Document_And_Entity_Informatio
Document And Entity Information | 9 Months Ended | |
Sep. 29, 2013 | Nov. 13, 2013 | |
Document and Entity Information [Abstract] | ' | ' |
Entity Registrant Name | 'Diversified Restaurant Holdings, Inc. | ' |
Document Type | '10-Q | ' |
Current Fiscal Year End Date | '--12-30 | ' |
Entity Common Stock, Shares Outstanding | ' | 26,055,575 |
Amendment Flag | 'false | ' |
Entity Central Index Key | '0001394156 | ' |
Entity Current Reporting Status | 'Yes | ' |
Entity Voluntary Filers | 'No | ' |
Entity Filer Category | 'Smaller Reporting Company | ' |
Entity Well-known Seasoned Issuer | 'No | ' |
Document Period End Date | 29-Sep-13 | ' |
Document Fiscal Year Focus | '2013 | ' |
Document Fiscal Period Focus | 'Q3 | ' |
Consolidated_Balance_Sheets_Cu
Consolidated Balance Sheets (Current Period Unaudited) (USD $) | Sep. 29, 2013 | Dec. 30, 2012 |
Current assets | ' | ' |
Cash and cash equivalents | $13,156,350 | $2,700,328 |
Investments | 7,387,672 | ' |
Accounts receivable | 384,947 | 248,403 |
Inventory | 1,109,148 | 809,084 |
Prepaid assets | 514,970 | 447,429 |
Total current assets | 22,553,087 | 4,205,244 |
Deferred income taxes | 850,407 | 846,746 |
Property and equipment, net | 52,002,133 | 40,286,490 |
Intangible assets, net | 2,856,609 | 2,509,337 |
Goodwill | 8,578,776 | 8,578,776 |
Other long-term assets | 417,412 | 118,145 |
Total assets | 87,258,424 | 56,544,738 |
Current liabilities | ' | ' |
Accounts payable | 4,711,947 | 3,952,017 |
Accrued compensation | 1,296,271 | 1,647,075 |
Other accrued liabilities | 905,348 | 1,013,369 |
Current portion of long-term debt | 7,489,859 | 6,095,684 |
Current portion of deferred rent | 305,161 | 226,106 |
Total current liabilities | 14,708,586 | 12,934,251 |
Deferred rent, less current portion | 2,809,880 | 2,274,753 |
Unfavorable operating leases | 767,764 | 849,478 |
Other liabilities - interest rate swap | 377,778 | 430,751 |
Long-term debt, less current portion | 34,559,465 | 38,551,601 |
Total liabilities | 53,223,473 | 55,040,834 |
Stockholders' equity | ' | ' |
Common stock - $0.0001 par value; 100,000,000 shares authorized; 26,055,575 and 18,951,700, respectively, issued and outstanding | 2,580 | 1,888 |
Additional paid-in capital | 35,191,325 | 2,991,526 |
Accumulated other comprehensive loss | -265,585 | -284,294 |
Accumulated deficit | -893,369 | -1,205,216 |
Total stockholders' equity | 34,034,951 | 1,503,904 |
Total liabilities and stockholders' equity | $87,258,424 | $56,544,738 |
Consolidated_Balance_Sheets_Cu1
Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) (USD $) | Sep. 29, 2013 | Dec. 30, 2012 |
Common stock, par value (in Dollars per share) | $0.00 | $0.00 |
Common stock, shares authorized | 100,000,000 | 100,000,000 |
Common stock, shares issued | 26,055,575 | 18,951,700 |
Common stock, shares outstanding | 26,055,575 | 18,951,700 |
Consolidated_Statements_of_Ope
Consolidated Statements of Operations (Unaudited) (USD $) | 3 Months Ended | 9 Months Ended | ||
Sep. 29, 2013 | Sep. 23, 2012 | Sep. 29, 2013 | Sep. 23, 2012 | |
Revenue | $26,368,090 | $16,844,492 | $80,410,174 | $51,323,301 |
Restaurant operating costs (exclusive of depreciation and amortization shown separately below): | ' | ' | ' | ' |
Food, beverage, and packaging | 7,759,146 | 5,157,991 | 24,336,433 | 15,904,293 |
Compensation costs | 6,972,432 | 4,174,875 | 20,903,931 | 12,840,361 |
Occupancy | 1,600,278 | 961,610 | 4,704,380 | 2,787,327 |
Other operating costs | 5,436,252 | 3,419,716 | 16,100,223 | 10,198,008 |
General and administrative expenses | 1,558,924 | 1,606,495 | 5,058,879 | 4,328,555 |
Pre-opening costs | 639,498 | 281,390 | 2,036,022 | 547,876 |
Depreciation and amortization | 2,070,841 | 1,000,191 | 5,539,874 | 2,930,606 |
Loss on disposal of property and equipment | 22,970 | 23,374 | 83,711 | 29,977 |
Total operating expenses | 26,060,341 | 16,625,642 | 78,763,453 | 49,567,003 |
Operating profit | 307,749 | 218,850 | 1,646,721 | 1,756,298 |
Change in fair value of derivative instruments | ' | ' | ' | -43,361 |
Interest expense | -320,798 | -277,919 | -1,375,646 | -843,563 |
Other income, net | 68,415 | 314,421 | 92,958 | 362,160 |
Income before income taxes | 55,366 | 255,352 | 364,033 | 1,231,534 |
Income tax provision (benefit) | -14,444 | -2,158 | 52,186 | 333,387 |
Net income | 69,810 | 257,510 | 311,847 | 898,147 |
Less: (Income) attributable to noncontrolling interest | ' | -16,314 | ' | -95,040 |
Net income attributable to DRH | $69,810 | $241,196 | $311,847 | $803,107 |
Basic earnings per share (in Dollars per share) | $0 | $0.01 | $0.01 | $0.04 |
Fully diluted earnings per share (in Dollars per share) | $0 | $0.01 | $0.01 | $0.04 |
Weighted average number of common shares outstanding | ' | ' | ' | ' |
Basic (in Shares) | 26,054,118 | 18,954,025 | 23,231,403 | 18,948,624 |
Diluted (in Shares) | 26,186,263 | 19,104,577 | 23,351,128 | 19,088,856 |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive Income (Loss) (Unaudited) (USD $) | 3 Months Ended | 9 Months Ended | ||
Sep. 29, 2013 | Sep. 23, 2012 | Sep. 29, 2013 | Sep. 23, 2012 | |
Net income | $69,810 | $257,510 | $311,847 | $898,147 |
Other comprehensive income (loss) | ' | ' | ' | ' |
Unrealized changes in fair value of interest rate swaps, net of tax of $77,315, $21,929, $18,011, and $133,370 | -150,082 | -43,361 | 34,962 | -258,893 |
Unrealized changes in fair value of investments, net of tax of $16,876, $0, $8,423, and $0 | 32,760 | ' | -16,253 | ' |
Total other comprehensive income (loss) | -117,322 | -43,361 | 18,709 | -258,893 |
Comprehensive income (loss) | -47,512 | 214,149 | 330,556 | 639,254 |
Less: Comprehensive (income) attributable to noncontrolling interest | ' | -16,314 | ' | -95,040 |
Comprehensive income (loss) attributable to DRH | ($47,512) | $197,835 | $330,556 | $544,214 |
Consolidated_Statements_of_Com1
Consolidated Statements of Comprehensive Income (Loss) (Unaudited) (Parentheticals) (USD $) | 3 Months Ended | 9 Months Ended | ||
Sep. 29, 2013 | Sep. 23, 2012 | Sep. 29, 2013 | Sep. 23, 2012 | |
Unrealized changes in fair value of interest rate swaps, tax | $77,315 | $21,929 | $18,011 | $133,370 |
Unrealized changes in fair value of investments, tax | $16,876 | $0 | $8,423 | $0 |
Consolidated_Statements_of_Sto
Consolidated Statements of Stockholders' Equity (Unaudited) (USD $) | Common Stock [Member] | Additional Paid-in Capital [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Retained Earnings [Member] | Noncontrolling Interest [Member] | Total |
Balance at Dec. 25, 2011 | $1,888 | $2,771,077 | ' | ($1,253,831) | $385,485 | $1,904,619 |
Balance (in Shares) at Dec. 25, 2011 | 18,936,400 | ' | ' | ' | ' | ' |
Issuance of restricted shares (in Shares) | 28,800 | ' | ' | ' | ' | ' |
Forfeitures of restricted shares (in Shares) | -12,300 | ' | ' | ' | ' | ' |
Share-based compensation | ' | 165,427 | ' | ' | ' | 165,427 |
Other comprehensive loss | ' | ' | -258,893 | ' | ' | -258,893 |
Net income | ' | ' | ' | 803,107 | 95,040 | 898,147 |
Distributions from noncontrolling interest | ' | ' | ' | ' | -40,000 | -40,000 |
Balance at Sep. 23, 2012 | 1,888 | 2,936,504 | -258,893 | -450,724 | 440,525 | 2,669,300 |
Balance (in Shares) at Sep. 23, 2012 | 18,952,900 | ' | ' | ' | ' | ' |
Balance at Dec. 30, 2012 | 1,888 | 2,991,526 | -284,294 | -1,205,216 | ' | 1,503,904 |
Balance (in Shares) at Dec. 30, 2012 | 18,951,700 | ' | ' | ' | ' | 18,951,700 |
Issuance of restricted shares (in Shares) | 145,575 | ' | ' | ' | ' | ' |
Forfeitures of restricted shares (in Shares) | -48,399 | ' | ' | ' | ' | ' |
Sale of common stock from follow-on offering, net of fees and expenses | 690 | 31,906,989 | ' | ' | ' | 31,907,679 |
Sale of common stock from follow-on offering, net of fees and expenses (in Shares) | 6,900,000 | ' | ' | ' | ' | ' |
Stock options exercised | 2 | 74,997 | ' | ' | ' | 74,999 |
Stock options exercised (in Shares) | 104,638 | ' | ' | ' | ' | ' |
Employee stock purchase plan | 0 | 12,145 | ' | ' | ' | 12,145 |
Employee stock purchase plan (in Shares) | 2,061 | ' | ' | ' | ' | ' |
Share-based compensation | ' | 205,668 | ' | ' | ' | 205,668 |
Other comprehensive loss | ' | ' | 18,709 | ' | ' | 18,709 |
Net income | ' | ' | ' | 311,847 | ' | 311,847 |
Balance at Sep. 29, 2013 | $2,580 | $35,191,325 | ($265,585) | ($893,369) | ' | $34,034,951 |
Balance (in Shares) at Sep. 29, 2013 | 26,055,575 | ' | ' | ' | ' | 26,055,575 |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (Unaudited) (USD $) | 9 Months Ended | |
Sep. 29, 2013 | Sep. 23, 2012 | |
Cash flows from operating activities | ' | ' |
Net income | $311,847 | $898,147 |
Adjustments to reconcile net income to net cash provided by operating activities | ' | ' |
Depreciation and amortization | 5,539,874 | 2,930,606 |
Write off of loan fees | 76,408 | 694 |
Loss on disposal of property and equipment | 83,711 | 29,977 |
Share-based compensation | 205,668 | 165,427 |
Change in fair value of derivative instruments | ' | 43,361 |
Deferred income taxes | -13,248 | 232,932 |
Changes in operating assets and liabilities that provided (used) cash | ' | ' |
Accounts receivable | -136,544 | -427,511 |
Inventory | -300,064 | 3,225 |
Prepaid assets | -67,541 | 35,714 |
Intangible assets | -546,831 | 62,356 |
Other long-term assets | -299,267 | -6,961 |
Accounts payable | 759,930 | 1,159,413 |
Accrued liabilities | -458,825 | 261,091 |
Deferred rent | 614,182 | 384,872 |
Net cash provided by operating activities | 5,769,300 | 5,773,343 |
Cash flows from investing activities | ' | ' |
Purchases of property and equipment | -17,297,791 | -7,213,512 |
Purchases of available-for-sale securities | -12,690,397 | ' |
Proceeds from sale of available-for-sale securities | 5,278,048 | ' |
Net cash used in investing activities | -24,710,140 | -7,213,512 |
Cash flows from financing activities | ' | ' |
Proceeds from issuance of long-term debt | 55,862,559 | 20,270,332 |
Repayment of interest rate swap liability | ' | -657,360 |
Repayments of long-term debt | -58,460,520 | -16,600,218 |
Proceeds from sale of common stock, net of underwriter fees | 31,994,823 | ' |
Distributions from noncontrolling interest | ' | -40,000 |
Net cash provided by financing activities | 29,396,862 | 2,972,754 |
Net increase in cash and cash equivalents | 10,456,022 | 1,532,585 |
Cash and cash equivalents, beginning of period | 2,700,328 | 1,537,497 |
Cash and cash equivalents, end of period | $13,156,350 | $3,070,082 |
Note_1_Business_and_Summary_of
Note 1 - Business and Summary of Significant Accounting Policies | 9 Months Ended |
Sep. 29, 2013 | |
Accounting Policies [Abstract] | ' |
Significant Accounting Policies [Text Block] | ' |
1. BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | |
Nature of Business | |
Diversified Restaurant Holdings, Inc. (“DRH”) is a fast-growing restaurant company operating two complementary concepts: Bagger Dave’s Freshly-Crafted Burger Tavern® (“Bagger Dave’s”) and Buffalo Wild Wings® Grill & Bar (“BWW”). As the creator, developer, and operator of Bagger Dave’s and one of the largest franchisees of BWW, we provide a unique guest experience in a casual and inviting environment. We are committed to providing value to our guests through offering generous portions of flavorful food in an upbeat and entertaining atmosphere. We believe Bagger Dave’s and DRH-owned BWW are uniquely-positioned restaurant brands designed to maximize appeal to our guests. Both restaurant concepts offer competitive price points and a family-friendly atmosphere, which we believe enables consistent performance through economic cycles. We were incorporated in 2006 and are headquartered in the Detroit metropolitan area. As of September 29, 2013, we have 50 locations in Florida, Illinois, Indiana, Michigan, and Missouri. Of these restaurants, 49 are corporate-owned and one is franchised by a third party. | |
Our roots can be traced to 1999, when our founder, President, CEO, and Chairman of the Board, T. Michael Ansley, opened his first BWW restaurant in Sterling Heights, Michigan. By late 2004, Mr. Ansley and his business partners owned and operated seven BWW franchised restaurants and formed AMC Group, LLC as an operating center for those locations. In 2006, DRH was formed and several entities, including AMC Group, LLC, were reorganized to provide the framework and financial flexibility to grow as a franchisee of BWW and to develop and grow our Bagger Dave’s concept. In 2008, DRH became public by completing a self-underwritten initial public offering for approximately $735,000 and 140,000 shares. We subsequently completed an underwritten, follow-on offering on April 23, 2013 of 6.9 million shares with net proceeds of $31.9 million. | |
Mr. Ansley has received various awards from Buffalo Wild Wings International, Inc. (“BWLD”), including awards for highest annual restaurant sales and operator of the year. In September 2007, Mr. Ansley was awarded Franchisee of the Year by the International Franchise Association (“IFA”). The IFA’s membership consists of over 12,600 franchisee members and over 1,100 franchisor members. | |
Today, DRH and its wholly-owned subsidiaries (collectively, the “Company”), which includes AMC Group, Inc. (“AMC”), AMC Real Estate, Inc. (“REAL ESTATE”), AMC Wings, Inc. (“WINGS”), and AMC Burgers, Inc. (“BURGERS”), own and operate Bagger Dave's and DRH-owned BWW restaurants located throughout Florida, Illinois, Indiana, and Michigan. | |
DRH originated the Bagger Dave’s concept, with our first restaurant opening in January 2008 in Berkley, Michigan. Currently, there are 12 corporate-owned Bagger Dave’s restaurants in Michigan, three corporate-owned Bagger Dave’s restaurants in Indiana, and one franchised location in Missouri. The Company plans to operate approximately 50 Bagger Dave’s corporate-owned locations by the end of 2017. | |
DRH is also one of the largest BWW franchisees and currently operates 35 DRH-owned BWW restaurants (17 in Michigan, 10 in Florida, four in Illinois, and four in Indiana), including the nation’s largest BWW, based on square footage, in downtown Detroit, Michigan. We remain on track to fulfill our area development agreement (“ADA”) with BWLD and plan to operate approximately 48 DRH-owned BWW restaurants by the end of 2017. | |
The following organizational chart outlines the current corporate structure of DRH. A brief textual description of the entities follows the organizational chart. DRH is incorporated in Nevada. | |
