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Note 5 - Income Taxes
8 Months Ended
Jul. 10, 2015
Notes to Financial Statements  
Income Tax Disclosure [Text Block]
Note 5 – Income Taxes:
 
The Company expects its effective tax rate for the 2015 fiscal year to be different from the federal statutory rate due to the state taxes and a change in valuation allowance. The effective tax rate for the thirty-six week period ended July 10, 2015 was 7.1% to cover state taxes and federal alternative minimum tax ("AMT").
 
We recorded an income tax provision of $142 for the thirty-six week period ended July 10, 2015, related to federal and state taxes, based on the Company's expected annual effective tax rate.
 
Management evaluated the need for a full valuation allowance at the end of the thirty-six weeks ended July 10, 2015. Management evaluated both positive and negative evidence.  The existance of the current net operating loss carryforward continued to support the conclusion that the realization of our deferred tax assets does not meet the more likely than not standard.  Therefore, a full valuation allowance will remain against the net deferred tax assets.
 
As of July 10, 2015, the Company had federal and state net operating loss carryforwards of approximately $6,160 and $4,006.  These loss carryforwards will expire at various dates from 2018 through 2033.
 
Our federal income tax returns are open to audit under the statute of limitations for the fiscal years ended October 31, 2012 through 2014. We are subject to income tax in California and various other state taxing jurisdictions. Our California state income tax returns are open to audit under the statute of limitations for the fiscal years ended October 31, 2011 through 2014.