Quarterly report pursuant to Section 13 or 15(d)

ACQUISITION OF MAJORITY OWNED HOOTERS RESTAURANTS (Tables)

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ACQUISITION OF MAJORITY OWNED HOOTERS RESTAURANTS (Tables)
 6 Months Ended
Jun. 30, 2012
Business Combinations [Abstract]  
Schedule of Business Acquisitions, by Acquisition [Table Text Block]
A summary of the estimated fair value of assets acquired and liabilities assumed in the acquisition follows:

 

Current assets, excluding cash and cash equivalents   $ 93,638  
Property and equipment and intangible assets     2,651,197  
Total assets excluding cash and cash equivalents   $ 2,744,835  
Liabilities assumed     630,369  
Non-controlling interest     1,647,710  
Prior investment of the Company     261,756  
Purchase price (net assets acquired)   $ 205,000  
Cash paid   $ 205,000  
Business Acquisition Pro Forma Information Nonrecurring Adjustments [Policy Text Block]

Unaudited pro forma results of operations for the three and six months ended June 30, 2011, as if the Company had acquired majority ownership of the South African Hooters restaurants on January 1, 2011 is as follows. The pro forma results include estimates and assumptions which management believes are reasonable. However, pro forma results are not necessarily indicative of the results that would have occurred if the business combination had been in effect on the dates indicated, or which may result in the future.

 

    Three Months Ended     Six Months Ended  
    June 30, 2011     June 30, 2011  
                 
Net revenues   $ 1,093,134     $ 2,492,182  
Net earnings (loss)   $ (163,757 )   $ 107,465  
Net earnings (loss) per share, basic and diluted   $ (0.13 )   $ 0.10