Document_And_Entity_Informatio
Document And Entity Information | 9 Months Ended | |
Sep. 28, 2014 | Nov. 05, 2014 | |
Document and Entity Information [Abstract] | ' | ' |
Entity Registrant Name | 'Diversified Restaurant Holdings, Inc. | ' |
Document Type | '10-Q | ' |
Current Fiscal Year End Date | '--12-28 | ' |
Entity Common Stock, Shares Outstanding | ' | 26,185,375 |
Amendment Flag | 'false | ' |
Entity Central Index Key | '0001394156 | ' |
Entity Current Reporting Status | 'Yes | ' |
Entity Voluntary Filers | 'No | ' |
Entity Filer Category | 'Accelerated Filer | ' |
Entity Well-known Seasoned Issuer | 'No | ' |
Document Period End Date | 28-Sep-14 | ' |
Document Fiscal Year Focus | '2014 | ' |
Document Fiscal Period Focus | 'Q3 | ' |
Consolidated_Balance_Sheets_Cu
Consolidated Balance Sheets (Current Period Unaudited) (USD $) | Sep. 28, 2014 | Dec. 29, 2013 |
Current assets | ' | ' |
Cash and cash equivalents | $6,514,056 | $9,562,473 |
Investments | 4,911,848 | 8,561,598 |
Accounts receivable | 231,334 | 1,248,940 |
Inventory | 1,182,420 | 1,017,626 |
Prepaid assets | 429,581 | 555,144 |
Total current assets | 13,269,239 | 20,945,781 |
Deferred income taxes | 1,353,681 | 1,162,761 |
Property and equipment, net | 74,500,195 | 58,576,734 |
Intangible assets, net | 3,229,487 | 2,948,013 |
Goodwill | 10,998,630 | 8,578,776 |
Other long-term assets | 199,500 | 121,668 |
Total assets | 103,550,732 | 92,333,733 |
Current liabilities | ' | ' |
Accounts payable | 5,210,270 | 4,416,092 |
Accrued compensation | 1,565,911 | 2,060,082 |
Other accrued liabilities | 1,035,623 | 809,104 |
Current portion of long-term debt | 12,327,788 | 8,225,732 |
Current portion of deferred rent | 377,812 | 306,371 |
Total current liabilities | 20,517,404 | 15,817,381 |
Deferred rent, less current portion | 2,992,190 | 3,420,574 |
Unfavorable operating leases | 712,223 | 759,065 |
Other long-term liabilities | 410,600 | 327,561 |
Long-term debt, less current portion | 44,528,221 | 38,047,589 |
Total liabilities | 69,160,638 | 58,372,170 |
Stockholders' equity | ' | ' |
Common stock - $0.0001 par value; 100,000,000 shares authorized; 26,147,999 and 26,049,578, respectively, issued and outstanding | 2,582 | 2,580 |
Additional paid-in capital | 35,554,165 | 35,275,255 |
Accumulated other comprehensive loss | -180,997 | -245,364 |
Accumulated deficit | -985,656 | -1,070,908 |
Total stockholders' equity | 34,390,094 | 33,961,563 |
Total liabilities and stockholders' equity | $103,550,732 | $92,333,733 |
Consolidated_Balance_Sheets_Cu1
Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) (USD $) | Sep. 28, 2014 | Dec. 29, 2013 |
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 | 26,147,999 | 26,049,578 |
Common stock, shares outstanding | 26,147,999 | 26,049,578 |
Consolidated_Statements_of_Ope
Consolidated Statements of Operations (Unaudited) (USD $) | 3 Months Ended | 9 Months Ended | ||
Sep. 28, 2014 | Sep. 29, 2013 | Sep. 28, 2014 | Sep. 29, 2013 | |
Revenue | $32,782,092 | $26,368,090 | $93,264,727 | $80,410,174 |
Operating expenses | ' | ' | ' | ' |
Food, beverage, and packaging costs | 9,456,106 | 7,759,146 | 26,784,277 | 24,336,433 |
Compensation costs | 8,405,116 | 6,972,432 | 24,170,212 | 20,903,931 |
Occupancy costs | 1,873,693 | 1,600,278 | 5,052,643 | 4,704,380 |
Other operating costs | 7,220,083 | 5,436,252 | 19,627,639 | 16,100,223 |
General and administrative expenses | 2,133,564 | 1,558,924 | 6,345,810 | 5,058,879 |
Pre-opening costs | 609,664 | 639,498 | 2,063,800 | 2,036,022 |
Depreciation and amortization | 2,865,794 | 2,070,841 | 7,612,125 | 5,539,874 |
Loss on disposal of property and equipment | 33,013 | 22,970 | 353,333 | 83,711 |
Total operating expenses | 32,597,033 | 26,060,341 | 92,009,839 | 78,763,453 |
Operating profit | 185,059 | 307,749 | 1,254,888 | 1,646,721 |
Interest expense | -483,057 | -320,798 | -1,436,092 | -1,375,646 |
Other income, net | 67,789 | 68,415 | 86,426 | 92,958 |
Income (loss) before income taxes | -230,209 | 55,366 | -94,778 | 364,033 |
Income tax provision (benefit) | -48,100 | -14,444 | -180,030 | 52,186 |
Net income (loss) | ($182,109) | $69,810 | $85,252 | $311,847 |
Basic earnings (loss) per share (in Dollars per share) | ($0.01) | $0 | $0 | $0.01 |
Fully diluted earnings (loss) per share (in Dollars per share) | ($0.01) | $0 | $0 | $0.01 |
Weighted average number of common shares outstanding | ' | ' | ' | ' |
Basic (in Shares) | 26,107,627 | 26,054,118 | 26,074,797 | 23,231,403 |
Diluted (in Shares) | 26,107,627 | 26,186,263 | 26,174,593 | 23,351,128 |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive Income (Loss) (USD $) | 3 Months Ended | 9 Months Ended | ||
Sep. 28, 2014 | Sep. 29, 2013 | Sep. 28, 2014 | Sep. 29, 2013 | |
Net income (loss) | ($182,109) | $69,810 | $85,252 | $311,847 |
Other comprehensive income (loss) | ' | ' | ' | ' |
Unrealized changes in fair value of interest rate swaps, net of tax of $43,284, $77,315, $26,039 and $18,011, respectively | 84,022 | -150,082 | 50,841 | 34,962 |
Unrealized changes in fair value of invesments, net of tax of $2,232, $16,876, $6,969 and $8,423, respectively | -4,333 | 32,750 | 13,526 | -16,253 |
Total other comprehensive income (loss) | 79,689 | -117,332 | 64,367 | 18,709 |
Comprehensive income (loss) | ($102,420) | ($47,522) | $149,619 | $330,556 |
Consolidated_Statements_of_Com1
Consolidated Statements of Comprehensive Income (Loss) (Parentheticals) (USD $) | 3 Months Ended | 9 Months Ended | ||
Sep. 28, 2014 | Sep. 29, 2013 | Sep. 28, 2014 | Sep. 29, 2013 | |
Unrealized changes in fair value of interest rate swaps, tax | $43,284 | $77,315 | $26,039 | $18,011 |
Unrealized changes in fair value of investments, tax | $2,232 | $16,876 | $6,969 | $8,423 |
Consolidated_Statements_of_Sto
Consolidated Statements of Stockholders' Equity (USD $) | Common Stock [Member] | Additional Paid-in Capital [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Retained Earnings [Member] | Total |
Balance at Dec. 30, 2012 | $1,888 | $2,991,526 | ($284,294) | ($1,205,216) | $1,503,904 |
Balance (Shares) (in Shares) at Dec. 30, 2012 | 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 purhcase plan | ' | 12,145 | ' | ' | 12,145 |
Employee stock purhcase plan (in Shares) | 2,061 | ' | ' | ' | ' |
Share-based compensation | ' | 205,668 | ' | ' | 205,668 |
Other comprehensive income (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 (Shares) (in Shares) at Sep. 29, 2013 | 26,055,575 | ' | ' | ' | ' |
Balance at Dec. 29, 2013 | 2,580 | 35,275,255 | -245,364 | -1,070,908 | 33,961,563 |
Balance (Shares) (in Shares) at Dec. 29, 2013 | 26,049,578 | ' | ' | ' | 26,049,578 |
Issuance of restricted shares (in Shares) | 91,966 | ' | ' | ' | ' |
Forfeitures of restricted shares (in Shares) | -2,068 | ' | ' | ' | ' |
Employee stock purhcase plan | 2 | 41,831 | ' | ' | 41,833 |
Employee stock purhcase plan (in Shares) | 8,523 | ' | ' | ' | ' |
Share-based compensation | ' | 237,079 | ' | ' | 237,079 |
Other comprehensive income (loss) | ' | ' | 64,367 | ' | 64,367 |
Net income | ' | ' | ' | 85,252 | 85,252 |
Balance at Sep. 28, 2014 | $2,582 | $35,554,165 | ($180,997) | ($985,656) | $34,390,094 |
Balance (Shares) (in Shares) at Sep. 28, 2014 | 26,147,999 | ' | ' | ' | 26,147,999 |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (Unaudited) (USD $) | 9 Months Ended | |
Sep. 28, 2014 | Sep. 29, 2013 | |
Cash flows from operating activities | ' | ' |
Net income | $85,252 | $311,847 |
Adjustments to reconcile net income to net cash provided by operating activities | ' | ' |
Depreciation and amortization | 7,641,090 | 5,539,874 |
Write off of loan fees | ' | 76,408 |
Realized loss on sales of investments | 33,406 | ' |
Loss on disposal of property and equipment | 353,333 | 83,711 |
Share-based compensation | 237,079 | 205,668 |
Deferred income taxes | -223,928 | -13,248 |
Changes in operating assets and liabilities that provided (used) cash | ' | ' |
Accounts receivable | 1,017,606 | -136,544 |
Inventory | -110,794 | -300,064 |
Prepaid assets | 125,563 | -67,541 |
Intangible assets | -210,937 | -546,831 |
Other long-term assets | -77,832 | -299,267 |
Accounts payable | 1,292,321 | 759,930 |
Accrued liabilities | -107,580 | -458,825 |
Deferred rent | -356,943 | 614,182 |
Net cash provided by operating activities | 9,697,636 | 5,769,300 |
Cash flows from investing activities | ' | ' |
Purchases of investments | -7,469,555 | -12,690,397 |
Proceeds from sale of investments | 11,106,241 | 5,278,048 |
Purchases of property and equipment | -23,685,771 | -17,297,791 |
Acquisition of business, net of cash acquired | -3,202,750 | ' |
Net cash used in investing activities | -23,251,835 | -24,710,140 |
Cash flows from financing activities | ' | ' |
Proceeds from issuance of long-term debt | 16,448,332 | 55,862,559 |
Repayments of long-term debt | -5,865,644 | -58,460,520 |
Payment of loan fees | -118,739 | ' |
Proceeds from employee stock purchase plan | 41,833 | ' |
Proceeds from sale of common stock, net of underwriter fees | ' | 31,994,823 |
Net cash provided by financing activities | 10,505,782 | 29,396,862 |
Net increase (decrease) in cash and cash equivalents | -3,048,417 | 10,456,022 |
Cash and cash equivalents, beginning of period | 9,562,473 | 2,700,328 |
Cash and cash equivalents, end of period | $6,514,056 | $13,156,350 |
Note_1_Business_and_Summary_of
Note 1 - Business and Summary of Significant Accounting Policies | 9 Months Ended |
Sep. 28, 2014 | |
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 Burger Tavern® (“Bagger Dave’s”) and Buffalo Wild Wings® Grill & Bar (“BWW”). As the creator, developer, and operator of Bagger Dave’s and as one of the largest franchisees of BWW, we provide a unique guest experience in a casual and inviting environment. We were incorporated in 2006 and are headquartered in the Detroit metropolitan area. As of September 28, 2014, we had 61 locations in Florida, Illinois, Indiana, and Michigan. | |
DRH and its wholly-owned subsidiaries (collectively, the “Company”), AMC Group, Inc. (“AMC”), AMC Wings, Inc. (“WINGS”), AMC Burgers, Inc. (“BURGERS”), and AMC Real Estate, Inc. (“REAL ESTATE”) own, operate, and manage 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 22 Bagger Dave’s, 14 in Michigan and eight in Indiana. The Company expects to operate between 47 and 51 Bagger Dave’s locations by the end of 2017. | |
DRH is also one of the largest BWW franchisees and currently operates 40 DRH-owned BWW restaurants (18 in Michigan, 14 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 Buffalo Wild Wings International, Inc. (“BWLD”) and expect to operate 52 DRH-owned BWW restaurants by the end of 2017, exclusive of potential additional BWW restaurant acquisitions. | |
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, BURGERS, REAL ESTATE and their 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. | |
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 franchise development at this time. | |
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 March 2020 through June 2034, 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 March 2035 through June 2049. We believe we are in compliance with the terms of these agreements. | |
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 eight properties, four 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. | |
Basis of Presentation | |
The consolidated financial statements as of September 28, 2014 and December 29, 2013, and for the three-month and nine-month periods ended September 28, 2014 and September 29, 2013, 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. The financial information as of September 28, 2014 and for the three-month and nine-month periods ended September 28, 2014 and September 29, 2013 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 consolidated financial information as of December 29, 2013 is derived from our audited consolidated financial statements and notes thereto for the fiscal year ended December 29, 2013, which is included in Item 8 in the Fiscal 2013 Annual Report on Form 10-K, and should be read in conjunction with such consolidated financial statements. | |
