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Smaller Reporting Company
COSI INC
0001171014
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<div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; text-align: justify; margin-right: 40.5pt;">Note 4 – Asset Impairments</div><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: justify;">In accordance with Financial Accounting Standards Board Accounting Standards Codification Topic 360 (ASC Topic 360), <font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">Property, Plant & Equipment,</font> we evaluate possible impairments at the individual restaurant level periodically and record an impairment loss whenever we determine impairment factors are present. We consider a history of poor financial operating performance to be the primary indicator of potential impairment for individual restaurant locations. We determine whether a restaurant location is impaired based on expected undiscounted cash flows, generally for the remainder of the lease term. We also evaluate the recent performance and trends for locations which may potentially be impaired. If management determines the current trends or initiatives will make an impact on the results we factor this into the calculation. Restaurants are not considered for impairment during the period before they enter the comparable restaurant base, unless specific circumstances warrant otherwise. We did not record asset impairment charges in the three-month period ended March 30, 2015 or March 31, 2014.</div></div>
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<div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; text-align: justify;">Note 8 – Debt</div><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000; font-style: italic; text-align: justify;">Senior Secured Promissory Note</div><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000; text-align: justify;">On April 14, 2014, the Company entered into a $5.0 million Senior Secured Promissory Note Purchase Agreement with MILFAM II L. P. (the "MILFAM Note" and the "MILFAM Note Agreement", respectively). The MILFAM Note bears interest at nine percent (9%) per annum, compounded semi-annually, and payable in arrears on a semi-annual basis. At the Company's option, the first two semi-annual interest payments were paid at eleven percent (11%) in kind in the form of additional promissory notes.<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"> </font>The principal obligations under the MILFAM Note are due three (3) years from the effective date of the MILFAM Note. The MILFAM Note Agreement provided for the payment of a finance fee of 3.5% of the principal amount of the MILFAM Note at closing as well as providing a warrant exercisable to purchase up to 1.1 million shares of the Company's common stock at an exercise price per share of $0.01. The warrant would not be exercisable to the extent that doing so resulted in MILFAM and any related parties, in the aggregate, owning more than 19.9% of the Company's common stock. Further, until all of the obligations under the MILFAM Note are paid in full, MILFAM will have the right to participate in any future financing transactions consummated by the Company in an amount up to the greater of (1) the then-outstanding balance of obligations under the MILFAM Note and (2) $4.0 million. The MILFAM Note is guaranteed by the Company's subsidiaries and secured by a lien on all assets of the Company and its subsidiaries. Mr. Lloyd I. Miller, III, is the manager of MILFAM LLC, which is the general partner of MILFAM.  Mr. Miller is a significant shareholder of the Company.  The Company opted to pay the first interest payment at eleven percent (11%) in kind in the form of additional promissory notes, and paid the second interest payment in cash.</div><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000; text-align: justify;">On September 16, 2014, 1.1 million warrants provided under the MILFAM Note Agreement were exercised in order to purchase 1.1 million unregistered shares of the Company's common stock at an exercise price of $0.01 per share, resulting in an aggregate purchase price of $11,000.  The stock warrants were carried at a fair value as of the issuance date of approximately $1.3 million based on the Black-Scholes model using the following assumptions:</div><div><br /></div><table align="center" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; width: 90%;"><tr><td valign="bottom" style="vertical-align: bottom; width: 78%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000; text-align: left; margin-left: 7.2pt; text-indent: -7.2pt;">Expected life (in years)</div></td><td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #cceeff;"> </td><td valign="bottom" style="vertical-align: bottom; text-align: left; width: 1%; background-color: #cceeff;"> </td><td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">3</div></td><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: left; width: 1%; background-color: #cceeff;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 78%; background-color: #ffffff;"> </td><td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #ffffff;"> </td><td valign="bottom" style="vertical-align: bottom; text-align: left; width: 1%; background-color: #ffffff;"> </td><td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #ffffff;"> </td><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: left; width: 1%; background-color: #ffffff;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 78%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000; text-align: left; margin-left: 7.2pt; text-indent: -7.2pt;">Volatility</div></td><td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #cceeff;"> </td><td valign="bottom" style="vertical-align: bottom; text-align: left; width: 1%; background-color: #cceeff;"> </td><td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">63.86</div></td><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: left; width: 1%; background-color: #cceeff;">% </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 78%; background-color: #ffffff;"> </td><td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #ffffff;"> </td><td valign="bottom" style="vertical-align: bottom; text-align: left; width: 1%; background-color: #ffffff;"> </td><td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #ffffff;"> </td><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: left; width: 1%; background-color: #ffffff;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 78%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000; text-align: left; margin-left: 7.2pt; text-indent: -7.2pt;">Risk Free interest rate</div></td><td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #cceeff;"> </td><td valign="bottom" style="vertical-align: bottom; text-align: left; width: 1%; background-color: #cceeff;"> </td><td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">.82</div></td><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: left; width: 1%; background-color: #cceeff;">%</td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 78%; background-color: #ffffff;"> </td><td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #ffffff;"> </td><td