AMC was formed on March 28, 2007 and serves as our operational and administrative center. AMC renders management, operational support, and advertising services to WINGS and its subsidiaries and BURGERS and its subsidiaries. Services rendered by AMC include marketing, restaurant operations, restaurant management consultation, hiring and training of management and staff, and other management services reasonably required in the ordinary course of restaurant operations. | |
REAL ESTATE was formed on March 18, 2013 and serves as the holding company for the real estate properties owned by DRH. REAL ESTATE’s portfolio currently includes nine properties, five of which are Bagger Dave’s restaurants and four of which are DRH-owned BWW restaurants. The restaurants at these locations are all owned and operated by DRH. | |
WINGS was formed on March 12, 2007 and serves as a holding company for our DRH-owned BWW restaurants. We are economically dependent on retaining our franchise rights with BWLD. The franchise agreements have specific initial term expiration dates ranging from January 28, 2014 through September 24, 2033, depending on the date each was executed and the duration of its initial term. The franchise agreements are renewable at the option of the franchisor and are generally renewable if the franchisee has complied with the franchise agreement. When factoring in any applicable renewals, the franchise agreements have specific expiration dates ranging from January 27, 2019 through September 20, 2048. We believe we are currently in compliance with the terms of these agreements. | |
BURGERS was formed on March 12, 2007 and serves as a holding company for our Bagger Dave’s restaurants. Bagger Dave’s Franchising Corporation, a subsidiary of BURGERS, was formed to act as the franchisor for the Bagger Dave’s concept and has rights to franchise in Illinois, Indiana, Kentucky, Michigan, Missouri, Ohio, and Wisconsin. We do not intend to pursue significant franchise development at this time. | |
Principles of Consolidation | |
The consolidated financial statements include the accounts of the Company. All significant intercompany accounts and transactions have been eliminated upon consolidation. | |
We consolidate all variable interest entities (“VIE”) where we are the primary beneficiary. For VIE, we assess whether we are the primary beneficiary as prescribed by the accounting guidance on the consolidation of VIE. The primary beneficiary of VIE is the party that has the power to direct the activities that most significantly impact the performance of the entity and the obligation to absorb losses or the right to receive benefits that could potentially be significant to the entity. Prior to our acquisition of 100.0% of its membership interests on September 25, 2012, we consolidated Ansley Group, LLC as a VIE due to the Company leasing and maintaining substantially all of its assets to operate the Clinton Township, Michigan BWW restaurant in addition to guaranteeing all of its debt. See Note 2 for details. | |
Basis of Presentation | |
The consolidated financial statements as of September 29, 2013 and December 30, 2012, and for the three-month and nine-month periods ended September 29, 2013 and September 23, 2012, have been prepared by the Company pursuant to accounting principles generally accepted in the United States of America (“GAAP”) and the rules and regulations of the Securities and Exchange Commission (“SEC”). The financial information as of September 29, 2013 and for the three-month and nine-month periods ended September 29, 2013 and September 23, 2012 is unaudited, but, in the opinion of management, reflects all adjustments and accruals necessary for a fair presentation of the financial position, results of operations, and cash flows for the interim periods. | |
The financial information as of December 30, 2012 is derived from our audited consolidated financial statements and notes thereto for the fiscal year ended December 30, 2012, which is included in Item 8 in the Fiscal 2012 Annual Report on Form 10-K, and should be read in conjunction with such financial statements. | |
The results of operations for the three-month and nine-month periods ended September 29, 2013 are not necessarily indicative of the results of operations that may be achieved for the entire year ending December 29, 2013. | |
Fiscal Year | |
The Company utilizes a 52- or 53-week accounting period that ends on the last Sunday in December. This quarterly report on Form 10-Q is for the three-month periods ended September 29, 2013 and September 23, 2012, each comprising 13 weeks. | |
Concentration Risks | |
Approximately 61.1% and 75.0% of the Company's revenues during the three months ended September 29, 2013 and September 23, 2012, respectively, are generated from food and beverage sales from restaurants located in Michigan. | |
Investments | |
The Company’s investment securities are classified as available for sale. Investments classified as available for sale are available to be sold in the future in response to the Company’s liquidity needs, changes in market interest rates, tax strategies, and asset-liability management strategies, among other reasons. Available-for-sale securities are reported at fair value, with unrealized gains and losses reported in the accumulated other comprehensive income (loss) component of stockholders’ equity, net of deferred taxes and, accordingly, have no effect on net income. Realized gains or losses on sale of investments are determined on the basis of specific costs of the investments. Dividend income is recognized when declared and interest income is recognized when earned. Discount or premium on debt securities purchased at other than par value are amortized using the effective yield method. See Note 3 for details. | |
Use of Estimates | |
The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclose contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates. | |
Interest Rate Swap Agreements | |
The Company utilizes interest rate swap agreements with a bank to fix interest rates on a portion of the Company’s portfolio of variable rate debt, which reduces exposure to interest rate fluctuations. The Company does not use any other types of derivative financial instruments to hedge such exposures, nor does it use derivatives for speculative purposes. | |
Prior to the debt restructure on April 2, 2012 (see Note 7 for details), the interest rate swap agreements did not qualify for hedge accounting. As such, the Company recorded the change in the fair value of the swap agreements in change in fair value of derivative instruments on the consolidated statements of income. The interest rate swap agreements associated with the Company’s current debt agreements do qualify for hedge accounting. As such, the Company records the change in the fair value of its swap agreements as a component of accumulated other comprehensive income (loss), net of tax. The Company records the fair value of its interest rate swaps on the balance sheet in other assets or other liabilities depending on the fair value of the swaps. See Note 7 and Note 14 for additional information on the interest rate swap agreements. | |
Recent Accounting Pronouncements | |
We reviewed all significant newly-issued accounting pronouncements and concluded that they either are not applicable to our operations or that no material effect is expected on our consolidated financial statements as a result of future adoption. | |
Reclassifications | |
Certain reclassifications have been made to the prior year consolidated financial statements to conform to the current year's presentation. |
Note_2_Significant_Business_Tr
Note 2 - Significant Business Transactions | 9 Months Ended |
Sep. 29, 2013 | |
Schedule Of Significant Business Transactions [Abstract] | ' |
Schedule Of Significant Business Transactions [Text Block] | ' |
2. SIGNIFICANT BUSINESS TRANSACTIONS | |
On September 25, 2012, the Company completed the acquisition of substantially all of the assets of Crown Wings, Inc., Brewsters, Inc., Valpo Wings, Inc., Buffaloville Wings, Inc., and Hammond Wings, Inc., each an Indiana corporation, and Homewood Wings, Inc., Cal City Wings, Inc., Lansing Wings, Inc., and Lincoln Park Wings, Inc., each an Illinois corporation (collectively, the “Indiana and Illinois Entities”). The purchase price for the acquisition was $14.7 million. The acquired assets consist of four BWW restaurants operating in Indiana and four operating in Illinois along with the right to develop a fifth BWW restaurant in Indiana. | |
On September 25, 2012, the Company also acquired 100.0% of the membership interests in the Ansley Group, LLC for approximately $2.5 million. The purchase was approved by the Company's disinterested directors who determined that the purchase price was fair to the Company based upon an independent appraisal. As a result of this acquisition, the Company has acquired full ownership rights in the Clinton Township BWW restaurant. The Ansley Group, LLC was owned by T. Michael Ansley and Thomas D. Ansley. T. Michael Ansley is the Chairman of the Board of Directors, President, and CEO and a principal shareholder of the Company. This allowed us to unwind the Ansley Group VIE accounting treatment and eliminate the related non-controlling interest in the fourth quarter of 2012. | |
On April 23, 2013, the Company completed an underwritten, follow-on equity offering of 6.9 million shares of common stock at a price of $5.00 per share to the public. After deducting underwriting discounts, commissions, and other offering expenses the net proceeds to DRH from the offering were $31.9 million. Refer to our Form S-1/A filed on April 15, 2013 for additional information. | |
The Company invested a portion of the proceeds from the follow-on offering in highly liquid short-term investments with maturities of less than one year. These are temporary investments while the Company looks to invest them in growth opportunities for new restaurant openings. These investments are not held for trading or other speculative purposes and are classified as available for sale. We invested with a strategy focused on principal preservation. Changes in interest rates affect the investment income we earn on our marketable securities and, therefore, impact our cash flows and results of operations. See Note 3 for additional information. |
Note_3_Investments
Note 3 - Investments | 9 Months Ended | ||||||||||||||||
Sep. 29, 2013 | |||||||||||||||||
Investments, Debt and Equity Securities [Abstract] | ' | ||||||||||||||||
Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure [Text Block] | ' | ||||||||||||||||
3. INVESTMENTS | |||||||||||||||||
Investments consist of available-for-sale securities that are carried at fair value. Available-for-sale securities are classified as current assets based upon our intent and ability to use any and all of the securities as necessary to satisfy the operational requirements of our business. Based on the call date of the investments, all securities have maturities of one year or less. Unrealized losses are charged against net earnings when a decline in fair value is determined to be other than temporary. | |||||||||||||||||
The cost, gross unrealized holding gains, gross unrealized holding loss, and fair value of available-for-sale securities by type are as follows: | |||||||||||||||||
29-Sep-13 | |||||||||||||||||
Amortized | Unrealized | Unrealized | Estimated | ||||||||||||||
Cost | Gains | Loss | Fair Value | ||||||||||||||
Debt securities: | |||||||||||||||||
U.S. government and agencies | $ | 1,999,306 | $ | 614 | $ | - | $ | 1,999,920 | |||||||||
Obligations of states/municipals | 2,257,736 | - | (1,962 | ) | 2,255,774 | ||||||||||||
Corporate securities | 2,555,757 | - | (23,643 | ) | 2,532,114 | ||||||||||||
Other fixed income securities | 599,549 | 315 | - | 599,864 | |||||||||||||
Total debt securities | $ | 7,412,348 | $ | 929 | $ | (25,605 | ) | $ | 7,387,672 | ||||||||
Of these investments, $4.8 million are currently in a loss position with a cumulative unrealized loss of $25,605. The company may incur future impairment charges if declines in market values continue and/or worsen and the impairments are no longer considered temporary. All investments with unrealized losses have been in such position for less than 12 months. Proceeds from the sales of debt securities available-for-sale were $5.2 million for the three-month and nine-month periods ended September 29, 2013, respectively. | |||||||||||||||||
Gross unrealized gains and losses on available-for-sale securities, recorded in accumulated other comprehensive loss, as of September 29, 2013 were as follows: | |||||||||||||||||
29-Sep | 30-Dec | ||||||||||||||||
2013 | 2012 | ||||||||||||||||
Unrealized gains | $ | 929 | $ | - | |||||||||||||
Unrealized loss | (25,605 | ) | - | ||||||||||||||
Net unrealized loss | (24,676 | ) | - | ||||||||||||||
Deferred federal income tax benefit | 8,423 | - | |||||||||||||||
Net unrealized loss on investments, net of deferred income tax | $ | (16,253 | ) | $ | - | ||||||||||||
Note_4_Property_and_Equipment
Note 4 - Property and Equipment | 9 Months Ended | ||||||||
Sep. 29, 2013 | |||||||||
Property, Plant and Equipment [Abstract] | ' | ||||||||
Property, Plant and Equipment Disclosure [Text Block] | ' | ||||||||
4. PROPERTY AND EQUIPMENT | |||||||||
Property and equipment are comprised of the following assets: | |||||||||
29-Sep | 30-Dec | ||||||||
2013 | 2012 | ||||||||
Land | $ | 1,276,479 | $ | 989,680 | |||||
Building | 5,946,159 | 4,982,806 | |||||||
Equipment | 19,721,647 | 16,509,977 | |||||||
Furniture and fixtures | 5,181,790 | 4,270,159 | |||||||
Leasehold improvements | 40,177,711 | 31,028,860 | |||||||
Restaurant construction in progress | 3,643,428 | 1,462,505 | |||||||
Total | 75,947,214 | 59,243,987 | |||||||
Less accumulated depreciation | (23,945,081 | ) | (18,957,497 | ) | |||||
Property and equipment, net | $ | 52,002,133 | $ | 40,286,490 | |||||
Note_5_Goodwill_and_Intangible
Note 5 - Goodwill and Intangible Assets | 9 Months Ended | ||||||||
Sep. 29, 2013 | |||||||||
Disclosure Text Block [Abstract] | ' | ||||||||
Intangible Assets Disclosure [Text Block] | ' | ||||||||
5. GOODWILL AND INTANGIBLE ASSETS | |||||||||
As of September 29, 2013 and December 30, 2012, DRH had goodwill of $8.6 million, a result of the Indiana and Illinois Entities’ acquisition in September 2012. Goodwill will be tested for impairment at fiscal year-end and there were no impairment indicators warranting an interim impairment test. No adjustments to the carrying amount of goodwill were recorded during the nine months ended September 29, 2013. | |||||||||
Intangible assets are comprised of the following: | |||||||||
29-Sep | 30-Dec | ||||||||
2013 | 2012 | ||||||||
