|
SIGNIFICANT ACCOUNTING POLICIES
|
3 Months Ended | |||
|---|---|---|---|---|
|
Mar. 31, 2012
|
||||
| Accounting Policies [Abstract] | ||||
| Significant Accounting Policies [Text Block] |
There have been no material changes to our significant accounting policies previously disclosed in our amended Annual Report on Form 10-K/A for the fiscal year ended December 31, 2011 except for the following:
RESTAURANT PRE-OPENING EXPENSES
Restaurant pre-opening expenses, which are expensed as incurred, consist of the costs of hiring and training the initial hourly work force for each new restaurant, travel, the cost of food and supplies used in training, grand opening promotional costs, the cost of the initial stocking of operating supplies and other direct costs related to the opening of a restaurant, including rent during the construction and in-restaurant training period.
Recent Accounting Pronouncements
There are several new accounting pronouncements issued by the Financial Accounting Standards Board (“FASB”) which are not yet effective. Each of these pronouncements, as applicable, has been or will be adopted by the Company. At April 30, 2012, none of these pronouncements are expected to have a material effect on the financial position, results of operations or cash flows of the Company. |