case of default arising from certain events of bankruptcy or insolvency, the

2025

Notes, will become immediately due and payable.

The

2025

Notes are general senior secured obligations, are fully and unconditionally guaranteed by substantially all of the Company’s wholly-owned subsidiaries and rank

pari passu

in right of payment with all of the Company’s existing and future indebtedness that is

not

subordinated, are senior in right of payment to any of the Company’s existing and future subordinated indebtedness, are structurally subordinated to any existing and future indebtedness and other liabilities of the Company’s subsidiaries that do

not

guarantee the

2025

Notes, and are effectively junior to all existing and future indebtedness that is secured by assets other than the collateral securing the

2025

Notes.

Pursuant to the terms of a collateral trust agreement, the liens securing the

2025

Notes and the guarantees will be contractually subordinated to the liens securing any future credit facility.

The

2025

Notes and the guarantees are the Company and the guarantors’ senior secured obligations and will rank:

●

senior in right of payment to all of the Company and the guarantors’ future subordinated indebtedness;

●

effectively senior to all unsecured senior indebtedness to the extent of the value of the collateral securing the

2025

Notes and the guarantees;

●

pari passu

with all of the Company and the guarantors’ other senior indebtedness;

●

effectively junior to any future credit facility to the extent of the value of the collateral securing any future credit facility and the

2025

Notes and the guarantees and certain other assets;

●

effectively junior to any of the Company and the guarantors’ existing and future indebtedness that is secured by assets other than the collateral securing the

2025

Notes and the guarantees to the extent of the value of any such assets; and

●

structurally subordinated to the indebtedness of any of the Company’s current and future subsidiaries that do

not

guarantee the

2025

Notes.

The Company

may

redeem the

2025

Notes in whole or in part prior to

November 1, 2020,

at a redemption price of

100%

of the principal amount of the

2025

Notes redeemed plus the Applicable Premium, plus accrued and unpaid interest. An Applicable Premium is the greater of

of the principal amount of the

2025

Notes; or the excess of the present value at such redemption date of (i) the redemption price of the

2025

Notes at

November 1, 2020

plus (ii) all required interest payments due on the

2025

Notes through

November 1, 2020 (

excluding accrued but unpaid interest to the redemption date), computed using a discount rate equal to the Treasury Rate as of such redemption date plus

basis points; over the then outstanding principal amount of the

2025

Notes.

Prior to

November 1, 2020,

if using the net cash proceeds of certain equity offerings, the Company has the option to redeem up to

35%

of the aggregate principal amount of the

2025

Notes at a redemption price equal to

106.625%

of the principal amount of the

2025

Notes redeemed, plus accrued and unpaid interest and any additional interest.

On or after

November 1, 2020,

the Company

may

redeem some or all of the

2025

Notes at a decreasing premium over time, plus accrued and unpaid interest as follows:

YEAR	PERCENTAGE
On or after November 1, 2020 and prior to November 1, 2021		103.313	%
On or after November 1, 2021 and prior to November 1, 2022		101.656	%
On or after November 1, 2022		100.000	%

In certain circumstances involving a change of control, the Company will be required to make an offer to repurchase all or, at the holder’s option, any part, of each holder’s

2025

Notes pursuant to the offer described below (the “Change of Control Offer”). In the Change of Control Offer, the Company will be required to offer payment in cash equal to

101%

of the aggregate principal amount of

2025

Notes repurchased plus accrued and unpaid interest, to the date of purchase.

If the Company sells certain collateralized assets and does

not

use the net proceeds as required, the Company will be required to use such net proceeds to repurchase the

2025

Notes at

100%

of the principal amount thereof, plus accrued and unpaid interest and additional interest penalty, if any, to the date of repurchase.

The

2025

Notes

may

be traded between qualified institutional buyers pursuant to Rule

144A

of the Securities Act. We have recorded the

2025

Notes at cost.

Effective

June 1, 2020,

Nathan’s Board of Directors authorized the repurchase of up to

$10

million of the

2025

Notes by the Company (at par or better) from time to time. There is

set time limit on the repurchases.

Note L - Leases

12 Months Ended

Mar. 29, 2020

Leases, Disclosure [Text Block]

NOTE L - LEASES

The Company is party as lessee to various leases for its Company-operated restaurants and lessee/sublessor to

one

franchised location property, including land and buildings, as well as leases for its corporate office and certain office equipment.

Determination of Whether a Contract Contains a Lease

We determine if an arrangement is a lease at inception or modification of a contract, and classify each lease as either an operating or finance lease at commencement. The Company only reassesses lease classification subsequent to commencement upon a change to the expected lease term or the contract being modified. Operating leases represent the Company’s right to use an underlying asset as lessee for the lease term, and lease obligations represent the Company’s obligation to make lease payments arising from the lease.

A contract contains a lease if the contract conveys the right to control the use of the identified property, plant or equipment for a period of time in exchange for consideration. At commencement, contracts containing a lease are further evaluated for classification as an operating lease or finance lease where the Company is a lessee, or as an operating, sales-type or direct financing lease where the Company is a lessor, based on their terms.

ROU Model and Determination of Lease Term

The Company uses the ROU model to account for leases where the Company is the lessee, which requires an entity to recognize a lease liability and ROU asset on the lease commencement date. A lease liability is measured equal to the present value of the remaining lease payments over the lease term and is discounted using the incremental borrowing rate, as the rate implicit in the Company’s leases is

not

readily determinable. The incremental borrowing rate is the rate of interest that the Company would have to pay to borrow, on a collateralized basis over a similar term, an amount equal to the lease payments in a similar economic environment. Lease payments include payments made before the commencement date and any residual value guarantees, if applicable. The initial ROU asset consists of the initial measurement of the lease liability, adjusted for any payments made before the commencement date, initial direct costs and lease incentives earned. When determining the lease term, as both lessee and lessor, the Company includes option periods when it is reasonably certain that those options will be exercised.

Operating leases

For operating leases, minimum lease payments or receipts, including minimum scheduled rent increases, are recognized as rent expense where the Company is a lessee, or income where the Company is a lessor, as applicable, on a straight-line basis (“Straight-Line Rent”) over the applicable lease terms. There is a period under certain lease agreements referred to as a rent holiday (“Rent Holiday”) that generally begins on the possession date and ends on the rent commencement date. During a Rent Holiday,

cash rent payments are typically due under the terms of the lease; however, rent expense is recorded for that period on a straight-line basis. The excess of the Straight-Line Rent over the minimum rents paid is included in the ROU asset where the Company is a lessee. The excess of the Straight-Line Rent over the minimum rents received is recorded as a deferred lease asset and is included in “Other Assets” where the Company is a lessor. The Company recorded

$32

in Other Assets at

March 29, 2020.

Certain leases contain provisions, referred to as contingent rent (“Contingent Rent”), that require additional rental payments based upon restaurant sales volume. Contingent Rent is recognized each period as the liability is incurred or the asset is earned.

Lease cost for operating leases is recognized on a straight-line basis and includes the amortization of the ROU asset and interest expense relating to the operating lease liability. Variable lease cost for operating leases include Contingent Rent and payments for executory costs such as real estate taxes, insurance and common area maintenance, which are excluded from the measurement of the lease liability. Short-term lease cost for operating leases includes rental expense for leases with a term of less than

months. Leases with an initial expected term of

months or less are

not

recorded in the Consolidated Balance Sheets and the related lease expense is recognized on a straight-line basis over the lease term. Lease costs are recorded in the Consolidated Statements of Earnings based on the nature of the underlying lease as follows: (

) rental expense related to leases for Company-operated restaurants is recorded to “Restaurant Operating Expenses,” (

) rental expense for leased properties that are subsequently subleased to franchisees is recorded to “Other income, net” and (

) rental expense related to leases for corporate offices and equipment is recorded to “General and administrative expenses.”

Rental income for operating leases on properties subleased to franchisees is recorded to “Other income, net.”

Significant Assumptions and Judgement

Management makes certain estimates and assumptions regarding each new lease and sublease agreement, renewal and amendment, including, but

not

limited to, property values, market rents, property lives, discount rates and probable term, all of which can impact (

) the classification and accounting for a lease or sublease as operating or finance, (

) the Rent Holiday and escalations in payment that are taken into consideration when calculating Straight-Line Rent, (

) the term over which leasehold improvements for each restaurant are amortized and (

) the values and lives of adjustments to the initial ROU asset where the Company is the lessee, or favorable and unfavorable leases where the Company is the lessor. The amount of depreciation and amortization, interest and rent expense and income would vary if different estimates and assumptions were used.

Company as lessee

The components of the net lease cost for the fiscal year ended

March 29, 2020

were as follows (in thousands):

	Fi s cal year ended
	March 2 9 , 2020
Statement of Earnings
Operating lease cost	$	1,238
Short term lease cost		17
Variable lease cost		1,517
Less: Sublease income, net		(85	)

Total net lease cost (a)	$	2,687

(a)

Includes

$2,137,

net recorded to “Restaurant Operating Expenses” for leases for Company-operated restaurants,

$635

recorded to “General and administrative expenses” for leases for corporate offices and equipment and

$85

recorded to “Other income, net” for leased properties that are leased to franchisees:

Cash paid for amounts included in the measurement of lease liabilities were as follows (in thousands):

	F iscal year ended
	March 29, 20 20

Operating cash flows from operating leases	$	375

November 29, 2019,

the Company entered into an amendment to its lease agreement for its Coney Island Boardwalk restaurant, commencing on

December 1, 2019 (

the “Renewal Commencement Date”), extending the term for an additional

eight

(

) years, expiring

November 30, 2027.

The Company recorded an operating lease asset and liability of

$1,911

on the Renewal Commencement date.

The weighted average remaining lease term and weighted-average discount rate for operating leases as of

March 29, 2020

were as follows:

Weighted average remaining lease term (years):
Operating leases	8.1

Weighted average discount rate:
Operating leases	8.869	%

Future lease commitments to be paid and received by the Company as of

March 29, 2020

were as follows (in thousands):

	Payments		Receipts
	Operating Leases		Subleases		Net Leases

Fiscal year:
2021	$	1,583	$	245	$	1,338
2022		1,837		247		1,590
2023		1,849		168		1,681
2024		1,774		169		1,605
2025		1,678		169		1,509
Thereafter		5,474		352		5,122
Total lease commitments	$	14,195	$	1,350	$	12,845
Less: Amount representing interest		4,080
Present value of lease liabilities (a)	$	10,115

(a)

The present value of minimum operating lease payments of

$1,583

and

$8,532

are included in “Current portion of operating lease liabilities” and “Long-term operating lease liabilities,” respectively.