The results of operations for the three-month and nine-month periods ended September 28, 2014 are not necessarily indicative of the results of operations that may be achieved for the entire year ending December 28, 2014. | |
Reclassifications | |
Certain reclassifications have been made to the consolidated financial statements to conform to the prior year's presentation. | |
Segment Reporting | |
The Company has two operating segments, Bagger Dave’s and BWW. The brands operate within the ultra-casual, full-service dining industry, providing similar products to similar customers. The brands also possess similar economic characteristics, resulting in similar long-term expected financial performance. Sales from external customers are derived principally from food and beverage sales. We do not rely on any major customers as a source of sales. We believe we meet the criteria for aggregating our operating segments into a single reporting segment. | |
Concentration Risks | |
Approximately 79.8% and 80.6% of the Company's revenues are generated from food and beverage sales of restaurants located in the Midwest region during the nine-month periods ended September 28, 2014 and September 29, 2013, respectively. | |
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, net of taxes, reported in the accumulated other comprehensive income (loss) component of stockholders’ equity, 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. | |
Goodwill | |
Goodwill is not amortized and represents the excess of cost over the fair value of identified net assets of businesses acquired. Goodwill is subject to an annual impairment analysis or more frequently if indicators of impairment exist. At September 28, 2014 and December 29, 2013, we had goodwill of $ 11.0 million and $8.6 million, respectively that was assigned to our BWW operating segment. See Note 2 for additional information. | |
The impairment analysis, if necessary, consists of a two-step process. The first step is to compare the fair value of the reporting unit to its carrying value, including goodwill. We estimate fair value using market information (market approach) and discounted cash flow projections (income approach). The income approach uses the reporting unit’s projection of estimated operating results and cash flows that is discounted using a weighted-average cost of capital that reflects market conditions. The projection uses management’s best estimates of projected revenue, costs and cash expenditures, including an estimate of new restaurant openings and related capital expenditures. Other significant estimates also include terminal growth rates and working capital requirements. We supplement our estimate of fair value under the income approach by using a market approach which estimates fair value by applying multiples to the reporting unit’s projected operating performance. The multiples are derived from comparable publicly traded companies with similar characteristics to the reporting unit. If the fair value of the reporting unit is less than its carrying value, the second step of the impairment analysis must be performed in order to determine the amount of impairment loss, if any. The second step compares the implied fair value of goodwill with the carrying amount of that goodwill. If the carrying amount of the goodwill exceeds its implied fair value, an impairment charge is recognized in an amount equal to that excess. As of December 29, 2013, based on our quantitative analysis, goodwill was considered recoverable. At September 28, 2014, there were no impairment indicators warranting an analysis. | |
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 disclosure of 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 RBS Citizens, N.A. (“RBS”) 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. The Company’s interest rate swap agreements 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 swaps on the Consolidated Balance Sheet in other long-term assets or other long-term 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 | |
In May 2014, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update No. 2014-09, Revenue from Contracts with Customers ("ASU 2014-09"), which supersedes nearly all existing revenue recognition guidance under GAAP. The core principle of ASU 2014-09 is to recognize revenues when promised goods or services are transferred to customers in an amount that reflects the consideration to which an entity expects to be entitled for those goods or services. ASU 2014-09 defines a five step process to achieve this core principle and, in doing so, more judgment and estimates may be required within the revenue recognition process than are required under existing GAAP. The standard is effective for annual periods beginning after December 15, 2016, and interim periods therein. We are currently evaluating the impact of our pending adoption of ASU 2014-09, although based on the nature of our business we do not expect the standard will have a significant impact on our consolidated financial statements. |
Note_2_Significant_Business_Tr
Note 2 - Significant Business Transactions | 9 Months Ended | ||||
Sep. 28, 2014 | |||||
Schedule Of Significant Business Transactions [Abstract] | ' | ||||
Schedule Of Significant Business Transactions [Text Block] | ' | ||||
2. SIGNIFICANT BUSINESS TRANSACTIONS | |||||
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 were $31.9 million. 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. At September 28, 2014, the Company held available-for-sale securities with an estimated fair value of $4.9 million. See Note 3 for additional information. | |||||
On June 30, 2014, the Company completed the acquisition of substantially all of the assets of Screamin’ Hot Florida, LLC and Screamin’ Hot Trinity, LLC, each a Florida limited liability company. The assets consist of three BWW restaurants in Clearwater, Port Richey and Oldsmar, Florida (the “Restaurants”). The purchase price was $3.2 million in cash, subject to working capital adjustment, and one-half of the transfer fees imposed by BWLD under its franchise agreements for these Restaurants. After the acquisition, the Company will own the entire Tampa, FL BWW market, giving DRH control of the local Advertising Co-Op. This ownership provides DRH a unique opportunity to gain local market scale, in addition to providing greater geographic diversity to the Company’s restaurant portfolio. | |||||
The following table summarizes the estimated fair values of net assets acquired and liabilities assumed: | |||||
Working capital | $ | 57,600 | |||
Property and equipment | 656,146 | ||||
Franchise fees | 72,750 | ||||
Goodwill | 2,419,854 | ||||
Net Cash paid for acquisition | $ | 3,206,350 | |||
The excess of the purchase price over the aggregate fair value of assets acquired is allocated to goodwill. Goodwill will be deductible for tax purposes. The results of operations of these locations are included in our Consolidated Statements of Operations from the date of acquisition. |
Note_3_Investments
Note 3 - Investments | 9 Months Ended | ||||||||||||||||
Sep. 28, 2014 | |||||||||||||||||
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 amortized cost, gross unrealized holding gains, gross unrealized holding loss, and fair value of available-for-sale securities by type are as follows: | |||||||||||||||||
28-Sep-14 | |||||||||||||||||
Amortized | Unrealized | Unrealized | Estimated | ||||||||||||||
Cost | Gains | Loss | Fair Value | ||||||||||||||
Debt securities: | |||||||||||||||||
Obligations of states/municipals | 2,613,309 | - | (5,468 | ) | 2,607,841 | ||||||||||||
Corporate securities | 2,322,250 | - | (18,243 | ) | 2,304,007 | ||||||||||||
Total debt securities | $ | 4,935,559 | $ | - | $ | (23,711 | ) | $ | 4,911,848 | ||||||||
29-Dec-13 | |||||||||||||||||
Amortized | Unrealized | Unrealized | Estimated | ||||||||||||||
Cost | Gains | Loss | Fair Value | ||||||||||||||
Debt securities: | |||||||||||||||||
U.S. government and agencies | $ | 3,497,951 | $ | 236 | $ | (52 | ) | $ | 3,498,135 | ||||||||
Corporate securities | 5,107,853 | - | (44,390 | ) | 5,063,463 | ||||||||||||
Total debt securities | $ | 8,605,804 | $ | 236 | $ | (44,442 | ) | $ | 8,561,598 | ||||||||
As of September 28, 2014 and December 29, 2013, $4.9 million and $7.0 million of investments were in a loss position with a cumulative unrealized loss of $23,711 and $44,442, respectively. The Company may incur future impairment charges if decline 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. | |||||||||||||||||
Gross unrealized gains and losses on available-for-sale securities, recorded in accumulated other comprehensive income (loss), as of September 28, 2014 and December 29, 2013, were as follows: | |||||||||||||||||
28-Sep | 29-Dec | ||||||||||||||||
2014 | 2013 | ||||||||||||||||
Unrealized gains | $ | - | $ | 236 | |||||||||||||
Unrealized loss | (23,711 | ) | (44,442 | ) | |||||||||||||
Net unrealized loss | (23,711 | ) | (44,206 | ) | |||||||||||||
Deferred federal income tax benefit | 8,061 | 15,030 | |||||||||||||||
Net unrealized loss on investments, net of deferred income tax | $ | (15,650 | ) | $ | (29,176 | ) | |||||||||||
Note_4_Property_and_Equipment
Note 4 - Property and Equipment | 9 Months Ended | ||||||||
Sep. 28, 2014 | |||||||||
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: | |||||||||
28-Sep | 29-Dec | ||||||||
2014 | 2013 | ||||||||
Land | $ | 5,823,050 | $ | 3,610,453 | |||||
Building | 4,316,263 | 4,316,263 | |||||||
Equipment | 26,459,185 | 22,212,594 | |||||||
Furniture and fixtures | 6,950,744 | 5,822,813 | |||||||
Leasehold improvements | 57,304,857 | 46,469,088 | |||||||
Restaurant construction in progress | 4,551,171 | 2,434,332 | |||||||
Total | 105,405,270 | 84,865,543 | |||||||
Less accumulated depreciation | (30,905,075 | ) | (26,288,809 | ) | |||||
Property and equipment, net | $ | 74,500,195 | $ | 58,576,734 | |||||
Note_5_Intangible_Assets
Note 5 - Intangible Assets | 9 Months Ended | ||||||||
Sep. 28, 2014 | |||||||||
Disclosure Text Block [Abstract] | ' | ||||||||
Intangible Assets Disclosure [Text Block] | ' | ||||||||
5. INTANGIBLE ASSETS | |||||||||
Intangible assets are comprised of the following: | |||||||||
28-Sep | 29-Dec | ||||||||
2014 | 2013 | ||||||||
Amortized intangibles: | |||||||||
Franchise fees | $ | 659,863 | $ | 568,363 | |||||
Trademark | 64,059 | 59,199 | |||||||
Non-compete agreement | 76,560 | 76,560 | |||||||
Favorable lease | 239,000 | 239,000 | |||||||
Loan fees | 465,497 | 346,758 | |||||||
Total | 1,504,979 | 1,289,880 | |||||||
Less accumulated amortization | (481,961 | ) | (361,009 | ) | |||||
Amortized intangibles, net | 1,023,018 | 928,871 | |||||||
Unamortized intangibles: | |||||||||
Liquor licenses | 2,206,469 | 2,019,142 | |||||||
Total intangibles, net | $ | 3,229,487 | $ | 2,948,013 | |||||
Amortization expense for the three-month periods ended September 28, 2014 and September 29, 2013, was $15,935 and $13,989, respectively. Amortization expense for the nine-month periods ended September 28, 2014 and September 29, 2013, was $45,144 and $41,437, 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, future intangible-related expense for the next five years is projected as follows: | |||||||||
Year | Amount | ||||||||
Remainder of 2014 | $ | 42,847 | |||||||
2015 | 165,794 | ||||||||
2016 | 147,614 | ||||||||
2017 | 146,078 | ||||||||
2018 | 71,516 | ||||||||
2019 and thereafter | 449,169 | ||||||||
Total | $ | 1,023,018 | |||||||
The aggregate weighted-average amortization period for intangible assets is 8.2 years. |
Note_6_Related_Party_Transacti
Note 6 - Related Party Transactions | 9 Months Ended |
Sep. 28, 2014 | |
Related Party Transactions [Abstract] | ' |
Related Party Transactions Disclosure [Text Block] | ' |
6. RELATED PARTY TRANSACTIONS | |
Fees for monthly accounting and financial statement services are paid to an entity owned by a member of the DRH Board of Directors and a stockholder of the Company. Fees paid during the three-month periods ended September 28, 2014 and September 29, 2013, were $131,050, and $101,440, respectively. Fees paid during the nine-month periods ended September 28, 2014 and September 29, 2013, were $378,988 and $295,642, respectively. | |
