Quarterly report pursuant to Section 13 or 15(d)

ACQUISITION OF AMERICAN ROADSIDE BURGERS, INC. (Tables)

v2.4.0.8
ACQUISITION OF AMERICAN ROADSIDE BURGERS, INC. (Tables)
9 Months Ended
Sep. 30, 2013
Business Combinations [Abstract]  
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block]
A summary of the estimated fair value of assets acquired and liabilities assumed in the acquisition follows: 
 
Consideration Paid:
 
 
 
 
740,000 shares of common stock
 
$
3,611,126
 
Five year warrants to purchase 740,000 shares of common stock
 
 
1,710,077
 
Total Consideration paid
 
 
5,321,203
 
 
 
 
 
 
Current assets, excluding cash
 
$
274,211
 
Cash
 
 
53,684
 
Property and equipment
 
 
2,948,102
 
Goodwill
 
 
1,653,016
 
Trade name/trademark
 
 
1,784,443
 
Deposits and other assets
 
 
98,035
 
Total assets acquired
 
 
6,811,491
 
Liabilities assumed
 
 
(1,490,288)
 
Net assets acquired
 
$
5,321,203
 
Business Acquisition, Pro Forma Information [Table Text Block]
The unaudited pro forma information does not purport to be indicative of the results that would have been obtained if the acquisitions had actually occurred at the beginning of the year prior to acquisition, nor of the results that may be reported in the future. 
 
 
 
Three months ended
 
Nine months ended
 
 
 
September 30,
 
September 30,
 
 
 
2013
 
2012
 
2013
 
2012
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net revenues
 
$
2,350,690
 
$
2,378,324
 
$
7,135,266
 
$
6,406,789
 
Loss from continuing operations
 
 
(1,780,355)
 
 
(873,222)
 
 
(3,791,551)
 
 
(2,695,967)
 
Loss from discontinued operations
 
 
(4,403)
 
 
(18,913)
 
 
(19,513)
 
 
(124,872)
 
Loss attributable to non-controlling interest
 
 
(31,355)
 
 
(53,509)
 
 
(84,114)
 
 
(185,711)
 
Net loss
 
$
(1,816,113)
 
$
(945,644)
 
$
(3,895,178)
 
$
(3,006,550)
 
Net loss per share, basic and diluted
 
$
(0.49)
 
$
(0.26)
 
$
(1.05)
 
$
(1.40)
 
Weighted average shares outstanding, basic and diluted
 
 
3,704,526
 
 
3,698,896
 
 
3,701,804
 
 
2,153,148