Company as lessor

The components of lease income for the fiscal year ended

March 29, 2020

were as follows (in thousands):

	Fi s cal year ended
	March 29, 20 20

Operating lease income, net	$	84

Note M - Stockholders' Equity, Stock Plans and Other Employee Benefit Plans

12 Months Ended

Mar. 29, 2020

Stockholders' Equity Note Disclosure [Text Block]

NOTE M - STOCKHOLDERS’ EQUITY, STOCK PLANS AND OTHER EMPLOYEE BENEFIT PLANS

Dividend

May 31, 2018,

Nathans’ Board of Directors authorized the commencement of a regular dividend of

$1.00

per share per annum, payable at the rate of

$0.25

per quarter. Through

March 31, 2019,

the Company declared and paid

four

regular quarterly dividends of

$0.25

per common share aggregating

$4,187.

The Company also paid the remaining dividends payable of

$150

from the previously declared special dividends.

Effective

June 14, 2019,

the Board declared its

first

quarterly cash dividend of

$0.35

per share for fiscal year

2020.

Through

March 29, 2020,

the Company declared and paid

four

regular quarterly dividends of

$0.35

per common share aggregating

$5,912.

Effective

June 12, 2020,

the Board declared its

first

quarterly cash dividend of

$0.35

per share for fiscal year

2021

which is payable on

June 26, 2020

to stockholders of record as of the close of business on

June 22, 2020.

November 1, 2017,

the Company’s Board of Directors declared a special cash dividend of

$5.00

per share payable to stockholders of record as of

December 22, 2017

of which approximately

$20,923

was paid on

January 4, 2018

to the stockholders.

The Company also accrued

$25

for the dividends payable on unvested restricted shares pursuant to the terms of the restricted stock agreement. The restricted stock vested, and the dividend was paid during the year ended

March 31, 2019.

March 10, 2015,

the Company’s Board of Directors declared a special cash dividend of

$25.00

per share payable to stockholders of record as of

March 20, 2015

of which approximately

$115,100

was paid on

March 27, 2015

to the stockholders. The Company accrued

$1,000

for the expected dividends payable on unvested restricted shares pursuant to the terms of the restricted stock agreements. As unvested restricted stock vests, the declared dividend is paid. As of

March 31, 2019

we had paid the entire accrued dividend on the restricted stock.

Our ability to pay future dividends is limited by the terms of the Indenture with US Bank National Association, as trustee and collateral trustee. In addition to the terms of the Indenture, the declaration and payment of any cash dividends in the future are subject to final determination of the Board and will be dependent upon our earnings and financial requirements.

Stock

Incentive

Plans

September 14, 2010,

the Company’s shareholders approved the Nathan’s Famous, Inc.

2010

Stock Incentive Plan (the

“2010

Plan”), which provides for the issuance of nonqualified stock options, restricted stock, restricted stock units, stock appreciation rights and other stock-based awards to directors, officers and key employees. The Company was initially authorized to issue up to

150,000

shares of common stock under the

2010

Plan, together with any shares which had

not

been previously issued under the Company’s previous stock option plans as of

July 19, 2010 (

171,000

shares), plus any shares subject to any outstanding options or restricted stock grants under the Company’s previous stock option plans that were outstanding as of

July 19, 2010

and that subsequently expire unexercised, or are otherwise forfeited, up to a maximum of an additional

100,000

shares.

September 13, 2012,

the Company amended the

2010

Plan increasing the number of shares available for issuance by

250,000

shares. Shares to be issued under the

2010

Plan

may

be made available from authorized but unissued stock, common stock held by the Company in its treasury, or common stock purchased by the Company on the open market or otherwise. The number of shares issuable and the grant, purchase or exercise price of outstanding awards are subject to adjustment in the amount that the Company’s Compensation Committee considers appropriate upon the occurrence of certain events, including stock dividends, stock splits, mergers, consolidations, reorganizations, recapitalizations, or other capital adjustments. In the event that the Company issues restricted stock awards pursuant to the

2010

Plan, each share of restricted stock would reduce the amount of available shares for issuance by either

3.2

shares for each share of restricted stock granted or

share for each share of restricted stock granted. As of

March 29, 2020,

there were up to

208,584

shares available to be issued for future option grants or up to

184,808

shares of restricted stock that

may

be granted under the

2010

Plan.

September 18, 2019,

the Company’s shareholders approved the Nathan’s Famous, Inc.

2019

Stock Incentive Plan (the

“2019

Plan”). The

2019

Plan will be effective as of

July 1, 2020 (

the "Effective Date"). Following the Effective Date, (i)

additional stock awards shall be granted under the

2010

Plan and (ii) all outstanding stock awards previously granted under the

2010

Plan shall remain subject to the terms of the

2010

Plan. All awards granted on or after the Effective Date of the

2019

Plan shall be subject to the terms of the

2019

Plan.

Once effective, we will be able to issue up to: (a)

369,584

shares of common stock under the

2019

Plan which includes: (i) shares that have been authorized but

not

issued pursuant to the

2010

Plan as of

July 1, 2020

up to a maximum of an additional

208,584

shares and (ii) any shares subject to any outstanding options or restricted stock grants under any plan of the Company that were outstanding as of

July 1, 2020

and that subsequently expire unexercised, or are otherwise forfeited, up to a maximum of an additional

11,000

shares.

In general, options granted under the Company’s stock incentive plans have terms of

five

ten

years and vest over periods of between

three

and

five

years. The Company has historically issued new shares of common stock for options that have been exercised and used the Black-Scholes option valuation model to determine the fair value of options granted at the grant date.

During the fiscal year ended

March 31, 2019,

the Company granted options to purchase

10,000

shares at an exercise price of

$89.90

per share, all of which expire

five

years from the date of grant. All such stock options vest ratably over a

three

-year period commencing

September 12, 2019.

The weighted-average option fair values, as determined using the Black-Scholes option valuation model, and the assumptions used to estimate these values for stock options granted during the year ended

March 31, 2019

were as follows:

Weighted-average option fair values	$	25.6314
Expected life (years)		4.5
Interest rate		2.87	%
Volatility		32.57	%
Dividend Yield		1.11	%

The expected dividend yield is based on historical and projected yields for regular dividends. The Company estimates expected volatility based primarily on historical monthly price changes of the Company’s stock equal to the expected life of the option. The risk free interest rate is based on the U.S. Treasury yield in effect at the time of the grant. The expected option term is the number of years the Company estimates the options will be outstanding prior to exercise based on expected employment termination behavior.

During the fiscal year ended

March 31, 2019,

the Company granted

1,000

shares of restricted stock at a fair value of

$89.90

per share representing the closing price on the date of grant, which will be fully vested

three

years from the date of grant. The restrictions on the shares lapse ratably over a

three

-year period on the annual anniversary of the date of grant. The compensation expense related to this restricted stock award is expected to be

$90

and will be recognized, commencing on the grant date, over the next

three

years.

The Company recognizes compensation cost for unvested stock-based incentive awards on a straight-line basis over the requisite service period. Compensation cost charged to expense under all stock-based incentive awards is as follows:

	March 29, 2020		March 31, 2019

Stock options	$	85	$	102
Restricted stock		31		60
	$	116	$	162

The tax benefit on stock-based compensation expense was

$29

and

$44

for the years ended

March 29, 2020

and

March 31, 2019,

respectively. As of

March 29, 2020,

there was

$169

of unamortized compensation expense related to stock-based incentive awards. The Company expects to recognize this expense over approximately

seventeen

months,

which represents the remaining requisite service periods for such award.

In connection with the Company’s special cash dividend, paid on

January 4, 2018,

to stockholders of record as of

December 22, 2017,

the Company performed an analysis, pursuant to the anti-dilution provisions of the

2010

Plan (the

“2010

Plan”), and issued replacement options to purchase

68,498

shares at an exercise price of

$33.438

for the unvested stock options outstanding as of the record date of

December 22, 2017,

cancelling

64,384

shares at an exercise price of

$35.58

per share. Nathan’s performed its evaluation based on the closing price of its common stock on

December 20, 2017,

the day before the stock went ex-dividend, of

$83.20

per share, or

$78.20

per share excluding the dividend of

$5.00

per share.

other terms or conditions of the outstanding options were modified. The anti-dilution provisions of the original award were structured to equalize the award’s fair value before and after the modification.

In connection with the Company’s special cash dividend, paid on

March 27, 2015,

to stockholders of record as of

March 20, 2015,

the Company performed an analysis, pursuant to the anti-dilution provisions of the

2010

Plan, and issued replacement options to purchase

75,745

shares at an exercise price of

$35.58

for the unvested stock options outstanding as of

March 29, 2015,

canceling

50,000

shares at an exercise price of

$53.89.

Nathan’s performed its evaluation based on the closing price of its common stock on

March 27, 2015

$73.56

per share, or

$48.56

per share excluding the dividend of

$25.00

per share.

A summary of the status of the Company’s stock options at

March 29, 2020

and

March 31, 2019

and changes during the fiscal years then ended is presented in the tables below:

	2020					2019

				Weighted-					Weighted-
				Average					Average
				Exercise					Exercise
	Shares			Price		Shares			Price
Options outstanding – beginning of year		42,234		$	46.807		68,498		$	33.438

Granted		-			-		10,000			89.90

Expired		-			-		-			-

Exercised		(32,234	)		33.438		(36,264	)		33.438

Options outstanding - end of year		10,000		$	89.90		42,234		$	46.807

Options exercisable - end of year		3,333		$	89.90		32,234		$	33.438

The exercise price of outstanding options at

March 29, 2020

was

$89.90.

During the fiscal years ended

March 29, 2020

and

March 31, 2019,

options to purchase

32,234

and

36,264

shares were exercised which aggregated proceeds of

$1,078

and

$134,

respectively, to the Company. The aggregate intrinsic values of the stock options exercised during the fiscal years ended

March 29, 2020

and

March 31, 2019

was

$1,134

and

$1,488,

respectively.

The following table summarizes information about outstanding stock options at

March 29, 2020:

			Weighted-		Weighted-
			Average		Average		Aggregate
			Exercise		Remaining		Intrinsic
	Shares		Price		Contractual Life		Value

Options outstanding at March 29, 2020		10,000	$	89.90		3.45	$	-

Options exercisable at March 29, 2020		3,333	$	89.90		3.45	$	-

The exercise price of outstanding options at

March 29, 2020

was

$89.90.

Restricted stock:

Transactions with respect to restricted stock for the fiscal year ended

March 29, 2020

are as follows:

			Weighted-
			Average
			Grant-date Fair value
	Shares		Per share

Unvested restricted stock at March 31, 2019		1,000	$	89.90

Granted		-	$	-

Vested		333	$	89.90

Unvested restricted stock at March 29, 2020		667	$	89.90

The aggregate fair value of restricted stock vested during the fiscal years ended

March 29, 2020

and

March 31, 2019

was

$23

and

$434,

respectively.

Common Stock Purchase Rights

June 5, 2013,

Nathan’s adopted a new stockholder rights plan (the

“2013

Rights Plan”) under which all stockholders of record as of

June 17, 2013

received rights to purchase shares of common stock.

