LONG-TERM LIABILITIES (Details Narrative) - USD ($)
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3 Months Ended |
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Mar. 29, 2021 |
May 05, 2020 |
Mar. 12, 2020 |
May 06, 2019 |
Sep. 30, 2021 |
Jun. 30, 2021 |
Mar. 31, 2021 |
Mar. 31, 2020 |
Oct. 26, 2020 |
| Debt Instrument [Line Items] |
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| Drew on revolving loan amount |
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$ 1,000,000
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$ 1,000,000
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| Nevada State Bank Credit Agreement |
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| Debt Instrument [Line Items] |
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| Principal amount outstanding |
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$ 8,022,300
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| Revolving Credit Facility | Nevada State Bank Credit Agreement |
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| Debt Instrument [Line Items] |
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| Drew on revolving loan amount |
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$ 1,000,000
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| NSB and Credit Agreement | Revolving Credit Facility |
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| Debt Instrument [Line Items] |
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| Borrowing capacity |
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$ 1,000,000
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| A&R Credit Agreement |
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| Debt Instrument [Line Items] |
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| Debt instrument, covenant compliance |
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The A&R Credit Agreement contains affirmative and negative financial covenants (as defined in the A&R Credit Agreement) and other restrictions customary for borrowings of this nature. In particular, we are required to maintain (i) a quarterly minimum Fixed Charge Coverage ratio of 1.25x; (ii) a quarterly maximum Total Leverage ratio of 22.50x for the quarter ending March 31, 2021, 10.00x for quarter ending June 30, 2021, 6.50x for the quarter ending September 30, 2021 with semi-annual step-downs of 0.25x commencing December 31, 2021 and quarterly thereafter; (iii) a quarterly maximum Senior Leverage ratio of 5.25x for the quarter ending March 31, 2021, 2.50x for the quarter ending June 30, 2021 and 2.00x quarterly thereafter; (iv) a quarterly Minimum EBITDA covenant of $2.4 million for each of the quarters ending March 31, 2021, June 30, 2021 and September 30, 2021 and $8.0 million quarterly thereafter; (v) a quarterly Minimum Liquidity covenant requiring the Company to have cash and cash equivalents of no less than $1.5 million at quarter ends through and including June 30, 2021 and $2.5 million quarterly thereafter; and (vi) a yearly maximum Maintenance Capital Expenditure covenant of 5% of total revenues for the prior year. The Company was in compliance with its affirmative and negative financial covenants as of March 31, 2021.
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| Step down leverage ratio |
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0.25%
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| Step down leverage ratio description |
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semi-annual step-downs of 0.25x commencing December 31, 2021 and quarterly thereafter
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| Maximum senior leverage ratio |
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5.25%
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| Minimum required EBITDA covenant for current quarter |
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$ 2,400,000
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| Minimum required EBITDA covenant for next quarter |
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2,400,000
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| Minimum required EBITDA covenant for next second quarter |
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2,400,000
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| Minimum required EBITDA covenant for thereafter |
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8,000,000
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| Minimum liquidity covenant required of cash and cash equivalents for next quarter |
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1,500,000
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| Minimum liquidity covenant required of cash and cash equivalents for next second quarter |
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1,500,000
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| Minimum liquidity covenant required of cash and cash equivalents for thereafter |
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$ 2,500,000
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| A&R Credit Agreement | Forecast |
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| Debt Instrument [Line Items] |
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| Maximum senior leverage ratio |
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2.00%
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2.50%
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| A&R Credit Agreement | Minimum |
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| Debt Instrument [Line Items] |
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| Fixed charge coverage ratio |
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1.25%
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| A&R Credit Agreement | Maximum |
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| Debt Instrument [Line Items] |
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| Leverage ratio |
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22.50%
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| Percentage of maintenance capital expenditures to be made from prior fiscal year total revenues |
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5.00%
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| A&R Credit Agreement | Maximum | Forecast |
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| Debt Instrument [Line Items] |
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| Leverage ratio |
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6.50%
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10.00%
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| A&R Credit Agreement | Nevada State Bank |
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| Debt Instrument [Line Items] |
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| Debt instrument, interest rate terms |
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Outstanding balances accrue interest based on one-month U.S. dollar London interbank offered rate (“LIBOR”) plus an applicable margin of 3.50% or 4.00%, depending on our Total Leverage Ratio (as defined in the A&R Credit Agreement).
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| A&R Credit Agreement | Revolving Credit Facility | Nevada State Bank |
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| Debt Instrument [Line Items] |
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| Borrowing capacity |
$ 1,000,000
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| Maturity date |
Apr. 24, 2022
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| Share Redemption Consideration Obligation |
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| Debt Instrument [Line Items] |
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| Debt instrument, face amount |
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$ 39,096,401
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| Debt instrument, redemption period, start date |
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May 06, 2019
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| Debt instrument, redemption period, end date |
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May 06, 2029
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| Interest rate |
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2.00%
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| Debt instrument, first annual payment |
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$ 781,928
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| Term Loan | Nevada State Bank Credit Agreement |
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| Debt Instrument [Line Items] |
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| Principal amount outstanding |
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$ 7,022,300
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| Term Loan | NSB and Credit Agreement |
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| Debt Instrument [Line Items] |
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| Borrowing capacity |
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$ 11,000,000
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| Term Loan | A&R Credit Agreement | Nevada State Bank |
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| Debt Instrument [Line Items] |
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| Borrowing capacity |
$ 7,022,300
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| Maturity date |
Apr. 24, 2023
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| Leverage Ratio Less Than 2.0 | A&R Credit Agreement | Nevada State Bank | LIBOR |
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| Debt Instrument [Line Items] |
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| Debt instrument, applicable margin rate |
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3.50%
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| Leverage Ratio 2.0 or Greater | A&R Credit Agreement | Nevada State Bank | LIBOR |
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| Debt Instrument [Line Items] |
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| Debt instrument, applicable margin rate |
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4.00%
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| Main Street Priority Loan Facility | Nevada State Bank |
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| Debt Instrument [Line Items] |
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| Unsecured Debt |
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$ 4,000,000
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| Variable rate basis, description |
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three-month U.S. dollar LIBOR plus 300 basis points (initially 3.215%)
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| Debt instrument, initial interest rate |
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3.215%
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| Loan, maturity period |
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5 years
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| Debt instrument, amortization price percentage principal amount outstanding |
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15.00%
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| Main Street Priority Loan Facility | Nevada State Bank | LIBOR |
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| Debt Instrument [Line Items] |
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| Debt instrument, applicable margin rate |
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3.00%
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