Amortized intangibles: | |||||||||
Franchise fees | $ | 564,613 | $ | 555,253 | |||||
Trademark | 51,204 | 37,359 | |||||||
Non-compete agreement | 76,560 | 79,600 | |||||||
Favorable lease | 239,000 | 239,000 | |||||||
Loan fees | 346,758 | 109,600 | |||||||
Total | 1,278,135 | 1,020,812 | |||||||
Less accumulated amortization | (300,688 | ) | (142,266 | ) | |||||
Amortized intangibles, net | 977,447 | 878,546 | |||||||
Unamortized intangibles: | |||||||||
Liquor licenses | 1,879,162 | 1,630,791 | |||||||
Total intangibles, net | $ | 2,856,609 | $ | 2,509,337 | |||||
Amortization expense for the three months ended September 29, 2013 and September 23, 2012 was $13,989 and $(1,505), respectively. Amortization expense for the nine months ended September 29, 2013 and September 23, 2012 was $41,437 and $12,364, respectively. Amortization of favorable leases and loan fees are reflected as part of occupancy and interest expense, respectively. Based on the current intangible assets and their estimated useful lives, intangibles-related expense for fiscal years 2013, 2014, 2015, 2016, and 2017 is projected to total approximately $242,412, $122,919, $97,405, $97,405, and $61,289, respectively. The aggregate weighted-average amortization period for intangible assets is 7.3 years. |
Note_6_Related_Party_Transacti
Note 6 - Related Party Transactions | 9 Months Ended |
Sep. 29, 2013 | |
Related Party Transactions [Abstract] | ' |
Related Party Transactions Disclosure [Text Block] | ' |
6. RELATED PARTY TRANSACTIONS | |
Fees for monthly accounting and financial statement compilation services are paid to an entity owned by a DRH Board of Directors member and stockholder of the Company. Fees paid during the three months ended September 29, 2013 and September 23, 2012, respectively, were $101,440 and $84,496. Fees paid during the nine months ended September 29, 2013 and September 23, 2012 were $295,642 and $267,154, respectively. | |
See Note 10 for related party operating lease transactions. |
Note_7_LongTerm_Debt
Note 7 - Long-Term Debt | 9 Months Ended | ||||||||
Sep. 29, 2013 | |||||||||
Disclosure Text Block [Abstract] | ' | ||||||||
Long-term Debt [Text Block] | ' | ||||||||
7. LONG-TERM DEBT | |||||||||
Long-term debt consists of the following obligations: | |||||||||
29-Sep | 30-Dec | ||||||||
2013 | 2012 | ||||||||
Note payable - $46.0 million term loan; payable to RBS with a senior lien on all the Company’s personal property and fixtures. Scheduled monthly principal payments are approximately $547,619 plus accrued interest through maturity in April 2018. Interest is charged based on one-month LIBOR plus an applicable margin, which ranges from 2.5% to 3.4%, depending on the lease adjusted leverage ratio defined in the terms of the agreement. The rate at September 29, 2013 was approximately 2.9%. | $ | 33,261,905 | $ | - | |||||
Note payable - $15.0 million development line of credit; payable to RBS with a senior lien on all the Company’s personal property and fixtures. Interest is charged based on one-month LIBOR plus an applicable margin, which ranges from 2.5% to 3.4%, depending on the lease adjusted leverage ratio defined in the terms of the agreement. The rate at September 29, 2013 was approximately 2.9%. Payments are due monthly and the note matures in April 2018. | 6,878,114 | - | |||||||
Note payable - $37.0 million term loan; payable to RBS with a senior lien on all the Company’s personal property and fixtures. Scheduled monthly principal payments are approximately $440,476 plus accrued interest through maturity in September 2017. Interest is charged based on one-month LIBOR plus an applicable margin, which ranges from 2.5% to 3.7%, depending on the lease adjusted leverage ratio defined in the terms of the agreement. This note was refinanced in April 2013. | - | 35,678,572 | |||||||
Note payable - $10.0 million development line of credit; payable to RBS with a senior lien on all the Company’s personal property and fixtures. Interest is charged based on one-month LIBOR plus an applicable margin, which ranges from 2.5% to 3.7%, depending on the lease adjusted leverage ratio defined in the terms of the agreement. This note was refinanced in April 2013. | - | 7,015,555 | |||||||
Note payable to a bank secured by a senior mortgage on the Brandon Property and a personal guaranty. Scheduled monthly principal and interest payments are approximately $8,000 through maturity in June 2030, at which point a balloon payment of $413,550 is due. Interest is charged based on a fixed rate of 6.7%, per annum, through June 2017, at which point the rate will adjust to the U.S. Treasury Securities Rate plus 4.0% (and every seven years thereafter). | 1,086,607 | 1,102,539 | |||||||
Note payable to a bank secured by a junior mortgage on the Brandon Property. Matures in 2030 and requires monthly principal and interest installments of approximately $6,300 until maturity. Interest is charged at a rate of 3.6% per annum. | 822,698 | 848,903 | |||||||
Note payable to Ford Credit secured by a vehicle to be used in the operation of the business. This is an interest-free loan under a promotional 0.0% rate. Scheduled monthly principal payments are approximately $430. This note matured in April 2013. | - | 1,716 | |||||||
Total long-term debt | 42,049,324 | 44,647,285 | |||||||
Less current portion | (7,489,859 | ) | (6,095,684 | ) | |||||
Long-term debt, net of current portion | $ | 34,559,465 | $ | 38,551,601 | |||||
On April 2, 2012, the Company entered into a $24.0 million senior secured credit facility with RBS Citizens, N.A. (“RBS”) (“April 2012 Senior Secured Credit Facility”), which consisted of a $16.0 million term loan, a $7.0 million development line of credit, and a $1.0 million revolving line of credit. The April 2012 Senior Secured Credit Facility was for a term of seven years and bore interest at one-month LIBOR plus a LIBOR margin (as defined in the agreement), which ranged from 2.5% to 3.4%, depending on the Company’s lease adjusted leverage ratio. Principal and interest payments on the April 2012 term loan were to be amortized over seven years, with monthly principal payments of approximately $191,000 plus accrued interest. The April 2012 term loan was paid off in conjunction with the September 2012 credit facility discussed below. | |||||||||
On September 25, 2012, the Company entered into a $48.0 million senior secured credit facility with RBS (the “September 2012 Senior Secured Credit Facility”). The September 2012 Senior Secured Credit Facility consisted of a $37.0 million term loan (“September 2012 Term Loan”), a $10.0 million development line of credit, and a $1.0 million revolving line of credit. The Company used approximately $15.2 million of the September 2012 Term Loan to refinance existing outstanding debt with RBS and used approximately $3.3 million of the September 2012 Term Loan to refinance and term out the outstanding balance of the existing development line of credit loan between the Company and RBS. Additionally, on September 25, 2012, approximately $14.7 million of the September 2012 Term Loan was used to complete the acquisition of the Indiana and Illinois Entities (with rights to develop another restaurant in Indiana) and approximately $2.5 million of the September 2012 Term Loan was used to purchase 100.0% of the membership interests in the Ansley Group, LLC. The remaining balance of the September 2012 Term Loan, approximately $1.3 million, was used to pay the fees, costs, and expenses associated with either the above acquisitions or arising in connection with the closing of the loans constituting the September 2012 Senior Secured Credit Facility. The September 2012 Term Loan was for a period of five years. Payments of principal were based upon an 84-month straight-line amortization schedule, with monthly principal payments of $440,476 plus accrued interest. The interest rate for the September 2012 Term Loan was LIBOR plus an applicable margin, which ranged from 2.5% to 3.7%, depending on the lease adjusted leverage ratio defined in the terms of the agreement. The entire remaining outstanding principal and accrued interest on the September 2012 Term Loan was due and payable on the maturity date of September 25, 2017. Borrowings under the September 2012 Senior Secured Credit Facility were restructured as part of the April 2013 credit facility discussed below. | |||||||||
On April 15, 2013, the Company entered into a $63.0 million senior secured credit facility with RBS (the “April 2013 Senior Secured Credit Facility”). The April 2013 Senior Secured Credit Facility consists of a $46.0 million term loan (the “April 2013 Term Loan”), a $15.0 million development line of credit (the “April 2013 DLOC”), and a $2.0 million revolving line of credit (the “April 2013 RLOC”). The Company immediately used $34.0 million of the April 2013 Term Loan to refinance existing outstanding debt with RBS, approximately $10.0 million of the April 2013 Term Loan to refinance and term out the outstanding balance of the existing development line of credit loan between the Company and RBS, and approximately $800,000 of the April 2013 Term Loan to refinance and term out the outstanding balance of the existing revolving line of credit loan between the Company and RBS. The remaining balance of the April 2013 Term Loan, approximately $1.2 million, was used for working capital as well as to pay the fees, costs, and expenses arising in connection with the closing of the April 2013 Senior Secured Credit Facility. The April 2013 Term Loan is for a period of five years. Payments of principal are based upon an 84-month straight-line amortization schedule, with monthly principal payments of $547,619 plus accrued interest. The entire remaining outstanding principal and accrued interest on the April 2013 Term Loan is due and payable on its maturity date of April 15, 2018. The April 2013 DLOC is for a term of two years and is convertible upon maturity into a term note. The April 2013 RLOC is for a term of two years. Amounts borrowed under the April 2013 Senior Secured Credit Facility bear interest at a rate of LIBOR plus an applicable margin, which ranges from 2.5% to 3.4%, depending on the lease adjusted leverage ratio defined in the terms of the agreement. On May 15, 2013, the Company paid down $10.0 million on its April 2013 Term Loan in satisfaction of its post-offering requirement to RBS to utilize up to 40.0% of the offering proceeds for such purpose. | |||||||||
Based on the long-term debt terms that existed at September 29, 2013, the scheduled principal maturities for the next five years succeeding September 29, 2013 and thereafter are summarized as follows: | |||||||||
Year | Amount | ||||||||
2014 | $ | 7,489,859 | |||||||
2015 | 7,779,348 | ||||||||
2016 | 7,782,210 | ||||||||
2017 | 7,785,624 | ||||||||
2018 | 9,626,734 | ||||||||
Thereafter | 1,585,549 | ||||||||
Total | $ | 42,049,324 | |||||||
Interest expense was $320,798 and $277,919 for the three months ended September 29, 2013 and September 23, 2012, respectively. Interest expense was $1.4 million and $843,563 (including related party interest expense of $0 and $52,724) for the nine months ended September 29, 2013 and September 23, 2012, respectively. | |||||||||
The above agreements contain various customary financial covenants generally based on the performance of the specific borrowing entity and other related entities. The more significant covenants consist of a minimum debt service coverage ratio and a maximum lease adjusted leverage ratio, both of which we are in compliance with as of September 29, 2013. | |||||||||
At September 29, 2013, the Company has three interest rate swap agreements to fix a portion of the interest rates on its variable rate. The two swap agreements entered into in 2012 and the swap agreement entered into in 2013 all qualify for hedge accounting. The swap agreements have a combined notional amount of $17.6 million at September 29, 2013. The swap entered into in April of 2012 will amortize to zero by April 2019, the swap entered into in October 2012 will amortize to zero by October 2017, and the swap entered into in July of 2013 will amortize to zero by April of 2018. Under the swap agreements, the Company pays a fixed rate of 1.4% (notional amount of $12.5 million) and 0.9% (notional amount of $5.1 million) and receives interest at the one-month LIBOR. The fair value of these swap agreements was $377,778 and $430,751 at September 29, 2013 and December 30, 2012, respectively. Since these swap agreements qualify for hedge accounting, the changes in fair value are recorded in other comprehensive income (loss), net of tax. See Note 1 and Note 14 for additional information pertaining to interest rate swaps. |
Note_8_Capital_Stock_Including
Note 8 - Capital Stock (Including Purchase Warrants and Options) | 9 Months Ended | ||||
Sep. 29, 2013 | |||||
Stockholders' Equity Note [Abstract] | ' | ||||
Stockholders' Equity Note Disclosure [Text Block] | ' | ||||
8. CAPITAL STOCK (INCLUDING PURCHASE WARRANTS AND OPTIONS) | |||||
In 2011, the Company established the Stock Incentive Plan of 2011 (“Stock Incentive Plan”) to attract and retain directors, consultants, and team members and to more fully align their interests with the interests of the Company’s shareholders through the opportunity for increased stock ownership. The plan permits the grant and award of 750,000 shares of common stock by way of stock options and/or restricted stock. Stock options must be awarded at exercise prices at least equal to or greater than 100.0% of the fair market value of the shares on the date of grant. The options will expire no later than 10 years from the date of grant, with vesting terms to be defined at grant date, ranging from a vesting schedule based on performance to a vesting schedule that extends over a period of time as selected by the Compensation Committee of the Board of Directors (the “Committee”) or other committee as determined by the Board of Directors. The Committee also determines the grant, issuance, retention, and vesting timing and conditions of awards of restricted stock. The Committee may place limitations, such as continued employment, passage of time, and/or performance measures, on restricted stock. Awards of restricted stock may not provide for vesting or settlement in full of restricted stock over a period of less than one year from the date the award is made. The Stock Incentive Plan was approved by our shareholders on May 26, 2011. | |||||