valign="bottom" style="vertical-align: bottom; text-align: left; width: 1%; background-color: #ffffff;"> </td><td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #ffffff;"> </td><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: left; width: 1%; background-color: #ffffff;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 78%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000; text-align: left; margin-left: 7.2pt; text-indent: -7.2pt;">Dividend yield (on common stock)</div></td><td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #cceeff;"> </td><td valign="bottom" style="vertical-align: bottom; text-align: left; width: 1%; background-color: #cceeff;"> </td><td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">-</div></td><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: left; width: 1%; background-color: #cceeff;"> </td></tr></table><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000; text-align: left; margin-left: 36pt;"> </div><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000; text-align: justify;">As of the issuance date, the relative value of the warrants was $1.0 million, which was the amount recorded as debt discount, with an offset to additional paid-in capital. The debt discount will be amortized over the life of the MILFAM Note, three years, and charged to interest expense using the effective interest rate calculation method. </div><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000; text-align: justify;"> </div><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000; text-align: justify;">On May 20, 2014, the Company entered into a $2.5 million Senior Secured Note Purchase Agreement with AB Opportunity Fund LLC and AB Value Partners, L.P. (the "AB Notes", the "AB Note Agreement", and the "AB Entities", respectively). The AB Notes are payable in full on the third anniversary from the effective date of the AB Notes. Interest will accrue at the rate of nine percent (9%), compounded semi-annually, and will be paid in arrears semi-annually, provided that the Company, at its option, elected to pay the first two semi-annual interest payments at a rate of eleven percent (11%) in kind in the form of additional promissory notes. As consideration for the AB Notes, the Company provided a fee of 3.5% of the principal amount of the AB Notes and warrants exercisable to purchase up to an aggregate, initially, of 550,000 shares of the common stock of the Company at an exercise price per share of $.01, provided that the AB Entities would not be permitted to exercise the warrants to the extent such exercise would result in any of the AB Entities and any related parties, in the aggregate, owning more than 19.9% of the Company's common stock. The warrants were exercisable by the AB Entities at any time prior to the third anniversary from the effective date of the AB Notes, in whole or in part, by surrendering the warrants and a form of exercise to the Company.  The Company opted to pay the first interest payment at eleven percent (11%) in kind in the form of additional promissory notes, and intends to pay the second interest payment in cash.</div><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000; text-align: justify;"> </div><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000; text-align: justify;">On October 14, 2014, 550,000 warrants provided under the AB Note Purchase Agreement were exercised by the cashless exercise method, thus 2,895 shares were forfeited to pay for the warrants in lieu of cash. The Company's 550,000 stock warrants were carried at their fair value as of the issuance date of approximately $0.7 million based on the Black-Scholes model using the following assumptions:</div><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000; text-align: justify; margin-left: 36pt;">  </div><table align="center" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; width: 90%;"><tr><td valign="bottom" style="vertical-align: bottom; width: 78%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000; text-align: left; margin-left: 7.2pt; text-indent: -7.2pt;">Expected life (in years)</div></td><td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #cceeff;"> </td><td valign="bottom" style="vertical-align: bottom; text-align: left; width: 1%; background-color: #cceeff;"> </td><td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">3</div></td><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: left; width: 1%; background-color: #cceeff;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 78%; background-color: #ffffff;"> </td><td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #ffffff;"> </td><td valign="bottom" style="vertical-align: bottom; text-align: left; width: 1%; background-color: #ffffff;"> </td><td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #ffffff;"> </td><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: left; width: 1%; background-color: #ffffff;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 78%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000; text-align: left; margin-left: 7.2pt; text-indent: -7.2pt;">Volatility</div></td><td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #cceeff;"> </td><td valign="bottom" style="vertical-align: bottom; text-align: left; width: 1%; background-color: #cceeff;"> </td><td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">63.86</div></td><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: left; width: 1%; background-color: #cceeff;">% </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 78%; background-color: #ffffff;"> </td><td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #ffffff;"> </td><td valign="bottom" style="vertical-align: bottom; text-align: left; width: 1%; background-color: #ffffff;"> </td><td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #ffffff;"> </td><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: left; width: 1%; background-color: #ffffff;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 78%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000; text-align: left; margin-left: 7.2pt; text-indent: -7.2pt;">Risk Free interest rate</div></td><td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #cceeff;"> </td><td valign="bottom" style="vertical-align: bottom; text-align: left; width: 1%; background-color: #cceeff;"> </td><td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">.82</div></td><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: left; width: 1%; 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The debt discount will be amortized over the life of the AB Notes, three years, and charged to interest expense using the effective interest rate calculation method. </div><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000; text-align: justify;">We incurred approximately $0.5 million of debt issuance costs in connection with the issuance of the three senior secured promissory notes issued during FY 2014 and are in compliance with all covenant requirements under the MILFAM Note Agreement and the AB Note Agreements.</div></div>
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580000
639000