The

2013

Rights were distributed as a dividend. Initially, the

2013

Rights will attach to, and trade with, the Company’s common stock. Subject to the terms, conditions and limitations of the

2013

Rights Plan, the

2013

Rights would become exercisable if (among other things) a person or group acquires

15%

or more of the Company’s common stock. Upon such an event and payment of the purchase price of

$100.00

(the

“2013

Right Purchase Price”), each

2013

Right (except those held by the acquiring person or group) would have entitled the holder to acquire

one

share of the Company’s common stock (or the economic equivalent thereof) or, if the then-current market price is less than the then current

2013

Right Purchase Price, a number of shares of the Company’s common stock which at the time of the transaction had a market value equal to the then current

2013

Right Purchase Price at a purchase price per share equal to the then current market price of the Company’s Common Stock.

June 14, 2018,

the Company and American Stock Transfer and Trust Company, LLC, the Rights Agent, amended the

2013

Rights Plan. The Amendment postponed the expiration date to

September 30, 2018,

at which time the

2013

Rights Plan expired.

Stock Repurchase Program

During the period from

October 2001

through

March 29, 2020,

Nathan’s purchased

5,227,405

shares of common stock at a cost of approximately

$83,269

pursuant to various stock repurchase plans previously authorized by the Board of Directors.

During the fiscal year ended

March 29, 2020,

Nathan’s repurchased

85,642

shares of its common stock at a cost of approximately

$4,966

pursuant to its

sixth

stock repurchase program.

2016,

the Company’s Board of Directors authorized increases to the

sixth

stock repurchase plan for the purchase of up to

1,200,000

shares of its common stock on behalf of the Company. As of

March 29, 2020,

Nathan’s had repurchased

1,039,774

shares at a cost of

$35,607

under the

sixth

stock repurchase plan. At

March 29, 2020,

there were

160,226

shares remaining to be repurchased pursuant to the

sixth

stock repurchase plan. The plan does

not

have a set expiration date. Purchases under the Company’s stock repurchase program

may

be made from time to time, depending on market conditions, in open market or privately-negotiated transactions, at prices deemed appropriate by management. There is

set time limit on the repurchases.

March 13, 2020,

the Company's Board of Directors approved a

10b5

stock plan (

"10b5

Plan") which will expire on the earlier of (a)

August 12, 2020

or (b) the earlier of when (i) the aggregate purchase price of all shares of common stock purchased under the

10b5

Plan equals

$5,550

and (ii) the aggregate purchases under the

10b5

Plan equals

100,000

shares unless terminated earlier by the Company's Board of Directors.

During the fiscal year ended

March 29, 2020,

the Company repurchased in open market transactions

50,918

shares of the Company's common stock at an average share price of

$53.54

for a total cost of

$2,727

under the

10b5

Plan.

March 29, 2020,

$2,823

49,082

shares were available for repurchase under the

10b5

Plan.

Through

June 5, 2020,

the Company repurchased an additional

26,676

shares of the Company’s common stock at an average share price of

$56.26

for a total cost of

$1,502.

June 5, 2020,

$1,316

22,406

shares were available for repurchase under the

10b5

Plan.

Employment Agreements

Effective

January 1, 2007,

Howard M. Lorber, previously Chairman of the Board and Chief Executive Officer, assumed the newly-created position of Executive Chairman of the Board of Nathan’s and Eric Gatoff, previously Vice President and Corporate Counsel, became Chief Executive Officer of Nathan’s.

In connection with the foregoing, the Company entered into an employment agreement with each of Messrs. Lorber (as amended, the “Lorber Employment Agreement”) and Gatoff (as amended, the “Gatoff Employment Agreement”). Under the terms of the Lorber Employment Agreement, Mr. Lorber would serve as Executive Chairman of the Board from

January 1, 2007

until

December 31, 2012,

unless his employment is terminated in accordance with the terms of the Lorber Employment Agreement. On

November 1, 2012,

the Company amended its employment agreement with Mr. Lorber, extending the term of the employment agreement to

December 31, 2017

and increasing the base compensation of Mr. Lorber to

$600

per annum. In addition, Mr. Lorber received a grant of

50,000

shares of restricted stock subject to vesting as provided in a Restricted Stock Agreement between Mr. Lorber and the Company. Mr. Lorber will

not

receive a contractually-required bonus. On

December 6, 2017,

the Company amended its employment agreement with Mr. Lorber, extending the term of the employment agreement from

December 31, 2017

December 31, 2022

and increasing the base compensation of Mr. Lorber to

$1,000

per annum.

The Lorber Employment Agreement provides for a

three

-year consulting period after the termination of employment during which Mr. Lorber will receive a consulting fee of

$200

per year in exchange for his agreement to provide

less than

days of consulting services per year, provided, Mr. Lorber is

not

required to provide more than

days of consulting services per year.

The Lorber Employment Agreement provides Mr. Lorber with the right to participate in employment benefits offered to other Nathan’s executives. During and after the contract term, Mr. Lorber is subject to certain confidentiality, non-solicitation and non-competition provisions in favor of the Company.

In the event that Mr. Lorber’s employment is terminated without cause, he is entitled to receive his salary and bonus for the remainder of the contract term. The Lorber Employment Agreement further provides that in the event there is a change in control, as defined in the agreement, Mr. Lorber has the option, exercisable within

one

year after such event, to terminate the agreement. Upon such termination, he has the right to receive a lump sum cash payment equal to the greater of (A) his salary and annual bonuses for the remainder of the employment term (including a prorated bonus for any partial fiscal year), which bonus shall be equal to the average of the annual bonuses awarded to him during the

three

fiscal years preceding the fiscal year of termination; or (B)

2.99

times his salary and annual bonus for the fiscal year immediately preceding the fiscal year of termination, in each case together with a lump sum cash payment equal to the difference between the exercise price of any exercisable options having an exercise price of less than the then current market price of the Company’s common stock and such then current market price. In addition, Nathan’s will provide Mr. Lorber with a tax gross-up payment to cover any excise tax due.

In the event of termination due to Mr. Lorber’s death or disability, he is entitled to receive an amount equal to his salary and annual bonuses for a

three

-year period, which bonus shall be equal to the average of the annual bonuses awarded to him during the

three

fiscal years preceding the fiscal year of termination.

Under the terms of the Gatoff Employment Agreement, Mr. Gatoff initially served as Chief Executive Officer from

January 1, 2007

until

December 31, 2008,

which period automatically extends for additional

one

-year periods unless either party delivers notice of non-renewal

less than

180

days prior to the end of the term then in effect. Consequently, the Gatoff Employment Agreement is expected to be extended through

December 31, 2021,

based on the original terms, and

non-renewal notice has been given.

Pursuant to the agreement, Mr. Gatoff will receive a base salary, currently

$500

effective

June 1, 2016,

and an annual bonus based on his performance measured against the Company’s financial, strategic and operating objectives as determined by the Compensation Committee pursuant to the terms of the

2018

Management Incentive Plan approved by shareholders on

September 12, 2018.

The Gatoff Employment Agreement provides for an automobile allowance and the right of Mr. Gatoff to participate in employment benefits offered to other Nathan’s executives. The employment agreement automatically extends for successive

one

-year periods unless notice of non-renewal is provided in accordance with the agreement. During and after the contract term, Mr. Gatoff is subject to certain confidentiality, non-solicitation and non-competition provisions in favor of the Company. On

June 4, 2013,

Mr. Gatoff received a grant of

25,000

shares of restricted stock at a fair value of

$49.80

per share representing the closing price on the date of grant, subject to vesting as provided in a Restricted Stock Agreement between Mr. Gatoff and the Company. The compensation expense related to this restricted stock award was

$1,245

and was recognized, commencing on the grant date, over the next

five

years.

The Company and

one

employee of Nathan’s entered into a change of control agreement effective

May 31, 2007

for annual compensation of

$136

per year. The agreement additionally includes a provision under which the employee has the right to terminate the agreement and receive payment equal to approximately

three

times his annual compensation upon a change in control, as defined.

Each employment agreement terminates upon death or voluntary termination by the respective employee or

may

be terminated by the Company on up to

-days’ prior written notice by the Company in the event of disability or “cause,” as defined in each agreement.

Defined Contribution and Union Pension Plans

The Company has a defined contribution retirement plan under Section

401

(k) of the Internal Revenue Code covering all nonunion employees over age

21,

who have been employed by the Company for at least

one

year. Employees

may

contribute to the plan, on a tax-deferred basis, up to

20%

of their total annual salary. Historically, the Company has matched contributions at a rate of

$.25

per dollar contributed by the employee on up to a maximum of

of the employee’s total annual salary. Employer contributions for the fiscal years ended

March 29, 2020

and

March 31, 2019

were

$44

and

$42,

respectively.

The Company participates in a noncontributory, multi-employer, defined benefit pension plan (the “Union Plan”) covering substantially all of the Company’s union-represented employees. The risks of participating in the Union Plan are different from a single-employer plan in the following aspects: (a) assets contributed to the Union Plan by

one

employer

may

be used to provide benefits to employees of other participating employers; (b) if a participating employer stops contributing to the plan, the unfunded obligations of the plan

may

be borne by the remaining participating employers; and (c) if the Company chooses to stop participating in the Union Plan, the Company

may

be required to pay the Union Plan an amount based on the underfunded status of the Union Plan, referred to as a withdrawal liability. The most recent estimate of our potential withdrawal liability is

$396

as of

December 31, 2019.

The Company has

plans or intentions to stop participating in the plan as of

March 29, 2020

and does

not

believe that there is a reasonable possibility that a withdrawal liability will be incurred. Any adjustment for withdrawal liability will be recorded only when it is probable that a liability exists and can be reasonably estimated, in accordance with U.S. GAAP. Contributions to the Union Plan were

and

for the fiscal years ended

March 29, 2020

and

March 31, 2019,

respectively.

Other Benefits

The Company provides, on a contributory basis, medical benefits to active employees. The Company does

not

provide medical benefits to retirees.

Note N - Commitments and Contingencies

12 Months Ended

Mar. 29, 2020

Commitments and Contingencies Disclosure [Text Block]

NOTE

- COMMITMENTS AND CONTINGENCIES

Commitments

The Company’s operations are principally conducted in leased premises. The leases generally have initial terms ranging from

years and usually provide for renewal options ranging from

years. Most of the leases contain escalation clauses and common area maintenance charges (including taxes and insurance).

Revenue from sub-leasing properties is recognized in income as the revenue is earned and deemed collectible. Sub-lease rental income is presented net of associated lease costs in the accompanying consolidated Statements of Earnings.

Aggregate rental expense, net of sublease income, under all current leases amounted to

$1,647

and

$1,579

of which,

$1,310

and

$1,287

were a component of restaurant operating expenses, for the fiscal years ended

March 29, 2020

and

March 31, 2019,

respectively. The remaining rents of

$423

and

$378

were included in general and administrative expenses for the fiscal years ended

March 29, 2020

and

March 31, 2019,

respectively. Sublease rental income of

$86

was included in Other income, net for the fiscal years ended

March 29, 2020

and

March 31, 2019,

respectively.

