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Note 15 - Income Taxes | 12 Months Ended
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Dec. 28, 2014
Income Tax Disclosure [Abstract] |
Income Tax Disclosure [Text Block] | 1 5. Income T axes A summary of the provision (benefit) for income taxes is as follows (in thousands):
|  | For the Fiscal Year Ended |
|  | 2014 |  |  | 2013 |  |  | 2012 |
Current: |  |  |  |  |  |  |  |  |  |  |  |
Federal |  | $ | — |  |  | $ | — |  |  | $ | (2,482 | )
State |  |  | — |  |  |  | — |  |  |  | 18 |
|  |  | — |  |  |  | — |  |  |  | (2,464 | )
Deferred: |  |  |  |  |  |  |  |  |  |  |  |
Federal |  |  | — |  |  |  | — |  |  |  | — |
State |  |  | — |  |  |  | — |  |  |  | — |
|  |  | — |  |  |  | — |  |  |  | — |
Total: |  | $ | — |  |  | $ | — |  |  | $ | (2,464 | )
Reconciliations of the statutory federal income tax rate to the Company’s actual rate based on earnings (loss) before income taxes are summarized as follows:
|  | For the Fiscal Year Ended |
|  | 2014 |  |  | 2013 |  |  | 2012 |
Statutory federal tax rate |  |  | 35.0 | % |  |  | 35.0 | % |  |  | 35.0 | %
State income taxes, net of federal income taxes |  |  | — |  |  |  | — |  |  |  | 1.6 |
Change in valuation allowance |  |  | (34.9 | ) |  |  | (35.3 | ) |  |  | (373.8 | )
Permanent tax differences |  |  | (0.1 | ) |  |  | 0.3 |  |  |  | 5.5 |
Other, net |  |  | — |  |  |  | — |  |  |  | 6.0 |
|  |  | — | % |  |  | — | % |  |  | (325.7 | )%
The Company’s deferred income tax (liabilities) and assets are as follows (in thousands):
|  | December 28, 2014 |  |  | December 29, 2013 |
Current deferred tax asset: |  |  |  |  |  |  |  |
Accruals and reserves |  | $ | 674 |  |  | $ | 448 |
Transaction costs |  |  | 193 |  |  |  | — |
Valuation allowances |  |  | (867 | ) |  |  | (448 | )
|  | $ | — |  |  | $ | — |
Non-current deferred taxes: |  |  |  |  |  |  |  |
Development costs |  | $ | 3,173 |  |  | $ | 3,848 |
Deferred interest on notes receivable |  |  | — |  |  |  | 1,121 |
Stock compensation expense |  |  | 1,269 |  |  |  | 1,367 |
Amortization of intangible assets |  |  | 48 |  |  |  | 58 |
Alternative minimum tax credit carryforward |  |  | 919 |  |  |  | 919 |
Net operating loss carryforwards |  |  | 40,684 |  |  |  | 30,594 |
Investment in unconsolidated investee |  |  | (1,530 | ) |  |  | (3,172 | )
Other |  |  | (730 | ) |  |  | (699 | )
Valuation allowances |  |  | (43,833 | ) |  |  | (34,036 | )
|  | $ | — |  |  | $ | — |
Deferred tax assets are evaluated by considering historical levels of income, estimates of future taxable income and the impact of tax planning strategies. Management has evaluated all available evidence and has determined that negative evidence continues to outweigh positive evidence for the realization of deferred tax assets and as a result continues to provide a full valuation allowance against its deferred tax assets as of December 28, 2014. As of December 28, 2014, Lakes had approximately $96.3 million of federal net operating loss carryforwards, which will begin to expire in 2032, and approximately $127.9 million of state net operating loss carryforwards, which will expire at various times depending on specific state laws. The Company is currently under IRS audit for the 2009-2013 tax years and the IRS has proposed certain adjustments to the 2009-2011 tax filings. However, Lakes believes it is more likely than not that it will prevail in challenging the proposed adjustments and maintains that the positions taken were proper and supported by applicable laws and regulations. While the outcome of this matter cannot be predicted with certainty, Lakes does not believe, when resolved, that this dispute will have a material effect on its consolidated financial statements. However, an unexpected adverse resolution could have a material effect on the consolidated financial statements in a particular quarter or fiscal year. The Company is currently under audit by the State of California for the 2010 tax year. No adjustments have been made as a result of the State of California audit. However, there is no assurance that the taxing authority will not propose adjustments that are different from the Company’s expected outcome and that may impact the provision for income taxes.

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- Definition The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 15 -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32718-109319 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08.(h)) -URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 08 -Paragraph h -Article 4 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 9 -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32639-109319 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32537-109319 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32559-109319 + Details
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