<div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; text-align: left; margin-right: 36pt;">Note 2 – Stock-Based Compensation Expense</div><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: left; margin-right: 36pt;">A summary of non-cash, stock-based compensation expense is as follows:</div><div><br /></div><table cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; width: 100%;"><tr><td style="vertical-align: bottom; padding-bottom: 2px; text-align: center;"> </td><td style="vertical-align: bottom; padding-bottom: 2px; text-align: center;"> </td><td colspan="6" style="vertical-align: bottom; border-bottom: #000000 2px solid; text-align: center;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">For the Three-Months Ended</div></td><td nowrap="nowrap" style="vertical-align: bottom; padding-bottom: 2px; text-align: center;"> </td></tr><tr><td style="vertical-align: bottom; text-align: center;"> </td><td style="vertical-align: bottom; text-align: center;"> </td><td colspan="6" style="vertical-align: bottom; text-align: center;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">(in thousands)</div></td><td nowrap="nowrap" style="vertical-align: bottom; text-align: center;"> </td></tr><tr><td style="vertical-align: bottom; padding-bottom: 2px; text-align: center;"> </td><td style="vertical-align: bottom; padding-bottom: 2px; text-align: center;"> </td><td colspan="2" style="vertical-align: bottom; border-bottom: #000000 2px solid; text-align: center;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">March 30, </div><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">2015</div></td><td nowrap="nowrap" style="vertical-align: bottom; padding-bottom: 2px; text-align: center;"> </td><td style="vertical-align: bottom; padding-bottom: 2px; text-align: center;"> </td><td colspan="2" style="vertical-align: bottom; border-bottom: #000000 2px solid; text-align: center;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">March 31, </div><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">2014</div></td><td nowrap="nowrap" style="vertical-align: bottom; padding-bottom: 2px; text-align: center;"> </td></tr><tr><td valign="bottom" style="vertical-align: top;"> </td><td valign="bottom" style="vertical-align: bottom;"> </td><td colspan="2" valign="bottom" style="vertical-align: top;"></td><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: left;"> </td><td valign="bottom" style="vertical-align: bottom;"> </td><td colspan="2" valign="bottom" style="vertical-align: top;"></td><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: left;"> </td></tr><tr><td valign="bottom" style="vertical-align: top; width: 76%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000; text-align: left; margin-left: 7.2pt; text-indent: -7.2pt;">Restricted stock compensation expense, net of forfeitures</div></td><td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #cceeff;"> </td><td valign="bottom" style="vertical-align: bottom; text-align: left; width: 1%; background-color: #cceeff;"> </td><td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">108</div></td><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: left; width: 1%; background-color: #cceeff;"> </td><td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #cceeff;"> </td><td valign="bottom" style="vertical-align: bottom; text-align: left; width: 1%; background-color: #cceeff;"> </td><td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">168</div></td><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: left; width: 1%; background-color: #cceeff;"> </td></tr><tr><td valign="bottom" style="vertical-align: top; padding-bottom: 2px; width: 76%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000; text-align: left; margin-left: 7.2pt; text-indent: -7.2pt;">Stock option compensation expense</div></td><td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; width: 1%; background-color: #ffffff;"> </td><td valign="bottom" style="vertical-align: bottom; border-bottom: #000000 2px solid; text-align: left; width: 1%; background-color: #ffffff;"> </td><td valign="bottom" style="vertical-align: bottom; border-bottom: #000000 2px solid; text-align: right; width: 9%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">-</div></td><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; text-align: left; width: 1%; background-color: #ffffff;"> </td><td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; width: 1%; background-color: #ffffff;"> </td><td valign="bottom" style="vertical-align: bottom; border-bottom: #000000 2px solid; text-align: left; width: 1%; background-color: #ffffff;"> </td><td valign="bottom" style="vertical-align: bottom; border-bottom: #000000 2px solid; text-align: right; width: 9%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">-</div></td><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; text-align: left; width: 1%; background-color: #ffffff;"> </td></tr><tr><td valign="bottom" style="vertical-align: top; padding-bottom: 4px; width: 76%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000; text-align: left; margin-left: 16.2pt; text-indent: -7.2pt;">Total non-cash, stock-based compensation expense, net of forfeitures</div></td><td valign="bottom" style="vertical-align: bottom; padding-bottom: 4px; width: 1%; background-color: #cceeff;"> </td><td valign="bottom" style="vertical-align: bottom; border-bottom: #000000 4px double; text-align: left; width: 1%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">$</div></td><td valign="bottom" style="vertical-align: bottom; border-bottom: #000000 4px double; text-align: right; width: 9%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">108</div></td><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 4px; text-align: left; width: 1%; background-color: #cceeff;"> </td><td valign="bottom" style="vertical-align: bottom; padding-bottom: 4px; width: 1%; background-color: #cceeff;"> </td><td valign="bottom" style="vertical-align: bottom; border-bottom: #000000 4px double; text-align: left; width: 1%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">$</div></td><td valign="bottom" style="vertical-align: bottom; border-bottom: #000000 4px double; text-align: right; width: 9%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">168</div></td><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 4px; text-align: left; width: 1%; background-color: #cceeff;"> </td></tr></table><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: justify;">As of March 30, 2015, the unrecognized compensation expense related to stock options and restricted shares of stock granted under the Cosi, Inc. 2005 Omnibus Long-Term Incentive Plan (the "2005 Plan") was approximately $0.9 million and will be recognized on a straight-line basis over the remaining vesting period through fiscal 2018. On August 26, 2014, the 2005 Plan was replaced by the Amended and Restated Cosi, Inc. 2005 Omnibus Long-Term Incentive Plan ("Amended and Restated 2005 Plan"), and all shares of stock issued to employees and directors after August 26, 2014, will be issued under the Amended and Restated 2005 Plan. We did not grant any shares of restricted stock to employees during the three months ended March 30, 2015.