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)
 9 Months Ended
Sep. 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   $ 138,801  
Property and equipment and intangible assets     1,985,799  
Total assets excluding cash and cash equivalents   $ 2,124,600  
Liabilities assumed     953,917  
Non-controlling interest     645,436  
Prior investment of the Company     320,247  
Purchase price (net assets acquired)   $ 205,000  
Cash paid   $ 205,000
Business Acquisition, Pro Forma Information, Nonrecurring Adjustments [Table Text Block]

Unaudited pro forma results of operations for the three and nine months ended September 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     Nine Months Ended  
    September 30, 2011     September 30, 2011  
             
Net revenues   $ 1,340,500     $ 3,832,682  
Net earnings (loss)   $ (480,380 )   $ (361,051 )
Net earnings (loss) per share, basic and diluted   $ (0.39 )   $ (0.31 )