During 2012 and 2013, restricted shares were issued to certain team members at a weighted-average grant date fair value between $3.10 and $7.00, respectively. Restricted shares are granted with a per share purchase price at 100.0% of the fair market value on the date of grant. Unrecognized stock-based compensation expense of $601,045 at September 29, 2013 will be recognized over the remaining weighted-average vesting period of 2.8 years. The total fair value of shares vested during the nine months ended September 29, 2013 and September 23, 2012 was $119,333 and $0, respectively. | |||||
The following table presents the restricted shares transactions as of September 29, 2013: | |||||
Number of | |||||
Restricted | |||||
Stock Shares | |||||
Unvested, December 30, 2012 | 54,900 | ||||
Granted | 145,375 | ||||
Vested | (26,500 | ) | |||
Expired/Forfeited | (48,400 | ) | |||
Unvested, September 29, 2013 | 125,375 | ||||
The following table presents the restricted shares transactions as of September 23, 2012: | |||||
Number of | |||||
Restricted | |||||
Stock Shares | |||||
Unvested, December 25, 2011 | 60,800 | ||||
Granted | 28,800 | ||||
Vested | - | ||||
Expired/Forfeited | (12,300 | ) | |||
Unvested, September 23, 2012 | 77,300 | ||||
Under the Stock Incentive Plan, there are 598,125 shares available for future awards at September 29, 2013. | |||||
On July 30, 2007, DRH granted options for the purchase of 150,000 shares of common stock to the directors of the Company at an exercise price of $2.50 per share. These options vested ratably over a three-year period and were set to expire six years from issuance, July 30, 2013. At September 29, 2013, all 150,000 options were fully vested and were exercised either through cash or cashless exercise at a price of $2.50 per share. The intrinsic value of options exercised in 2013 was $679,680. | |||||
On July 30, 2010, prior to the Stock Incentive Plan, DRH granted options for the purchase of 210,000 shares of common stock to the directors of the Company. These options are fully vested and expire six years from issuance, July 30, 2016. Once vested, the options can be exercised at a price of $2.50 per share. Consequently, at September 29, 2013, 210,000 shares of authorized common stock are reserved for issuance to provide for the exercise of these options. The intrinsic value of options these options was $852,600 as of September 29, 2013. | |||||
Stock-based compensation of $70,563 and $58,480 was recognized, during the three-month periods ended September 29, 2013 and September 23, 2012, and $205,668 and $165,427 for the nine-month periods ended September 29, 2013 and September 23, 2012, respectively, as compensation cost in the consolidated statements of operations and as additional paid-in capital on the consolidated statement of stockholders' equity to reflect the fair value of shares vested. The fair value of stock options is estimated using the Black-Scholes model. | |||||
The Company has authorized 10,000,000 shares of preferred stock at a par value of $0.0001. No preferred shares are issued or outstanding as of September 29, 2013. Any preferences, rights, voting powers, restrictions, dividend limitations, qualifications, and terms and conditions of redemption shall be set forth and adopted by a Board of Directors' resolution prior to issuance of any series of preferred stock. |
Note_9_Income_Taxes
Note 9 - Income Taxes | 9 Months Ended | ||||||||||||||||
Sep. 29, 2013 | |||||||||||||||||
Income Tax Disclosure [Abstract] | ' | ||||||||||||||||
Income Tax Disclosure [Text Block] | ' | ||||||||||||||||
9. INCOME TAXES | |||||||||||||||||
The (benefit) provision for income taxes consists of the following components for the three-month and nine-month periods ended September 29, 2013 and September 23, 2012, respectively: | |||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
29-Sep | 23-Sep | 29-Sep | 23-Sep | ||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
Federal: | |||||||||||||||||
Current | $ | - | $ | - | $ | - | $ | - | |||||||||
Deferred | (14,246 | ) | 4,984 | 23,908 | 251,778 | ||||||||||||
State: | |||||||||||||||||
Current | 33,568 | 28,430 | 65,434 | 100,455 | |||||||||||||
Deferred | (33,766 | ) | (35,572 | ) | (37,156 | ) | (18,846 | ) | |||||||||
Income tax (benefit) provision | $ | (14,444 | ) | $ | (2,158 | ) | $ | 52,186 | $ | 333,387 | |||||||
The (benefit) provision for income taxes is different from that which would be obtained by applying the statutory federal income tax rate to income before income taxes (loss) before income taxes. The items causing this difference are as follows: | |||||||||||||||||
29-Sep | 23-Sep | ||||||||||||||||
2013 | 2012 | ||||||||||||||||
Income tax provision at federal statutory rate | $ | 116,298 | $ | 418,719 | |||||||||||||
State income tax provision | 18,663 | 81,609 | |||||||||||||||
Permanent differences | 123,778 | 144,185 | |||||||||||||||
Tax credits | (206,553 | ) | (311,126 | ) | |||||||||||||
Income tax provision | $ | 52,186 | $ | 333,387 | |||||||||||||
Deferred income taxes reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. The Company expects the deferred tax assets to be fully realizable within the next several years. Significant components of the Company's deferred income tax assets and liabilities are summarized as follows: | |||||||||||||||||
29-Sep | 30-Dec | ||||||||||||||||
2013 | 2012 | ||||||||||||||||
Deferred tax assets: | |||||||||||||||||
Net operating loss carry forwards | $ | 858,509 | $ | 1,665,744 | |||||||||||||
Deferred rent expense | - | 2,482 | |||||||||||||||
Start-up costs | (18,577 | ) | 94,739 | ||||||||||||||
Tax credit carry forwards | 1,987,593 | 1,737,228 | |||||||||||||||
Interest rate swaps | 174,681 | 146,455 | |||||||||||||||
Stock-based compensation | 190,084 | 160,402 | |||||||||||||||
Other | 435,219 | 166,292 | |||||||||||||||
Total deferred tax assets | 3,627,509 | 3,973,342 | |||||||||||||||
Deferred tax liabilities: | |||||||||||||||||
Tax depreciation in excess of book | 2,777,102 | 3,126,596 | |||||||||||||||
Net deferred income tax asset | $ | 850,407 | $ | 846,746 | |||||||||||||
If deemed necessary by management, the Company establishes valuation allowances in accordance with the provisions of FASB ASC 740 ("ASC 740"), Income Taxes. Management continually reviews the likelihood that deferred tax assets will be realized and the Company recognizes these benefits only as reassessment indicates that it is more likely than not that such tax benefits will be realized. | |||||||||||||||||
The Company expects to use net operating loss and general business tax credit carryforwards before its 20-year expiration. A significant amount of net operating loss carry forwards were used when the Company purchased nine affiliated restaurants in 2010, which were previously managed by DRH. Federal net operating loss carry forwards of $2.5 million will expire between 2029 and 2034. General business tax credits of $2.0 million will expire between 2028 and 2034. | |||||||||||||||||
The Company applies the provisions of ASC 740 regarding the accounting for uncertainty in income taxes. There are no amounts recorded on the Company's consolidated financial statements for uncertain positions. The Company classifies all interest and penalties as income tax expense. There are no accrued interest amounts or penalties related to uncertain tax positions as of September 29, 2013. | |||||||||||||||||
The Company is a member of a unitary group with other parties related by common ownership according to the provisions of the Michigan Business Tax Act. This group will file a single tax return for all members. An allocation of the current and deferred Michigan business tax incurred by the unitary group has been made based on an estimate of Michigan business tax attributable to the Company and has been reflected as state income tax expense in the accompanying consolidated financial statements consistent with the provisions of ASC 740. | |||||||||||||||||
The Company files income tax returns in the United States federal jurisdiction and various state jurisdictions. |
Note_10_Operating_Leases_Inclu
Note 10 - Operating Leases (Including Related Party) | 9 Months Ended | ||||
Sep. 29, 2013 | |||||
Leases, Operating [Abstract] | ' | ||||
Operating Leases of Lessee Disclosure [Table Text Block] | ' | ||||
10. OPERATING LEASES (INCLUDING RELATED PARTY) | |||||
Lease terms range from four to 15 years, generally include renewal options, and frequently require us to pay a proportionate share of real estate taxes, insurance, common area maintenance, and other operating costs. Some restaurant leases provide for contingent rental payments based on sales thresholds. | |||||
Total rent expense was $1.2 million and $729,275 for the three-month periods ended September 29, 2013 and September 23, 2012, respectively (of which $18,820 and $18,891, respectively, were paid to a related party). Total rent expense was $3.7 million and $2.2 million for the nine-month periods ended September 29, 2013 and September 23, 2012, respectively (of which $56,394 and $65,608, respectively, were paid to a related party). | |||||
Scheduled future minimum lease payments for each of the five years and thereafter for non-cancelable operating leases with initial or remaining lease terms in excess of one year at September 29, 2013 are summarized as follows: | |||||
Year | Amount | ||||
2013 | $ | 5,315,177 | |||
2014 | 5,097,028 | ||||
2015 | 4,898,408 | ||||
2016 | 4,584,925 | ||||
2017 | 4,336,511 | ||||
Thereafter | 15,598,326 | ||||
Total | $ | 39,830,375 | |||
Note_11_Commitments_and_Contin
Note 11 - Commitments and Contingencies | 9 Months Ended |
Sep. 29, 2013 | |
Commitments and Contingencies Disclosure [Abstract] | ' |
Commitments and Contingencies Disclosure [Text Block] | ' |
11. COMMITMENTS AND CONTINGENCIES | |
The Company assumed, from a related entity, an ADA with BWLD in which the Company undertakes to open 23 BWW restaurants within its designated "development territory", as defined by the agreement, by October 1, 2016. On December 12, 2008, this agreement was amended, adding nine additional restaurants and extending the date of fulfillment to March 1, 2017. Failure to develop restaurants in accordance with the schedule detailed in the agreement could lead to potential penalties of up to $50,000 for each undeveloped restaurant, payment of the initial franchise fees for each undeveloped restaurant, and loss of rights to development territory. As of September 29, 2013, of the 32 restaurants required to be opened under the ADA, 20 of these restaurants had been opened for business. The remaining 12 restaurants under the ADA agreement, along with an additional franchise agreement in Indiana, suggest that the Company will operate 47 BWW restaurants by 2017. | |
The Company is required to pay BWLD royalties (5.0% of net sales) and advertising fund contributions (3.0% of net sales globally and 0.5% of net sales for certain cities) for the term of the individual franchise agreements. The Company incurred $1.2 million and $739,398 in royalty expense for the three-month periods ended September 29, 2013 and September 23, 2012 and $3.5 million and $2.2 million for the nine-month periods ended September 29, 2013 and September 23, 2012, respectively. Advertising fund contribution expenses were $690,096 on and $445,654 for the three-month periods ended September 29, 2013 and September 23, 2012 and $2.1 million and $1.4 million for the nine-month periods ended September 29, 2013 and September 23, 2012, respectively. | |
The Company is required, by its various BWLD franchise agreements, to modernize the restaurants during the term of the agreements. The individual agreements generally require improvements between the fifth and tenth year to meet the most current design model that BWLD has approved. The modernization costs can range from approximately $50,000 to approximately $500,000, depending on the individual restaurants’ needs. | |
In 2011, we launched a defined contribution 401(k) plan whereby eligible team members may contribute pre-tax wages in accordance with the provisions of the plan. We match 100.0% of the first 3.0% and 50.0% of the next 2.0% of contributions made by eligible team members. Matching contributions of approximately $70,748 and $50,903 were made by us during the three months ended September 29, 2013 and September 23, 2012, and $190,994 and $181,040 for the nine-month periods ended September 29, 2013 and September 23, 2012, respectively. | |
The Company is subject to ordinary and routine legal proceedings, as well as demands, claims, and threatened litigation, which arise in the ordinary course of its business. The ultimate outcome of any litigation is uncertain. While unfavorable outcomes could have adverse effects on the Company's business, results of operations, and financial condition, management believes that the Company is adequately insured and does not believe that any pending or threatened proceedings would adversely impact the Company's results of operations, cash flows, or financial condition. Therefore, no separate reserve has been established for these types of legal proceedings. |
Note_12_Earnings_Per_Common_Sh
Note 12 - Earnings Per Common Share | 9 Months Ended | ||||||||
Sep. 29, 2013 | |||||||||
Earnings Per Share [Abstract] | ' | ||||||||
Earnings Per Share [Text Block] | ' | ||||||||
12. EARNINGS PER COMMON SHARE | |||||||||
The following is a reconciliation of basic and fully diluted earnings per common share for the three-month and nine-month periods ended September 29, 2013 and September 23, 2012: | |||||||||
Three Months Ended | |||||||||
29-Sep | 23-Sep | ||||||||
2013 | 2012 | ||||||||
Income (loss) available to common stockholders | $ | 69,810 | $ | 241,196 | |||||
Weighted-average shares outstanding | 26,054,118 | 18,954,025 | |||||||
Effect of dilutive securities | 132,145 | 150,552 | |||||||
Weighted-average shares outstanding - assuming dilution | 26,186,263 | 19,104,577 | |||||||
Earnings per common share | $ | 0 | $ | 0.01 | |||||
Earnings per common share - assuming dilution | $ | 0 | $ | 0.01 | |||||
Nine Months Ended | |||||||||
29-Sep | 23-Sep | ||||||||
2013 | 2012 | ||||||||
Income (loss) available to common stockholders | $ | 311,847 | $ | 803,107 | |||||
Weighted-average shares outstanding | 23,231,403 | 18,948,624 | |||||||
Effect of dilutive securities | 119,725 | 140,232 | |||||||
Weighted-average shares outstanding - assuming dilution | 23,351,128 | 19,088,856 | |||||||
Earnings per common share | $ | 0.01 | $ | 0.04 | |||||
Earnings per common share - assuming dilution | $ | 0.01 | $ | 0.04 | |||||
Note_13_Supplemental_Cash_Flow
Note 13 - Supplemental Cash Flows Information | 9 Months Ended |
Sep. 29, 2013 | |