</div><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: justify;"> </div><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: justify;">Pursuant to the 2005 Plan and in accordance with the terms and conditions prescribed by the Compensation Committee of our Board of Directors, we granted 1,029,164 shares of restricted common stock to key employees during the three-month period ended March 31, 2014. The vesting of 829,164 of these shares occurs as follows:  (i) 50% of the grant will vest over time at the rate of 25% per year on the anniversary of the grant date, and (ii) 50% of the grant will vest at the rate of 25% on the first day on which the closing price of the Company's common stock exceeds, for 30 consecutive days, specific price targets of $2.00, $2.50, $3.00, and $4.00, provided the employee remains employed by the Company through each vesting date.  The vesting of the remaining 200,000 of these shares occurred as follows: (i) 50% of the grant vested immediately on the grant date and (ii) the remaining 50% was scheduled to vest in four equal quarterly installments on June 17, 2014, September 17, 2014, December 17, 2014, and March 17, 2015, provided the employee remained employed by the Company through each vesting date; and 75,000 of these shares were forfeited on August 26, 2014, when the employee ceased to be employed by the Company. On February 19, 2015, the Company met the first market condition of $2.00 and vested 25% of the granted 50% of restricted stock.</div><div>                                                                                 <br /></div><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: justify;">The value of the shares for the grants made during the three months ended March 31, 2014, based on the closing price of our common stock on the date of the grants, was approximately $1.0 million.</div><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: justify;">In the three-month period ended March 30, 2015, we issued 5,729 shares of our restricted common stock to a new member of the Board of Directors under the 2005 Plan and pursuant to the Non-Employee Directors Stock Incentive Plan, pro-rated for the balance of the 2013-2014 term. These shares had immaterial aggregate value in 2015 and vested upon issuance.</div><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: justify;">During the three-month period ended March 30, 2015, 100,050 shares of previously issued restricted common stock were forfeited. The value of the forfeited shares, based on the closing price of our common stock on the date of the grants, was approximately $0.1 million.</div></div>
-0.17
-0.12
<div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; text-align: justify; margin-right: 40.5pt;">Note 3 – Earnings Per Share</div><div><br /></div><table align="center" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; width: 80%;"><tr><td style="vertical-align: bottom; padding-bottom: 2px; text-align: center; width: 56%;"> </td><td style="vertical-align: bottom; padding-bottom: 2px; text-align: center; width: 1%;"> </td><td colspan="6" style="vertical-align: bottom; border-bottom: #000000 2px solid; text-align: center;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">For the Three Months Ended</div></td><td nowrap="nowrap" style="vertical-align: bottom; padding-bottom: 2px; text-align: center; width: 1%;"> </td></tr><tr><td style="vertical-align: bottom; text-align: center; width: 56%;"> </td><td style="vertical-align: bottom; text-align: center; width: 1%;"> </td><td colspan="6" style="vertical-align: bottom; text-align: center;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">(net loss in thousands)</div></td><td nowrap="nowrap" style="vertical-align: bottom; text-align: center; width: 1%;"> </td></tr><tr><td style="vertical-align: bottom; padding-bottom: 2px; text-align: center; width: 56%;"> </td><td style="vertical-align: bottom; padding-bottom: 2px; text-align: center; width: 1%;"> </td><td colspan="2" style="vertical-align: bottom; border-bottom: #000000 2px solid; text-align: center;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">March 30, </div><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">2015</div></td><td nowrap="nowrap" style="vertical-align: bottom; padding-bottom: 2px; text-align: center; width: 1%;"> </td><td style="vertical-align: bottom; padding-bottom: 2px; text-align: center; width: 1%;"> </td><td colspan="2" style="vertical-align: bottom; border-bottom: #000000 2px solid; text-align: center;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">March 31, 2014</div></td><td nowrap="nowrap" style="vertical-align: bottom; padding-bottom: 2px; text-align: center; width: 1%;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 56%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000; text-align: left; margin-left: 7.2pt; text-indent: -7.2pt;">Net loss and comprehensive loss</div></td><td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #cceeff;"> </td><td valign="bottom" style="vertical-align: bottom; text-align: left; width: 1%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">$</div></td><td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">(4,315</div></td><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: left; width: 1%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">)</div></td><td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #cceeff;"> </td><td valign="bottom" style="vertical-align: bottom; text-align: left; width: 1%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">$</div></td><td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">(3,126</div></td><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: left; width: 1%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">)</div></td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 56%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000; text-align: left; margin-left: 7.2pt; text-indent: -7.2pt;">Shares:</div></td><td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #ffffff;"> </td><td valign="bottom" style="vertical-align: bottom; text-align: left; width: 1%; background-color: #ffffff;"> </td><td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #ffffff;"> </td><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: left; width: 1%; background-color: #ffffff;"> </td><td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #ffffff;"> </td><td valign="bottom" style="vertical-align: bottom; text-align: left; width: 1%; background-color: #ffffff;"> </td><td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #ffffff;"> </td><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: left; width: 1%; background-color: #ffffff;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; width: 56%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000; text-align: left; margin-left: 7.2pt; text-indent: -7.2pt;">Weighted average number of shares outstanding</div></td><td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; width: 1%; background-color: #cceeff;"> </td><td valign="bottom" style="vertical-align: bottom; border-bottom: #000000 2px