Contingent rental payments on building leases are typically made based on the percentage of gross sales of the individual restaurants that exceed predetermined levels. The percentage of gross sales to be paid and related gross sales level vary by unit. Contingent rental expense, which is inclusive of common area maintenance charges, was approximately

$511

and

$480

for the fiscal years ended

March 29, 2020

and

March 31, 2019,

respectively.

March 29, 2020,

the Company leases

one

site which it in turn subleases to a franchisee, which expires in

April 2027

exclusive of renewal options. The Company remains liable for all lease costs when property is subleased to a franchisee.

Legal Proceeding

The Company and its subsidiaries are from time to time involved in ordinary and routine litigation. Management presently believes that the ultimate outcome of these proceedings, individually or in the aggregate, will

not

have a material adverse effect on the Company’s financial position, cash flows or results of operations. Nevertheless, litigation is subject to inherent uncertainties and unfavorable rulings could occur. An unfavorable ruling could include money damages and, in such event, could result in a material adverse impact on the Company’s results of operations for the period in which the ruling occurs.

Guaran

February 27, 2017,

a wholly-owned subsidiary of the Company executed a Guaranty of Lease (the “Brooklyn Guaranty”) in connection with its re-franchising of a restaurant located in Brooklyn, New York. The Company is obligated to make payments under the Brooklyn Guaranty in the event of a default by the tenant/franchisee. The Brooklyn Guaranty has an initial term of

years and

one

-year option and is limited to

months of rent for the

first

three

years of the term. Nathan’s has recorded a liability of

$110

in connection with the Brooklyn Guaranty which does

not

include potential percentage rent, real estate tax increases, attorney’s fees and other costs as these amounts are

not

reasonably determinable at this time. Nathan’s has received a personal guaranty from the franchisee for all obligations under the Brooklyn Guaranty. For the remainder of the term, the Brooklyn Guaranty is limited to

months of rent plus reasonable costs of collection and attorney’s fees.

Note O - Related Party Transactions	12 Months Ended
Note O - Related Party Transactions	Mar. 29, 2020
Notes to Financial Statements
Related Party Transactions Disclosure [Text Block]	NOTE O - RELATED PARTY TRANSACTIONS A firm to which the Company’s Executive Chairman of the Board is as an investor (and, prior to January 2012, a consultant), and the firm’s affiliates, received ordinary and customary insurance commissions aggregating approximately $29 and $37 for the fiscal years ended March 29, 2020 and March 31, 2019, respectively. A subsidiary of a firm to which the Company’s Executive Chairman of the Board is the President and Chief Executive Officer, received ordinary and customary real estate brokerage commissions aggregating approximately $72 in connection with the sale of the Florida regional office during the fiscal year ended March 31, 2019.

Note P - Subsequent Events	12 Months Ended
Note P - Subsequent Events	Mar. 29, 2020
Notes to Financial Statements
Subsequent Events [Text Block]	NOTE P - SUBSEQUENT EVENTS In March 2020, the World Health Organization declared the novel strain of coronavirus (“COVID- 19” ) a global pandemic. This contagious virus has adversely affected workforces, customers, economics, and financial markets globally, leading to an economic downturn. It has also disrupted the normal operations of many business, including ours. As of the date of this filing, certain Company-owned restaurants, franchise restaurants and Branded Menu Program locations are closed or only offering food through take-out and delivery services. Our Branded Product Program has been negatively impacted as many of our customers operate in venues that are currently closed and may be slow to re-open, such as professional sports venues, amusement parks, shopping malls and movie theatres. While it is not possible for us to predict the duration or magnitude of the adverse results of the outbreak of COVID- 19 and its effects on our business or results of operations at this time, we do anticipate that it will have an adverse effect on our revenue and profitability in fiscal year 2021. On April 21, 2020, the Company was granted a loan (the “PPP Loan”) from a lender in the aggregate amount of $1,225 pursuant to the Paycheck Protection Program under the Coronavirus Aid, Relief and Economic Security Act. The Company applied for the PPP Loan and received the amount of the PPP Loan prior to the issuance of guidance from the United States Treasury Department and U.S. Small Business Administration on April 23, 2020 ( the “New Guidance”). In light of the New Guidance, the Company determined to repay the PPP Loan to the lender. The PPP Loan was repaid in full on April 29, 2020.

Significant Accounting Policies (Policies)

12 Months Ended

Mar. 29, 2020

Accounting Policies [Abstract]

Consolidation, Policy [Policy Text Block]

1.	Principles of Consolidation

Fiscal Period, Policy [Policy Text Block]

2.	Fiscal Year

The Company’s fiscal year ends on the last Sunday in

March,

which results in a

-week reporting period. The fiscal year ended

March 29, 2020

is on the basis of a

-week reporting period. The fiscal year ended

March 31, 2019

is on the basis of a

-week reporting period.

Use of Estimates, Policy [Policy Text Block]

3 .	Use of Estimates

Cash and Cash Equivalents, Policy [Policy Text Block]

4 .	Cash and Cash Equivalents

The Company considers all highly liquid instruments purchased with an original maturity of

three

months or less to be cash equivalents. The Company did

not

have any cash equivalents at

March 29, 2020.

Cash equivalents at

March 31, 2019

were

$20,000.

March 29, 2020

and

March 31, 2019

substantially all of the Company’s cash balances are in excess of Federal government insurance limits. The Company does

not

believe that it is exposed to any significant risk on these balances.

Inventory, Policy [Policy Text Block]

5 .	Inventories

Inventories, which are stated at the lower of cost or net realizable value, consist primarily of food items and supplies. Cost is determined using the

first

-in,

first

-out method.

Property, Plant and Equipment, Policy [Policy Text Block]

6 .	Property and Equipment

Building and improvements (years)	5	–	25
Machinery, equipment, furniture and fixtures (years)	3	–	15
Leasehold improvements (years)	5	–	20

Goodwill and Intangible Assets, Policy [Policy Text Block]

7 .	Goodwill and Intangible Asset s

Goodwill and intangible assets consist of (i) goodwill of

$95

resulting from the acquisition of Nathan’s in

1987;

and (ii) trademarks, trade names and other intellectual property of

$1,269

in connection with Arthur Treacher’s.

As of

March 29, 2020

and

March 31, 2019,

the Company performed its annual impairment of goodwill based upon qualitative analysis and has determined that

impairment is deemed to exist.

March 31, 2019,

the Company’s intangible asset had a carrying amount of

$1,353

for the trademarks, trade names and other intellectual property in connection with Arthur Treacher’s.

During the fiscal year ended

March 29, 2020,

twelve

years and the intangible asset is subject to annual amortization. The Company has recorded amortization expense of

$84

for the year ending

March 29, 2020.

Annual amortization of the intangible asset for the next

five

years and thereafter will approximate the following:

	Estimate for fiscal year
2021		113
2022		113
2023		113
2024		113
2025		113
Thereafter		704
Total	$	1,269

Impairment or Disposal of Long-Lived Assets, Policy [Policy Text Block]

8 .	Lon g-lived Assets

Long-lived assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying value

may

not

be recoverable.

may

not

may

long-lived assets were deemed to be permanently impaired during the fiscal years ended

March 29, 2020

and

March 31, 2019

based upon quantitative analysis.

Fair Value of Financial Instruments, Policy [Policy Text Block]

9 .	Fair Value of Financial Instruments

The fair value hierarchy consists of the following

three

levels:

●

Level

- inputs to the valuation methodology are quoted prices (unadjusted) for an identical asset or liability in an active market

●

Level

●

Level

- inputs to the valuation methodology are unobservable and significant to the fair value measurement of the asset or liability

The use of observable market inputs (quoted market prices) when measuring fair value and, specifically, the use of Level

may

be classified differently from year to year.

March 29, 2020

and

March 31, 2019,

we did

not

have any assets or liabilities that were recorded at fair value.

The Company’s long-term debt had a face value of

$150,000

as of

March 29, 2020

and a fair value of

$138,000

as of

March 29, 2020.

The carrying amounts of cash and cash equivalents, accounts receivable and accounts payable approximate fair value due to the short-term maturity of the instruments.

The majority of the Company’s non-financial assets and liabilities are

not

inputs) which utilized cash flow forecasts for future income and were discounted to present value in performing its annual impairment testing of intangible assets.

Start-up Activities, Cost Policy [Policy Text Block]

Start-up Costs

Pre-opening and similar restaurant costs are expensed as incurred.

Concentration Risk, Credit Risk, Policy [Policy Text Block]

17 .	Business Concentrations and Geographical Information

March 29, 2020,

three

Branded Product customers represented

24%,

11%

and

10%,

of accounts receivable. At

March 31, 2019,

four

Branded Product customers represented

19%,

18%,

17%

and

13%,

of accounts receivable. One Branded Products customer accounted for

12%

and

14%

of total revenue for the years ended

March 29, 2020

and

March 31, 2019,

respectively. One retail licensee accounted for

24%

and

22%

of the total revenue for the years ended

March 29, 2020

and

March 31, 2019,

respectively.

The Company’s primary supplier of hot dogs represented

92%

of product purchases for each of the fiscal years ended

March 29, 2020

and

March 31, 2019.

The Company’s primary distributor of products to its Company-owned restaurants represented

of product purchases for each of the fiscal years ended

March 29, 2020

and

March 31, 2019.

The Company’s revenues for the fiscal years ended

March 29, 2020

and

March 31, 2019

were derived from the following geographic areas:

	March 29, 2020		March 31, 2019

Domestic (United States)	$	98,453	$	97,871
Non-domestic		4,872		3,978
	$	103,325	$	101,849

The Company’s sales for the fiscal years ended

March 29, 2020

and

March 31, 2019

were derived from the following:

	March 29, 2020		March 31, 2019

Branded Products	$	57,586	$	57,960
Company-owned restaurants		12,973		13,601
Total sales	$	70,559	$	71,561

License royalties	$	25,859	$	23,615

Royalties		3,327		3,666
Franchise fees		1,245		505
Total franchise fees and royalties		4,572		4,171

Advertising fund revenue		2,335		2,502

Total revenues	$	103,325	$	101,849

Advertising Cost [Policy Text Block]

18 .	Advertising

2%.

Company-owned store advertising expense, which is expensed as incurred, was

$145

and

$107,

for the fiscal years ended

March 29, 2020

and

March 31, 2019,

respectively, and have been included within restaurant operating expenses in the accompanying Consolidated Statements of Earnings.

Revenue from Contract with Customer [Policy Text Block]

Revenue Recognition

We adopted Topic

606

at the beginning of the fiscal year ended

March 31, 2019.

Revenue Recognition - Branded Product

Program

The Company recognizes sales from the Branded Product Program and certain products sold from the Branded Menu Program upon delivery to Nathan’s customers via

third

party common carrier. Rebates provided to customers are classified as a reduction to sales.

