Quarterly report pursuant to Section 13 or 15(d)

SIGNIFICANT ACCOUNTING POLICIES

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SIGNIFICANT ACCOUNTING POLICIES
 9 Months Ended
Sep. 30, 2012
Accounting Policies [Abstract]  
Significant Accounting Policies [Text Block]
2. SIGNIFICANT ACCOUNTING POLICIES

 

There have been no material changes to the significant accounting policies previously disclosed in our Annual Report on Form 10-K/A filed with the SEC on December 4, 2012 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 December 20, 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.