Income Taxes

3 Months Ended

Mar. 30, 2013

Income Tax Disclosure [Abstract]

Income Taxes

(8) Income Taxes

At December 29, 2012, the Company had approximately $3,303,000 of net operating loss carryforwards available to offset future income for U.S. Federal income tax purpose.

The Company recorded a tax expense of $1,340 for federal income taxes and $380 for state income taxes during the quarter ended March 30, 2013.

The Company has a current and non-current deferred tax asset aggregating $2,785,253 and $2,786,973 on the Company’s balance sheet at March 30, 2013 and December 29, 2012, respectively. A valuation allowance is required to be established or maintained when it is "more likely than not" that all or a portion of deferred tax assets will not be realized. The Company believes that it will generate sufficient future taxable income to realize the tax benefits related to the remaining deferred tax assets and as such no valuation allowance has been provided against the deferred tax asset.