Revenue Recognition - Company-owned Restaurants

Sales by Company-owned restaurants, which are typically paid in cash or credit card by the customer, are recognized at the point of sale. Sales are presented net of sales tax.

Revenue Recognition – License Royalties

evenue Recognition - Franchising Operations

The following services are typically provided by the Company prior to the opening of a franchised restaurant.

●

Approval of all site selections to be developed.

●

Provision of architectural plans suitable for restaurants to be developed.

●

Assistance in establishing building design specifications, reviewing construction compliance and equipping the restaurant.

●

Provision of appropriate menus to coordinate with the restaurant design and locations to be developed.

●

Provision of management training for the new franchisee and selected staff.

●

Assistance with the initial operations of restaurants being developed.

The Company determined that the services provided in exchange for these upfront restaurant franchise fees do

not

The Company determined that the services provided in exchange for these international development fees do

not

The following is a summary of franchise openings and closings for the Nathan’s franchise restaurant system for the fiscal years ended

March 29, 2020

and

March 31, 2019:

	March 29,			March 31,
	20 20			2019

Franchised restaurants operating at the beginning of the period		255			276

New franchised restaurants opened during the period		16			13

Franchised restaurants closed during the period		(55	)		(34	)

Franchised restaurants operating at the end of the period		216			255

Franchise fees and royalties that are subsequently deemed to be

not

collectible are recorded as bad debts until paid by the franchisee or until collectibility is deemed to be reasonably assured.

Contract balances

The following table provides information about contract liabilities (Deferred franchise fees) from contracts with customers (in thousands):

		March 29 , 20 20				March 31, 2019
Deferred franchise fees (a)		$	1,917			$	3,005

(a)

Deferred franchise fees of

$230

and

$1,687

are included in Deferred franchise fees – current and long term as of

March 29, 2020,

respectively and

$318

and

$2,687

as of

March 31, 2019,

respectively.

Significant changes in Deferred franchise fees are as follows:

	Fifty-T wo Weeks Ended			Fifty-Three Weeks Ended
	March 29 , 20 20			March 31, 2019
Deferred franchise fees at beginning of period	$	3,005		$	3,139
Additions to deferred revenue		157			371
Revenue recognized during the period		(1,245	)		(505	)
Deferred franchise fees at end of period	$	1,917		$	3,005

Anticipated Future Recognition of Deferred Franchise Fees

The following table reflects the estimated franchise fees to be recognized in the future related to performance obligations that are unsatisfied at the end of the period:

	Estimate for fiscal year
2021		230
2022		219
2023		196
2024		184
2025		177
Thereafter		911
Total	$	1,917

Revenue Recognition – National Advertising Fund

The revenue, expenses and cash flows of the Advertising Fund are fully consolidated into the Company’s Consolidated Statements of Earnings and Statements of Cash Flows.

Share-based Payment Arrangement [Policy Text Block]

19.	Stock-Based Compensation

March 29, 2020,

the Company had

one

stock-based compensation plan in effect which is more fully described in Note

M.2.

Cost of Goods and Service [Policy Text Block]

20 .	Classification of Operating Expenses

Cost of sales consists of the following:

The cost of food and other products sold by Company-operated restaurants, through the Branded Product Program and through other distribution channels.

The cost of labor and associated costs of in-store restaurant management and crew.

The cost of paper products used in Company-operated restaurants.

Other direct costs such as fulfillment, commissions, freight and samples.

Restaurant operating expenses consist of the following:

Occupancy costs of Company-operated restaurants.

Utility costs of Company-operated restaurants.

Repair and maintenance expenses of Company-operated restaurant facilities.

Marketing and advertising expenses done locally and contributions to advertising funds for Company-operated restaurants.

Insurance costs directly related to Company-operated restaurants.

Income Tax, Policy [Policy Text Block]

21 .	Income Taxes

not

that some portion of the deferred tax assets will

not

be realized, a valuation allowance against the deferred tax assets would be established in the period such determination was made.

Uncertain Tax Positions

may

recognize the tax benefit from an uncertain tax position only if it is more likely than

not

fifty

percent likelihood of being realized upon ultimate settlement. Nathan’s recognizes accrued interest and penalties associated with unrecognized tax benefits as part of the income tax provision.

See Note I for a further discussion of our income taxes.

New Accounting Pronouncements, Policy [Policy Text Block]

22 .	A doption of New Accounting Standards

Leases

February 2016,

the Financial Accounting Standards Board (“FASB”) issued new guidance on leases, Topic

842,

March 29, 2020

using the effective date of

April 1, 2019

as the date of initial application; therefore, the comparative period has

not

been adjusted and continues to be reported under the previous lease guidance.

The new standard provides for a number of practical expedients upon adoption. The Company elected the package of practical expedients, which permits the Company

not

elect the use-of-hindsight practical expedient.

As a result of adopting this new guidance on the

first

day of fiscal year

2020,

$7,804

and

$8,533,

respectively, as of the

first

day of fiscal year

2020.

The difference between the assets and liabilities is attributable to the reclassification of certain existing lease-related assets and liabilities as an adjustment to the right-of-use assets.

The effects of the changes made to the Company's consolidated balance sheet as of

April 1, 2019

for the adoption of the new lease guidance were as follows (in thousands):

	Balance at March 31 , 20 19		Adjustments due to adoption of the new lease guidance			Reclassi - fications		Balance at April 1, 2019
Other Assets
Operating lease assets		-		7,804			-		7,804
Other assets		465		-			31		496

Current Liabilities
Current portion of operating lease liabilities		-		1,162			-		1,162

Long Term Liabilities
Long-term operating lease liabilities		-		7,371			-		7,371
Other liabilities		1,390		(729	)		31		692

The adoption of the new guidance is non-cash in nature and had

impact on net cash flows from operating, investing, or financing activities.

See Note L

for additional information regarding our lease arrangements and the Company's updated lease accounting policies.

23 .	New Accounting Standards Not Yet Adopted

June 2016,

November 2019,

the FASB deferred the effective date for smaller reporting companies for annual reporting periods beginning after

December 15, 2022.

This standard is required to take effect in Nathan’s

first

quarter (

June 2023)

of our fiscal year ending

March 31, 2024.

The Company is currently evaluating the impact that the adoption of this guidance will have on its consolidated financial statements and related disclosures.

January 2017,

second

not

to exceed the carrying amount of the goodwill. The guidance is effective prospectively for public business entities for annual reporting periods beginning after

December 15, 2019.

This standard is required to take effect in Nathan’s

first

quarter (

June 2020)

of our fiscal year ending

March 28, 2021.

Nathan’s does

not

expect the adoption of this new guidance to have a material impact on its results of operations or financial position.

December 2019,

the FASB issued ASU

2019

12,

“

Income Taxes (Topic

740

): Simplifying the Accounting for Income Taxes

,” which is intended to simplify various aspects related to accounting for income taxes. ASU

2019

removes certain exceptions to the general principles in Topic

740

and also clarifies and amends existing guidance to improve consistent application. ASU

2019

is effective for fiscal years beginning after

December 15, 2020.

This standard is required to take effect in Nathan’s

first

quarter (

June 2021)

of our fiscal year ending

March 27, 2022.

The Company is currently evaluating the impact that the adoption of this guidance will have on its consolidated financial statements and related disclosures.

The Company does

not

believe that any other recently issued, but

not

yet effective accounting standards, when adopted, will have a material effect on the accompanying consolidated financial statements.

Note B - Summary of Significant Accounting Policies (Tables)

12 Months Ended

Mar. 29, 2020

Property, Plant and Equipment [Table Text Block]

Building and improvements (years)	5	–	25
Machinery, equipment, furniture and fixtures (years)	3	–	15
Leasehold improvements (years)	5	–	20

Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block]

	Estimate for fiscal year
2021		113
2022		113
2023		113
2024		113
2025		113
Thereafter		704
Total	$	1,269

Schedule of Franchisor Disclosure [Table Text Block]

	March 29,			March 31,
	20 20			2019

Franchised restaurants operating at the beginning of the period		255			276

New franchised restaurants opened during the period		16			13

Franchised restaurants closed during the period		(55	)		(34	)

Franchised restaurants operating at the end of the period		216			255

Contract with Customer, Contract Asset, Contract Liability, and Receivable [Table Text Block]

		March 29 , 20 20				March 31, 2019
Deferred franchise fees (a)		$	1,917			$	3,005

Contract with Customer, Deferred Franchise Fees [Table Text Block]

	Fifty-T wo Weeks Ended			Fifty-Three Weeks Ended
	March 29 , 20 20			March 31, 2019
Deferred franchise fees at beginning of period	$	3,005		$	3,139
Additions to deferred revenue		157			371
Revenue recognized during the period		(1,245	)		(505	)
Deferred franchise fees at end of period	$	1,917		$	3,005

Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Table Text Block]

	Estimate for fiscal year
2021		230
2022		219
2023		196
2024		184
2025		177
Thereafter		911
Total	$	1,917

Schedule of Revenue from External Customers Attributed to Foreign Countries by Geographic Area [Table Text Block]

	March 29, 2020		March 31, 2019

Domestic (United States)	$	98,453	$	97,871
Non-domestic		4,872		3,978
	$	103,325	$	101,849

Disaggregation of Revenue [Table Text Block]

	March 29, 2020		March 31, 2019

Branded Products	$	57,586	$	57,960
Company-owned restaurants		12,973		13,601
Total sales	$	70,559	$	71,561

License royalties	$	25,859	$	23,615

Royalties		3,327		3,666
Franchise fees		1,245		505
Total franchise fees and royalties		4,572		4,171

Advertising fund revenue		2,335		2,502

Total revenues	$	103,325	$	101,849

Accounting Standards Update and Change in Accounting Principle [Table Text Block]

	Balance at March 31 , 20 19		Adjustments due to adoption of the new lease guidance			Reclassi - fications		Balance at April 1, 2019
Other Assets
Operating lease assets		-		7,804			-		7,804
Other assets		465		-			31		496

Current Liabilities
Current portion of operating lease liabilities		-		1,162			-		1,162

Long Term Liabilities
Long-term operating lease liabilities		-		7,371			-		7,371
Other liabilities		1,390		(729	)		31		692

Note C - Income Per Share (Tables)

12 Months Ended

Mar. 29, 2020

Schedule of Earnings Per Share, Basic and Diluted [Table Text Block]

	Net Income				Shares				Net income per share
	2020		2019		2020		2019		2020		2019

Basic EPS
Basic calculation	$	13,435	$	21,493		4,216,000		4,187,000	$	3.19	$	5.13
Effect of dilutive employee stock options		-		-		-		33,000		-		(.04	)

Diluted EPS
Diluted calculation	$	13,435	$	21,493		4,216,000		4,220,000	$	3.19	$	5.09

Note D - Accounts and Other Receivables, Net (Tables)