solid; text-align: left; width: 1%; background-color: #cceeff;"> </td><td valign="bottom" style="vertical-align: bottom; border-bottom: #000000 2px solid; text-align: right; width: 9%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;"></div><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">37,199,402</div></td><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; text-align: left; width: 1%; background-color: #cceeff;"> </td><td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; width: 1%; background-color: #cceeff;"> </td><td valign="bottom" style="vertical-align: bottom; border-bottom: #000000 2px solid; text-align: left; width: 1%; background-color: #cceeff;"> </td><td valign="bottom" style="vertical-align: bottom; border-bottom: #000000 2px solid; text-align: right; width: 9%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;"></div><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">18,054,580</div></td><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; text-align: left; width: 1%; background-color: #cceeff;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 56%; background-color: #ffffff;"> </td><td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #ffffff;"> </td><td valign="bottom" style="vertical-align: bottom; text-align: left; width: 1%; background-color: #ffffff;"> </td><td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #ffffff;"> </td><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: left; width: 1%; background-color: #ffffff;"> </td><td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #ffffff;"> </td><td valign="bottom" style="vertical-align: bottom; text-align: left; width: 1%; background-color: #ffffff;"> </td><td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #ffffff;"> </td><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: left; width: 1%; background-color: #ffffff;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; padding-bottom: 4px; width: 56%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000; text-align: left; margin-left: 7.2pt; text-indent: -7.2pt;">Basic and diluted loss per share</div></td><td valign="bottom" style="vertical-align: bottom; padding-bottom: 4px; width: 1%; background-color: #cceeff;"> </td><td valign="bottom" style="vertical-align: bottom; border-bottom: #000000 4px double; text-align: left; width: 1%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">$</div></td><td valign="bottom" style="vertical-align: bottom; border-bottom: #000000 4px double; text-align: right; width: 9%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">(0.12</div></td><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 4px; text-align: left; width: 1%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">)</div></td><td valign="bottom" style="vertical-align: bottom; padding-bottom: 4px; width: 1%; background-color: #cceeff;"> </td><td valign="bottom" style="vertical-align: bottom; border-bottom: #000000 4px double; text-align: left; width: 1%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">$</div></td><td valign="bottom" style="vertical-align: bottom; border-bottom: #000000 4px double; text-align: right; width: 9%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">(0.17</div></td><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 4px; text-align: left; width: 1%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">)</div></td></tr></table><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: justify;">Basic and diluted loss per common share is calculated by dividing the net loss by the weighted average common shares outstanding during the period. As of March 30, 2015 and March 31, 2014, there were, 888,747 and 932,639 unvested restricted shares of common stock and 66,250 and 53,445 out-of-the-money stock options outstanding The unvested restricted shares and the outstanding stock options meet the requirements for participating securities but were not included in the computation of basic and diluted earnings per share because we incurred a net loss in all periods presented and, hence, the impact would be anti-dilutive.</div></div>
900000
900000
500000
4415000
4844000
701000
647000
0
-18000
2617000
2369000
1996
<div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; text-align: justify;">Note 7 – Income Taxes</div><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: justify;">We have recorded a full valuation allowance to reduce our deferred tax assets that relate primarily to net operating loss carryforwards. Our determination of the valuation allowance is based on an evaluation of whether it is more likely than not that we will be able to utilize the net operating loss carryforwards based on the Company's operating results. </div><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: justify;">   </div><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: justify;">As of December 29, 2014, we had net operating loss ("NOL") carryforwards of approximately $243 million for U.S. federal income tax purposes. Under the Internal Revenue Code, an "ownership change" with respect to a corporation can significantly limit the amount of pre-ownership change NOLs and certain other tax assets that the corporation may utilize after the ownership change to offset future taxable income, possibly reducing the amount of cash available to the corporation to satisfy its obligations. An ownership change generally would occur if the aggregate stock ownership of holders of at least 5% of our stock increases by more than 50 percentage points over the preceding three year period. We are currently analyzing and do not believe the purchase of shares of our common stock pursuant to the rights offerings completed December 23, 2014, and July 9, 2013, conversions of $0.01 warrants in 2014 in connection with the senior secured promissory notes issued May 20, 2014, and April 14, 2014 and private placements completed August 22, 2014, have triggered an ownership change.   In addition, a limitation would not have an impact on our consolidated financial statements as we have recorded a valuation allowance for the entire amount of our deferred tax assets.</div><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: justify;">We adopted ASC 740-10, Income Taxes, which prescribes a comprehensive financial statement model of how a company should recognize, measure, present and disclose uncertain tax positions that the company has taken or expects to take in its income tax returns. The standard requires that only income tax benefits that meet the "more likely than not" recognition threshold be recognized or continue to be recognized on the effective date. Initial recognition amounts would have been reported as a cumulative effect of a change in accounting principle.</div><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: justify;"> </div><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: justify;">Should the Company need to accrue interest or penalties on uncertain tax positions, it would recognize the interest as interest expense and the penalties as a general and administrative expense.</div><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: justify;"> </div><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: justify;">Due to our unexpired NOLs, Cosi could be subject to IRS income tax examination for the tax year 1996 and all subsequent years. We could also be subject to state income tax examinations in certain states where we have unexpired NOLs.</div></div>