Supplemental Cash Flow Elements [Abstract] | ' |
Cash Flow, Supplemental Disclosures [Text Block] | ' |
13. SUPPLEMENTAL CASH FLOWS INFORMATION | |
Other Cash Flows Information | |
Cash paid for interest was $319,689 and $227,432 during the three-month periods ended September 29, 2013 and September 23, 2012, and $1.4 million and $743,330 for the nine-month periods ended September 29, 2013 and September 23, 2012, respectively. | |
Cash paid for income taxes was $0 and $58,804 during the three-month periods ended September 29, 2013 and September 23, 2012, respectively, and $65,500 and $271,804 for the nine-month periods ended September 29, 2013 and September 23, 2012, respectively. |
Note_14_Fair_Value_of_Financia
Note 14 - Fair Value of Financial Instruments | 9 Months Ended | ||||||||||||||||||||
Sep. 29, 2013 | |||||||||||||||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||||||||||||||
Fair Value Disclosures [Text Block] | ' | ||||||||||||||||||||
14. FAIR VALUE OF FINANCIAL INSTRUMENTS | |||||||||||||||||||||
The guidance for fair value measurements, FASB ASC 820, Fair Value Measurements and Disclosures, establishes the authoritative definition of fair value, sets out a framework for measuring fair value, and outlines the required disclosures regarding fair value measurements. Fair value is the price that would be received to sell an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants at the measurement date. We use a three-tier fair value hierarchy based upon observable and non-observable inputs as follows: | |||||||||||||||||||||
● | Level 1 | Quoted market prices in active markets for identical assets and liabilities; | |||||||||||||||||||
● | Level 2 | Inputs, other than level 1 inputs, either directly or indirectly observable; and | |||||||||||||||||||
● | Level 3 | Unobservable inputs developed using internal estimates and assumptions (there is little or no market data) which reflect those that market participants would use. | |||||||||||||||||||
As of September 29, 2013 and December 30, 2012, respectively, our financial instruments consisted of cash equivalents, available-for-sale investments, accounts payable, interest rate swaps, and debt. The fair value of cash equivalents (Level 1), accounts payable, and short-term debt securities (Level 2) approximates their carrying value, due to their short-term nature. | |||||||||||||||||||||
The fair value of our interest rate swaps is determined based on valuation models, which utilize quoted interest rate curves to calculate the forward value and then discount the forward values to the present period. The Company measures the fair value using broker quotes which are generally based on market observable inputs including yield curves and the value associated with counterparty credit risk. Our interest rate swaps are classified as a Level 2 measurement as these securities are not actively traded in the market, but are observable based on transactions associated with bank loans with similar terms and maturities. See Notes 1 and 7 for additional information pertaining to interest rate swaps. | |||||||||||||||||||||
The estimated fair values of the Company’s investment portfolio are based on prices provided by a third party pricing service and a third party investment manager. The prices provided by these services are based on quoted market prices, when available, non-binding broker quotes, or matrix pricing. The third party pricing service and the third party investment manager provide a single price or quote per security and the Company has not historically adjusted security prices. The Company obtains an understanding of the methods, models and inputs used by the third party pricing service and the third party investment manager, and has controls in place to validate that amounts provided represent fair values. Our investments are classified as a Level 2 measurement as these securities are not actively traded in the market, but are observable based on the quoted prices provided by our Portfolio managers. | |||||||||||||||||||||
As of September 29, 2013 and December 30, 2012, our total debt was approximately $42.0 million and $44.6 million, respectively, which approximated fair value. The Company estimates the fair value of its fixed-rate debt using discounted cash flow analysis based on the Company’s incremental borrowing rate (Level 2). | |||||||||||||||||||||
There were no transfers between levels of the fair value hierarchy during the three months and nine months ended September 29, 2013 and the fiscal year ended December 30, 2012, respectively. | |||||||||||||||||||||
The following table presents the fair values for those assets and liabilities measured on a recurring basis as of September 29, 2013: | |||||||||||||||||||||
FAIR VALUE MEASUREMENTS | |||||||||||||||||||||
Description | Level 1 | Level 2 | Level 3 | Total | Asset/(Liability) | ||||||||||||||||
Total | |||||||||||||||||||||
Interest rate swaps | $ | - | $ | (377,778 | ) | $ | - | $ | (377,778 | ) | $ | (377,778 | ) | ||||||||
Debt securities | |||||||||||||||||||||
U.S. government and agencies | - | 1,999,920 | - | 1,999,920 | 1,999,920 | ||||||||||||||||
Obligations of states/municipals | - | 2,255,774 | - | 2,255,774 | 2,255,774 | ||||||||||||||||
Corporate securities | - | 2,532,114 | - | 2,532,114 | 2,532,114 | ||||||||||||||||
Other fixed income securities | - | 599,864 | - | 599,864 | 599,864 | ||||||||||||||||
Total debt securities | - | 7,387,672 | - | 7,387,672 | 7,387,672 | ||||||||||||||||
Total debt securities and derivatives | $ | - | $ | 7,009,894 | $ | - | $ | 7,009,894 | $ | 7,009,894 | |||||||||||
The following table presents the fair values for those assets and liabilities measured on a recurring basis as of December 30, 2012: | |||||||||||||||||||||
FAIR VALUE MEASUREMENTS | |||||||||||||||||||||
Description | Level 1 | Level 2 | Level 3 | Total | Asset/(Liability) | ||||||||||||||||
Total | |||||||||||||||||||||
Interest Rate Swaps | $ | - | $ | (430,751 | ) | $ | - | $ | (430,751 | ) | $ | (430,751 | ) | ||||||||
Accounting_Policies_by_Policy_
Accounting Policies, by Policy (Policies) | 9 Months Ended |
Sep. 29, 2013 | |
Accounting Policies [Abstract] | ' |
Consolidation, Policy [Policy Text Block] | ' |
Principles of Consolidation | |
The consolidated financial statements include the accounts of the Company. All significant intercompany accounts and transactions have been eliminated upon consolidation. | |
We consolidate all variable interest entities (“VIE”) where we are the primary beneficiary. For VIE, we assess whether we are the primary beneficiary as prescribed by the accounting guidance on the consolidation of VIE. The primary beneficiary of VIE is the party that has the power to direct the activities that most significantly impact the performance of the entity and the obligation to absorb losses or the right to receive benefits that could potentially be significant to the entity. Prior to our acquisition of 100.0% of its membership interests on September 25, 2012, we consolidated Ansley Group, LLC as a VIE due to the Company leasing and maintaining substantially all of its assets to operate the Clinton Township, Michigan BWW restaurant in addition to guaranteeing all of its debt. See Note 2 for details. | |
Basis of Accounting, Policy [Policy Text Block] | ' |
Basis of Presentation | |
The consolidated financial statements as of September 29, 2013 and December 30, 2012, and for the three-month and nine-month periods ended September 29, 2013 and September 23, 2012, have been prepared by the Company pursuant to accounting principles generally accepted in the United States of America (“GAAP”) and the rules and regulations of the Securities and Exchange Commission (“SEC”). The financial information as of September 29, 2013 and for the three-month and nine-month periods ended September 29, 2013 and September 23, 2012 is unaudited, but, in the opinion of management, reflects all adjustments and accruals necessary for a fair presentation of the financial position, results of operations, and cash flows for the interim periods. | |
The financial information as of December 30, 2012 is derived from our audited consolidated financial statements and notes thereto for the fiscal year ended December 30, 2012, which is included in Item 8 in the Fiscal 2012 Annual Report on Form 10-K, and should be read in conjunction with such financial statements. | |
The results of operations for the three-month and nine-month periods ended September 29, 2013 are not necessarily indicative of the results of operations that may be achieved for the entire year ending December 29, 2013. | |
Fiscal Period, Policy [Policy Text Block] | ' |
Fiscal Year | |
The Company utilizes a 52- or 53-week accounting period that ends on the last Sunday in December. This quarterly report on Form 10-Q is for the three-month periods ended September 29, 2013 and September 23, 2012, each comprising 13 weeks. | |
Concentration Risk, Credit Risk, Policy [Policy Text Block] | ' |
Concentration Risks | |
Approximately 61.1% and 75.0% of the Company's revenues during the three months ended September 29, 2013 and September 23, 2012, respectively, are generated from food and beverage sales from restaurants located in Michigan. | |
Investment, Policy [Policy Text Block] | ' |
Investments | |
The Company’s investment securities are classified as available for sale. Investments classified as available for sale are available to be sold in the future in response to the Company’s liquidity needs, changes in market interest rates, tax strategies, and asset-liability management strategies, among other reasons. Available-for-sale securities are reported at fair value, with unrealized gains and losses reported in the accumulated other comprehensive income (loss) component of stockholders’ equity, net of deferred taxes and, accordingly, have no effect on net income. Realized gains or losses on sale of investments are determined on the basis of specific costs of the investments. Dividend income is recognized when declared and interest income is recognized when earned. Discount or premium on debt securities purchased at other than par value are amortized using the effective yield method. See Note 3 for details. | |
Use of Estimates, Policy [Policy Text Block] | ' |
Use of Estimates | |
The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclose contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates. | |
Derivatives, Policy [Policy Text Block] | ' |
Interest Rate Swap Agreements | |
The Company utilizes interest rate swap agreements with a bank to fix interest rates on a portion of the Company’s portfolio of variable rate debt, which reduces exposure to interest rate fluctuations. The Company does not use any other types of derivative financial instruments to hedge such exposures, nor does it use derivatives for speculative purposes. | |
Prior to the debt restructure on April 2, 2012 (see Note 7 for details), the interest rate swap agreements did not qualify for hedge accounting. As such, the Company recorded the change in the fair value of the swap agreements in change in fair value of derivative instruments on the consolidated statements of income. The interest rate swap agreements associated with the Company’s current debt agreements do qualify for hedge accounting. As such, the Company records the change in the fair value of its swap agreements as a component of accumulated other comprehensive income (loss), net of tax. The Company records the fair value of its interest rate swaps on the balance sheet in other assets or other liabilities depending on the fair value of the swaps. See Note 7 and Note 14 for additional information on the interest rate swap agreements. | |
New Accounting Pronouncements, Policy [Policy Text Block] | ' |
Recent Accounting Pronouncements | |
We reviewed all significant newly-issued accounting pronouncements and concluded that they either are not applicable to our operations or that no material effect is expected on our consolidated financial statements as a result of future adoption. | |
Reclassification, Policy [Policy Text Block] | ' |
Reclassifications | |
Certain reclassifications have been made to the prior year consolidated financial statements to conform to the current year's presentation. |
Note_3_Investments_Tables
Note 3 - Investments (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 29, 2013 | |||||||||||||||||
Investments, Debt and Equity Securities [Abstract] | ' | ||||||||||||||||
Available-for-sale Securities [Table Text Block] | ' | ||||||||||||||||
29-Sep-13 | |||||||||||||||||
Amortized | Unrealized | Unrealized | Estimated | ||||||||||||||
Cost | Gains | Loss | Fair Value | ||||||||||||||
Debt securities: | |||||||||||||||||
U.S. government and agencies | $ | 1,999,306 | $ | 614 | $ | - | $ | 1,999,920 | |||||||||
Obligations of states/municipals | 2,257,736 | - | (1,962 | ) | 2,255,774 | ||||||||||||
Corporate securities | 2,555,757 | - | (23,643 | ) | 2,532,114 | ||||||||||||
Other fixed income securities | 599,549 | 315 | - | 599,864 | |||||||||||||
Total debt securities | $ | 7,412,348 | $ | 929 | $ | (25,605 | ) | $ | 7,387,672 | ||||||||
Unrealized Gain (Loss) on Investments [Table Text Block] | ' | ||||||||||||||||
29-Sep | 30-Dec | ||||||||||||||||
2013 | 2012 | ||||||||||||||||
Unrealized gains | $ | 929 | $ | - | |||||||||||||
Unrealized loss | (25,605 | ) | - | ||||||||||||||
Net unrealized loss | (24,676 | ) | - | ||||||||||||||
Deferred federal income tax benefit | 8,423 | - | |||||||||||||||
Net unrealized loss on investments, net of deferred income tax | $ | (16,253 | ) | $ | - |
Note_4_Property_and_Equipment_
Note 4 - Property and Equipment (Tables) | 9 Months Ended | ||||||||
Sep. 29, 2013 | |||||||||
Property, Plant and Equipment [Abstract] | ' | ||||||||
Property, Plant and Equipment [Table Text Block] | ' | ||||||||
29-Sep | 30-Dec | ||||||||
2013 | 2012 | ||||||||
Land | $ | 1,276,479 | $ | 989,680 | |||||
Building | 5,946,159 | 4,982,806 | |||||||
Equipment | 19,721,647 | 16,509,977 | |||||||
Furniture and fixtures | 5,181,790 | 4,270,159 | |||||||
Leasehold improvements | 40,177,711 | 31,028,860 | |||||||
Restaurant construction in progress | 3,643,428 | 1,462,505 | |||||||
Total | 75,947,214 | 59,243,987 | |||||||
Less accumulated depreciation | (23,945,081 | ) | (18,957,497 | ) | |||||
Property and equipment, net | $ | 52,002,133 | $ | 40,286,490 |
Note_5_Goodwill_and_Intangible1
Note 5 - Goodwill and Intangible Assets (Tables) | 9 Months Ended | ||||||||
Sep. 29, 2013 | |||||||||
Disclosure Text Block [Abstract] | ' | ||||||||