12 Months Ended

Mar. 29, 2020

Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block]

	March 29 ,		March 31,
	20 20		2019

Branded product sales	$	6,789	$	7,432
Franchise and license royalties		4,299		2,661
Other		257		665
		11,345		10,758

Less: allowance for doubtful accounts		237		585

Accounts and other receivables, net	$	11,108	$	10,173

Financing Receivable, Current, Allowance for Credit Loss [Table Text Block]

	March 29, 2020			March 31, 2019

Beginning balance	$	585		$	468
Reclassification to conform with Topic 606		-			77
Bad debt expense		71			100
Accounts written off		(419	)		(60	)

Ending balance	$	237		$	585

Note E - Prepaid Expenses and Other Current Assets (Tables)

12 Months Ended

Mar. 29, 2020

Schedule of Other Current Assets [Table Text Block]

	March 29,		March 31,
	2020		2019

Income taxes	$	-	$	106
Real estate taxes		75		67
Insurance		263		244
Marketing		369		412
Other		474		178

Total prepaid expenses and other current assets	$	1,181	$	1,007

Note G - Property and Equipment, Net (Tables)

12 Months Ended

Mar. 29, 2020

Schedule of Property, Plant, and Equipment, Carrying Value [Table Text Block]

	March 29 ,		March 31,
	20 20		2019

Land	$	123	$	123
Building and improvements		1,456		1,452
Machinery, equipment, furniture and fixtures		5,529		5,422
Leasehold improvements		6,891		6,481
Construction-in-progress		79		22
Total property and equipment		14,078		13,500
Less: accumulated depreciation and amortization		9,468		8,611

Property and equipment, net	$	4,610	$	4,889

Note H - Accrued Expenses, Other Current Liabilities and Other Liabilities (Tables)

12 Months Ended

Mar. 29, 2020

Schedule of Accrued Liabilities [Table Text Block]

	March 29,		March 31,
	2020		2019
Payroll and other benefits	$	3,075	$	3,150
Accrued rebates		514		770
Rent and occupancy costs		84		113
Deferred revenue		797		807
Construction costs		105		58
Interest		4,084		4,111
Professional fees		194		146
Corporate income taxes		176		-
Sales, use and other taxes		17		27
Other		251		202
Total accrued expenses and other current liabilities	$	9,297	$	9,384

Schedule of Other Assets and Other Liabilities [Table Text Block]

	March 29,		March 31,
	2020		2019
Reserve for uncertain tax positions (Note I)		567		496
Deferred rental liability		-		670
Other		129		224
Total other liabilities	$	696	$	1,390

Note I - Income Taxes (Tables)

12 Months Ended

Mar. 29, 2020

Schedule of Components of Income Tax Expense (Benefit) [Table Text Block]

	March 29 , 20 20		March 31, 2019
Federal
Current	$	2,904	$	5,385
Deferred		322		43
Total Federal income tax		3,226		5,428
State and local
Current		1,323		2,447
Deferred		30		42
Total State and local income tax		1,353		2,489
Total provision for income taxes	$	4,579	$	7,917

Schedule of Effective Income Tax Rate Reconciliation [Table Text Block]

	March 29 , 20 20			March 31, 2019

Computed tax expense	$	3,783		$	6,176
State and local income taxes, net of Federal income tax benefit		1,028			1,875
Change in uncertain tax positions, net		60			86
Nondeductible meals and entertainment and other		(95	)		(66	)
Nondeductible compensation		31			57
Tax reform act		-			99
Tax benefit share based payments		(228	)		(310	)
Total provision for income taxes	$	4,579		$	7,917

Schedule of Deferred Tax Assets and Liabilities [Table Text Block]

	March 2 9 ,			March 31,
	20 20			2019
Deferred tax assets
Accrued expenses	$	394		$	387
Allowance for doubtful accounts		57			58
Deferred revenue		485			955
Deferred stock compensation		45			70
Excess of straight line over actual rent		205			162
Other		94			85
Total deferred tax assets	$	1,280		$	1,717

Deferred tax liabilities
Deductible prepaid expense		246			210
Depreciation expense		720			783
Amortization		323			381
Total deferred tax liabilities		1,289			1,374
Net deferred tax asset (liability)	$	(9	)	$	343

Schedule of Unrecognized Tax Benefits Roll Forward [Table Text Block]

	March 29 , 20 20			March 31, 2019

Unrecognized tax benefits, beginning of year	$	253		$	263
Decreases of tax positions taken in prior years		(10	)		(8	)
Increases based on tax positions taken in current year		52			46
Settlements of tax positions taken in prior years		16			(48	)
Unrecognized tax benefits, end of year	$	311		$	253

Note J - Segment Information (Tables)

12 Months Ended

Mar. 29, 2020

Schedule of Segment Reporting Information, by Segment [Table Text Block]

	Fifty-T wo			Fifty-Three
	weeks ended			weeks ended
	March 29 , 20 20			March 31, 2019

Revenues
Branded Product Program	$	57,586		$	57,960
Product licensing		25,859			23,615
Restaurant operations		17,545			17,772
Corporate (1)		2,335			2,502
Total revenues	$	103,325		$	101,849

Income from operations
Branded Product Program	$	7,688		$	10,302
Product licensing		25,677			23,433
Restaurant operations		1,637			2,398
Corporate		(7,830	)		(8,157	)
Income from operations	$	27,172		$	27,976

Gain on sale of property and equipment	$	-		$	11,177
Interest expense		(10,601	)		(10,792	)
Interest income		1,357			840
Other income, net		86			209
Income before provision for income taxes	$	18,014		$	29,410

Total assets
Branded Product Program	$	7,352		$	8,334
Product licensing		3,906			2,127
Restaurant operations		12,915			6,411
Corporate		81,109			77,434
Total assets	$	105,282		$	94,306

Depreciation & amortization expense
Branded Product Program	$	312		$	312
Restaurant operations		641			657
Corporate		280			243
Total depreciation & amortization expense	$	1,233		$	1,212

Note K - Long-term Debt (Tables)

12 Months Ended

Mar. 29, 2020

Schedule of Debt [Table Text Block]

	March 29 ,			March 31,
	20 20			2019

6.625% Senior Secured Notes due 2025	$	150,000		$	150,000
Less: unamortized debt issuance costs		(3,860	)		(4,551	)
Long-term debt, net	$	146,140		$	145,449

Debt Instrument Redemption [Table Text Block]

YEAR	PERCENTAGE
On or after November 1, 2020 and prior to November 1, 2021		103.313	%
On or after November 1, 2021 and prior to November 1, 2022		101.656	%
On or after November 1, 2022		100.000	%

Note L - Leases (Tables)

12 Months Ended

Mar. 29, 2020

Lease, Cost [Table Text Block]

	Fi s cal year ended
	March 2 9 , 2020
Statement of Earnings
Operating lease cost	$	1,238
Short term lease cost		17
Variable lease cost		1,517
Less: Sublease income, net		(85	)

Total net lease cost (a)	$	2,687

Leases, Cash Flows [Table Text Block]

	F iscal year ended
	March 29, 20 20

Operating cash flows from operating leases	$	375

Lessee, Operating Leases, Weighted Average Remaining Lease Term and Discount Rate [Table Text Block]

Weighted average remaining lease term (years):
Operating leases	8.1

Weighted average discount rate:
Operating leases	8.869	%

Operating Lease, Maturity [Table Text Block]

	Payments		Receipts
	Operating Leases		Subleases		Net Leases

Fiscal year:
2021	$	1,583	$	245	$	1,338
2022		1,837		247		1,590
2023		1,849		168		1,681
2024		1,774		169		1,605
2025		1,678		169		1,509
Thereafter		5,474		352		5,122
Total lease commitments	$	14,195	$	1,350	$	12,845
Less: Amount representing interest		4,080
Present value of lease liabilities (a)	$	10,115

Operating Lease, Lease Income [Table Text Block]

	Fi s cal year ended
	March 29, 20 20

Operating lease income, net	$	84

Note M - Stockholders' Equity, Stock Plans and Other Employee Benefit Plans (Tables)

12 Months Ended

Mar. 29, 2020

Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block]

Weighted-average option fair values	$	25.6314
Expected life (years)		4.5
Interest rate		2.87	%
Volatility		32.57	%
Dividend Yield		1.11	%

Share-based Payment Arrangement, Cost by Plan [Table Text Block]

	March 29, 2020		March 31, 2019

Stock options	$	85	$	102
Restricted stock		31		60
	$	116	$	162

Share-based Payment Arrangement, Option, Activity [Table Text Block]

	2020					2019

				Weighted-					Weighted-
				Average					Average
				Exercise					Exercise
	Shares			Price		Shares			Price
Options outstanding – beginning of year		42,234		$	46.807		68,498		$	33.438

Granted		-			-		10,000			89.90

Expired		-			-		-			-

Exercised		(32,234	)		33.438		(36,264	)		33.438

Options outstanding - end of year		10,000		$	89.90		42,234		$	46.807

Options exercisable - end of year		3,333		$	89.90		32,234		$	33.438

Share-based Payment Arrangement, Activity [Table Text Block]

			Weighted-		Weighted-
			Average		Average		Aggregate
			Exercise		Remaining		Intrinsic
	Shares		Price		Contractual Life		Value

Options outstanding at March 29, 2020		10,000	$	89.90		3.45	$	-

Options exercisable at March 29, 2020		3,333	$	89.90		3.45	$	-

Schedule of Nonvested Restricted Stock Units Activity [Table Text Block]

			Weighted-
			Average
			Grant-date Fair value
	Shares		Per share

Unvested restricted stock at March 31, 2019		1,000	$	89.90

Granted		-	$	-

Vested		333	$	89.90

Unvested restricted stock at March 29, 2020		667	$	89.90

Note A - Description and Organization of Business (Details Textual)	Mar. 29, 2020	Mar. 31, 2019	Mar. 25, 2018
Number of States in which Entity Operates	21
Number of Countries in which Entity Operates	9
Entity Operated Units [Member]
Number of Restaurants	4
Franchised Units [Member]
Number of Restaurants	216	255	276

Note B - Summary of Significant Accounting Policies (Details Textual)
$ in Thousands

12 Months Ended

Mar. 29, 2020

USD ($)

Mar. 31, 2019

USD ($)

Mar. 31, 2020

USD ($)

Apr. 01, 2019

USD ($)

Cash Equivalents, at Carrying Value, Total

$ 0

$ 20,000

Goodwill, Ending Balance

Intangible Assets, Net (Excluding Goodwill), Total

1,269

1,353

Amortization of Intangible Assets, Total

Impairment of Long-Lived Assets Held-for-use

Long-term Debt, Total

146,140

145,449

$ 150,000

Long-term Debt, Fair Value

$ 138,000

Contract with Customer, Liability, Excluding Cash Received

^[1]

