Post-effective amendment to a registration statement that is not immediately effective upon filing

Income taxes (Tables)

v2.4.0.8
Income taxes (Tables)
12 Months Ended
Dec. 31, 2013
Income taxes [Abstract]  
Schedule of the Provision for Income Taxes

The provision for income tax expense consists of the following:             

 

    Year Ended  
    December 31,     December 31,  
    2013     2012  
Current tax expense:                
Federal   $ -     $ -  
State and local     211,205       301,932  
Foreign     165,000          
Total current tax expense     376,205       301,932  
                 
Deferred tax expense (benefit):                
Federal     -       -  
State and local     116,690       (288,130 )
Total deferred tax expense (benefit)     116,690       (288,130 )
                 
Total income tax expense   $ 492,895     $ 13,802  
Schedule of Components of Income (Loss) before Income Taxes

The difference between the reported income tax expense and taxes determined by applying the applicable U.S. federal statutory income tax rate to (loss) income before taxes from continuing operations is reconciled as follows: 

 

    Year ended  
    December 31,     December 31,  
    2013     2012  
Income (loss) from continuing operations before                
Provision for income taxes                
Domestic   $ (17,082,577 )   $ 7,553,949  
Foreign     1,101,614       (307,382 )
Total   $ ( 15,980,963 )   $ 7,246,567  
Schedule of the Reconciliation Between the Effective Tax Rate and the Statutory Tax Rate
    Year ended  
    December 31,        December 31,  
    2013     2012  
Income tax expense at federal statutory rate   $ (5,433,527 )     34.0 %   $ -          
State and local taxes - current     139,395       (0.9 )%     301,932       4.2 %
State and local taxes - deferred     (1,818,068 )     11.4 %     (176,755 )     (2.4 )%
Transaction costs     923,179       (5.8 )%     -          
Nondeductible control premium     1,700,000       (10.6 )%     -          
Goodwill     (3,018,444 )     18.9 %     -          
Deferred tax from rate change from LLC to C corporation     (2,104,370 )     13.2 %     -          
Change in valuation allowance     10,249,612       (64.1 )%     (111,375 )     (1.6 )%
Other items, net     (144,882 )     0.8 %     -          
Total income tax expense   $ 492,895       (3.1 )%   $ 13,802       0.2 %
Schedule of the Components of Deferred Tax Assets and Liabilities

Deferred income taxes reflect the net effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and amounts used for income tax purposes. Significant components of deferred tax assets and liabilities are presented below:

 

 

    Year ended  
      December 31,       December 31,  
      2013       2012  
Deferred tax assets:                
State and local net operating loss carryforwards   $ 1,042     $ 76,918  
Deferred rent liabilities     787,362       169,183  
Lease incentives     34,893       36,868  
Depreciation and amortization     1,454,206       66,413  
Stock compensation     23,329       -  
FICA tip credit carryforward     126,010       -  
Net operating loss     4,427       -  
Goodwill     3,687,236       -  
Derivative expense     4,239,900       -  
Restricted stock grant     123,900       -  
                 
Total deferred tax assets     10,482,305       349,382  
                 
Valuation allowance     (10,249,612 )     -  
                 
Net deferred tax assets   $ 232,693     $ 349,382