Schedule of Finite-Lived Intangible Assets [Table Text Block] | ' | ||||||||
29-Sep | 30-Dec | ||||||||
2013 | 2012 | ||||||||
Amortized intangibles: | |||||||||
Franchise fees | $ | 564,613 | $ | 555,253 | |||||
Trademark | 51,204 | 37,359 | |||||||
Non-compete agreement | 76,560 | 79,600 | |||||||
Favorable lease | 239,000 | 239,000 | |||||||
Loan fees | 346,758 | 109,600 | |||||||
Total | 1,278,135 | 1,020,812 | |||||||
Less accumulated amortization | (300,688 | ) | (142,266 | ) | |||||
Amortized intangibles, net | 977,447 | 878,546 | |||||||
Unamortized intangibles: | |||||||||
Liquor licenses | 1,879,162 | 1,630,791 | |||||||
Total intangibles, net | $ | 2,856,609 | $ | 2,509,337 |
Note_7_LongTerm_Debt_Tables
Note 7 - Long-Term Debt (Tables) | 9 Months Ended | ||||||||
Sep. 29, 2013 | |||||||||
Disclosure Text Block [Abstract] | ' | ||||||||
Schedule of Long-term Debt Instruments [Table Text Block] | ' | ||||||||
29-Sep | 30-Dec | ||||||||
2013 | 2012 | ||||||||
Note payable - $46.0 million term loan; payable to RBS with a senior lien on all the Company’s personal property and fixtures. Scheduled monthly principal payments are approximately $547,619 plus accrued interest through maturity in April 2018. Interest is charged based on one-month LIBOR plus an applicable margin, which ranges from 2.5% to 3.4%, depending on the lease adjusted leverage ratio defined in the terms of the agreement. The rate at September 29, 2013 was approximately 2.9%. | $ | 33,261,905 | $ | - | |||||
Note payable - $15.0 million development line of credit; payable to RBS with a senior lien on all the Company’s personal property and fixtures. Interest is charged based on one-month LIBOR plus an applicable margin, which ranges from 2.5% to 3.4%, depending on the lease adjusted leverage ratio defined in the terms of the agreement. The rate at September 29, 2013 was approximately 2.9%. Payments are due monthly and the note matures in April 2018. | 6,878,114 | - | |||||||
Note payable - $37.0 million term loan; payable to RBS with a senior lien on all the Company’s personal property and fixtures. Scheduled monthly principal payments are approximately $440,476 plus accrued interest through maturity in September 2017. Interest is charged based on one-month LIBOR plus an applicable margin, which ranges from 2.5% to 3.7%, depending on the lease adjusted leverage ratio defined in the terms of the agreement. This note was refinanced in April 2013. | - | 35,678,572 | |||||||
Note payable - $10.0 million development line of credit; payable to RBS with a senior lien on all the Company’s personal property and fixtures. Interest is charged based on one-month LIBOR plus an applicable margin, which ranges from 2.5% to 3.7%, depending on the lease adjusted leverage ratio defined in the terms of the agreement. This note was refinanced in April 2013. | - | 7,015,555 | |||||||
Note payable to a bank secured by a senior mortgage on the Brandon Property and a personal guaranty. Scheduled monthly principal and interest payments are approximately $8,000 through maturity in June 2030, at which point a balloon payment of $413,550 is due. Interest is charged based on a fixed rate of 6.7%, per annum, through June 2017, at which point the rate will adjust to the U.S. Treasury Securities Rate plus 4.0% (and every seven years thereafter). | 1,086,607 | 1,102,539 | |||||||
Note payable to a bank secured by a junior mortgage on the Brandon Property. Matures in 2030 and requires monthly principal and interest installments of approximately $6,300 until maturity. Interest is charged at a rate of 3.6% per annum. | 822,698 | 848,903 | |||||||
Note payable to Ford Credit secured by a vehicle to be used in the operation of the business. This is an interest-free loan under a promotional 0.0% rate. Scheduled monthly principal payments are approximately $430. This note matured in April 2013. | - | 1,716 | |||||||
Total long-term debt | 42,049,324 | 44,647,285 | |||||||
Less current portion | (7,489,859 | ) | (6,095,684 | ) | |||||
Long-term debt, net of current portion | $ | 34,559,465 | $ | 38,551,601 | |||||
Schedule of Maturities of Long-term Debt [Table Text Block] | ' | ||||||||
Year | Amount | ||||||||
2014 | $ | 7,489,859 | |||||||
2015 | 7,779,348 | ||||||||
2016 | 7,782,210 | ||||||||
2017 | 7,785,624 | ||||||||
2018 | 9,626,734 | ||||||||
Thereafter | 1,585,549 | ||||||||
Total | $ | 42,049,324 |
Note_8_Capital_Stock_Including1
Note 8 - Capital Stock (Including Purchase Warrants and Options) (Tables) | 9 Months Ended | ||||
Sep. 29, 2013 | |||||
Stockholders' Equity Note [Abstract] | ' | ||||
Schedule of Nonvested Restricted Stock Units Activity [Table Text Block] | ' | ||||
Number of | |||||
Restricted | |||||
Stock Shares | |||||
Unvested, December 30, 2012 | 54,900 | ||||
Granted | 145,375 | ||||
Vested | (26,500 | ) | |||
Expired/Forfeited | (48,400 | ) | |||
Unvested, September 29, 2013 | 125,375 | ||||
Number of | |||||
Restricted | |||||
Stock Shares | |||||
Unvested, December 25, 2011 | 60,800 | ||||
Granted | 28,800 | ||||
Vested | - | ||||
Expired/Forfeited | (12,300 | ) | |||
Unvested, September 23, 2012 | 77,300 |
Note_9_Income_Taxes_Tables
Note 9 - Income Taxes (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 29, 2013 | |||||||||||||||||
Income Tax Disclosure [Abstract] | ' | ||||||||||||||||
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | ' | ||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
29-Sep | 23-Sep | 29-Sep | 23-Sep | ||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
Federal: | |||||||||||||||||
Current | $ | - | $ | - | $ | - | $ | - | |||||||||
Deferred | (14,246 | ) | 4,984 | 23,908 | 251,778 | ||||||||||||
State: | |||||||||||||||||
Current | 33,568 | 28,430 | 65,434 | 100,455 | |||||||||||||
Deferred | (33,766 | ) | (35,572 | ) | (37,156 | ) | (18,846 | ) | |||||||||
Income tax (benefit) provision | $ | (14,444 | ) | $ | (2,158 | ) | $ | 52,186 | $ | 333,387 | |||||||
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | ' | ||||||||||||||||
29-Sep | 23-Sep | ||||||||||||||||
2013 | 2012 | ||||||||||||||||
Income tax provision at federal statutory rate | $ | 116,298 | $ | 418,719 | |||||||||||||
State income tax provision | 18,663 | 81,609 | |||||||||||||||
Permanent differences | 123,778 | 144,185 | |||||||||||||||
Tax credits | (206,553 | ) | (311,126 | ) | |||||||||||||
Income tax provision | $ | 52,186 | $ | 333,387 | |||||||||||||
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | ' | ||||||||||||||||
29-Sep | 30-Dec | ||||||||||||||||
2013 | 2012 | ||||||||||||||||
Deferred tax assets: | |||||||||||||||||
Net operating loss carry forwards | $ | 858,509 | $ | 1,665,744 | |||||||||||||
Deferred rent expense | - | 2,482 | |||||||||||||||
Start-up costs | (18,577 | ) | 94,739 | ||||||||||||||
Tax credit carry forwards | 1,987,593 | 1,737,228 | |||||||||||||||
Interest rate swaps | 174,681 | 146,455 | |||||||||||||||
Stock-based compensation | 190,084 | 160,402 | |||||||||||||||
Other | 435,219 | 166,292 | |||||||||||||||
Total deferred tax assets | 3,627,509 | 3,973,342 | |||||||||||||||
Deferred tax liabilities: | |||||||||||||||||
Tax depreciation in excess of book | 2,777,102 | 3,126,596 | |||||||||||||||
Net deferred income tax asset | $ | 850,407 | $ | 846,746 |
Note_10_Operating_Leases_Inclu1
Note 10 - Operating Leases (Including Related Party) (Tables) | 9 Months Ended | ||||
Sep. 29, 2013 | |||||
Leases, Operating [Abstract] | ' | ||||
Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block] | ' | ||||
Year | Amount | ||||
2013 | $ | 5,315,177 | |||
2014 | 5,097,028 | ||||
2015 | 4,898,408 | ||||
2016 | 4,584,925 | ||||
2017 | 4,336,511 | ||||
Thereafter | 15,598,326 | ||||
Total | $ | 39,830,375 |
Note_12_Earnings_Per_Common_Sh1
Note 12 - Earnings Per Common Share (Tables) | 9 Months Ended | ||||||||
Sep. 29, 2013 | |||||||||
Earnings Per Share [Abstract] | ' | ||||||||
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | ' | ||||||||
Three Months Ended | |||||||||
29-Sep | 23-Sep | ||||||||
2013 | 2012 | ||||||||
Income (loss) available to common stockholders | $ | 69,810 | $ | 241,196 | |||||
Weighted-average shares outstanding | 26,054,118 | 18,954,025 | |||||||
Effect of dilutive securities | 132,145 | 150,552 | |||||||
Weighted-average shares outstanding - assuming dilution | 26,186,263 | 19,104,577 | |||||||
Earnings per common share | $ | 0 | $ | 0.01 | |||||
Earnings per common share - assuming dilution | $ | 0 | $ | 0.01 | |||||
Nine Months Ended | |||||||||
29-Sep | 23-Sep | ||||||||
2013 | 2012 | ||||||||
Income (loss) available to common stockholders | $ | 311,847 | $ | 803,107 | |||||
Weighted-average shares outstanding | 23,231,403 | 18,948,624 | |||||||
Effect of dilutive securities | 119,725 | 140,232 | |||||||
Weighted-average shares outstanding - assuming dilution | 23,351,128 | 19,088,856 | |||||||
Earnings per common share | $ | 0.01 | $ | 0.04 | |||||
Earnings per common share - assuming dilution | $ | 0.01 | $ | 0.04 |
Note_14_Fair_Value_of_Financia1
Note 14 - Fair Value of Financial Instruments (Tables) | 9 Months Ended | ||||||||||||||||||||
Sep. 29, 2013 | |||||||||||||||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||||||||||||||
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block] | ' | ||||||||||||||||||||
FAIR VALUE MEASUREMENTS | |||||||||||||||||||||
Description | Level 1 | Level 2 | Level 3 | Total | Asset/(Liability) | ||||||||||||||||
Total | |||||||||||||||||||||
Interest rate swaps | $ | - | $ | (377,778 | ) | $ | - | $ | (377,778 | ) | $ | (377,778 | ) | ||||||||
Debt securities | |||||||||||||||||||||
U.S. government and agencies | - | 1,999,920 | - | 1,999,920 | 1,999,920 | ||||||||||||||||
Obligations of states/municipals | - | 2,255,774 | - | 2,255,774 | 2,255,774 | ||||||||||||||||
Corporate securities | - | 2,532,114 | - | 2,532,114 | 2,532,114 | ||||||||||||||||
Other fixed income securities | - | 599,864 | - | 599,864 | 599,864 | ||||||||||||||||
Total debt securities | - | 7,387,672 | - | 7,387,672 | 7,387,672 | ||||||||||||||||
Total debt securities and derivatives | $ | - | $ | 7,009,894 | $ | - | $ | 7,009,894 | $ | 7,009,894 | |||||||||||
FAIR VALUE MEASUREMENTS | |||||||||||||||||||||
Description | Level 1 | Level 2 | Level 3 | Total | Asset/(Liability) | ||||||||||||||||
Total | |||||||||||||||||||||
Interest Rate Swaps | $ | - | $ | (430,751 | ) | $ | - | $ | (430,751 | ) | $ | (430,751 | ) |
Note_1_Business_and_Summary_of1
Note 1 - Business and Summary of Significant Accounting Policies (Details) (USD $) | 1 Months Ended | 9 Months Ended | 12 Months Ended | 3 Months Ended | ||||||||||||||||||
Apr. 23, 2013 | Sep. 29, 2013 | Dec. 31, 2008 | Sep. 25, 2012 | Sep. 29, 2013 | Sep. 29, 2013 | Sep. 29, 2013 | Sep. 29, 2013 | Sep. 29, 2013 | Dec. 31, 2017 | Dec. 31, 2017 | Sep. 29, 2013 | Sep. 29, 2013 | Sep. 29, 2013 | Sep. 29, 2013 | Sep. 29, 2013 | Sep. 29, 2013 | Sep. 29, 2013 | Sep. 29, 2013 | Sep. 23, 2012 | Sep. 29, 2013 | Sep. 23, 2004 | |
Ansley Group [Member] | Corporate Owned [Member] | Corporate Owned [Member] | Corporate Owned [Member] | Franchise [Member] | Franchise [Member] | Additional Corporate Owned [Member] | Required Under Area Development Agreement [Member] | AMC Real Estate [Member] | AMC Real Estate [Member] | AMC Real Estate [Member] | Michigan [Member] | Indiana [Member] | Florida [Member] | Illinois [Member] | Sales Revenue, Net [Member] | Sales Revenue, Net [Member] | BWW [Member] | Original Company [Member] | ||||
Michigan [Member] | Indiana [Member] | BWW [Member] | Missouri [Member] | BWW [Member] | Bagger Dave's [Member] | BWW [Member] | BWW [Member] | Bagger Dave's [Member] | BWW [Member] | BWW [Member] | BWW [Member] | BWW [Member] | ||||||||||
Bagger Dave's [Member] | Bagger Dave's [Member] | Bagger Dave's [Member] | ||||||||||||||||||||
Note 1 - Business and Summary of Significant Accounting Policies (Details) [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of Restaurants | ' | 50 | ' | ' | 12 | 3 | 49 | 1 | 1 | 50 | 48 | 4 | 5 | 9 | 17 | 4 | 10 | 4 | ' | ' | 35 | 7 |
Proceeds from Issuance Initial Public Offering (in Dollars) | ' | ' | $735,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock Issued During Period, Shares, New Issues (in Shares) | 6,900,000 | ' | 140,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Proceeds from Issuance of Common Stock (in Dollars) | $31,900,000 | $31,994,823 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
IFA Franchisee Members | ' | 12,600 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
IFA Franchisor Members | ' | 1,100 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Equity Method Investment, Ownership Percentage | ' | ' | ' | 100.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Concentration Risk, Percentage | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 61.10% | 75.00% | ' | ' |
Note_2_Significant_Business_Tr1
Note 2 - Significant Business Transactions (Details) (USD $) | 1 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | 1 Months Ended | |||
Apr. 23, 2013 | Sep. 29, 2013 | Sep. 29, 2013 | Dec. 31, 2008 | Sep. 25, 2012 | Sep. 29, 2013 | Sep. 29, 2013 | Sep. 25, 2012 | |
Restaurants Acquired [Member] | Restaurants Acquired [Member] | Restaurants Acquired [Member] | Ansley Group [Member] | |||||
Indiana and Illinois [Member] | Indiana [Member] | Illinois [Member] | ||||||
Note 2 - Significant Business Transactions (Details) [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' |
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net (in Dollars) | ' | ' | ' | ' | $14,700,000 | ' | ' | ' |
Number of Restaurants | ' | 50 | 50 | ' | ' | 4 | 4 | ' |
Equity Method Investment, Ownership Percentage | ' | ' | ' | ' | ' | ' | ' | 100.00% |
Payments to Acquire Equity Method Investments (in Dollars) | ' | ' | ' | ' | ' | ' | ' | 2,500,000 |
Stock Issued During Period, Shares, New Issues (in Shares) | 6,900,000 | ' | ' | 140,000 | ' | ' | ' | ' |
Sale of Stock, Price Per Share (in Dollars per share) | $5 | ' | ' | ' | ' | ' | ' | ' |
Proceeds from Issuance of Common Stock (in Dollars) | $31,900,000 | ' | $31,994,823 | ' | ' | ' | ' | ' |
Short Term Investments Maturity | ' | '1 year | ' | ' | ' | ' | ' | ' |
Note_3_Investments_Details
Note 3 - Investments (Details) (USD $) | 3 Months Ended | 9 Months Ended |
Sep. 29, 2013 | Sep. 29, 2013 | |
Note 3 - Investments (Details) [Line Items] | ' | ' |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | $4,800,000 | $4,800,000 |
Available-for-sale Securities, Gross Unrealized Loss | 25,605 | 25,605 |
Proceeds from Sale of Available-for-sale Securities | ' | 5,278,048 |
Available For Sale [Member] | ' | ' |