See Note 10 for related party operating lease transactions. |
Note_7_LongTerm_Debt
Note 7 - Long-Term Debt | 9 Months Ended | ||||||||
Sep. 28, 2014 | |||||||||
Disclosure Text Block [Abstract] | ' | ||||||||
Long-term Debt [Text Block] | ' | ||||||||
7. LONG-TERM DEBT | |||||||||
Long-term debt consists of the following obligations: | |||||||||
28-Sep | 29-Dec | ||||||||
2014 | 2013 | ||||||||
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 2.25% to 3.15%, depending on the lease adjusted leverage ratio defined in the terms of the agreement. The rate at September 28, 2014 was approximately 2.7%. | $ | 26,690,476 | 31,619,048 | ||||||
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. Scheduled monthly principal payments are $178,571 plus accrued interest through maturity in April 2018. Interest is charged based on one-month LIBOR plus an applicable margin, which ranges from 2.25% to 3.15%, depending on the lease adjusted leverage ratio defined in the terms of the agreement. The rate at September 28, 2014 was approximately 2.7%. | 14,107,143 | 12,759,420 | |||||||
Note payable - $20.0 million development line of credit II; 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 2.25% to 3.15%, depending on the lease adjusted leverage ratio defined in the terms of the agreement. The rate at September 28, 2014 was approximately 2.7%. Once fully drawn, payments will be due monthly; the note matures in April 2018. | 14,207,752 | - | |||||||
Note payable to a bank secured by a senior mortgage on the Brandon Property. 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). | 1,063,990 | 1,081,047 | |||||||
Note payable to a bank secured by a junior mortgage on the Brandon Property. The note 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. | 786,648 | 813,806 | |||||||
Total long-term debt | 56,856,009 | 46,273,321 | |||||||
Less current portion | (12,327,788 | ) | (8,225,732 | ) | |||||
Long-term debt, net of current portion | $ | 44,528,221 | $ | 38,047,589 | |||||
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 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 through maturity on April 15, 2018, at which time the entire unpaid principal and interest is due. The April 2013 DLOC converted to a term loan on March 11, 2014, with monthly principal payments of $178,571 plus accrued interest beginning May 2014 through maturity on April 15, 2018, at which time the entire unpaid principal and interest is due. The April 2013 RLOC is for a term of two years. As of September 28, 2014 no amounts were outstanding under the April 2013 RLOC. Amounts borrowed under the April 2013 Senior Secured Credit Facility bear interest at a rate of one-month LIBOR plus an applicable margin. | |||||||||
On March 20, 2014, the Company amended the April 2013 Senior Secured Credit Facility to include a $20.0 million development line of credit II (the “March 2014 DLOC II”). The March 2014 DLOC II is for a term of two years and is convertible upon maturity into a term note. The amendment also provided a 25 basis point reduction to the April 2013 Senior Secured Credit Facility’s applicable margin rate, which reduced the range from 2.5%/3.4% to 2.25%/3.15%, which commenced April 2014. | |||||||||
Based on the long-term debt terms that existed at September 28, 2014, the scheduled principal maturities for the next five years and thereafter are summarized as follows: | |||||||||
Year | Amount | ||||||||
Remainder of 2014 | $ | 2,558,034 | |||||||
2015 | 13,148,218 | ||||||||
2016 | 13,151,117 | ||||||||
2017 | 13,154,578 | ||||||||
2018 | 13,276,923 | ||||||||
2019 and thereafter | 1,567,139 | ||||||||
Total | $ | 56,856,009 | |||||||
For the three-month periods ended September 28, 2014 and September 29, 2013, interest expense was $483,057 and $320,798, respectively. For both the nine-month periods ended September 28, 2014 and September 29, 2013, interest expense was $1.4 million. | |||||||||
The current debt agreement contains 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 28, 2014. | |||||||||
At September 28, 2014, the Company has four interest rate swap agreements to fix a portion of the interest rates on its variable rate debt. The swap agreements all qualify for hedge accounting. The swap agreements have a combined notional amount of $40.2 million at September 28, 2014. Under the swap agreements, the Company receives interest at the one-month LIBOR and pays a fixed rate. The April 2012 swap has a rate of 1.4% (notional amount of $10.5 million) and expires April 2019, the October 2012 swap has a rate of 0.9% (notional amount of $4.3 million) and expires October 2017, the December 2013 swap has a rate of 1.4% (notional amount of $12.5 million) and expires April 2018, and the April 2015 forward swap has a rate of 1.54% (notional amount of $12.9 million) and expires April 2018. The fair value of these swap agreements was a liability of $250,528 and $327,561 at September 28, 2014 and December 29, 2013, 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_StockBased_Compensation
Note 8 - Stock-Based Compensation | 9 Months Ended | ||||
Sep. 28, 2014 | |||||
Stockholders' Equity Note [Abstract] | ' | ||||
Stockholders' Equity Note Disclosure [Text Block] | ' | ||||
8. STOCK-BASED COMPENSATION | |||||
The Company established a Stock Incentive Plan in 2011 (“Stock Incentive Plan”) to attract and retain directors, consultants, and team members and to 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 another 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. | |||||
During the nine months ended September 28, 2014 and September 29, 2013, restricted shares were granted to certain team members at a weight-average fair value of $4.82 and $5.85. Restricted shares are granted with a per share purchase price at 100.0% of the fair market value on the date of grant. Based on the Stock Award Agreement, shares vest ratably over a three year period or upon the three year anniversary of the granted shares, the vesting terms are determined by the Committee. Unrecognized stock-based compensation expense of $700,648 at September 28, 2014 will be recognized over the remaining weighted-average vesting period of 2.1 years. The total fair value of shares vested during the nine months ended September 28, 2014 and September 29, 2013 was $193,996 and $169,593, respectively. Under the Stock Incentive Plan, there are 543,434 shares available for future awards at September 28, 2014. | |||||
The Company also reserved 250,000 shares of common stock for issuance under the Employee Stock Purchase Plan (“ESPP”). The ESPP is available to team members subject to employment eligibility requirements. Participants may purchase common stock at 85.0% of the lesser of the start or end price for the offering period. The plan has four offering periods, each start/end dates coincide with the fiscal quarter and are awarded on the last day of the offering period. During the nine months ended September 28, 2014 and September 29 2013, we issued 8,523 and 2,061 shares, respectively. Under the ESPP, there are 236,704 shares available for future awards at September 28, 2014. | |||||
The following table presents the restricted shares transactions during the nine months ended September 28, 2014: | |||||
Number of | |||||
Restricted | |||||
Stock Shares | |||||
Unvested, December 29, 2013 | 116,667 | ||||
Granted | 91,966 | ||||
Vested | (41,031 | ) | |||
Expired/Forfeited | (2,068 | ) | |||
Unvested, September 28, 2014 | 165,534 | ||||
The following table presents the restricted shares transactions during the nine months ended 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 | ||||
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. All 150,000 options were fully vested as of July 30, 2013 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, 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. At September 28, 2014, 210,000 shares of authorized common stock are reserved for issuance to provide for the exercise of these options. The intrinsic value of outstanding options is $476,700 and $852,600 as of September 28, 2014 and September 29, 2013, respectively. | |||||
Stock-based compensation of $84,072 and $70,563 was recognized, during the three-month periods ended September 28, 2014 and September 29, 2013, respectively, and $237,079, and $205,668 for the nine-month periods ended September 28, 2014 and September 29, 2013, 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 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 28, 2014. 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. 28, 2014 | |||||||||||||||||
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 28, 2014 and September 29, 2013, respectively: | |||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
29-Sep | 28-Sep | 29-Sep | |||||||||||||||
28-Sep | 2013 | 2014 | 2013 | ||||||||||||||
2014 | |||||||||||||||||
Federal: | |||||||||||||||||
Current | $ | - | $ | - | $ | - | $ | - | |||||||||
Deferred | (20,315 | ) | (14,246 | ) | (189,473 | ) | 23,908 | ||||||||||
State: | |||||||||||||||||
Current | (24,389 | ) | 33,568 | 43,898 | 65,434 | ||||||||||||
Deferred | (3,396 | ) | (33,766 | ) | (34,455 | ) | (37,156 | ) | |||||||||
Income tax provision (benefit) | $ | (48,100 | ) | $ | (14,444 | ) | $ | (180,030 | ) | $ | 52,186 | ||||||
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 before income taxes. The items causing this difference are as follows: | |||||||||||||||||
28-Sep | 29-Sep | ||||||||||||||||
2014 | 2013 | ||||||||||||||||
Income tax provision at federal statutory rate | $ | (32,235 | ) | $ | 116,298 | ||||||||||||
State income tax provision | 6,331 | 18,663 | |||||||||||||||
Permanent differences | 53,499 | 123,778 | |||||||||||||||
Tax credits | (207,625 | ) | (206,553 | ) | |||||||||||||
Income tax provision (benefit) | $ | (180,030 | ) | $ | 52,186 | ||||||||||||
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: | |||||||||||||||||
28-Sep | 29-Dec | ||||||||||||||||
2014 | 2013 | ||||||||||||||||
Deferred tax assets: | |||||||||||||||||
Net operating loss carry forwards | $ | 494,900 | $ | 983,682 | |||||||||||||
Deferred rent expense | 593,237 | 131,249 | |||||||||||||||
Start-up costs | 133,744 | 130,136 | |||||||||||||||
Tax credit carry forwards | 2,591,009 | 2,427,861 | |||||||||||||||
Interest rate swaps | 85,179 | 111,218 | |||||||||||||||
Investments | 8,061 | 15,030 | |||||||||||||||
Stock-based compensation | 275,606 | 129,514 | |||||||||||||||
Other | 259,280 | 186,814 | |||||||||||||||
Total deferred tax assets | 4,441,016 | 4,115,504 | |||||||||||||||
Deferred tax liabilities: | |||||||||||||||||
Tax depreciation in excess of book | 2,804,681 | 2,708,544 | |||||||||||||||
Other | 282,654 | 244,199 | |||||||||||||||
Total deferred tax liabilities | 3,087,335 | 2,952,743 | |||||||||||||||
Net deferred income tax asset | $ | 1,353,681 | $ | 1,162,761 | |||||||||||||
If deemed necessary by management, the Company establishes valuation allowances in accordance with the provisions of Accounting Standards Codification (“ASC”) 740, Income Taxes ("ASC 740") issued by FASB. 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 their 20-year expiration. As of September 28, 2014, the Company has available federal net operating loss carryforwards of approximately $2.1 million. Of that amount, approximately $600,000 relates to stock-based compensation tax deductions in excess of book compensation expense that will be credited to additional paid in capital in future periods when such deductions reduce taxes payable as determined based on a "with-and-without" approach. Net operating losses relating to such benefits are not included in the table above. General business tax credits of $2.6 million will expire between 2028 and 2035. | |||||||||||||||||
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 28, 2014. | |||||||||||||||||
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. 28, 2014 | |||||
Leases, Operating [Abstract] | ' | ||||
Operating Leases of Lessor Disclosure [Text Block] | ' | ||||
10. OPERATING LEASES (INCLUDING RELATED PARTY) | |||||
