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Income Taxes
3 Months Ended
Mar. 29, 2014
Income Tax Disclosure [Abstract]  
Income Taxes

(8)        Income Taxes

            At December 28, 2013, the Company had approximately $1,710,000 of net operating loss carryforwards available to offset future income for U.S. Federal income tax purpose.

 

The Company recorded a tax expense of $128,000 for federal income taxes and $36,000 for state income taxes during the quarter ended March 29, 2014.

 

The Company has a current and non-current deferred tax asset aggregating $2,329,188 and $2,475,902 on the Company’s balance sheet at March 29, 2014 and December 28, 2013, 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.