Quarterly report pursuant to Section 13 or 15(d)

Note 5 - Capital Stock

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Note 5 - Capital Stock
 3 Months Ended
Mar. 30, 2014
Stockholders' Equity Note [Abstract]  
Stockholders' Equity Note Disclosure [Text Block]

5.        Capital stock


Common shares


Authorized share capital:


The authorized share capital of the Company at March 30, 2014 and December 29, 2013 consisted of:


 

(i)

26,000,000 shares of common stock, par value $0.01 per share: Holders are entitled to one vote per share and the right to share in dividends pro rata subject to any preferential dividend rights of any then outstanding preferred stock.


 

(ii)

5,000,000 shares of special voting stock, par value $0.01 per share: From time to time the Company may issue special voting stock in one or more series and will fix the terms of that series at the time it is created.


Issued and outstanding:


The issued and outstanding number of common shares included in shareholders’ equity consisted of the following as of March 30, 2014:


   

Number
of shares

      $   

Common Stock

               

Common shares:

               

Balance at December 29, 2013

    16,417,256     $ 390  

Exchangeable shares converted to common stock

    20       -  

Balance at March 30, 2014

    16,417,276     $ 390  

Total Common Stock

    16,417,276     $ 390  

Stock Options


For information regarding the Company’s stock option arrangements, see Note 6 of the consolidated financial statements within the Company’s Form 10-K for the fiscal period ended December 29, 2013. There were no stock options granted during the three month period ended March 30, 2014. A summary of stock option activity for the three month period ended March 30, 2014 is as follows:


   

Number
of options

   

Weighted
average
exercise
price

   

Aggregate
intrinsic
value

   

Weighted
average
remaining
contractual
term (years)

 

Outstanding at December 29, 2013

    435,000     $ 2.50                  

Outstanding at March 30, 2014

    435,000     $ 2.50     $ -       3.6  

Exercisable at March 30, 2014

    208,334     $ 2.49     $ -       3.3  

During the three month periods ended March 30, 2014 and March 31, 2013, the Company recorded stock-based compensation expense and a corresponding increase in additional paid-in capital of $45 and $100, respectively.  


Restricted Stock Units


During the three month period ended March 30, 2014, restricted stock units were granted to the Chief Executive Officer of the Company as remuneration.


Stock based compensation was recognized during the three month period ended March 30, 2014 related to the restricted stock units of $17 while nil was recognized for the three month period ended March 31, 2013.


There were 109,170 restricted stock units outstanding at March 30, 2014 and no outstanding restricted stock units as at December 29, 2013.