Lease terms range from five to 20 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 $1.4 million and $1.2 million for the three-month periods ended September 28, 2014 and September 29, 2013, respectively (of which $34,299 and $18,820, respectively, were paid to a related party). Total rent expense was $3.8 million and $3.7 million for the nine-month periods ended September 28, 2014 and September 29, 2013, respectively (of which $103,961 and $56,394, respectively, were paid to a related party). On October 30, 2014, Detroit Burgers, Inc., one of our wholly-owned subsidiaries, acquired 100% of the membership interests of DMM Group, LLC from a trust controlled by the spouse of our President, CEO and Chairman, T. Michael Ansley for $250,000. DMM Group’s sole asset is the land and improvements used for our Detroit Bagger Dave’s restaurant. | |||||
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 28, 2014 are summarized as follows: | |||||
Year | Amount | ||||
Remainder of 2014 | $ | 1,528,696 | |||
2015 | 6,065,811 | ||||
2016 | 5,841,663 | ||||
2017 | 5,568,461 | ||||
2018 | 5,282,794 | ||||
2019 and thereafter | 24,090,959 | ||||
Total | $ | 48,378,384 | |||
Scheduled future minimum lease payments for each of the five years and thereafter for non-cancelable operating leases for restaurants under development with initial or remaining lease terms in excess of one year at September 28, 2014 are summarized as follows: | |||||
Year | Amount | ||||
Remainder of 2014 | $ | 37,008 | |||
2015 | 496,736 | ||||
2016 | 520,872 | ||||
2017 | 522,552 | ||||
2018 | 524,236 | ||||
2019 and thereafter | 4,107,260 | ||||
Total | $ | 6,208,664 | |||
Note_11_Commitments_and_Contin
Note 11 - Commitments and Contingencies | 9 Months Ended |
Sep. 28, 2014 | |
Commitments and Contingencies Disclosure [Abstract] | ' |
Commitments and Contingencies Disclosure [Text Block] | ' |
11. COMMITMENTS AND CONTINGENCIES | |
The Company’s ADA requires DRH to open 32 restaurants by 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 28, 2014, we have opened 22 of the 32 restaurants required by the ADA. With the remaining 10 restaurants, along with two additional franchise agreements, we expect the Company will operate 52 BWW restaurants by 2017, exclusive of potential additional BWW restaurant acquisitions. | |
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 royalty fees of $1.4 million and $1.2 million for the three-month periods ended September 28, 2014 and September 29, 2013 and $3.9 million and $3.5 million for nine-month periods ended September 28, 2014 and September 29, 2013, respectively. Advertising fund contribution expenses were $813,579 and $690,096 for the three-month periods ended September 28, 2014 and September 29, 2013 and $2.3 million and $2.1 million for nine-month periods ended September 28, 2014 and September 29, 2013, 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 for a restaurant can range from approximately $50,000 to approximately $700,000 depending on an individual restaurant's needs. | |
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 an unfavorable outcome of any pending or threatened proceedings is probable or reasonably possible. Therefore, no separate reserve or disclosure 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. 28, 2014 | |||||||||
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 28, 2014 and September 29, 2013: | |||||||||
Three months ended | |||||||||
29-Sep | |||||||||
28-Sep | 2013 | ||||||||
2014 | |||||||||
Income (loss) available to common stockholders | $ | (182,109 | ) | $ | 69,810 | ||||
Weighted-average shares outstanding | 26,107,627 | 26,054,118 | |||||||
Effect of dilutive securities | - | 132,145 | |||||||
Weighted-average shares outstanding - assuming dilution | 26,107,627 | 26,186,263 | |||||||
Earnings (loss) per common share | $ | (0.01 | ) | $ | 0 | ||||
Earnings (loss) per common share - assuming dilution | $ | (0.01 | ) | $ | 0 | ||||
Nine months ended | |||||||||
29-Sep | |||||||||
28-Sep | 2013 | ||||||||
2014 | |||||||||
Income available to common stockholders | $ | 85,252 | $ | 311,847 | |||||
Weighted-average shares outstanding | 26,074,797 | 23,231,403 | |||||||
Effect of dilutive securities | 99,796 | 119,725 | |||||||
Weighted-average shares outstanding - assuming dilution | 26,174,593 | 23,351,128 | |||||||
Earnings per common share | $ | 0 | $ | 0.01 | |||||
Earnings per common share - assuming dilution | $ | 0 | $ | 0.01 | |||||
Note_13_Supplemental_Cash_Flow
Note 13 - Supplemental Cash Flows Information | 9 Months Ended |
Sep. 28, 2014 | |
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 $438,679 and $319,689 during the three-month periods ended September 28, 2014 and September 29, 2013, and was $1.3 million and $1.4 million for the nine-month periods ended September 28, 2014 and September 29, 2013, respectively. | |
Cash paid for income taxes was $22,000 during the three-month periods ended September 28, 2014 and September 29, 2013, respectively, and $22,000 and $65,500 for the nine-month periods ended September 28, 2014 and September 29, 2013, respectively. | |
Supplemental Schedule of Non-Cash Operating, Investing, and Financing Activities | |
Noncash investing activities for property and equipment not yet paid during both the nine months ended September 28, 2014 and September 29, 2013, was $1.4 million. |
Note_14_Fair_Value_of_Financia
Note 14 - Fair Value of Financial Instruments | 9 Months Ended | ||||||||||||||||
Sep. 28, 2014 | |||||||||||||||||
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 28, 2014 and December 29, 2013, respectively, our financial instruments consisted of cash and cash equivalents, accounts receivable, available-for-sale investments, accounts payable, and debt. The fair value of cash and cash equivalents, accounts receivable, and accounts payable approximate 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 Note 1 and Note 7 for additional information pertaining to interest rates 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 28, 2014 and December 29, 2013, our total debt was approximately $56.9 million and $46.3 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 and nine months ended September 28, 2014 and the fiscal year ended December 29, 2013. | |||||||||||||||||
The following table presents the fair values for those assets and liabilities measured on a recurring basis as of September 28, 2014: | |||||||||||||||||
FAIR VALUE MEASUREMENTS | |||||||||||||||||
Description | Level 1 | Level 2 | Level 3 | Asset/(Liability) | |||||||||||||
Total | |||||||||||||||||
Interest rate swaps | $ | - | $ | (250,528 | ) | $ | - | $ | (250,528 | ) | |||||||
Debt securities | |||||||||||||||||
Obligations of states/municipals | - | 2,607,841 | - | 2,607,841 | |||||||||||||
Corporate securities | - | 2,304,007 | - | 2,304,007 | |||||||||||||
Total debt securities | - | 4,911,848 | - | 4,911,848 | |||||||||||||
Total debt securities and derivatives | $ | - | $ | 4,661,320 | $ | - | $ | 4,661,320 | |||||||||
The following table presents the fair values for those assets and liabilities measured on a recurring basis as of December 29, 2013: | |||||||||||||||||
FAIR VALUE MEASUREMENTS | |||||||||||||||||
Description | Level 1 | Level 2 | Level 3 | Asset/(Liability) | |||||||||||||
Total | |||||||||||||||||
Interest rate swaps | $ | - | $ | (327,561 | ) | $ | - | $ | (327,561 | ) | |||||||
Debt securities | |||||||||||||||||
U.S. government and agencies | - | 3,498,135 | - | 3,498,135 | |||||||||||||
Corporate securities | - | 5,063,463 | - | 5,063,463 | |||||||||||||
Total debt securities | - | 8,561,598 | - | 8,561,598 | |||||||||||||
Total debt securities and swaps | $ | - | $ | 8,234,037 | $ | - | $ | 8,234,037 | |||||||||
Note_15_Accumulated_Other_Comp
Note 15 - Accumulated Other Comprehensive Income (Loss) | 9 Months Ended | ||||||||
Sep. 28, 2014 | |||||||||
Disclosure Text Block [Abstract] | ' | ||||||||
Comprehensive Income (Loss) Note [Text Block] | ' | ||||||||
15. ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) | |||||||||
The following table summarizes each component of Accumulated Other Comprehensive Income (loss): | |||||||||
28-Sep | 29-Dec | ||||||||
2014 | 2013 | ||||||||
Fair value of interest rate swaps (net of tax of $85,179 and $111,218) | $ | (165,347 | ) | $ | (216,188 | ) | |||
Fair value of investments (net of tax of $8,061 and $15,030) | (15,650 | ) | (29,176 | ) | |||||
Total Accumulated other comprehensive loss ending balance | $ | (180,997 | ) | $ | (245,364 | ) | |||
Note_16_Subsequent_Events
Note 16 - Subsequent Events | 9 Months Ended |
Sep. 28, 2014 | |
Subsequent Events [Abstract] | ' |
Subsequent Events [Text Block] | ' |
16. SUBSEQUENT EVENTS | |
On October 31, 2014 and November 5, 2014, the Company closed on its previously announced sale and leaseback transaction with Spirit Master Funding IX (“Purchaser”), with regard to seven of the 12 properties that are subject to the agreement. The aggregate sales price for the properties closed to date was $13.1 million. The Company plans to use $5.0 million of the proceeds to pay down debt, including $1.9 million to retire mortgages on its Brandon Buffalo Wild Wings property and $3.1 million to pay down its DLOC. The Company intends to use the remaining proceeds from the transaction to fund growth capital. Closing on the remaining properties, all of which remain under construction, is anticipated to occur upon completion of the construction, subject to customary diligence by Purchaser and satisfaction of other conditions precedent to closing. For additional information, refer the 8-K filed on November 5, 2014. |
Accounting_Policies_by_Policy_
Accounting Policies, by Policy (Policies) | 9 Months Ended |
Sep. 28, 2014 | |
Accounting Policies [Abstract] | ' |
Basis of Accounting, Policy [Policy Text Block] | ' |
Basis of Presentation | |
The consolidated financial statements as of September 28, 2014 and December 29, 2013, and for the three-month and nine-month periods ended September 28, 2014 and September 29, 2013, 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. The financial information as of September 28, 2014 and for the three-month and nine-month periods ended September 28, 2014 and September 29, 2013 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 consolidated financial information as of December 29, 2013 is derived from our audited consolidated financial statements and notes thereto for the fiscal year ended December 29, 2013, which is included in Item 8 in the Fiscal 2013 Annual Report on Form 10-K, and should be read in conjunction with such consolidated financial statements. | |
The results of operations for the three-month and nine-month periods ended September 28, 2014 are not necessarily indicative of the results of operations that may be achieved for the entire year ending December 28, 2014. | |
Reclassification, Policy [Policy Text Block] | ' |
Reclassifications | |
Certain reclassifications have been made to the consolidated financial statements to conform to the prior year's presentation. | |
Segment Reporting, Policy [Policy Text Block] | ' |
Segment Reporting | |
The Company has two operating segments, Bagger Dave’s and BWW. The brands operate within the ultra-casual, full-service dining industry, providing similar products to similar customers. The brands also possess similar economic characteristics, resulting in similar long-term expected financial performance. Sales from external customers are derived principally from food and beverage sales. We do not rely on any major customers as a source of sales. We believe we meet the criteria for aggregating our operating segments into a single reporting segment. | |
Concentration Risk, Credit Risk, Policy [Policy Text Block] | ' |
Concentration Risks | |
Approximately 79.8% and 80.6% of the Company's revenues are generated from food and beverage sales of restaurants located in the Midwest region during the nine-month periods ended September 28, 2014 and September 29, 2013, respectively. | |
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, net of taxes, reported in the accumulated other comprehensive income (loss) component of stockholders’ equity, 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. | |