$ 1,917

$ 3,005

Number of Major Branded Customer

Maximum Contributions to Advertising Fund Percentage of Net Sales

2.00%

Advertising Expense

$ 2,177

$ 2,506

9,181

$ 7,804

Accounting Standards Update 2016-02 [Member]

^[2]

10,115

7,804

Entity Operated Units [Member]

$ 8,533

Advertising Expense

$ 145

$ 107

Accounts Receivable [Member] | Customer Concentration Risk [Member] | Branded Product Customer A [Member]

Accounts Receivable [Member] | Customer Concentration Risk [Member] | Branded Product Customer B [Member]

24.00%

19.00%

Accounts Receivable [Member] | Customer Concentration Risk [Member] | Branded Product Customer C [Member]

11.00%

18.00%

Accounts Receivable [Member] | Customer Concentration Risk [Member] | Branded Product Customer D [Member]

10.00%

17.00%

Revenue Benchmark [Member] | Customer Concentration Risk [Member] | Branded Product Customer A [Member]

13.00%

Revenue Benchmark [Member] | Customer Concentration Risk [Member] | One Retail Licensee [Member]

12.00%

14.00%

Cost of Goods and Service, Product and Service Benchmark [Member] | Supplier Concentration Risk [Member] | Primary Supplier of Hot Dogs [Member]

24.00%

22.00%

Cost of Goods and Service, Product and Service Benchmark [Member] | Supplier Concentration Risk [Member] | Distributor of Product to Company-owned Restaurants [Member]

92.00%

Deferred Franchise Fees [Member]

5.00%

Contract with Customer, Liability, Excluding Cash Received

$ 230

$ 318

Other Liabilities [Member]

Contract with Customer, Liability, Excluding Cash Received

$ 1,687

$ 2,687

[1]	Deferred franchise fees of $230 and $1,687 are included in Deferred franchise fees - current and long term as of March 29, 2020, respectively and $318 and $2,687 as of March 31, 2019, respectively.
[2]	The present value of minimum operating lease payments of $1,583 and $8,532 are included in "Current portion of operating lease liabilities" and "Long-term operating lease liabilities," respectively.

Note B - Summary of Significant Accounting Policies - Property and Equipment (Details)	12 Months Ended
	Mar. 29, 2020
Building and Building Improvements [Member] \| Minimum [Member]
Building and improvements (years) (Year)	5 years
Building and Building Improvements [Member] \| Maximum [Member]
Building and improvements (years) (Year)	25 years
Machinery, Equipment, Furniture, and Fixtures [Member] \| Minimum [Member]
Building and improvements (years) (Year)	3 years
Machinery, Equipment, Furniture, and Fixtures [Member] \| Maximum [Member]
Building and improvements (years) (Year)	15 years
Leasehold Improvements [Member] \| Minimum [Member]
Building and improvements (years) (Year)	5 years
Leasehold Improvements [Member] \| Maximum [Member]
Building and improvements (years) (Year)	20 years

Note B - Summary of Significant Accounting Policies - Annual Amortization of the Intangible Asset (Details) $ in Thousands	Mar. 29, 2020 USD ($)
2021	$ 113
2022	113
2023	113
2024	113
2025	113
Thereafter	704
Total	$ 1,269

Note B - Summary of Significant Accounting Policies - Summary of Franchise Openings and Closings for the Nathan's Franchise Restaurant System (Details) - Franchised Units [Member]	12 Months Ended
	Mar. 29, 2020	Mar. 31, 2019
Franchised restaurants operating at the beginning of the period	255	276
New franchised restaurants opened during the period	16	13
Franchised restaurants closed during the period	(55)	(34)
Franchised restaurants operating at the end of the period	216	255

Note B - Summary of Significant Accounting Policies - Receivables and Contract Liabilities From Contracts With Customers (Details) - USD ($)
$ in Thousands

Mar. 29, 2020

Mar. 31, 2019

Deferred franchise fees (a)

^[1]

$ 1,917

$ 3,005

[1]	Deferred franchise fees of $230 and $1,687 are included in Deferred franchise fees - current and long term as of March 29, 2020, respectively and $318 and $2,687 as of March 31, 2019, respectively.

Note B - Summary of Significant Accounting Policies - Significant Changes in Deferred Franchise Fees (Details) - USD ($)
$ in Thousands

12 Months Ended

Mar. 29, 2020

Mar. 31, 2019

Deferred franchise fees at beginning of period

$ 3,005

$ 3,139

^[1]

Additions to deferred revenue

157

371

Revenue recognized during the period

(1,245)

(505)

Deferred franchise fees at end of period

$ 1,917

$ 3,005

[1]	Includes the cumulative effect of adopting Topic 606 of $2,735, excluding deferred income taxes.

Note B - Summary of Significant Accounting Policies - Remaining Performance Obligations (Details) $ in Thousands	Mar. 29, 2020 USD ($)
Revenue, Remaining Performance Obligation, Amount	$ 1,917

Note B - Summary of Significant Accounting Policies - Remaining Performance Obligations 2 (Details) $ in Thousands	Mar. 29, 2020 USD ($)
Revenue, Remaining Performance Obligation, Amount	$ 1,917
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period (Year)	1 year
Revenue, Remaining Performance Obligation, Amount	$ 230
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period (Year)	1 year
Revenue, Remaining Performance Obligation, Amount	$ 219
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period (Year)	1 year
Revenue, Remaining Performance Obligation, Amount	$ 196
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period (Year)	1 year
Revenue, Remaining Performance Obligation, Amount	$ 184
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period (Year)	1 year
Revenue, Remaining Performance Obligation, Amount	$ 177
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period (Year)	1 year
Revenue, Remaining Performance Obligation, Amount	$ 911

Note B - Summary of Significant Accounting Policies - The Company's Revenues (Details) - USD ($) $ in Thousands	12 Months Ended
	Mar. 29, 2020	Mar. 31, 2019
Revenues	$ 103,325	$ 101,849
UNITED STATES
Revenues	98,453	97,871
Non-US [Member]
Revenues	$ 4,872	$ 3,978

Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

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Note B - Summary of Significant Accounting Policies - Disaggregation of Revenue (Details) - USD ($)
$ in Thousands

12 Months Ended

Mar. 29, 2020

Mar. 31, 2019

Branded Products [Member]

$ 103,325

$ 101,849

Company-operated Restaurants [Member]

57,586

57,960

12,973

13,601

Product [Member]

70,559

71,561

License [Member]

25,859

23,615

Royalty [Member]

3,327

3,666

Franchise [Member]

Franchise Fees and Royalties [Member]

1,245

505

Advertising Fund Revenue [Member]

4,572

4,171

^[1]

$ 2,335

$ 2,502

[1]	Prior to adoption of Topic 606, inflows into the National Advertising Fund were not considered revenue.

Note B - Summary of Significant Accounting Policies - Impact of New Standard on Consolidated Balance Sheet (Details) - USD ($) $ in Thousands	Mar. 29, 2020	Apr. 01, 2019	Mar. 31, 2019
Operating Lease, Right-of-Use Asset	$ 9,181	$ 7,804
Other assets	343	496	465
Operating Lease, Liability, Current	1,583	1,162
Operating Lease, Liability, Noncurrent	8,532	7,371
Other liabilities	$ 696	692	$ 1,390
Previous Accounting Guidance [Member]
Operating Lease, Right-of-Use Asset
Other assets		465
Operating Lease, Liability, Current
Operating Lease, Liability, Noncurrent
Other liabilities		1,390
Adjustments for New Accounting Pronouncement [Member]
Operating Lease, Right-of-Use Asset		7,804
Other assets
Operating Lease, Liability, Current		1,162
Operating Lease, Liability, Noncurrent		7,371
Other liabilities		(729)
Balance Sheet Reclassification Adjustments [Member]
Operating Lease, Right-of-Use Asset
Other assets		31
Operating Lease, Liability, Current
Operating Lease, Liability, Noncurrent
Other liabilities		$ 31

Note C - Income Per Share (Details Textual)	12 Months Ended
Note C - Income Per Share (Details Textual)	Mar. 29, 2020 shares
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in shares)	10,000

Note C - Income Per Share - Earnings Per Share Reconciliation (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Mar. 29, 2020	Mar. 31, 2019
Net income, basic calculation	$ 13,435	$ 21,493
Number of shares, basic calculation (in shares)	4,216,000	4,187,000
Net income per share, basic calculation (in dollars per share)	$ 3.19	$ 5.13
Effect of dilutive employee stock options (in shares)		33,000
Effect of dilutive employee stock options (in dollars per share)		$ (0.04)
Net income, diluted calculation	$ 13,435	$ 21,493
Number of shares, diluted calculation (in shares)	4,216,000	4,220,000
Net income per share, diluted calculation (in dollars per share)	$ 3.19	$ 5.09

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

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The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.

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Amount, after deduction of tax, noncontrolling interests, dividends on preferred stock and participating securities; of income (loss) available to common shareholders.

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Note D - Accounts and Other Receivables, Net (Details Textual)	12 Months Ended
	Mar. 29, 2020
Accounts Receivable Payment Terms (Day)	30 days

Note D - Accounts and Other Receivables, Net - Summary of Accounts and Other Receivables (Details) - USD ($) $ in Thousands	Mar. 29, 2020	Mar. 31, 2019	Mar. 25, 2018
Accounts receivable, gross, current	$ 11,345	$ 10,758
Less: allowance for doubtful accounts	237	585	$ 468
Accounts and other receivables, net	11,108	10,173
Branded Product Sales [Member]
Accounts receivable, gross, current	6,789	7,432
Franchise and License Royalties [Member]
Accounts receivable, gross, current	4,299	2,661
Other Receivables [Member]
Accounts receivable, gross, current	$ 257	$ 665

Note D - Accounts and Other Receivables, Net - Changes in Allowance for Doubtful Accounts (Details) - USD ($) $ in Thousands	12 Months Ended
	Mar. 29, 2020	Mar. 31, 2019
Beginning balance	$ 585	$ 468
Reclassification to conform with Topic 606		77
Bad debt expense	71	100
Accounts written off	(419)	(60)
Ending balance	$ 237	$ 585

Note E - Prepaid Expenses and Other Current Assets - Summary of Prepaid Expenses and Other Current Assets (Details) - USD ($) $ in Thousands	Mar. 29, 2020	Mar. 31, 2019
Income taxes		$ 106
Real estate taxes	75	67
Insurance	263	244
Marketing	369	412
Other	474	178
Total prepaid expenses and other current assets	$ 1,181	$ 1,007

Note F - Sales of Real Estate (Details Textual) - USD ($) $ in Thousands	Oct. 23, 2018	Aug. 09, 2018
Regional Office Building in Fort Lauderdale, Florida [Member]
Sale of Real Estate, Selling Costs		$ 17
Proceeds from Sale of Real Estate, Total		1,330
Other Income [Member] \| Regional Office Building in Fort Lauderdale, Florida [Member]
Gains (Losses) on Sales of Other Real Estate		$ 323
Company Owned Restaurant in Bay Ridge [Member]
Proceeds from Divestiture of Businesses	$ 11,445
Sale of Real Estate, Selling Costs	33
Company Owned Restaurant in Bay Ridge [Member] \| Other Income [Member]
Gain (Loss) on Disposition of Business	$ 10,854