Note 3 - Investments (Details) [Line Items] | ' | ' |
Proceeds from Sale of Available-for-sale Securities | $5,200,000 | $5,200,000 |
Note_3_Investments_Details_Inv
Note 3 - Investments (Details) - Investments (USD $) | 3 Months Ended | 9 Months Ended |
Sep. 29, 2013 | Sep. 29, 2013 | |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Amortized Cost | $7,412,348 | $7,412,348 |
Unrealized Gains | 929 | 929 |
Unrealized Loss | -25,605 | -25,605 |
Estimated Fair Value | 7,387,672 | 7,387,672 |
US Government Agencies Debt Securities [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Amortized Cost | 1,999,306 | 1,999,306 |
Unrealized Gains | 614 | ' |
Estimated Fair Value | 1,999,920 | 1,999,920 |
US States and Political Subdivisions Debt Securities [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Amortized Cost | 2,257,736 | 2,257,736 |
Unrealized Loss | -1,962 | ' |
Estimated Fair Value | 2,255,774 | 2,255,774 |
Corporate Debt Securities [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Amortized Cost | 2,555,757 | 2,555,757 |
Unrealized Loss | -23,643 | ' |
Estimated Fair Value | 2,532,114 | 2,532,114 |
Other Debt Obligations [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Amortized Cost | 599,549 | 599,549 |
Unrealized Gains | 315 | ' |
Estimated Fair Value | $599,864 | $599,864 |
Note_3_Investments_Details_Gro
Note 3 - Investments (Details) - Gross Unrealized Gains and Losses on Available for Sales Securities (USD $) | 3 Months Ended | 9 Months Ended |
Sep. 29, 2013 | Sep. 29, 2013 | |
Gross Unrealized Gains and Losses on Available for Sales Securities [Abstract] | ' | ' |
Unrealized gains | $929 | $929 |
Unrealized loss | -25,605 | -25,605 |
Net unrealized loss | ' | -24,676 |
Deferred federal income tax benefit | ' | 8,423 |
Net unrealized loss on investments, net of deferred income tax | ' | ($16,253) |
Note_4_Property_and_Equipment_1
Note 4 - Property and Equipment (Details) - Property and Equipment (USD $) | Sep. 29, 2013 | Dec. 30, 2012 |
Property, Plant and Equipment [Line Items] | ' | ' |
Property and equipment | $75,947,214 | $59,243,987 |
Less accumulated depreciation | -23,945,081 | -18,957,497 |
Property and equipment, net | 52,002,133 | 40,286,490 |
Land [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property and equipment | 1,276,479 | 989,680 |
Building [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property and equipment | 5,946,159 | 4,982,806 |
Equipment [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property and equipment | 19,721,647 | 16,509,977 |
Furniture and Fixtures [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property and equipment | 5,181,790 | 4,270,159 |
Leasehold Improvements [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property and equipment | 40,177,711 | 31,028,860 |
Construction in Progress [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property and equipment | $3,643,428 | $1,462,505 |
Note_5_Goodwill_and_Intangible2
Note 5 - Goodwill and Intangible Assets (Details) (USD $) | 3 Months Ended | 9 Months Ended | |||
Sep. 29, 2013 | Sep. 23, 2012 | Sep. 29, 2013 | Sep. 23, 2012 | Dec. 30, 2012 | |
Disclosure Text Block [Abstract] | ' | ' | ' | ' | ' |
Goodwill | $8,578,776 | ' | $8,578,776 | ' | $8,578,776 |
Amortization of Intangible Assets | 13,989 | -1,505 | 41,437 | 12,364 | ' |
Finite-Lived Intangible Assets, Amortization Expense, Next Twelve Months | 242,412 | ' | 242,412 | ' | ' |
Finite-Lived Intangible Assets, Amortization Expense, Year Two | 122,919 | ' | 122,919 | ' | ' |
Finite-Lived Intangible Assets, Amortization Expense, Year Three | 97,405 | ' | 97,405 | ' | ' |
Finite-Lived Intangible Assets, Amortization Expense, Year Four | 97,405 | ' | 97,405 | ' | ' |
Finite-Lived Intangible Assets, Amortization Expense, Year Five | $61,289 | ' | $61,289 | ' | ' |
Weighted Average Amortization Period | ' | ' | '7 years 109 days | ' | ' |
Note_5_Goodwill_and_Intangible3
Note 5 - Goodwill and Intangible Assets (Details) - Intangible Assets (USD $) | Sep. 29, 2013 | Dec. 30, 2012 |
Intangible Assets [Abstract] | ' | ' |
Franchise fees | $564,613 | $555,253 |
Trademark | 51,204 | 37,359 |
Non-compete agreement | 76,560 | 79,600 |
Favorable lease | 239,000 | 239,000 |
Loan fees | 346,758 | 109,600 |
Total | 1,278,135 | 1,020,812 |
Less accumulated amortization | -300,688 | -142,266 |
Amortized intangibles, net | 977,447 | 878,546 |
Liquor licenses | 1,879,162 | 1,630,791 |
Total intangibles, net | $2,856,609 | $2,509,337 |
Note_6_Related_Party_Transacti1
Note 6 - Related Party Transactions (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
Sep. 29, 2013 | Sep. 23, 2012 | Sep. 29, 2013 | Sep. 23, 2012 | |
Related Party Transactions [Abstract] | ' | ' | ' | ' |
Professional Fees | $101,440 | $84,496 | $295,642 | $267,154 |
Note_7_LongTerm_Debt_Details
Note 7 - Long-Term Debt (Details) (USD $) | 3 Months Ended | 4 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 12 Months Ended | 3 Months Ended | 4 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | |||||||||||||||||||||||||||||||||
Sep. 29, 2013 | Sep. 23, 2012 | 13-May-13 | Sep. 29, 2013 | Sep. 23, 2012 | Dec. 30, 2012 | Sep. 25, 2012 | Sep. 25, 2012 | Apr. 15, 2013 | Sep. 25, 2012 | Sep. 25, 2012 | Sep. 25, 2012 | Apr. 15, 2013 | Apr. 15, 2013 | Apr. 15, 2013 | Sep. 29, 2013 | Apr. 30, 2019 | Oct. 31, 2017 | Apr. 30, 2018 | Sep. 29, 2013 | Sep. 29, 2013 | Sep. 29, 2013 | Sep. 29, 2013 | Sep. 25, 2012 | Apr. 02, 2012 | Apr. 02, 2012 | Sep. 25, 2012 | Apr. 02, 2012 | Sep. 25, 2012 | Apr. 02, 2012 | Apr. 02, 2012 | Sep. 25, 2012 | Sep. 25, 2012 | Dec. 30, 2012 | Apr. 15, 2013 | 13-May-13 | Sep. 29, 2013 | Apr. 15, 2013 | Sep. 29, 2013 | Apr. 15, 2013 | Apr. 15, 2013 | Apr. 02, 2012 | Sep. 25, 2012 | Apr. 15, 2013 | Apr. 02, 2012 | Sep. 25, 2012 | Apr. 15, 2013 | |
Used To Repay All Outstanding Senior Debt [Member] | Refinance Outstanding Balance DLOC [Member] | Refinance Outstanding Balance DLOC [Member] | Acquisition of Eight Buffalo Wild Wings Restaurants [Member] | Repurchase of Membership Interests in the Ansley Group [Member] | Acquisition Costs [Member] | Refinance Existing Outstanding Debt [Member] | Refinance Outstanding Balance RLOC [Member] | Working Capital and Fees [Member] | Interest Rate Swap [Member] | Interest Rate Swap Agreement 1 [Member] | Interest Rate Swap Agreement 2 [Member] | Interest Rate Swap Agreement 3 [Member] | Notional Amount of $12.5 million [Member] | Fixed Rate of 1.4% [Member] | Notional Amount of $5.1 Million [Member] | Fixed Rate of 0.9% [Member] | Ansley Group [Member] | April 2012 Senior Secured Credit Facility [Member] | 2012 Term Loan [Member] | Development Line of Credit [Member] | Development Line of Credit [Member] | Revolving Line of Credit [Member] | Revolving Line of Credit [Member] | April 2012 Term Loan [Member] | September 2012 Senior Secured Credit Facility [Member] | September 2012 Term Loan [Member] | September 2012 Term Loan [Member] | April 2013 Senior Secured Credit Facility [Member] | April 2013 Senior Secured Credit Facility [Member] | April 2013 Term Loan [Member] | April 2013 Term Loan [Member] | April 2013 DLOC [Member] | April 2013 DLOC [Member] | April 2013 RLOC [Member] | Minimum [Member] | Minimum [Member] | Minimum [Member] | Maximum [Member] | Maximum [Member] | Maximum [Member] | |||||||
September 2012 Term Loan [Member] | September 2012 Term Loan [Member] | April 2013 Term Loan [Member] | September 2012 Term Loan [Member] | September 2012 Term Loan [Member] | September 2012 Term Loan [Member] | April 2013 Term Loan [Member] | April 2013 Term Loan [Member] | April 2013 Term Loan [Member] | London Interbank Offered Rate (LIBOR) [Member] | London Interbank Offered Rate (LIBOR) [Member] | London Interbank Offered Rate (LIBOR) [Member] | London Interbank Offered Rate (LIBOR) [Member] | London Interbank Offered Rate (LIBOR) [Member] | London Interbank Offered Rate (LIBOR) [Member] | |||||||||||||||||||||||||||||||||
April 2012 Term Loan [Member] | Term Loan 2013 [Member] | April 2013 Senior Secured Credit Facility [Member] | April 2012 Term Loan [Member] | Term Loan 2013 [Member] | April 2013 Senior Secured Credit Facility [Member] | ||||||||||||||||||||||||||||||||||||||||||
Note 7 - Long-Term Debt (Details) [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Line of Credit Facility, Maximum Borrowing Capacity | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $24,000,000 | $16,000,000 | $10,000,000 | $7,000,000 | $1,000,000 | $1,000,000 | ' | $48,000,000 | $37,000,000 | $37,000,000 | $63,000,000 | ' | $46,000,000 | $46,000,000 | $15,000,000 | $15,000,000 | $2,000,000 | ' | ' | ' | ' | ' | ' |
Debt Instrument, Basis Spread on Variable Rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2.50% | 2.50% | 2.50% | 3.40% | 3.70% | 3.40% |
Debt Instrument, Periodic Payment | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 191,000 | ' | 440,476 | 440,476 | 547,619 | ' | 547,619 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Long-term Debt | 42,049,324 | ' | ' | 42,049,324 | ' | 44,647,285 | 15,200,000 | 3,300,000 | 10,000,000 | 14,700,000 | 2,500,000 | 1,300,000 | 34,000,000 | 800,000 | 1,200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Equity Method Investment, Ownership Percentage | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 100.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Repayments of Long-term Debt | ' | ' | ' | 58,460,520 | 16,600,218 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 10,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Post Offering Requirement Percentage Ultilized for Debt Repayment | ' | ' | 40.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest Expense | 320,798 | 277,919 | ' | 1,375,646 | 843,563 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest Expense, Related Party | ' | ' | ' | 0 | 52,724 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Derivative Asset, Notional Amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 17,600,000 | 0 | 0 | 0 | ' | 12,500,000 | ' | 5,100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Derivative, Fixed Interest Rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.40% | ' | 0.90% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest Rate Derivative Liabilities, at Fair Value | $377,778 | ' | ' | $377,778 | ' | $430,751 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Note_7_LongTerm_Debt_Details_L
Note 7 - Long-Term Debt (Details) - Long Term Debt Obligations (USD $) | Sep. 29, 2013 | Dec. 30, 2012 |
Debt Instrument [Line Items] | ' | ' |
Total long-term debt | $42,049,324 | $44,647,285 |
Less current portion | -7,489,859 | -6,095,684 |
Long-term debt, net of current portion | 34,559,465 | 38,551,601 |
April 2013 Term Loan [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Secured debt | 33,261,905 | ' |
April 2013 DLOC [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Line of credit | 6,878,114 | ' |
September 2012 Term Loan [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Secured debt | ' | 35,678,572 |
Note Payable Refinanced April 2013 [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Line of credit | ' | 7,015,555 |
Note Payable June 2030 [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Secured debt | 1,086,607 | 1,102,539 |
Note Payable 2030 Junior [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Secured debt | 822,698 | 848,903 |
Note Payable April 2013 [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Secured debt | ' | $1,716 |
Note_7_LongTerm_Debt_Details_L1
Note 7 - Long-Term Debt (Details) - Long Term Debt Obligations (Parentheticals) (USD $) | 9 Months Ended | 9 Months Ended | 9 Months Ended | 12 Months Ended | 9 Months Ended | 12 Months Ended | 9 Months Ended | 12 Months Ended | ||||
Sep. 29, 2013 | Apr. 15, 2013 | Sep. 29, 2013 | Apr. 15, 2013 | Sep. 25, 2012 | Dec. 30, 2012 | Dec. 30, 2012 | Sep. 29, 2013 | Dec. 30, 2012 | Sep. 29, 2013 | Dec. 30, 2012 | Dec. 30, 2012 | |
April 2013 Term Loan [Member] | April 2013 Term Loan [Member] | April 2013 DLOC [Member] | April 2013 DLOC [Member] | September 2012 Term Loan [Member] | September 2012 Term Loan [Member] | Note Payable Refinanced April 2013 [Member] | Note Payable June 2030 [Member] | Note Payable June 2030 [Member] | Note Payable 2030 Junior [Member] | Note Payable 2030 Junior [Member] | Note Payable April 2013 [Member] | |
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
IntP5rP5st ratP5 at P5nd of pP5riod | 2.90% | ' | 2.90% | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Maximum borrowing capacity (in Dollars) | $46,000,000 | $46,000,000 | $15,000,000 | $15,000,000 | $37,000,000 | $37,000,000 | $10,000,000 | ' | ' | ' | ' | ' |
SchP5dulP5d monthly principal and intP5rP5st paymP5nts (in Dollars) (in Dollars) | 547,619 | ' | ' | ' | 440,476 | 440,476 | ' | 8,000 | 8,000 | 6,300 | 6,300 | ' |
Interest rate range, low | 2.50% | ' | 2.50% | ' | ' | 2.50% | 2.50% | ' | ' | ' | ' | ' |
Interest rate range, high | 3.40% | ' | 3.40% | ' | ' | 3.70% | 3.70% | ' | ' | ' | ' | ' |
Term Loan Amount (in Dollars) | 46,000,000 | 46,000,000 | 15,000,000 | 15,000,000 | 37,000,000 | 37,000,000 | 10,000,000 | ' | ' | ' | ' | ' |
Balloon paymP5nt (in Dollars) (in Dollars) | ' | ' | ' | ' | ' | ' | ' | 413,550 | 413,550 | ' | ' | ' |
FixP5d annual intP5rP5st ratP5 | ' | ' | ' | ' | ' | ' | ' | 6.70% | 6.70% | 3.60% | 3.60% | 0.00% |
VariablP5 intP5rP5st ratP5 basis | ' | ' | ' | ' | ' | ' | ' | 4.00% | 4.00% | ' | ' | ' |
Scheduled monthly principal payments (in Dollars) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $430 |
Note_7_LongTerm_Debt_Details_P
Note 7 - Long-Term Debt (Details) - Principal Maturities of Long-Term Debt (USD $) | Sep. 29, 2013 | Dec. 30, 2012 |
Principal Maturities of Long-Term Debt [Abstract] | ' | ' |
2014 | $7,489,859 | ' |
2015 | 7,779,348 | ' |
2016 | 7,782,210 | ' |
2017 | 7,785,624 | ' |
2018 | 9,626,734 | ' |
Thereafter | 1,585,549 | ' |
Total | $42,049,324 | $44,647,285 |
Note_8_Capital_Stock_Including2
Note 8 - Capital Stock (Including Purchase Warrants and Options) (Details) (USD $) | 3 Months Ended | 9 Months Ended | 9 Months Ended | 1 Months Ended | 73 Months Ended | 9 Months Ended | 21 Months Ended | 1 Months Ended | 9 Months Ended | |||||||
Sep. 29, 2013 | Sep. 23, 2012 | Sep. 29, 2013 | Sep. 23, 2012 | Sep. 23, 2013 | Sep. 29, 2013 | Jul. 31, 2010 | Jul. 30, 2013 | Sep. 29, 2013 | Sep. 23, 2012 | Sep. 29, 2013 | Sep. 29, 2013 | Sep. 29, 2013 | Jul. 31, 2010 | Jul. 30, 2007 | Sep. 29, 2013 | |