Goodwill and Intangible Assets, Goodwill, Policy [Policy Text Block] | ' |
Goodwill | |
Goodwill is not amortized and represents the excess of cost over the fair value of identified net assets of businesses acquired. Goodwill is subject to an annual impairment analysis or more frequently if indicators of impairment exist. At September 28, 2014 and December 29, 2013, we had goodwill of $ 11.0 million and $8.6 million, respectively that was assigned to our BWW operating segment. See Note 2 for additional information. | |
The impairment analysis, if necessary, consists of a two-step process. The first step is to compare the fair value of the reporting unit to its carrying value, including goodwill. We estimate fair value using market information (market approach) and discounted cash flow projections (income approach). The income approach uses the reporting unit’s projection of estimated operating results and cash flows that is discounted using a weighted-average cost of capital that reflects market conditions. The projection uses management’s best estimates of projected revenue, costs and cash expenditures, including an estimate of new restaurant openings and related capital expenditures. Other significant estimates also include terminal growth rates and working capital requirements. We supplement our estimate of fair value under the income approach by using a market approach which estimates fair value by applying multiples to the reporting unit’s projected operating performance. The multiples are derived from comparable publicly traded companies with similar characteristics to the reporting unit. If the fair value of the reporting unit is less than its carrying value, the second step of the impairment analysis must be performed in order to determine the amount of impairment loss, if any. The second step compares the implied fair value of goodwill with the carrying amount of that goodwill. If the carrying amount of the goodwill exceeds its implied fair value, an impairment charge is recognized in an amount equal to that excess. As of December 29, 2013, based on our quantitative analysis, goodwill was considered recoverable. At September 28, 2014, there were no impairment indicators warranting an analysis. | |
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 disclosure of 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 RBS Citizens, N.A. (“RBS”) 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. The Company’s interest rate swap agreements 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 swaps on the Consolidated Balance Sheet in other long-term assets or other long-term 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 | |
In May 2014, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update No. 2014-09, Revenue from Contracts with Customers ("ASU 2014-09"), which supersedes nearly all existing revenue recognition guidance under GAAP. The core principle of ASU 2014-09 is to recognize revenues when promised goods or services are transferred to customers in an amount that reflects the consideration to which an entity expects to be entitled for those goods or services. ASU 2014-09 defines a five step process to achieve this core principle and, in doing so, more judgment and estimates may be required within the revenue recognition process than are required under existing GAAP. The standard is effective for annual periods beginning after December 15, 2016, and interim periods therein. We are currently evaluating the impact of our pending adoption of ASU 2014-09, although based on the nature of our business we do not expect the standard will have a significant impact on our consolidated financial statements. |
Note_2_Significant_Business_Tr1
Note 2 - Significant Business Transactions (Tables) | 9 Months Ended | ||||
Sep. 28, 2014 | |||||
Schedule Of Significant Business Transactions [Abstract] | ' | ||||
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block] | ' | ||||
Working capital | $ | 57,600 | |||
Property and equipment | 656,146 | ||||
Franchise fees | 72,750 | ||||
Goodwill | 2,419,854 | ||||
Net Cash paid for acquisition | $ | 3,206,350 |
Note_3_Investments_Tables
Note 3 - Investments (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 28, 2014 | |||||||||||||||||
Investments, Debt and Equity Securities [Abstract] | ' | ||||||||||||||||
Available-for-sale Securities [Table Text Block] | ' | ||||||||||||||||
28-Sep-14 | |||||||||||||||||
Amortized | Unrealized | Unrealized | Estimated | ||||||||||||||
Cost | Gains | Loss | Fair Value | ||||||||||||||
Debt securities: | |||||||||||||||||
Obligations of states/municipals | 2,613,309 | - | (5,468 | ) | 2,607,841 | ||||||||||||
Corporate securities | 2,322,250 | - | (18,243 | ) | 2,304,007 | ||||||||||||
Total debt securities | $ | 4,935,559 | $ | - | $ | (23,711 | ) | $ | 4,911,848 | ||||||||
29-Dec-13 | |||||||||||||||||
Amortized | Unrealized | Unrealized | Estimated | ||||||||||||||
Cost | Gains | Loss | Fair Value | ||||||||||||||
Debt securities: | |||||||||||||||||
U.S. government and agencies | $ | 3,497,951 | $ | 236 | $ | (52 | ) | $ | 3,498,135 | ||||||||
Corporate securities | 5,107,853 | - | (44,390 | ) | 5,063,463 | ||||||||||||
Total debt securities | $ | 8,605,804 | $ | 236 | $ | (44,442 | ) | $ | 8,561,598 | ||||||||
Unrealized Gain (Loss) on Investments [Table Text Block] | ' | ||||||||||||||||
28-Sep | 29-Dec | ||||||||||||||||
2014 | 2013 | ||||||||||||||||
Unrealized gains | $ | - | $ | 236 | |||||||||||||
Unrealized loss | (23,711 | ) | (44,442 | ) | |||||||||||||
Net unrealized loss | (23,711 | ) | (44,206 | ) | |||||||||||||
Deferred federal income tax benefit | 8,061 | 15,030 | |||||||||||||||
Net unrealized loss on investments, net of deferred income tax | $ | (15,650 | ) | $ | (29,176 | ) |
Note_4_Property_and_Equipment_
Note 4 - Property and Equipment (Tables) | 9 Months Ended | ||||||||
Sep. 28, 2014 | |||||||||
Property, Plant and Equipment [Abstract] | ' | ||||||||
Property, Plant and Equipment [Table Text Block] | ' | ||||||||
28-Sep | 29-Dec | ||||||||
2014 | 2013 | ||||||||
Land | $ | 5,823,050 | $ | 3,610,453 | |||||
Building | 4,316,263 | 4,316,263 | |||||||
Equipment | 26,459,185 | 22,212,594 | |||||||
Furniture and fixtures | 6,950,744 | 5,822,813 | |||||||
Leasehold improvements | 57,304,857 | 46,469,088 | |||||||
Restaurant construction in progress | 4,551,171 | 2,434,332 | |||||||
Total | 105,405,270 | 84,865,543 | |||||||
Less accumulated depreciation | (30,905,075 | ) | (26,288,809 | ) | |||||
Property and equipment, net | $ | 74,500,195 | $ | 58,576,734 |
Note_5_Intangible_Assets_Table
Note 5 - Intangible Assets (Tables) | 9 Months Ended | ||||||||
Sep. 28, 2014 | |||||||||
Disclosure Text Block [Abstract] | ' | ||||||||
Schedule of Finite-Lived Intangible Assets [Table Text Block] | ' | ||||||||
28-Sep | 29-Dec | ||||||||
2014 | 2013 | ||||||||
Amortized intangibles: | |||||||||
Franchise fees | $ | 659,863 | $ | 568,363 | |||||
Trademark | 64,059 | 59,199 | |||||||
Non-compete agreement | 76,560 | 76,560 | |||||||
Favorable lease | 239,000 | 239,000 | |||||||
Loan fees | 465,497 | 346,758 | |||||||
Total | 1,504,979 | 1,289,880 | |||||||
Less accumulated amortization | (481,961 | ) | (361,009 | ) | |||||
Amortized intangibles, net | 1,023,018 | 928,871 | |||||||
Unamortized intangibles: | |||||||||
Liquor licenses | 2,206,469 | 2,019,142 | |||||||
Total intangibles, net | $ | 3,229,487 | $ | 2,948,013 | |||||
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block] | ' | ||||||||
Year | Amount | ||||||||
Remainder of 2014 | $ | 42,847 | |||||||
2015 | 165,794 | ||||||||
2016 | 147,614 | ||||||||
2017 | 146,078 | ||||||||
2018 | 71,516 | ||||||||
2019 and thereafter | 449,169 | ||||||||
Total | $ | 1,023,018 |
Note_7_LongTerm_Debt_Tables
Note 7 - Long-Term Debt (Tables) | 9 Months Ended | ||||||||
Sep. 28, 2014 | |||||||||
Disclosure Text Block [Abstract] | ' | ||||||||
Schedule of Long-term Debt Instruments [Table Text Block] | ' | ||||||||
28-Sep | 29-Dec | ||||||||
2014 | 2013 | ||||||||
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 2.25% to 3.15%, depending on the lease adjusted leverage ratio defined in the terms of the agreement. The rate at September 28, 2014 was approximately 2.7%. | $ | 26,690,476 | 31,619,048 | ||||||
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. Scheduled monthly principal payments are $178,571 plus accrued interest through maturity in April 2018. Interest is charged based on one-month LIBOR plus an applicable margin, which ranges from 2.25% to 3.15%, depending on the lease adjusted leverage ratio defined in the terms of the agreement. The rate at September 28, 2014 was approximately 2.7%. | 14,107,143 | 12,759,420 | |||||||
Note payable - $20.0 million development line of credit II; 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 2.25% to 3.15%, depending on the lease adjusted leverage ratio defined in the terms of the agreement. The rate at September 28, 2014 was approximately 2.7%. Once fully drawn, payments will be due monthly; the note matures in April 2018. | 14,207,752 | - | |||||||
Note payable to a bank secured by a senior mortgage on the Brandon Property. 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). | 1,063,990 | 1,081,047 | |||||||
Note payable to a bank secured by a junior mortgage on the Brandon Property. The note 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. | 786,648 | 813,806 | |||||||
Total long-term debt | 56,856,009 | 46,273,321 | |||||||
Less current portion | (12,327,788 | ) | (8,225,732 | ) | |||||
Long-term debt, net of current portion | $ | 44,528,221 | $ | 38,047,589 | |||||
Schedule of Maturities of Long-term Debt [Table Text Block] | ' | ||||||||
Year | Amount | ||||||||
Remainder of 2014 | $ | 2,558,034 | |||||||
2015 | 13,148,218 | ||||||||
2016 | 13,151,117 | ||||||||
2017 | 13,154,578 | ||||||||
2018 | 13,276,923 | ||||||||
2019 and thereafter | 1,567,139 | ||||||||
Total | $ | 56,856,009 |
Note_8_StockBased_Compensation1
Note 8 - Stock-Based Compensation (Tables) | 9 Months Ended | ||||
Sep. 28, 2014 | |||||
Stockholders' Equity Note [Abstract] | ' | ||||
Nonvested Restricted Stock Shares Activity [Table Text Block] | ' | ||||
Number of | |||||
Restricted | |||||
Stock Shares | |||||
Unvested, December 29, 2013 | 116,667 | ||||
Granted | 91,966 | ||||
Vested | (41,031 | ) | |||
Expired/Forfeited | (2,068 | ) | |||
Unvested, September 28, 2014 | 165,534 | ||||
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 |
Note_9_Income_Taxes_Tables
Note 9 - Income Taxes (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 28, 2014 | |||||||||||||||||
Income Tax Disclosure [Abstract] | ' | ||||||||||||||||
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | ' | ||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
29-Sep | 28-Sep | 29-Sep | |||||||||||||||
28-Sep | 2013 | 2014 | 2013 | ||||||||||||||
2014 | |||||||||||||||||
Federal: | |||||||||||||||||
Current | $ | - | $ | - | $ | - | $ | - | |||||||||
Deferred | (20,315 | ) | (14,246 | ) | (189,473 | ) | 23,908 | ||||||||||
State: | |||||||||||||||||
Current | (24,389 | ) | 33,568 | 43,898 | 65,434 | ||||||||||||
Deferred | (3,396 | ) | (33,766 | ) | (34,455 | ) | (37,156 | ) | |||||||||
Income tax provision (benefit) | $ | (48,100 | ) | $ | (14,444 | ) | $ | (180,030 | ) | $ | 52,186 | ||||||
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | ' | ||||||||||||||||
28-Sep | 29-Sep | ||||||||||||||||
2014 | 2013 | ||||||||||||||||
Income tax provision at federal statutory rate | $ | (32,235 | ) | $ | 116,298 | ||||||||||||
State income tax provision | 6,331 | 18,663 | |||||||||||||||
Permanent differences | 53,499 | 123,778 | |||||||||||||||
Tax credits | (207,625 | ) | (206,553 | ) | |||||||||||||
Income tax provision (benefit) | $ | (180,030 | ) | $ | 52,186 | ||||||||||||
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | ' | ||||||||||||||||
28-Sep | 29-Dec | ||||||||||||||||
2014 | 2013 | ||||||||||||||||
Deferred tax assets: | |||||||||||||||||
Net operating loss carry forwards | $ | 494,900 | $ | 983,682 | |||||||||||||
