Annual report pursuant to Section 13 and 15(d)

Segment reporting

v3.3.1.900
Segment reporting
 12 Months Ended
Dec. 31, 2015
Segment Reporting [Abstract]  
Segment reporting
Segment reporting:

The Company operates in three segments: owned STK units ("STKs"), food and beverage hospitality management agreements ("F&B") and Other concepts ("Other"). We believe STKs, F&B and Other to be our reportable segments as they do not have similar economic or other characteristics to be aggregated into a single reportable segment. Our STKs segment consists of leased restaurant locations and competes in the full service dining industry. Our F&B segment consists of management agreements in which the Company operates the food and beverage services in hotels or casinos and could include an STK, which we refer to as managed STK units. We refer to owned STK units and managed STK units together as “STK units.” These management agreements generate management and incentive fees on net revenue at each location. Our Other segment includes owned non-STK leased locations.


 
Years ended December 31,
 
2015
 
2014
Revenues:
 
 
 
STKs
$
52,213,149

 
$
38,644,993

F&B
7,921,584

 
8,823,318

Other
397,033

 
1,854,597

 
$
60,531,766

 
$
49,322,908

 
 
 
 
Segment Profits (loss):
 
 
 
STKs (1)
$
5,313,615

 
$
5,433,261

F&B
7,921,584

 
8,823,318

Other
(203,061
)
 
295,972

 
 
 
 
Total segment profit
13,032,138

 
14,552,551

 
 
 
 
General and Administrative
10,711,002

 
8,687,490

Depreciation and amortization
2,191,450

 
1,438,728

Interest expense, net of interest income
30,380

 
75,771

Equity in income of investee companies
(1,038,854
)
 
(1,149,060
)
Other
3,350,952

 
(1,850,294
)
 
 
 
 
(Loss) income from continuing operations before provision (benefit) for income taxes
$
(2,212,792
)
 
$
7,349,916

 
 
 
 
 
 
 
 
Capital assets
 
 
 
STKs
$
27,678,010

 
$
17,456,993

F&B
217,942

 
229,771

Other
56,375

 
1,128,861

Total
$
27,952,327

 
$
18,815,625



(1) For the year ended December 31, 2015 we determined that the carrying value of the net assets of our STK in Washington DC, exceeded its estimated future cash flows and a non-cash impairment charge of $2.8 million was recorded based on the difference between the carrying value of the restaurants assets and the estimated future value.