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Recent Accounting Pronouncements: (Tables)
 3 Months Ended
Mar. 31, 2018
Accounting Standards Update 2014-09  
Recent Accounting Pronouncements:  
Schedule of previously reported amounts as restated

Consolidated Statement of Operations:

 

Three Months Ended April 1, 2017

 

    

As Previously Reported

    

    

Adjustments

    

As Restated

Revenue:

 

 

 

 

 

 

 

 

 

 

Franchise fees

 

$

269,300

 

 

$

99,300

 

$

368,600

Other

 

 

292,600

 

 

 

87,800

 

 

380,400

Selling, general and administrative expenses

 

 

6,503,400

 

 

 

9,100

 

 

6,512,500

Provision for income taxes

 

 

(3,221,700)

 

 

 

(43,600)

 

 

(3,265,300)

Net income

 

 

5,416,400

 

 

 

134,400

 

 

5,550,800

Earnings per share - basic

 

$

1.30

 

 

$
0.03

 

$
1.33

Earnings per share - diluted

 

$

1.22

 

 

$
0.03

 

$
1.25

 

 

 

 

 

 

 

 

 

 

 

 

Consolidated Balance Sheet:

 

 

December 30, 2017

 

 

 

As Previously Reported

 

 

Adjustments

 

 

As Restated

ASSETS

 

 

 

 

 

 

 

 

 

Prepaid expenses

 

$

814,800

 

$

86,800

 

$

901,600

Other assets

 

 

 —

 

 

350,400

 

 

350,400

 

 

 

 

 

 

 

 

 

 

LIABILITIES AND SHAREHOLDERS’ EQUITY (DEFICIT):

 

 

 

 

 

 

 

 

 

Deferred revenue-Current

 

$

1,736,200

 

$

1,276,500

 

$

3,012,700

Deferred revenue-Long term

 

 

1,465,500

 

 

5,832,000

 

 

7,297,500

Deferred income taxes

 

 

1,956,500

 

 

(1,636,000)

 

 

320,500

Retained earnings (accumulated deficit)

 

 

(32,154,400)

 

 

(5,035,300)

 

 

(37,189,700)