Deferred rent expense | 593,237 | 131,249 | |||||||||||||||
Start-up costs | 133,744 | 130,136 | |||||||||||||||
Tax credit carry forwards | 2,591,009 | 2,427,861 | |||||||||||||||
Interest rate swaps | 85,179 | 111,218 | |||||||||||||||
Investments | 8,061 | 15,030 | |||||||||||||||
Stock-based compensation | 275,606 | 129,514 | |||||||||||||||
Other | 259,280 | 186,814 | |||||||||||||||
Total deferred tax assets | 4,441,016 | 4,115,504 | |||||||||||||||
Deferred tax liabilities: | |||||||||||||||||
Tax depreciation in excess of book | 2,804,681 | 2,708,544 | |||||||||||||||
Other | 282,654 | 244,199 | |||||||||||||||
Total deferred tax liabilities | 3,087,335 | 2,952,743 | |||||||||||||||
Net deferred income tax asset | $ | 1,353,681 | $ | 1,162,761 |
Note_10_Operating_Leases_Inclu1
Note 10 - Operating Leases (Including Related Party) (Tables) | 9 Months Ended | ||||
Sep. 28, 2014 | |||||
Leases, Operating [Abstract] | ' | ||||
Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block] | ' | ||||
Year | Amount | ||||
Remainder of 2014 | $ | 1,528,696 | |||
2015 | 6,065,811 | ||||
2016 | 5,841,663 | ||||
2017 | 5,568,461 | ||||
2018 | 5,282,794 | ||||
2019 and thereafter | 24,090,959 | ||||
Total | $ | 48,378,384 | |||
Year | Amount | ||||
Remainder of 2014 | $ | 37,008 | |||
2015 | 496,736 | ||||
2016 | 520,872 | ||||
2017 | 522,552 | ||||
2018 | 524,236 | ||||
2019 and thereafter | 4,107,260 | ||||
Total | $ | 6,208,664 |
Note_12_Earnings_Per_Common_Sh1
Note 12 - Earnings Per Common Share (Tables) | 9 Months Ended | ||||||||
Sep. 28, 2014 | |||||||||
Earnings Per Share [Abstract] | ' | ||||||||
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | ' | ||||||||
Three months ended | |||||||||
29-Sep | |||||||||
28-Sep | 2013 | ||||||||
2014 | |||||||||
Income (loss) available to common stockholders | $ | (182,109 | ) | $ | 69,810 | ||||
Weighted-average shares outstanding | 26,107,627 | 26,054,118 | |||||||
Effect of dilutive securities | - | 132,145 | |||||||
Weighted-average shares outstanding - assuming dilution | 26,107,627 | 26,186,263 | |||||||
Earnings (loss) per common share | $ | (0.01 | ) | $ | 0 | ||||
Earnings (loss) per common share - assuming dilution | $ | (0.01 | ) | $ | 0 | ||||
Nine months ended | |||||||||
29-Sep | |||||||||
28-Sep | 2013 | ||||||||
2014 | |||||||||
Income available to common stockholders | $ | 85,252 | $ | 311,847 | |||||
Weighted-average shares outstanding | 26,074,797 | 23,231,403 | |||||||
Effect of dilutive securities | 99,796 | 119,725 | |||||||
Weighted-average shares outstanding - assuming dilution | 26,174,593 | 23,351,128 | |||||||
Earnings per common share | $ | 0 | $ | 0.01 | |||||
Earnings per common share - assuming dilution | $ | 0 | $ | 0.01 |
Note_14_Fair_Value_of_Financia1
Note 14 - Fair Value of Financial Instruments (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 28, 2014 | |||||||||||||||||
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 | Asset/(Liability) | |||||||||||||
Total | |||||||||||||||||
Interest rate swaps | $ | - | $ | (250,528 | ) | $ | - | $ | (250,528 | ) | |||||||
Debt securities | |||||||||||||||||
Obligations of states/municipals | - | 2,607,841 | - | 2,607,841 | |||||||||||||
Corporate securities | - | 2,304,007 | - | 2,304,007 | |||||||||||||
Total debt securities | - | 4,911,848 | - | 4,911,848 | |||||||||||||
Total debt securities and derivatives | $ | - | $ | 4,661,320 | $ | - | $ | 4,661,320 | |||||||||
FAIR VALUE MEASUREMENTS | |||||||||||||||||
Description | Level 1 | Level 2 | Level 3 | Asset/(Liability) | |||||||||||||
Total | |||||||||||||||||
Interest rate swaps | $ | - | $ | (327,561 | ) | $ | - | $ | (327,561 | ) | |||||||
Debt securities | |||||||||||||||||
U.S. government and agencies | - | 3,498,135 | - | 3,498,135 | |||||||||||||
Corporate securities | - | 5,063,463 | - | 5,063,463 | |||||||||||||
Total debt securities | - | 8,561,598 | - | 8,561,598 | |||||||||||||
Total debt securities and swaps | $ | - | $ | 8,234,037 | $ | - | $ | 8,234,037 |
Note_15_Accumulated_Other_Comp1
Note 15 - Accumulated Other Comprehensive Income (Loss) (Tables) | 9 Months Ended | ||||||||
Sep. 28, 2014 | |||||||||
Disclosure Text Block [Abstract] | ' | ||||||||
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | ' | ||||||||
28-Sep | 29-Dec | ||||||||
2014 | 2013 | ||||||||
Fair value of interest rate swaps (net of tax of $85,179 and $111,218) | $ | (165,347 | ) | $ | (216,188 | ) | |||
Fair value of investments (net of tax of $8,061 and $15,030) | (15,650 | ) | (29,176 | ) | |||||
Total Accumulated other comprehensive loss ending balance | $ | (180,997 | ) | $ | (245,364 | ) |
Note_1_Business_and_Summary_of1
Note 1 - Business and Summary of Significant Accounting Policies (Details) (USD $) | 9 Months Ended | 9 Months Ended | |||||||||||||||||
Sep. 28, 2014 | Dec. 29, 2013 | Dec. 31, 2017 | Dec. 31, 2017 | Dec. 31, 2017 | Sep. 28, 2014 | Sep. 28, 2014 | Sep. 28, 2014 | Sep. 28, 2014 | Sep. 28, 2014 | Sep. 28, 2014 | Sep. 28, 2014 | Sep. 28, 2014 | Sep. 28, 2014 | Sep. 28, 2014 | Sep. 28, 2014 | Sep. 28, 2014 | Sep. 29, 2013 | Sep. 28, 2014 | |
Scenario, Forecast [Member] | Scenario, Forecast [Member] | Scenario, Forecast [Member] | Scenario, Forecast [Member] | Bagger Dave's [Member] | Bagger Dave's [Member] | Bagger Dave's [Member] | Bagger Dave's [Member] | BWW [Member] | BWW [Member] | BWW [Member] | BWW [Member] | BWW [Member] | BWW [Member] | Sales Revenue, Net [Member] | Sales Revenue, Net [Member] | AMC Real Estate [Member] | |||
Bagger Dave's [Member] | Bagger Dave's [Member] | BWW [Member] | AMC Real Estate [Member] | MICHIGAN | INDIANA | AMC Real Estate [Member] | MICHIGAN | INDIANA | FLORIDA | ILLINOIS | Geographic Concentration Risk [Member] | Geographic Concentration Risk [Member] | |||||||
Minimum [Member] | Maximum [Member] | Required Under Area Development Agreement [Member] | Midwest Region [Member] | Midwest Region [Member] | |||||||||||||||
Note 1 - Business and Summary of Significant Accounting Policies (Details) [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of Restaurants | 61 | ' | 47 | 51 | 52 | 52 | 4 | 14 | 8 | 22 | 4 | 18 | 4 | 14 | 4 | 40 | ' | ' | 8 |
Number of Operating Segments | 2 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Concentration Risk, Percentage | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 79.80% | 80.60% | ' |
Goodwill (in Dollars) | $10,998,630 | $8,578,776 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Note_2_Significant_Business_Tr2
Note 2 - Significant Business Transactions (Details) (USD $) | 1 Months Ended | 9 Months Ended | 0 Months Ended | ||
Apr. 23, 2013 | Sep. 29, 2013 | Sep. 28, 2014 | Dec. 29, 2013 | Jul. 01, 2014 | |
Screamin' Hot Florida, LLC and Screamin' Hot Trinity, LLC [Member] | |||||
Note 2 - Significant Business Transactions (Details) [Line Items] | ' | ' | ' | ' | ' |
Stock Issued During Period, Shares, New Issues (in Shares) | 6,900,000 | ' | ' | ' | ' |
Sale of Stock, Price Per Share (in Dollars per share) | $5 | ' | ' | ' | ' |
Proceeds from Issuance of Common Stock | $31,900,000 | $31,994,823 | ' | ' | ' |
Short Term Investments Maturity | '1 year | ' | ' | ' | ' |
Available-for-sale Securities | ' | ' | 4,911,848 | 8,561,598 | ' |
Number of Restaurants | ' | ' | 61 | ' | 3 |
Business Combination, Consideration Transferred | ' | ' | ' | ' | $3,200,000 |
Note_2_Significant_Business_Tr3
Note 2 - Significant Business Transactions (Details) - Estimated Fair Values of Net Assets Acqured and Liabilities Assumed (USD $) | Sep. 28, 2014 | Dec. 29, 2013 | Jun. 30, 2014 |
Screamin' Hot Florida, LLC and Screamin' Hot Trinity, LLC [Member] | |||
Note 2 - Significant Business Transactions (Details) - Estimated Fair Values of Net Assets Acqured and Liabilities Assumed [Line Items] | ' | ' | ' |
Working capital | ' | ' | $57,600 |
Property and equipment | ' | ' | 656,146 |
Franchise fees | ' | ' | 72,750 |
Goodwill | 10,998,630 | 8,578,776 | 2,419,854 |
Net Cash paid for acquisition | ' | ' | $3,206,350 |
Note_3_Investments_Details
Note 3 - Investments (Details) (USD $) | Sep. 28, 2014 | Dec. 29, 2013 |
Investments, Debt and Equity Securities [Abstract] | ' | ' |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | $4,900,000 | $7,000,000 |
Available-for-sale Securities, Accumulated Gross Unrealized Loss, before Tax | $23,711 | $44,442 |
Note_3_Investments_Details_Inv
Note 3 - Investments (Details) - Investments (USD $) | Sep. 28, 2014 | Dec. 29, 2013 |
Debt securities: | ' | ' |
Amortized Cost | $4,935,559 | $8,605,804 |
Unrealized Gains | ' | 236 |
Unrealized Loss | -23,711 | -44,442 |
Estimated Fair Value | 4,911,848 | 8,561,598 |
Obligations of States/Municipals [Member] | ' | ' |
Debt securities: | ' | ' |
Amortized Cost | 2,613,309 | ' |
Unrealized Loss | -5,468 | ' |
Estimated Fair Value | 2,607,841 | ' |
Corporate Debt Securities [Member] | ' | ' |
Debt securities: | ' | ' |
Amortized Cost | 2,322,250 | 5,107,853 |
Unrealized Loss | -18,243 | -44,390 |
Estimated Fair Value | 2,304,007 | 5,063,463 |
US Government Agencies Debt Securities [Member] | ' | ' |
Debt securities: | ' | ' |
Amortized Cost | ' | 3,497,951 |
Unrealized Gains | ' | 236 |
Unrealized Loss | ' | -52 |
Estimated Fair Value | ' | $3,498,135 |
Note_3_Investments_Details_Gro
Note 3 - Investments (Details) - Gross Unrealized Gains and Losses on Available for Sales Securities (USD $) | 9 Months Ended | 12 Months Ended |
Sep. 28, 2014 | Dec. 29, 2013 | |
Gross Unrealized Gains and Losses on Available for Sales Securities [Abstract] | ' | ' |
Unrealized gains | ' | $236 |
Unrealized loss | -23,711 | -44,442 |
Net unrealized loss | -23,711 | -44,206 |
Deferred federal income tax benefit | 8,061 | 15,030 |
Net unrealized loss on investments, net of deferred income tax | ($15,650) | ($29,176) |
Note_4_Property_and_Equipment_1
Note 4 - Property and Equipment (Details) - Property and Equipment (USD $) | Sep. 28, 2014 | Dec. 29, 2013 |
Property, Plant and Equipment [Line Items] | ' | ' |
Property and equipment | $105,405,270 | $84,865,543 |
Less accumulated depreciation | -30,905,075 | -26,288,809 |
Property and equipment, net | 74,500,195 | 58,576,734 |
Land [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property and equipment | 5,823,050 | 3,610,453 |
Building [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property and equipment | 4,316,263 | 4,316,263 |
Equipment [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property and equipment | 26,459,185 | 22,212,594 |
Furniture and Fixtures [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property and equipment | 6,950,744 | 5,822,813 |
Leasehold Improvements [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property and equipment | 57,304,857 | 46,469,088 |
Construction in Progress [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property and equipment | $4,551,171 | $2,434,332 |
Note_5_Intangible_Assets_Detai
Note 5 - Intangible Assets (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
Sep. 28, 2014 | Sep. 29, 2013 | Sep. 28, 2014 | Sep. 29, 2013 | |
Disclosure Text Block [Abstract] | ' | ' | ' | ' |
Amortization of Intangible Assets | $15,935 | $13,989 | $45,144 | $41,437 |
Weighted Average Amortization Period | ' | ' | '8 years 73 days | ' |
Note_5_Intangible_Assets_Detai1
Note 5 - Intangible Assets (Details) - Intangible Assets (USD $) | Sep. 28, 2014 | Dec. 29, 2013 |
Intangible Assets [Abstract] | ' | ' |
Franchise fees | $659,863 | $568,363 |
Trademark | 64,059 | 59,199 |
Non-compete agreement | 76,560 | 76,560 |
Favorable lease | 239,000 | 239,000 |
Loan fees | 465,497 | 346,758 |
Total | 1,504,979 | 1,289,880 |
Less accumulated amortization | -481,961 | -361,009 |
Amortized intangibles, net | 1,023,018 | 928,871 |
Liquor licenses | 2,206,469 | 2,019,142 |
Total intangibles, net | $3,229,487 | $2,948,013 |
Note_5_Intangible_Assets_Detai2
Note 5 - Intangible Assets (Details) - Future Intangible-Related Expense (USD $) | Sep. 28, 2014 | Dec. 29, 2013 |
Future Intangible-Related Expense [Abstract] | ' | ' |
Remainder of 2014 | $42,847 | ' |
2015 | 165,794 | ' |
2016 | 147,614 | ' |
2017 | 146,078 | ' |
2018 | 71,516 | ' |
