(8) Income Taxes

3 Months Ended

Apr. 02, 2016

Income Tax Disclosure [Abstract]

(8) Income Taxes

(8) Income Taxes

The Company has a current and non-current deferred tax asset aggregating $2,120,806 and $2,150,749 on the Company’s balance sheet at April 2, 2016 and December 26, 2015, 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. During 2015, all remaining net operating loss carryforwards were utilized in full.

The Company recorded a tax expense of $37 thousand for federal income taxes and a tax benefit of $7 thousand for state income taxes during the quarter ended April 2, 2016. The Company recorded a tax expense of $38 thousand for federal taxes and $11 thousand for state income taxes during the quarter ended March 28, 2015.