287000
-5000
-247000
-85000
-814000
-1762000
-17000
0
-92000
10000
917000
157000
-16000
1000
-250000
-212000
256000
0
733000
825000
7094000
7097000
9394000
11050000
27635000
33431000
19471000
21060000
6831000
6623000
<div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; text-align: justify; margin-right: 40.5pt;">Note 6 – Contingencies</div><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: justify; margin-top: 12pt;">From time to time, we are a defendant in litigation arising in the ordinary course of our business. In accordance with FASB Accounting Standards Codification, Topic 450 (ASC 450), <font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">Contingencies, </font>as of March 30, 2015, there are no legal proceedings that would require accrual or disclosure. We cannot predict with certainty the outcome of any litigation or the potential for future litigation. Regardless of the outcome of any particular litigation and the merits of any particular claim, litigation can have a material adverse impact on our company due to, among other reasons, any injunctive relief granted, which could inhibit our ability to operate our business, amounts paid as damages or in settlement of any such matter, diversion of management resources and defense costs.</div></div>
-7175000
-3365000
-4315000
-3126000
0
0
-4315000
-5950000
-3179000
-1225000
-186000
551000
551000
21504000
21805000
-3129000
-3897000
18510000
18578000
243000000
<div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; text-align: justify; margin-right: 36pt;">Note 1 – Basis of Presentation</div><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: justify;">We have prepared the accompanying unaudited condensed consolidated financial statements in accordance with the requirements of Form 10-Q and, therefore, they do not include all information and footnotes necessary for a fair presentation of financial position, results of operations, and cash flows in conformity with accounting principles generally accepted in the United States of America ("U.S. GAAP").  In our opinion, the financial statements reflect all adjustments that are necessary for a fair presentation of the results of operations for the periods shown. All such adjustments are of a normal recurring nature. In preparing financial statements in conformity with U.S. GAAP, we must make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues, expenses, and related disclosures at the date of the financial statements and during the reporting period. Actual results could differ from those estimates.</div><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: justify;">As used in this quarterly report on Form 10-Q, unless the context requires otherwise, the terms "we," "our," "Company" or "Cosi" refer to Cosi, Inc. and its consolidated subsidiaries.</div><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: justify;">The balance sheet at December 29, 2014 has been derived from audited financial statements at that date but does not include all of the information and footnotes required by U.S. GAAP for complete financial statements.</div><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: justify;">The results for the three-month periods ended March 30, 2015, and March 31, 2014, are not indicative of the results for the full fiscal year.</div><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: justify;">This Report should be read in conjunction with our Annual Report on Form 10-K for the fiscal year ended December 29, 2014, as filed with the Securities and Exchange Commission ("SEC").</div><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: justify;">There have been no material changes to our significant accounting policies and estimates from the information provided in Note 1 of our consolidated financial statements included in our Form 10-K for the fiscal year ended December 29, 2014.</div><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: justify;">                                                                         </div><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: justify;">The financial statements reflect certain reclassifications of prior year amounts to conform to the classification in the current period. The reclassifications, for the three-months ended March 30, 2015, include amounts within cash and cash equivalents, credit card receivable, and note receivable. The reclassifications had no <font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">effect on the current or previously reported statement of operations. </font><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Additionally, we recorded certain adjustments during the three month period ended March 30, 2015 which relate to the three month period ended December 29, 2014. The adjustments did not materially impact the prior periods or the current year results.</font></div></div>
1327000
1294000
3000
3000
-418000
3000
1538000
1663000
177000
124000
256000
0
186000
1225000
1279000
1028000
15500000
7935000
7308000
-11000
76000
-314385000
-310070000
18375000
17908000
P3Y
P3Y
2.16
17207000
17728000
<div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000; text-align: justify;">On October 14, 2014, 550,000 warrants provided under the AB Note Purchase Agreement were exercised by the cashless exercise method, thus 2,895 shares were forfeited to pay for the warrants in lieu of cash. The Company's 550,000 stock warrants were carried at their fair value as of the issuance date of approximately $0.7 million based on the Black-Scholes model using the following assumptions:</div><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000; text-align: justify; margin-left: 36pt;">  </div><table align="center" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; width: 90%;"><tr><td valign="bottom" style="vertical-align: bottom; width: 78%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000; text-align: left; margin-left: 7.2pt; text-indent: -7.2pt;">Expected life (in years)</div></td><td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #cceeff;"> </td><td valign="bottom" style="vertical-align: bottom; text-align: left; width: 1%; background-color: #cceeff;"> </td><td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">3</div></td><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: left; width: 1%; background-color: #cceeff;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 78%; background-color: #ffffff;"> </td><td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #ffffff;"> </td><td valign="bottom" style="vertical-align: bottom; text-align: left; width: 1%; background-color: #ffffff;"> </td><td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #ffffff;"> </td><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: left; width: 1%; background-color: #ffffff;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 