2019 and thereafter | 449,169 | ' |
Total | $1,023,018 | $928,871 |
Note_6_Related_Party_Transacti1
Note 6 - Related Party Transactions (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
Sep. 28, 2014 | Sep. 29, 2013 | Sep. 28, 2014 | Sep. 29, 2013 | |
Related Party Transactions [Abstract] | ' | ' | ' | ' |
Professional Fees | $131,050 | $101,440 | $378,988 | $295,642 |
Note_7_LongTerm_Debt_Details
Note 7 - Long-Term Debt (Details) (USD $) | 3 Months Ended | 9 Months Ended | 1 Months Ended | 6 Months Ended | 1 Months Ended | 6 Months Ended | 3 Months Ended | 15 Months Ended | 3 Months Ended | 1 Months Ended | ||||||||||||
Sep. 28, 2014 | Sep. 29, 2013 | Sep. 28, 2014 | Sep. 29, 2013 | Dec. 29, 2013 | Mar. 20, 2014 | Mar. 20, 2014 | Sep. 28, 2014 | Mar. 20, 2014 | Sep. 28, 2014 | Apr. 15, 2013 | Apr. 15, 2013 | Mar. 11, 2014 | Apr. 15, 2013 | Apr. 15, 2013 | Sep. 28, 2014 | Mar. 20, 2014 | Sep. 28, 2014 | Sep. 28, 2014 | Sep. 28, 2014 | Sep. 28, 2014 | Sep. 28, 2014 | |
Reduction in the April 2013 Senior Secured Credit Facility [Member] | April 2013 Senior Secured Credit Facility [Member] | April 2013 Senior Secured Credit Facility [Member] | April 2013 Senior Secured Credit Facility [Member] | April 2013 Senior Secured Credit Facility [Member] | April 2013 Senior Secured Credit Facility [Member] | April 2013 Term Loan [Member] | April 2013 DLOC [Member] | April 2013 DLOC [Member] | April 2013 RLOC [Member] | April 2013 RLOC [Member] | March 2014 DLOC II [Member] | Interest Rate Swap [Member] | Interest Rate Swap Agreement 1 [Member] | Interest Rate Swap Agreement 2 [Member] | Interest Rate Swap Agreement 3 [Member] | Interest Rate Swap Agreement 4 [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] | |||||||||||||||||||
Minimum [Member] | Minimum [Member] | Maximum [Member] | Maximum [Member] | |||||||||||||||||||
Note 7 - Long-Term Debt (Details) [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Line of Credit Facility, Maximum Borrowing Capacity | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $63,000,000 | $46,000,000 | ' | $15,000,000 | $2,000,000 | ' | $20,000,000 | ' | ' | ' | ' | ' |
Debt Instrument, Term | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '5 years | ' | ' | '2 years | ' | '2 years | ' | ' | ' | ' | ' |
Debt Instrument, Periodic Payment | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 547,619 | ' | 178,571 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Long-term Line of Credit | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' | ' | ' | ' | ' |
Debt Instrument Basis Reduction On Variable Rate | ' | ' | ' | ' | ' | 0.25% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument, Basis Spread on Variable Rate | ' | ' | ' | ' | ' | ' | 2.50% | 2.25% | 3.40% | 3.15% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest Expense | 483,057 | 320,798 | 1,436,092 | 1,375,646 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Accretion Expense | ' | 320,798 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Derivative Asset, Notional Amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 40,200,000 | 10,500,000 | 4,300,000 | 12,500,000 | 12,900,000 |
Derivative, Fixed Interest Rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.40% | 0.90% | 1.40% | 1.54% |
Interest Rate Derivative Liabilities, at Fair Value | $250,528 | ' | $250,528 | ' | $327,561 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Note_7_LongTerm_Debt_Details_L
Note 7 - Long-Term Debt (Details) - Long-Term Debt Obligations (USD $) | Sep. 28, 2014 | Dec. 29, 2013 |
Debt Instrument [Line Items] | ' | ' |
Total long-term debt | $56,856,009 | $46,273,321 |
Less current portion | -12,327,788 | -8,225,732 |
Long-term debt, net of current portion | 44,528,221 | 38,047,589 |
April 2018 DLOC II [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Secured debt | 14,207,752 | ' |
April 2018 Term Loan [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Secured debt | 26,690,476 | 31,619,048 |
April 2018 DLOC [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Secured debt | 14,107,143 | 12,759,420 |
Note Payable June 2030 [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Secured debt | 1,063,990 | 1,081,047 |
Note Payable 2030 Junior [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Secured debt | $786,648 | $813,806 |
Note_7_LongTerm_Debt_Details_L1
Note 7 - Long-Term Debt (Details) - Long-Term Debt Obligations (Parentheticals) (USD $) | 3 Months Ended | 9 Months Ended |
Dec. 29, 2013 | Sep. 28, 2014 | |
April 2018 DLOC II [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
IntP5rP5st ratP5 at P5nd of pP5riod | ' | 2.70% |
Maximum borrowing capacity (in Dollars) | ' | $20,000,000 |
Interest rate range, low | ' | 2.25% |
Interest rate range, high | ' | 3.15% |
April 2018 Term Loan [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
IntP5rP5st ratP5 at P5nd of pP5riod | ' | 2.70% |
Maximum borrowing capacity (in Dollars) | 46,000,000 | 46,000,000 |
SchP5dulP5d monthly principal and intP5rP5st paymP5nts (in Dollars) | 547,619 | 547,619 |
Interest rate range, low | 2.25% | 2.25% |
Interest rate range, high | 3.15% | 3.15% |
April 2018 DLOC [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
IntP5rP5st ratP5 at P5nd of pP5riod | ' | 2.70% |
Maximum borrowing capacity (in Dollars) | 15,000,000 | 15,000,000 |
SchP5dulP5d monthly principal and intP5rP5st paymP5nts (in Dollars) | 178,571 | 178,571 |
Interest rate range, low | 2.25% | 2.25% |
Interest rate range, high | 3.15% | 3.15% |
Note Payable June 2030 [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
SchP5dulP5d monthly principal and intP5rP5st paymP5nts (in Dollars) | 8,000 | 8,000 |
Balloon paymP5nt (in Dollars) (in Dollars) | 413,550 | 413,550 |
FixP5d annual intP5rP5st ratP5 | 6.70% | 6.70% |
VariablP5 intP5rP5st ratP5 basis | 4.00% | 4.00% |
Note Payable 2030 Junior [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
SchP5dulP5d monthly principal and intP5rP5st paymP5nts (in Dollars) | $6,300 | $6,300 |
FixP5d annual intP5rP5st ratP5 | 3.60% | 3.60% |
Note_7_LongTerm_Debt_Details_P
Note 7 - Long-Term Debt (Details) - Principal Maturities of Long-Term Debt (USD $) | Sep. 28, 2014 | Dec. 29, 2013 |
Principal Maturities of Long-Term Debt [Abstract] | ' | ' |
Remainder of 2014 | $2,558,034 | ' |
2015 | 13,148,218 | ' |
2016 | 13,151,117 | ' |
2017 | 13,154,578 | ' |
2018 | 13,276,923 | ' |
2019 and thereafter | 1,567,139 | ' |
Total | $56,856,009 | $46,273,321 |
Note_8_StockBased_Compensation2
Note 8 - Stock-Based Compensation (Details) (USD $) | 3 Months Ended | 9 Months Ended | 18 Months Ended | 9 Months Ended | 1 Months Ended | 12 Months Ended | 9 Months Ended | |||||||||||||
Sep. 28, 2014 | Sep. 29, 2013 | Sep. 28, 2014 | Sep. 29, 2013 | Sep. 28, 2014 | Sep. 28, 2014 | Sep. 28, 2014 | Sep. 28, 2014 | Sep. 29, 2013 | Jun. 29, 2014 | Sep. 28, 2014 | Jul. 30, 2013 | Jul. 30, 2010 | Jul. 30, 2007 | Dec. 29, 2013 | Sep. 28, 2014 | Sep. 29, 2013 | Sep. 28, 2014 | Sep. 28, 2014 | Sep. 29, 2013 | |
Employee Stock Option [Member] | Employee Stock Option [Member] | Restricted Stock [Member] | Restricted Stock [Member] | Restricted Stock [Member] | Restricted Stock [Member] | Maximum [Member] | Director [Member] | Director [Member] | Director [Member] | Director [Member] | Director [Member] | Director [Member] | Stock Incentive Plan [Member] | Employee Stock Purchase Plan [Member] | Employee Stock Purchase Plan [Member] | |||||
Minimum [Member] | Stock Incentive Plan [Member] | Minimum [Member] | Stock Incentive Plan [Member] | Stock Incentive Plan [Member] | Stock Incentive Plan [Member] | Employee Stock Purchase Plan [Member] | ||||||||||||||
Stock Incentive Plan [Member] | Stock Incentive Plan [Member] | |||||||||||||||||||
Note 8 - Stock-Based Compensation (Details) [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 750,000 | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Purchase Price of Common Stock, Percent | ' | ' | ' | ' | 100.00% | ' | ' | 100.00% | ' | ' | 85.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period | ' | ' | ' | ' | ' | '10 years | ' | ' | ' | ' | ' | ' | '6 years | '6 years | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | ' | ' | ' | ' | ' | ' | '1 year | ' | ' | '3 years | ' | ' | '6 years | '3 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) | ' | ' | ' | ' | ' | ' | ' | $4.82 | $5.85 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized (in Dollars) | ' | ' | ' | ' | ' | ' | ' | $700,648 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | ' | ' | ' | ' | ' | ' | ' | '2 years 36 days | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Fair Value (in Dollars) | ' | ' | ' | ' | ' | ' | ' | 193,996 | 169,593 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | ' | ' | ' | ' | ' | ' | ' | 543,434 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 236,704 | ' |
Common Stock, Capital Shares Reserved for Future Issuance | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 210,000 | ' | ' | 250,000 | ' |
Stock Issued During Period, Shares, Employee Stock Purchase Plans | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 8,523 | 2,061 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 210,000 | 150,000 | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price (in Dollars per share) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $2.50 | $2.50 | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 150,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangements by Share-based Payment Award, Options, Exercises in Period, 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 (in Dollars) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 679,680 | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Intrinsic Value (in Dollars) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 476,700 | 852,600 | ' | ' | ' |
Allocated Share-based Compensation Expense (in Dollars) | $84,072 | $70,563 | $237,079 | $205,668 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Preferred Stock, Shares Authorized | 10,000,000 | ' | 10,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Preferred Stock, Par or Stated Value Per Share (in Dollars per share) | $0.00 | ' | $0.00 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Preferred Stock, Shares Issued | 0 | ' | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Preferred Stock, Shares Outstanding | 0 | ' | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Note_8_StockBased_Compensation3
Note 8 - Stock-Based Compensation (Details) - Restricted Shares Transactions (Restricted Stock [Member]) | 9 Months Ended | |
Sep. 28, 2014 | Sep. 29, 2013 | |
Restricted Stock [Member] | ' | ' |
Note 8 - Stock-Based Compensation (Details) - Restricted Shares Transactions [Line Items] | ' | ' |
Unvested, | 116,667 | 54,900 |
Granted | 91,966 | 145,375 |
Vested | -41,031 | -26,500 |
Expired/Forfeited | -2,068 | -48,400 |
Unvested, | 165,534 | 125,375 |
Note_9_Income_Taxes_Details
Note 9 - Income Taxes (Details) (USD $) | 9 Months Ended |
Sep. 28, 2014 | |
Note 9 - Income Taxes (Details) [Line Items] | ' |
Deferred Tax Assets, Tax Credit Carryforwards, General Business | 2,600,000 |
Unrecognized Tax Benefits | 0 |
Unrecognized Tax Benefits, Income Tax Penalties and Interest Accrued | 0 |
Latest Tax Year [Member] | General Business Tax Credit Carryforward [Member] | ' |
Note 9 - Income Taxes (Details) [Line Items] | ' |
Tax Credit Carryforward, Expiration Year | '2035 |
Earliest Tax Year [Member] | General Business Tax Credit Carryforward [Member] | ' |
Note 9 - Income Taxes (Details) [Line Items] | ' |
Tax Credit Carryforward, Expiration Year | '2028 |
Domestic Tax Authority [Member] | ' |
Note 9 - Income Taxes (Details) [Line Items] | ' |
Operating Loss Carryforwards | 2,100,000 |
Stock-Based Compensation Tax Deductions [Member] | ' |
Note 9 - Income Taxes (Details) [Line Items] | ' |
Operating Loss Carryforwards | 600,000 |
Note_9_Income_Taxes_Details_In
Note 9 - Income Taxes (Details) - Income Tax (Benefit) Provision Components (USD $) | 3 Months Ended | 9 Months Ended | ||
Sep. 28, 2014 | Sep. 29, 2013 | Sep. 28, 2014 | Sep. 29, 2013 | |
Income Tax (Benefit) Provision Components [Abstract] | ' | ' | ' | ' |
