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Income Taxes | 12 Months Ended
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Sep. 26, 2017
Income Tax Disclosure [Abstract] |
Income Taxes |
6. | Income Taxes:
Deferred tax assets (liabilities) are comprised of the following at the period end:
|  | 2017 |  |  | 2016 |
|  | Current |  |  | Long Term |  |  | Current |  |  | Long Term |
Deferred assets (liabilities): |  |  |  |  |  |  |  |  |  |  |  |
Tax effect of net operating loss carry-forward |  | $ | 0 |  |  | $ | 4,084 |  |  | $ | 0 |  |  | $ | 2,926 |
General business credits |  |  | 0 |  |  |  | 1,378 |  |  |  | 0 |  |  |  | 680 |
Partnership/Joint Venture basis differences |  |  | 0 |  |  |  | (126 | ) |  |  | 0 |  |  |  | (15 | )
Deferred revenue |  |  | 0 |  |  |  | 75 |  |  |  | 0 |  |  |  | 79 |
Property and equipment basis differences |  |  | 0 |  |  |  | (859 | ) |  |  | 0 |  |  |  | (567 | )
Intangibles basis differences |  |  | 0 |  |  |  | (705 | ) |  |  | 0 |  |  |  | (190 | )
Other accrued liability and asset difference |  |  | 117 |  |  |  | 1,454 |  |  |  | 112 |  |  |  | 1,199 |
Net deferred tax assets |  |  | 117 |  |  |  | 5,301 |  |  |  | 112 |  |  |  | 4,112 |
Less valuation allowance* |  |  | (117 | ) |  |  | (5,301 | ) |  |  | (112 | ) |  |  | (4,112 | )
Net deferred tax assets |  | $ | 0 |  |  | $ | 0 |  |  | $ | 0 |  |  | $ | 0 |
* | The valuation allowance increased by $1,194,000 during the year ended September 26, 2017.
The Company has net operating loss carry-forwards available for future periods, as discussed below, of approximately $3,057,000 from 2017, $1,915,000 from 2015, and $5,713,000 from 2014 and prior for income tax purposes which expire from 2025 through 2037. Based on the change in control, which occurred in 2011, the utilization of the loss carry-forwards incurred for periods prior to 2012 is limited to approximately $160,000 per year. The Company has general business tax credits of $1,378,000 from 2015 through 2017 which expire from 2034 through 2037. The Company continually reveiws the realizability of its deferred tax assets, including an analysis of factors such as future taxable income, reversal of existing taxable temporary differences, and tax planning strategies. The Company assessed whether a valuation allowance should be recorded against its deferred tax assets based on consideration of all available evidence, using a “more likely than not” standard. In assessing the need for a valuation allowance, the Company considered both positive and negative evidence related to the likelihood of realization of deferred tax assets. In making such assessment, more weight was given to evidence that could be objectively verified, including recent cumulative losses. Future sources of taxable income were also considered in determining the amount of the recorded valuation allowance. Based on the Company’s review of this evidence, management determined that a full valuation allowance against all of the Company’s deferred tax assets was appropriate. Total income tax expense for the years ended September 26, 2017 and September 27, 2016 differed from the amounts computed by applying the U.S. Federal statutory tax rates to pre-tax income as follows:
|  | 2017 |  |  | 2016 |
Total expense (benefit) computed by applying the U.S. Statutory rate (35%) |  | $ | (789 | ) |  | $ | (462 | )
State income tax, net of federal tax benefit |  |  | (68 | ) |  |  | (40 | )
FICA/WOTC tax credits |  |  | (432 | ) |  |  | (272 | )
Expiration of net operating loss carry-forward |  |  | 0 |  |  |  | 0 |
Effect of change in valuation allowance |  |  | 1,194 |  |  |  | 723 |
Permanent differences |  |  | 119 |  |  |  | 120 |
Other |  |  | (24 | ) |  |  | (69 | )
Provision for income taxes |  | $ | 0 |  |  | $ | 0 |

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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 -URI http://asc.fasb.org/topic&trid=2144680 + Details
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