78%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000; text-align: left; margin-left: 7.2pt; text-indent: -7.2pt;">Volatility</div></td><td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #cceeff;"> </td><td valign="bottom" style="vertical-align: bottom; text-align: left; width: 1%; background-color: #cceeff;"> </td><td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">63.86</div></td><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: left; width: 1%; background-color: #cceeff;">% </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 78%; background-color: #ffffff;"> </td><td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #ffffff;"> </td><td valign="bottom" style="vertical-align: bottom; text-align: left; width: 1%; background-color: #ffffff;"> </td><td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #ffffff;"> </td><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: left; width: 1%; background-color: #ffffff;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 78%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000; text-align: left; margin-left: 7.2pt; text-indent: -7.2pt;">Risk Free interest rate</div></td><td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #cceeff;"> </td><td valign="bottom" style="vertical-align: bottom; text-align: left; width: 1%; background-color: #cceeff;"> </td><td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">.82</div></td><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: left; width: 1%; background-color: #cceeff;">%</td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 78%; background-color: #ffffff;"> </td><td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #ffffff;"> </td><td valign="bottom" style="vertical-align: bottom; text-align: left; width: 1%; background-color: #ffffff;"> </td><td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #ffffff;"> </td><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: left; width: 1%; background-color: #ffffff;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 78%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000; text-align: left; margin-left: 7.2pt; text-indent: -7.2pt;">Dividend yield (on common stock)</div></td><td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #cceeff;"> </td><td valign="bottom" style="vertical-align: bottom; text-align: left; width: 1%; background-color: #cceeff;"> </td><td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">-</div></td><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: left; width: 1%; background-color: #cceeff;"> </td></tr></table></div>
<div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000; text-align: justify;">On September 16, 2014, 1.1 million warrants provided under the MILFAM Note Agreement were exercised in order to purchase 1.1 million unregistered shares of the Company's common stock at an exercise price of $0.01 per share, resulting in an aggregate purchase price of $11,000.  The stock warrants were carried at a fair value as of the issuance date of approximately $1.3 million based on the Black-Scholes model using the following assumptions:</div><div><br /></div><table align="center" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; width: 90%;"><tr><td valign="bottom" style="vertical-align: bottom; width: 78%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000; text-align: left; margin-left: 7.2pt; text-indent: -7.2pt;">Expected life (in years)</div></td><td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #cceeff;"> </td><td valign="bottom" style="vertical-align: bottom; text-align: left; width: 1%; background-color: #cceeff;"> </td><td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">3</div></td><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: left; width: 1%; background-color: #cceeff;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 78%; background-color: #ffffff;"> </td><td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #ffffff;"> </td><td valign="bottom" style="vertical-align: bottom; text-align: left; width: 1%; background-color: #ffffff;"> </td><td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #ffffff;"> </td><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: left; width: 1%; background-color: #ffffff;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 78%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000; text-align: left; margin-left: 7.2pt; text-indent: -7.2pt;">Volatility</div></td><td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #cceeff;"> </td><td valign="bottom" style="vertical-align: bottom; text-align: left; width: 1%; background-color: #cceeff;"> </td><td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">63.86</div></td><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: left; width: 1%; background-color: #cceeff;">% </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 78%; background-color: #ffffff;"> </td><td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #ffffff;"> </td><td valign="bottom" style="vertical-align: bottom; text-align: left; width: 1%; background-color: #ffffff;"> </td><td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #ffffff;"> </td><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: left; width: 1%; background-color: #ffffff;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 78%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000; text-align: left; margin-left: 7.2pt; text-indent: -7.2pt;">Risk Free interest rate</div></td><td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #cceeff;"> </td><td valign="bottom" style="vertical-align: bottom; text-align: left; width: 1%; background-color: #cceeff;"> </td><td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">.82</div></td><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: left; width: 1%; background-color: #cceeff;">%</td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 78%; background-color: #ffffff;"> </td><td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #ffffff;"> </td><td valign="bottom" style="vertical-align: bottom; text-align: left; width: 1%; background-color: #ffffff;"> </td><td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #ffffff;"> </td><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: left; width: 1%; background-color: #ffffff;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 78%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000; text-align: left; margin-left: 7.2pt; text-indent: -7.2pt;">Dividend yield (on common stock)</div></td><td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #cceeff;"> </td><td valign="bottom" style="vertical-align: bottom; text-align: left; width: 1%; background-color: #cceeff;"> </td><td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">-</div></td><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: left; width: 1%; background-color: #cceeff;"> </td></tr></table></div>