Note G - Property and Equipment, Net (Details Textual) - USD ($) $ in Thousands	12 Months Ended
	Mar. 29, 2020	Mar. 31, 2019
Property Depreciation and Amortization	$ 1,149	$ 1,212

Note G - Property and Equipment, Net - Property and Equipment (Details) - USD ($) $ in Thousands	Mar. 29, 2020	Mar. 31, 2019
Land	$ 123	$ 123
Building and improvements	1,456	1,452
Machinery, equipment, furniture and fixtures	5,529	5,422
Leasehold improvements	6,891	6,481
Construction-in-progress	79	22
Total property and equipment	14,078	13,500
Property and equipment accumulated depreciation	9,468	8,611
Property and equipment, net	$ 4,610	$ 4,889

Note H - Accrued Expenses, Other Current Liabilities and Other Liabilities - Accrued Expenses and Other Current Liabilities (Details) - USD ($) $ in Thousands	Mar. 29, 2020	Mar. 31, 2019
Payroll and other benefits	$ 3,075	$ 3,150
Accrued rebates	514	770
Rent and occupancy costs	84	113
Construction costs	105	58
Interest	4,084	4,111
Professional fees	194	146
Corporate income taxes	176
Sales, use and other taxes	17	27
Other	251	202
Total accrued expenses and other current liabilities	9,297	9,384
Deferred Franchise Fees And Other Deferred Revenue [Member]
Deferred revenue	$ 797	$ 807

Note H - Accrued Expenses, Other Current Liabilities and Other Liabilities - Other Liabilities (Details) - USD ($) $ in Thousands	Mar. 29, 2020	Apr. 01, 2019	Mar. 31, 2019
Reserve for uncertain tax positions (Note I)	$ 567		$ 496
Deferred rental liability			670
Other	129		224
Total other liabilities	$ 696	$ 692	$ 1,390

Note I - Income Taxes (Details Textual) - USD ($) $ in Thousands	12 Months Ended
	Mar. 29, 2020	Mar. 31, 2019
Effective Income Tax Rate Reconciliation, Percent, Total	25.40%	26.90%
Income Tax Expense (Benefit), Continuing Operations, Adjustment of Deferred Tax (Asset) Liability		$ 99
Income Tax Expense (Benefit), Continuing Operations, Adjustment of Deferred Tax (Asset) Liability, Percent		0.30%
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent	21.00%	21.00%
Unrecognized Tax Benefits that Would Impact Effective Tax Rate	$ 311	$ 253
Unrecognized Tax Benefits, Income Tax Penalties and Interest Accrued, Total	259	245
Unrecognized Tax Benefits, Income Tax Penalties and Interest Expense, Total	32	$ 31
Significant Change in Unrecognized Tax Benefits is Reasonably Possible, Amount of Unrecorded Benefit	$ 16

Note I - Income Taxes - Income Tax Provision (Benefit) (Details) - USD ($) $ in Thousands	12 Months Ended
	Mar. 29, 2020	Mar. 31, 2019
Current	$ 2,904	$ 5,385
Deferred	322	43
Total Federal income tax	3,226	5,428
Current	1,323	2,447
Deferred	30	42
Total State and local income tax	1,353	2,489
Total provision for income taxes	$ 4,579	$ 7,917

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References + Details

Note I - Income Taxes - Effective Income Tax Rate Reconciliation (Details) - USD ($) $ in Thousands	12 Months Ended
	Mar. 29, 2020	Mar. 31, 2019
Computed tax expense	$ 3,783	$ 6,176
State and local income taxes, net of Federal income tax benefit	1,028	1,875
Change in uncertain tax positions, net	60	86
Nondeductible meals and entertainment and other	(95)	(66)
Nondeductible compensation	31	57
Tax reform act		99
Tax benefit share based payments	(228)	(310)
Total provision for income taxes	$ 4,579	$ 7,917

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References + Details

Note I - Income Taxes - Deferred Tax Assets and Deferred Tax Liabilities (Details) - USD ($) $ in Thousands	Mar. 29, 2020	Mar. 31, 2019
Accrued expenses	$ 394	$ 387
Allowance for doubtful accounts	57	58
Deferred revenue	485	955
Deferred stock compensation	45	70
Excess of straight line over actual rent	205	162
Other	94	85
Total deferred tax assets	1,280	1,717
Deductible prepaid expense	246	210
Depreciation expense	720	783
Amortization	323	381
Total deferred tax liabilities	1,289	1,374
Net deferred liability	$ (9)
Net deferred tax asset		$ 343

Note I - Income Taxes - Reconciliation of Unrecognized Tax Benefits (Details) - USD ($) $ in Thousands	12 Months Ended
	Mar. 29, 2020	Mar. 31, 2019
Unrecognized tax benefits, beginning of year	$ 253	$ 263
Decreases of tax positions taken in prior years	(10)	(8)
Increases based on tax positions taken in current year	52	46
Settlements of tax positions taken in prior years	16
Settlements of tax positions taken in prior years		(48)
Unrecognized tax benefits, end of year	$ 311	$ 253

Note J - Segment Information - Operating Segment Information (Details) - USD ($)
$ in Thousands

12 Months Ended

Mar. 29, 2020

Mar. 31, 2019

$ 103,325

$ 101,849

Gain on sale of property and equipment

27,172

27,976

11,177

Interest expense

(10,601)

(10,792)

Interest income

1,357

840

Other income, net

209

Income before provision for income taxes

18,014

29,410

105,282

94,306

Corporate, Non-Segment [Member]

1,233

1,212

^[1]

2,335

2,502

(7,830)

(8,157)

81,109

77,434

Branded Product Program [Member] | Operating Segments [Member]

280

243

57,586

57,960

7,688

10,302

7,352

8,334

Product Licensing [Member] | Operating Segments [Member]

312

25,859

23,615

25,677

23,433

Restaurant Operations [Member] | Operating Segments [Member]

3,906

2,127

17,545

17,772

1,637

2,398

12,915

6,411

$ 641

$ 657

[1]	Represents advertising fund revenue

Note K - Long-term Debt (Details Textual) - USD ($) $ / shares in Units, $ in Thousands	Nov. 01, 2019	May 01, 2019	Nov. 01, 2017	Mar. 10, 2015	Jun. 01, 2020	Mar. 29, 2020
Dividends Payable, Amount Per Share (in dollars per share)			$ 5
Senior Secured 2025 Notes [Member] \| Subsequent Event [Member]
Debt Instrument, Repurchased Face Amount					$ 10,000
Senior Notes [Member]
Debt Instrument, Fixed Charge Coverage Ratio				2
Debt Instrument, Priority Secured Leverage Ratio				0.4
Debt Instrument Secured Leverage Ratio				3.75
Debt Instrument, Event of Default, Percentage Ownership Enabling the Declaration of Due and Payable				25.00%
Senior Notes [Member] \| In The Event of Certain Equity Offerings [Member]
Debt Instrument, Redemption Price, Percentage				106.625%
Senior Notes [Member] \| In the Event of Chang of Control Offer [Member]
Debt Instrument, Redemption Price, Percentage				101.00%
Senior Notes [Member] \| In the Event the Company Sells Certain Assets and Fails to Use the Proceeds as Required [Member]
Debt Instrument, Redemption Price, Percentage				100.00%
Senior Notes [Member] \| Senior Secured 2025 Notes [Member]
Proceeds from Issuance of Long-term Debt, Total			$ 150,000
Debt Instrument, Interest Rate, Stated Percentage			6.625%			6.625%
Debt Instrument, Periodic Payment, Interest	$ 4,969	$ 4,969
Senior Notes [Member] \| Senior Secured 2020 Notes [Member]
Debt Instrument, Interest Rate, Stated Percentage			10.00%
Debt Instrument, Face Amount			$ 135,000
Senior Notes [Member] \| Option to Redeem Notes at Redemption Price Equal to the Percentage of Principal Amount plus the Applicable Premium [Member]
Debt Instrument, Redemption Price, Percentage				100.00%
Senior Notes [Member] \| Option to Redeem Notes at Redemption Price Equal to the Percentage of Principal Amount plus the Applicable Premium [Member] \| Applicable Premium if Percentage of Principal Amount is Greater than Treasury Rate Basis Spread [Member]
Debt Instrument, Applicable Premium, Percentage of Principal Amount				1.00%
Senior Notes [Member] \| Option to Redeem Notes at Redemption Price Equal to the Percentage of Principal Amount plus the Applicable Premium [Member] \| Applicable Premium if Treasury Rate Basis Spread is Greater than Percentage of Principal Amount [Member] \| Treasury Rate [Member]
Debt Instrument, Applicable Premium, Treasury Rate Basis Spread				0.50%
Senior Notes [Member] \| Option to Redeem at Redemption Price Equal to Percentage of Principal Amount [Member] \| In The Event of Certain Equity Offerings [Member] \| Maximum [Member]
Debt Instrument, Redemption Price, Percentage of Principal Amount Redeemed				35.00%

Note K - Long-term Debt - Summary of Debt (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Mar. 29, 2020	Mar. 31, 2019
Less: unamortized debt issuance costs		$ (3,860)	$ (4,551)
Long-term debt, net	$ 150,000	146,140	145,449
Senior Secured 2025 Notes [Member] \| Senior Notes [Member]
Senior secured notes		$ 150,000	$ 150,000

Note K - Long-term Debt - Summary of Debt (Details) (Parentheticals)	Mar. 29, 2020	Nov. 01, 2017
Senior Secured 2025 Notes [Member] \| Senior Notes [Member]
Interest Rate	6.625%	6.625%

Note K - Long-term Debt - Summary of Redemption Features (Details)	12 Months Ended
	Mar. 29, 2020
Debt Instrument, Redemption, Period One [Member]
Debt instrument, redemption price, percentage	103.313%
Debt Instrument, Redemption, Period Two [Member]
Debt instrument, redemption price, percentage	101.656%
Debt Instrument, Redemption, Period Three [Member]
Debt instrument, redemption price, percentage	100.00%

Note L - Leases (Details Textual) - USD ($)
$ in Thousands

12 Months Ended

Mar. 29, 2020

Dec. 01, 2019

Apr. 01, 2019

Mar. 31, 2019

$ 1,238

Operating Lease, Liability, Current

9,181

$ 7,804

1,583

1,162

Operating Lease, Liability, Noncurrent

8,532

$ 7,371

Lessee, Operating Lease, Renewal Term (Year)

^[1]

10,115

NEW YORK

8 years

$ 1,911

Restaurant Operating Expense [Member]

$ 1,911

General and Administrative Expense [Member]

2,137

635

Other Income [Member]