Quarterly report pursuant to Section 13 or 15(d)

Segment reporting

v3.7.0.1
Segment reporting
 6 Months Ended
Jun. 30, 2017
Segment Reporting [Abstract]  
Segment reporting
Segment reporting:

The Company operates in three segments: owned STK units ("STKs"), F&B hospitality management agreements ("F&B") and other concepts ("Other"). The Company believes STKs, F&B and Other to be the reportable segments as they do not have similar economic or other characteristics to be aggregated into a single reportable segment. The STKs segment consists of leased restaurant locations and competes in the full service dining industry. The 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 are refered to as managed STK units. The Company refers 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. The Other segment includes owned non-STK leased locations.
  

 
Three Months Ended June 30,
 
Six Months Ended June 30,
 
2017
 
2016
 
2017
 
2016
Revenues:
 
 
 
 
 

 
 

STKs
$
17,022,459

 
$
15,282,704

 
$
33,391,793

 
$
28,963,134

F&B
2,784,659

 
1,943,952

 
5,098,375

 
3,958,003

Other
91,385

 
—

 
1,835,033

 
699,500

 
 
 
 
 
 
 
 
 
$
19,898,503

 
$
17,226,656

 
$
40,325,201

 
$
33,620,637

 
 
 
 
 
 
 
 
Segment Profit (loss):
 
 
 
 
 
 
 

STKs
$
1,942,838

 
$
1,983,811

 
$
3,231,228

 
$
3,172,474

F&B
2,784,659

 
1,943,952

 
5,098,375

 
3,958,003

Other
(390,223
)
 
10,258

 
252,534

 
425,117

 
 
 
 
 
 
 
 
Total segment profit
4,337,274

 
3,938,021

 
8,582,137

 
7,555,594

 
 
 
 
 
 
 
 
General and administrative
4,086,192

 
2,813,056

 
7,007,089

 
5,496,752

Depreciation and amortization
804,680

 
547,438

 
1,670,550

 
1,070,077

Interest expense, net of interest income
220,183

 
99,314

 
479,173

 
197,483

Other
1,207,688

 
1,375,980

 
1,916,828

 
2,318,615

 
 
 
 
 
 
 
 
Loss from continuing operations before provision for income taxes
$
(1,981,469
)
 
$
(897,767
)
 
$
(2,491,503
)
 
$
(1,527,333
)

 
 
June 30, 
 2017
 
December 31, 
 2016
 
 
 
 
Property & equipment, net:
 
 
 
STKs
$
38,665,825

 
$
36,505,741

F&B
344,917

 
253,120

Other
56,376

 
56,378

Total
39,067,118

 
36,815,239