Annual report pursuant to Section 13 and 15(d)

Income taxes (Tables)

v2.4.1.9
Income taxes (Tables)
12 Months Ended
Dec. 31, 2014
Income Tax Disclosure [Abstract]  
Schedule of the Provision for Income Taxes
The provision for income tax expense consists of the following:             

 
Year Ended
 
December 31, 2014
 
December 31, 2013
Current tax expense:
 

 
 

Federal
$
110,966

 
$

State and local
361,281

 
237,237

Foreign
258,731

 
165,000

Total current tax expense
730,978

 
402,237

Deferred tax expense (benefit):
 

 
 

Federal
(110,966
)
 

State and local
197,276

 
116,690

Total deferred tax expense (benefit)
86,310

 
116,690

Total income tax expense
$
817,288

 
$
518,927

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,
2014
 
December 31,
2013
Income (loss) from continuing operations before
Provision for income taxes
 

 
 

Domestic
$
6,128,992

 
$
(16,323,206
)
Foreign
1,220,924

 
1,101,614

Total
$
7,349,916

 
$
(15,221,592
)
Schedule of the Reconciliation Between the Effective Tax Rate and the Statutory Tax Rate
 
Year ended
 
December 31,
2014
 
December 31,
2013
Income tax expense at federal statutory rate
$
2,498,973

 
34.0
 %
 
$
(5,433,527
)
 
34
 %
State and local taxes – current
238,445

 
3.3
 %
 
165,427

 
(0.9
)%
State and local taxes – deferred
351,459

 
4.8
 %
 
(1,818,068
)
 
11.4
 %
Transaction costs
21,320

 
0.3
 %
 
923,179

 
(5.8
)%
FICA tip credit
(654,968
)
 
9.0
 %
 

 
 %
Foreign rate differential
(156,383
)
 
(2.14
)%
 

 
 %
Nondeductible control premium

 
 %
 
1,700,000

 
(10.6
)%
Goodwill

 
 %
 
(3,018,444
)
 
18.9
 %
Deferred tax from rate change from LLC to C corporation
1,617,800

 
22.1
 %
 
(2,104,370
)
 
13.2
 %
Change in valuation allowance
(3,061,841
)
 
41.9
 %
 
10,249,612

 
(64.1
)%
Other items, net
(37,517
)
 
0.5
 %
 
(144,882
)
 
0.8
 %
Total income tax expense
$
817,288

 
11.2
 %
 
$
518,927

 
(3.1
)%
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, 2014
 
December 31, 2013
Deferred tax assets:
 

 
 

State and local net operating loss carryforwards
$

 
$
1,042

Deferred rent liabilities
2,441,728

 
787,362

Lease incentives
350,817

 
34,893

Depreciation and amortization

 
1,454,206

Stock compensation
249,690

 
23,329

FICA tip credit carryforward
767,816

 
126,010

Net operating loss
84,833

 
4,427

Goodwill
3,349,761

 
3,687,236

Derivative expense
2,622,848

 
4,239,900

Restricted stock grant

 
123,900

Inventory
4,904

 

 
 
 
 
Total deferred tax assets
9,872,397

 
10,482,305

 
 
 
 
Deferred tax liabilities:
 
 
 
Depreciation and amortization
(2,129,646
)
 

Total deferred tax liabilities
(2,129,646
)
 

 
 
 
 
Valuation allowance
(7,707,333
)
 
(10,249,611
)
 
 
 
 
Net deferred tax assets
$
35,418

 
$
232,694