Current | $0 | $0 | $0 | $0 |
Deferred | -20,315 | -14,246 | -189,473 | 23,908 |
Current | -24,389 | 33,568 | 43,898 | 65,434 |
Deferred | -3,396 | -33,766 | -34,455 | -37,156 |
Income tax provision (benefit) | ($48,100) | ($14,444) | ($180,030) | $52,186 |
Note_9_Income_Taxes_Details_In1
Note 9 - Income Taxes (Details) - Income Tax (Benefit) Provision Reconciliation (USD $) | 3 Months Ended | 9 Months Ended | ||
Sep. 28, 2014 | Sep. 29, 2013 | Sep. 28, 2014 | Sep. 29, 2013 | |
Income Tax (Benefit) Provision Reconciliation [Abstract] | ' | ' | ' | ' |
Income tax provision at federal statutory rate | ' | ' | ($32,235) | $116,298 |
State income tax provision | ' | ' | 6,331 | 18,663 |
Permanent differences | ' | ' | 53,499 | 123,778 |
Tax credits | ' | ' | -207,625 | -206,553 |
Income tax provision (benefit) | ($48,100) | ($14,444) | ($180,030) | $52,186 |
Note_9_Income_Taxes_Details_De
Note 9 - Income Taxes (Details) - Deferred Income Tax Assets and Liabilities (USD $) | Sep. 28, 2014 | Dec. 29, 2013 |
Deferred tax assets: | ' | ' |
Net operating loss carry forwards | $494,900 | $983,682 |
Deferred rent expense | 593,237 | 131,249 |
Start-up costs | 133,744 | 130,136 |
Tax credit carry forwards | 2,591,009 | 2,427,861 |
Interest rate swaps | 85,179 | 111,218 |
Investments | 8,061 | 15,030 |
Stock-based compensation | 275,606 | 129,514 |
Other | 259,280 | 186,814 |
Total deferred tax assets | 4,441,016 | 4,115,504 |
Deferred tax liabilities: | ' | ' |
Tax depreciation in excess of book | 2,804,681 | 2,708,544 |
Other | 282,654 | 244,199 |
Total deferred tax liabilities | 3,087,335 | 2,952,743 |
Net deferred income tax asset | $1,353,681 | $1,162,761 |
Note_10_Operating_Leases_Inclu2
Note 10 - Operating Leases (Including Related Party) (Details) (USD $) | 3 Months Ended | 9 Months Ended | 1 Months Ended | 3 Months Ended | 9 Months Ended | ||||||
Sep. 28, 2014 | Sep. 29, 2013 | Sep. 28, 2014 | Sep. 29, 2013 | Oct. 30, 2014 | Sep. 28, 2014 | Sep. 29, 2013 | Sep. 28, 2014 | Sep. 29, 2013 | Sep. 28, 2014 | Sep. 28, 2014 | |
Chief Executive Officer [Member] | Rent Expense [Member] | Rent Expense [Member] | Rent Expense [Member] | Rent Expense [Member] | Minimum [Member] | Maximum [Member] | |||||
Subsequent Event [Member] | |||||||||||
DMM Group, LLC [Member] | |||||||||||
Detroit Burgers, Inc. [Member] | |||||||||||
Note 10 - Operating Leases (Including Related Party) (Details) [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Lessee Leasing Arrangements, Operating Leases, Term of Contract | ' | ' | ' | ' | ' | ' | ' | ' | ' | '5 years | '20 years |
Operating Leases, Rent Expense | $1,400,000 | $1,200,000 | $3,800,000 | $3,700,000 | ' | $34,299 | $18,820 | $103,961 | $56,394 | ' | ' |
Business Acquisition, Percentage of Voting Interests Acquired | ' | ' | ' | ' | 100.00% | ' | ' | ' | ' | ' | ' |
Business Combination, Consideration Transferred | ' | ' | ' | ' | $250,000 | ' | ' | ' | ' | ' | ' |
Note_10_Operating_Leases_Inclu3
Note 10 - Operating Leases (Including Related Party) (Details) - Future Minimum Lease Payments (USD $) | Sep. 28, 2014 |
Note 10 - Operating Leases (Including Related Party) (Details) - Future Minimum Lease Payments [Line Items] | ' |
2019 and thereafter | $1,567,139 |
Open Restaurants [Member] | ' |
Note 10 - Operating Leases (Including Related Party) (Details) - Future Minimum Lease Payments [Line Items] | ' |
Remainder of 2014 | 1,528,696 |
2015 | 6,065,811 |
2016 | 5,841,663 |
2017 | 5,568,461 |
2018 | 5,282,794 |
2019 and thereafter | 24,090,959 |
Total | 48,378,384 |
Restaurants Under Development [Member] | ' |
Note 10 - Operating Leases (Including Related Party) (Details) - Future Minimum Lease Payments [Line Items] | ' |
Remainder of 2014 | 37,008 |
2015 | 496,736 |
2016 | 520,872 |
2017 | 522,552 |
2018 | 524,236 |
2019 and thereafter | 4,107,260 |
Total | $6,208,664 |
Note_11_Commitments_and_Contin1
Note 11 - Commitments and Contingencies (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
Sep. 28, 2014 | Sep. 29, 2013 | Sep. 28, 2014 | Sep. 29, 2013 | |
Note 11 - Commitments and Contingencies (Details) [Line Items] | ' | ' | ' | ' |
Number of Restaurants | 61 | ' | 61 | ' |
Royalty Percentage | 5.00% | ' | 5.00% | ' |
Advertising Fund Contribution | 3.00% | ' | 3.00% | ' |
Royalty Expense | $1,400,000 | $1,200,000 | $3,900,000 | $3,500,000 |
Modernization Cost Per Restaurant Range Low | ' | ' | 50,000 | ' |
Modernization Cost Per Restaurant Range High | ' | ' | 700,000 | ' |
Original Number of Restaurants Required [Member] | Scenario, Forecast [Member] | ' | ' | ' | ' |
Note 11 - Commitments and Contingencies (Details) [Line Items] | ' | ' | ' | ' |
Number of Restaurants | 32 | ' | 32 | ' |
Potential Penalty Per Undeveloped Restaurant [Member] | ' | ' | ' | ' |
Note 11 - Commitments and Contingencies (Details) [Line Items] | ' | ' | ' | ' |
Loss on Contract Termination for Default | ' | ' | 50,000 | ' |
Open Restaurants [Member] | ' | ' | ' | ' |
Note 11 - Commitments and Contingencies (Details) [Line Items] | ' | ' | ' | ' |
Number of Restaurants | 22 | ' | 22 | ' |
Restaurants Required [Member] | ' | ' | ' | ' |
Note 11 - Commitments and Contingencies (Details) [Line Items] | ' | ' | ' | ' |
Number of Restaurants | 32 | ' | 32 | ' |
Additional Openings Not Related to Area Development Agreement [Member] | ' | ' | ' | ' |
Note 11 - Commitments and Contingencies (Details) [Line Items] | ' | ' | ' | ' |
Number of Restaurants | 10 | ' | 10 | ' |
Additional Agreements [Member] | ' | ' | ' | ' |
Note 11 - Commitments and Contingencies (Details) [Line Items] | ' | ' | ' | ' |
Number of Restaurants | 2 | ' | 2 | ' |
Scenario, Forecast [Member] | ' | ' | ' | ' |
Note 11 - Commitments and Contingencies (Details) [Line Items] | ' | ' | ' | ' |
Number of Restaurants | 52 | ' | 52 | ' |
Certain Cities [Member] | ' | ' | ' | ' |
Note 11 - Commitments and Contingencies (Details) [Line Items] | ' | ' | ' | ' |
Advertising Fund Contribution | 0.50% | ' | 0.50% | ' |
Advertising Fund Contribution Expenses [Member] | ' | ' | ' | ' |
Note 11 - Commitments and Contingencies (Details) [Line Items] | ' | ' | ' | ' |
Advertising Expense | $813,579 | $690,096 | $2,300,000 | $2,100,000 |
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. 28, 2014 | Sep. 29, 2013 | Sep. 28, 2014 | Sep. 29, 2013 | |
Earnings Per Share Reconciliation [Abstract] | ' | ' | ' | ' |
Income (loss) available to common stockholders (in Dollars) | ($182,109) | $69,810 | $85,252 | $311,847 |
Weighted-average shares outstanding | 26,107,627 | 26,054,118 | 26,074,797 | 23,231,403 |
Effect of dilutive securities | ' | 132,145 | 99,796 | 119,725 |
Weighted-average shares outstanding - assuming dilution | 26,107,627 | 26,186,263 | 26,174,593 | 23,351,128 |
Earnings (loss) per common share (in Dollars per share) | ($0.01) | $0 | $0 | $0.01 |
Earnings (loss) per common share - assuming dilution (in Dollars per share) | ($0.01) | $0 | $0 | $0.01 |
Note_13_Supplemental_Cash_Flow1
Note 13 - Supplemental Cash Flows Information (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
Sep. 28, 2014 | Sep. 29, 2013 | Sep. 28, 2014 | Sep. 29, 2013 | |
Note 13 - Supplemental Cash Flows Information (Details) [Line Items] | ' | ' | ' | ' |
Interest Paid | $438,679 | $319,689 | $1,400,000 | $1,300,000 |
Income Taxes Paid | 22,000 | 22,000 | 22,000 | 65,500 |
Property And Equipment [Member] | ' | ' | ' | ' |
Note 13 - Supplemental Cash Flows Information (Details) [Line Items] | ' | ' | ' | ' |
Capital Expenditures Incurred but Not yet Paid | ' | ' | $1,400,000 | $1,400,000 |
Note_14_Fair_Value_of_Financia2
Note 14 - Fair Value of Financial Instruments (Details) (USD $) | 3 Months Ended | 9 Months Ended | 12 Months Ended |
Sep. 28, 2014 | Sep. 28, 2014 | Dec. 29, 2013 | |
Fair Value Disclosures [Abstract] | ' | ' | ' |
Long-term Debt, Fair Value | $56,900,000 | $56,900,000 | $46,300,000 |
Fair Value, Assets, Level 2 to Level 1 Transfers, Amount | 0 | 0 | 0 |
Fair Value, Liabilities, Level 2 to Level 1 Transfers, Amount | 0 | 0 | 0 |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Transfers Into Level 3 | 0 | 0 | 0 |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Liability, Transfers Into Level 3 | $0 | $0 | $0 |
Note_14_Fair_Value_of_Financia3
Note 14 - Fair Value of Financial Instruments (Details) - Fair Value of Assets and Liabilities Measuredo on a Recurring Basis (USD $) | Sep. 28, 2014 | Dec. 29, 2013 |
Note 14 - Fair Value of Financial Instruments (Details) - Fair Value of Assets and Liabilities Measuredo on a Recurring Basis [Line Items] | ' | ' |
Interest Rate Swaps | ($250,528) | ($327,561) |
Debt securities | ' | ' |
Debt securities | 4,911,848 | 8,561,598 |
Total | 4,661,320 | 8,234,037 |
Obligations of States/Municipals [Member] | Fair Value, Inputs, Level 2 [Member] | ' | ' |
Debt securities | ' | ' |
Debt securities | 2,607,841 | ' |
Obligations of States/Municipals [Member] | ' | ' |
Debt securities | ' | ' |
Debt securities | 2,607,841 | ' |
Corporate Debt Securities [Member] | Fair Value, Inputs, Level 2 [Member] | ' | ' |
Debt securities | ' | ' |
Debt securities | 2,304,007 | 5,063,463 |
Corporate Debt Securities [Member] | ' | ' |
Debt securities | ' | ' |
Debt securities | 2,304,007 | 5,063,463 |
US Government Agencies Debt Securities [Member] | Fair Value, Inputs, Level 2 [Member] | ' | ' |
Debt securities | ' | ' |
Debt securities | ' | 3,498,135 |
US Government Agencies Debt Securities [Member] | ' | ' |
Debt securities | ' | ' |
Debt securities | ' | 3,498,135 |
Fair Value, Inputs, Level 2 [Member] | ' | ' |
Note 14 - Fair Value of Financial Instruments (Details) - Fair Value of Assets and Liabilities Measuredo on a Recurring Basis [Line Items] | ' | ' |
Interest Rate Swaps | -250,528 | -327,561 |
Debt securities | ' | ' |
Debt securities | 4,911,848 | 8,561,598 |
Total | $4,661,320 | $8,234,037 |
Note_15_Accumulated_Other_Comp2
Note 15 - Accumulated Other Comprehensive Income (Loss) (Details) - Components of Accumulated Other Comprehensive Income (Loss) (USD $) | 9 Months Ended | 12 Months Ended |
Sep. 28, 2014 | Dec. 29, 2013 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' |
Total Accumulated other comprehensive loss ending balance | ($180,997) | ($245,364) |
Interest Rate Swap [Member] | ' | ' |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' |
Fair value | -165,347 | -216,188 |
Available-for-sale Securities [Member] | ' | ' |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' |
Fair value | ($15,650) | ($29,176) |
Note_15_Accumulated_Other_Comp3
Note 15 - Accumulated Other Comprehensive Income (Loss) (Details) - Components of Accumulated Other Comprehensive Income (Loss) (Parentheticals) (USD $) | 3 Months Ended | 9 Months Ended | 12 Months Ended | 9 Months Ended | 12 Months Ended | |||
Sep. 28, 2014 | Sep. 29, 2013 | Sep. 28, 2014 | Sep. 29, 2013 | Sep. 28, 2014 | Dec. 29, 2013 | Sep. 28, 2014 | Dec. 29, 2013 | |
Interest Rate Swap [Member] | Interest Rate Swap [Member] | Available-for-sale Securities [Member] | Available-for-sale Securities [Member] | |||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' |
Tax | $2,232 | $16,876 | $6,969 | $8,423 | $85,179 | $111,218 | $8,061 | $15,030 |
Note_16_Subsequent_Events_Deta
Note 16 - Subsequent Events (Details) (USD $) | 9 Months Ended | 0 Months Ended | 0 Months Ended | |||||
Sep. 28, 2014 | Sep. 29, 2013 | Nov. 05, 2014 | Nov. 05, 2014 | Nov. 05, 2014 | Nov. 05, 2014 | Nov. 05, 2014 | Nov. 05, 2014 | |
Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | |||
Mortgages [Member] | DLOC [Member] | Property Closed under Sale and Leaseback Agreement [Member] | Property Subject to Sale and Leaseback Agreement [Member] | Spirit Master Funding IX [Member] | ||||
Note Payable June 2030 [Member] | Spirit Master Funding IX [Member] | Spirit Master Funding IX [Member] | ||||||
Note 16 - Subsequent Events (Details) [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' |
Number of Restaurants | 61 | ' | ' | ' | 7 | 12 | ' | ' |
Sale Leaseback Transaction, Net Book Value | ' | ' | ' | ' | ' | ' | $13,100,000 | ' |
Repayments of Long-term Debt | $5,865,644 | $58,460,520 | $1,900,000 | $3,100,000 | ' | ' | ' | $5,000,000 |