Employee Stock Option [Member] | Employee Stock Option [Member] | Employee Stock Option [Member] | Restricted Stock [Member] | Restricted Stock [Member] | Restricted Stock [Member] | Restricted Stock [Member] | Stock Incentive Plan [Member] | Board of Directors [Member] | Board of Directors [Member] | Board of Directors [Member] | ||||||
Stock Incentive Plan [Member] | Board of Directors [Member] | Board of Directors [Member] | Stock Incentive Plan [Member] | Stock Incentive Plan [Member] | Stock Incentive Plan [Member] | Stock Incentive Plan [Member] | ||||||||||
Minimum [Member] | Maximum [Member] | |||||||||||||||
Note 8 - Capital Stock (Including Purchase Warrants and Options) (Details) [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized (in Shares) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 750,000 | ' | ' | ' |
Percentage of Grant Date Fair Value | ' | ' | ' | ' | ' | 100.00% | ' | ' | 100.00% | ' | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period | ' | ' | ' | ' | ' | '10 years | '6 years | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value (in Dollars per share) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $3.10 | $7 | ' | ' | ' | ' |
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized | ' | ' | ' | ' | ' | ' | ' | ' | $601,045 | ' | ' | ' | ' | ' | ' | ' |
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | ' | ' | ' | ' | ' | ' | ' | ' | '2 years 292 days | ' | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Fair Value | ' | ' | ' | ' | ' | ' | ' | ' | 119,333 | 0 | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant (in Shares) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 598,125 | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross (in Shares) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 210,000 | 150,000 | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value (in Dollars per share) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $2.50 | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | ' | ' | ' | ' | ' | ' | ' | '3 years | ' | ' | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period (in Shares) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 150,000 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Exercise Price (in Dollars per share) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $2.50 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period, Intrinsic Value | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 679,680 |
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price (in Dollars per share) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $2.50 |
Common Stock, Capital Shares Reserved for Future Issuance (in Shares) | 210,000 | ' | 210,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Intrinsic Value | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 852,600 |
Share-based Compensation | $70,563 | $58,480 | $205,668 | $165,427 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Preferred Stock, Shares Authorized (in Shares) | ' | ' | ' | ' | 10,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Preferred Stock, Par or Stated Value Per Share (in Dollars per share) | ' | ' | ' | ' | $0.00 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Note_8_Capital_Stock_Including3
Note 8 - Capital Stock (Including Purchase Warrants and Options) (Details) - Restricted Shares Transactions (Restricted Stock [Member]) | 9 Months Ended | |
Sep. 29, 2013 | Sep. 23, 2012 | |
Restricted Stock [Member] | ' | ' |
Note 8 - Capital Stock (Including Purchase Warrants and Options) (Details) - Restricted Shares Transactions [Line Items] | ' | ' |
Unvested, Beginning of Period | 54,900 | 60,800 |
Unvested, End of Period | 125,375 | 77,300 |
Granted | 145,375 | 28,800 |
Vested | -26,500 | ' |
Expired/Forfeited | -48,400 | -12,300 |
Note_9_Income_Taxes_Details
Note 9 - Income Taxes (Details) (USD $) | Sep. 29, 2013 |
In Millions, unless otherwise specified | |
Expires Between 2029 and 2034 [Member] | ' |
Note 9 - Income Taxes (Details) [Line Items] | ' |
Operating Loss Carryforwards | $2.50 |
Expires Between 2028 and 2034 [Member] | ' |
Note 9 - Income Taxes (Details) [Line Items] | ' |
Deferred Tax Assets, Tax Credit Carryforwards, General Business | $2 |
Note_9_Income_Taxes_Details_In
Note 9 - Income Taxes (Details) - Income Tax Benefit (Provision) Components (USD $) | 3 Months Ended | 9 Months Ended | ||
Sep. 29, 2013 | Sep. 23, 2012 | Sep. 29, 2013 | Sep. 23, 2012 | |
Income Tax Benefit (Provision) Components [Abstract] | ' | ' | ' | ' |
Deferred | ($14,246) | $4,984 | $23,908 | $251,778 |
Current | 33,568 | 28,430 | 65,434 | 100,455 |
Deferred | -33,766 | -35,572 | -37,156 | -18,846 |
Income tax (benefit) provision | ($14,444) | ($2,158) | $52,186 | $333,387 |
Note_9_Income_Taxes_Details_In1
Note 9 - Income Taxes (Details) - Income Tax Benefit (Provision) Reconciliation (USD $) | 3 Months Ended | 9 Months Ended | ||
Sep. 29, 2013 | Sep. 23, 2012 | Sep. 29, 2013 | Sep. 23, 2012 | |
Income Tax Benefit (Provision) Reconciliation [Abstract] | ' | ' | ' | ' |
Income tax provision at federal statutory rate | ' | ' | $116,298 | $418,719 |
State income tax provision | ' | ' | 18,663 | 81,609 |
Permanent differences | ' | ' | 123,778 | 144,185 |
Tax credits | ' | ' | -206,553 | -311,126 |
Income tax provision | ($14,444) | ($2,158) | $52,186 | $333,387 |
Note_9_Income_Taxes_Details_De
Note 9 - Income Taxes (Details) - Deferred Income Tax Assets And Liabilities (USD $) | Sep. 29, 2013 | Dec. 30, 2012 |
Deferred tax assets: | ' | ' |
Net operating loss carry forwards | $858,509 | $1,665,744 |
Deferred rent expense | ' | 2,482 |
Start-up costs | -18,577 | 94,739 |
Tax credit carry forwards | 1,987,593 | 1,737,228 |
Interest rate swaps | 174,681 | 146,455 |
Stock-based compensation | 190,084 | 160,402 |
Other | 435,219 | 166,292 |
Total deferred tax assets | 3,627,509 | 3,973,342 |
Deferred tax liabilities: | ' | ' |
Tax depreciation in excess of book | 2,777,102 | 3,126,596 |
Net deferred income tax asset | $850,407 | $846,746 |
Note_10_Operating_Leases_Inclu2
Note 10 - Operating Leases (Including Related Party) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
Sep. 29, 2013 | Sep. 23, 2012 | Sep. 29, 2013 | Sep. 23, 2012 | |
Note 10 - Operating Leases (Including Related Party) (Details) [Line Items] | ' | ' | ' | ' |
Operating Leases, Rent Expense | $1,200,000 | $729,275 | $3,700,000 | $2,200,000 |
Rent Expense [Member] | ' | ' | ' | ' |
Note 10 - Operating Leases (Including Related Party) (Details) [Line Items] | ' | ' | ' | ' |
Operating Leases, Rent Expense | $18,820 | $18,891 | $56,394 | $65,608 |
Minimum [Member] | ' | ' | ' | ' |
Note 10 - Operating Leases (Including Related Party) (Details) [Line Items] | ' | ' | ' | ' |
Lessee Leasing Arrangements, Operating Leases, Term of Contract | '4 years | ' | ' | ' |
Maximum [Member] | ' | ' | ' | ' |
Note 10 - Operating Leases (Including Related Party) (Details) [Line Items] | ' | ' | ' | ' |
Lessee Leasing Arrangements, Operating Leases, Term of Contract | '15 years | ' | ' | ' |
Note_10_Operating_Leases_Inclu3
Note 10 - Operating Leases (Including Related Party) (Details) - Future Minimum Lease Payments (USD $) | Sep. 29, 2013 |
Future Minimum Lease Payments [Abstract] | ' |
2013 | $5,315,177 |
2014 | 5,097,028 |
2015 | 4,898,408 |
2016 | 4,584,925 |
2017 | 4,336,511 |
Thereafter | 15,598,326 |
Total | $39,830,375 |
Note_11_Commitments_and_Contin1
Note 11 - Commitments and Contingencies (Details) (USD $) | 3 Months Ended | 9 Months Ended | 74 Months Ended | 3 Months Ended | 9 Months Ended | |||||||||||||
Sep. 29, 2013 | Sep. 23, 2012 | Sep. 29, 2013 | Sep. 23, 2012 | Oct. 01, 2016 | Mar. 01, 2017 | Mar. 01, 2017 | Sep. 29, 2013 | Mar. 01, 2017 | Sep. 29, 2013 | Sep. 29, 2013 | Sep. 29, 2013 | Sep. 29, 2013 | Sep. 23, 2012 | Sep. 29, 2013 | Sep. 23, 2012 | Sep. 29, 2013 | Sep. 29, 2013 | |
Scenario, Forecast [Member] | Scenario, Forecast [Member] | Scenario, Forecast [Member] | Certain Cities [Member] | Potential Penalty Per Undeveloped Restaurant [Member] | Restaurants Required [Member] | Open Restaurants [Member] | Additional Openings Not Related to Area Development Agreement [Member] | Advertising Fund Contribution Expenses [Member] | Advertising Fund Contribution Expenses [Member] | Advertising Fund Contribution Expenses [Member] | Advertising Fund Contribution Expenses [Member] | First Three Percent [Member] | Fifty Percent [Member] | |||||
Original Number of Restaurants Required [Member] | Additional Restaurant Amendment [Member] | |||||||||||||||||
Note 11 - Commitments and Contingencies (Details) [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of Restaurants | 50 | ' | 50 | ' | 23 | 9 | 47 | ' | ' | 32 | 20 | 12 | ' | ' | ' | ' | ' | ' |
Loss on Contract Termination for Default | ' | ' | ' | ' | ' | ' | ' | ' | $50,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Royalty Percentage | 5.00% | ' | 5.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Advertising Fund Contribution | 3.00% | ' | 3.00% | ' | ' | ' | ' | 0.50% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Royalty Expense | 1,200,000 | 739,398 | 3,500,000 | 2,200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Advertising Expense | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 690,096 | 445,654 | 2,100,000 | 1,400,000 | ' | ' |
Modernization Cost Per Restaurant Range Low | ' | ' | 50,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Modernization Cost Per Restaurant Range High | ' | ' | 500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Defined Contribution Plan, Employer Matching Contribution, Percent of Match | ' | ' | 100.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 50.00% |
Defined Contribution Plan, Employer Matching Contribution, Percent of Employees' Gross Pay | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3.00% | ' |
Defined Contribution Plan, Maximum Annual Contributions Per Employee, Percent | ' | ' | 2.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Defined Contribution Plan, Employer Discretionary Contribution Amount | $70,748 | $50,903 | $190,994 | $181,040 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Note_12_Earnings_Per_Common_Sh2
Note 12 - Earnings Per Common Share (Details) - Earnings Per Share Reconciliation (USD $) | 3 Months Ended | 9 Months Ended | ||
Sep. 29, 2013 | Sep. 23, 2012 | Sep. 29, 2013 | Sep. 23, 2012 | |
Earnings Per Share Reconciliation [Abstract] | ' | ' | ' | ' |
Income (loss) available to common stockholders (in Dollars) | $69,810 | $241,196 | $311,847 | $803,107 |
Weighted-average shares outstanding | 26,054,118 | 18,954,025 | 23,231,403 | 18,948,624 |
Effect of dilutive securities | 132,145 | 150,552 | 119,725 | 140,232 |
Weighted-average shares outstanding - assuming dilution | 26,186,263 | 19,104,577 | 23,351,128 | 19,088,856 |
Earnings per common share (in Dollars per share) | $0 | $0.01 | $0.01 | $0.04 |
Earnings per common share - assuming dilution (in Dollars per share) | $0 | $0.01 | $0.01 | $0.04 |
Note_13_Supplemental_Cash_Flow1
Note 13 - Supplemental Cash Flows Information (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
Sep. 29, 2013 | Sep. 23, 2012 | Sep. 29, 2013 | Sep. 23, 2012 | |
Supplemental Cash Flow Elements [Abstract] | ' | ' | ' | ' |
Interest Paid | $319,689 | $227,432 | $1,400,000 | $743,330 |
Income Taxes Paid | $0 | $58,804 | $65,500 | $271,804 |
Note_14_Fair_Value_of_Financia2
Note 14 - Fair Value of Financial Instruments (Details) (USD $) | 6 Months Ended | 9 Months Ended | 12 Months Ended |
Sep. 29, 2013 | Sep. 29, 2013 | Dec. 30, 2012 | |
Fair Value Disclosures [Abstract] | ' | ' | ' |
Long-term Debt, Fair Value | $42,000,000 | $42,000,000 | $44,600,000 |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers, Net | $0 | $0 | $0 |
Note_14_Fair_Value_of_Financia3
Note 14 - Fair Value of Financial Instruments (Details) - Fair Value Of Assets And Liabilities Measured On A Recurring Basis (USD $) | Sep. 29, 2013 | Dec. 30, 2012 |
Note 14 - Fair Value of Financial Instruments (Details) - Fair Value Of Assets And Liabilities Measured On A Recurring Basis [Line Items] | ' | ' |
Interest Rate Swaps | ($377,778) | ($430,751) |
Available for Sale Debt Securities | 7,387,672 | ' |
Total debt securities and derivatives | 7,009,894 | ' |
US Government Agencies Debt Securities [Member] | Fair Value, Inputs, Level 2 [Member] | ' | ' |
Note 14 - Fair Value of Financial Instruments (Details) - Fair Value Of Assets And Liabilities Measured On A Recurring Basis [Line Items] | ' | ' |
Available for Sale Debt Securities | 1,999,920 | ' |
US Government Agencies Debt Securities [Member] | ' | ' |
Note 14 - Fair Value of Financial Instruments (Details) - Fair Value Of Assets And Liabilities Measured On A Recurring Basis [Line Items] | ' | ' |
Available for Sale Debt Securities | 1,999,920 | ' |
US States and Political Subdivisions Debt Securities [Member] | Fair Value, Inputs, Level 2 [Member] | ' | ' |
Note 14 - Fair Value of Financial Instruments (Details) - Fair Value Of Assets And Liabilities Measured On A Recurring Basis [Line Items] | ' | ' |
Available for Sale Debt Securities | 2,255,774 | ' |
US States and Political Subdivisions Debt Securities [Member] | ' | ' |
Note 14 - Fair Value of Financial Instruments (Details) - Fair Value Of Assets And Liabilities Measured On A Recurring Basis [Line Items] | ' | ' |
Available for Sale Debt Securities | 2,255,774 | ' |
Corporate Debt Securities [Member] | Fair Value, Inputs, Level 2 [Member] | ' | ' |
Note 14 - Fair Value of Financial Instruments (Details) - Fair Value Of Assets And Liabilities Measured On A Recurring Basis [Line Items] | ' | ' |
Available for Sale Debt Securities | 2,532,114 | ' |
Corporate Debt Securities [Member] | ' | ' |
Note 14 - Fair Value of Financial Instruments (Details) - Fair Value Of Assets And Liabilities Measured On A Recurring Basis [Line Items] | ' | ' |
Available for Sale Debt Securities | 2,532,114 | ' |
Other Debt Obligations [Member] | Fair Value, Inputs, Level 2 [Member] | ' | ' |
Note 14 - Fair Value of Financial Instruments (Details) - Fair Value Of Assets And Liabilities Measured On A Recurring Basis [Line Items] | ' | ' |
Available for Sale Debt Securities | 599,864 | ' |
Other Debt Obligations [Member] | ' | ' |
Note 14 - Fair Value of Financial Instruments (Details) - Fair Value Of Assets And Liabilities Measured On A Recurring Basis [Line Items] | ' | ' |
Available for Sale Debt Securities | 599,864 | ' |
Fair Value, Inputs, Level 2 [Member] | ' | ' |
Note 14 - Fair Value of Financial Instruments (Details) - Fair Value Of Assets And Liabilities Measured On A Recurring Basis [Line Items] | ' | ' |
Interest Rate Swaps | -377,778 | -430,751 |
Available for Sale Debt Securities | 7,387,672 | ' |
Total debt securities and derivatives | $7,009,894 | ' |