<div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><div>Earnings Per Share</div><div><br /></div><table align="center" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; width: 80%;"><tr><td style="vertical-align: bottom; padding-bottom: 2px; text-align: center; width: 56%;"> </td><td style="vertical-align: bottom; padding-bottom: 2px; text-align: center; width: 1%;"> </td><td colspan="6" style="vertical-align: bottom; border-bottom: #000000 2px solid; text-align: center;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">For the Three Months Ended</div></td><td nowrap="nowrap" style="vertical-align: bottom; padding-bottom: 2px; text-align: center; width: 1%;"> </td></tr><tr><td style="vertical-align: bottom; text-align: center; width: 56%;"> </td><td style="vertical-align: bottom; text-align: center; width: 1%;"> </td><td colspan="6" style="vertical-align: bottom; text-align: center;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">(net loss in thousands)</div></td><td nowrap="nowrap" style="vertical-align: bottom; text-align: center; width: 1%;"> </td></tr><tr><td style="vertical-align: bottom; padding-bottom: 2px; text-align: center; width: 56%;"> </td><td style="vertical-align: bottom; padding-bottom: 2px; text-align: center; width: 1%;"> </td><td colspan="2" style="vertical-align: bottom; border-bottom: #000000 2px solid; text-align: center;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">March 30, </div><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">2015</div></td><td nowrap="nowrap" style="vertical-align: bottom; padding-bottom: 2px; text-align: center; width: 1%;"> </td><td style="vertical-align: bottom; padding-bottom: 2px; text-align: center; width: 1%;"> </td><td colspan="2" style="vertical-align: bottom; border-bottom: #000000 2px solid; text-align: center;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">March 31, 2014</div></td><td nowrap="nowrap" style="vertical-align: bottom; padding-bottom: 2px; text-align: center; width: 1%;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 56%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000; text-align: left; margin-left: 7.2pt; text-indent: -7.2pt;">Net loss and comprehensive loss</div></td><td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #cceeff;"> </td><td valign="bottom" style="vertical-align: bottom; text-align: left; width: 1%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">$</div></td><td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">(4,315</div></td><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: left; width: 1%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">)</div></td><td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #cceeff;"> </td><td valign="bottom" style="vertical-align: bottom; text-align: left; width: 1%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">$</div></td><td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">(3,126</div></td><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: left; width: 1%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">)</div></td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 56%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000; text-align: left; margin-left: 7.2pt; text-indent: -7.2pt;">Shares:</div></td><td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #ffffff;"> </td><td valign="bottom" style="vertical-align: bottom; text-align: left; width: 1%; background-color: #ffffff;"> </td><td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #ffffff;"> </td><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: left; width: 1%; background-color: #ffffff;"> </td><td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #ffffff;"> </td><td valign="bottom" style="vertical-align: bottom; text-align: left; width: 1%; background-color: #ffffff;"> </td><td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #ffffff;"> </td><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: left; width: 1%; background-color: #ffffff;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; width: 56%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000; text-align: left; margin-left: 7.2pt; text-indent: -7.2pt;">Weighted average number of shares outstanding</div></td><td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; width: 1%; background-color: #cceeff;"> </td><td valign="bottom" style="vertical-align: bottom; border-bottom: #000000 2px solid; text-align: left; width: 1%; background-color: #cceeff;"> </td><td valign="bottom" style="vertical-align: bottom; border-bottom: #000000 2px solid; text-align: right; width: 9%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;"></div><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">37,199,402</div></td><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; text-align: left; width: 1%; background-color: #cceeff;"> </td><td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; width: 1%; background-color: #cceeff;"> </td><td valign="bottom" style="vertical-align: bottom; border-bottom: #000000 2px solid; text-align: left; width: 1%; background-color: #cceeff;"> </td><td valign="bottom" style="vertical-align: bottom; border-bottom: #000000 2px solid; text-align: right; width: 9%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;"></div><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">18,054,580</div></td><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; text-align: left; width: 1%; background-color: #cceeff;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 56%; background-color: #ffffff;"> </td><td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #ffffff;"> </td><td valign="bottom" style="vertical-align: bottom; text-align: left; width: 1%; background-color: #ffffff;"> </td><td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #ffffff;"> </td><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: left; width: 1%; background-color: #ffffff;"> </td><td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #ffffff;"> </td><td valign="bottom" style="vertical-align: bottom; text-align: left; width: 1%; background-color: #ffffff;"> </td><td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #ffffff;"> </td><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: left; width: 1%; background-color: #ffffff;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; padding-bottom: 4px; width: 56%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000; text-align: left; margin-left: 7.2pt; text-indent: -7.2pt;">Basic and diluted loss per share</div></td><td valign="bottom" style="vertical-align: bottom; padding-bottom: 4px; width: 1%; background-color: #cceeff;"> </td><td valign="bottom" style="vertical-align: bottom; border-bottom: #000000 4px double; text-align: left; width: 1%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">$</div></td><td valign="bottom" style="vertical-align: bottom; border-bottom: #000000 4px double; text-align: right; width: 9%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">(0.12</div></td><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 4px; text-align: left; width: 1%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">)</div></td><td valign="bottom" style="vertical-align: bottom; padding-bottom: 4px; width: 1%; background-color: #cceeff;"> </td><td valign="bottom" style="vertical-align: bottom; border-bottom: #000000 4px double; text-align: left; width: 1%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">$</div></td><td valign="bottom" style="vertical-align: bottom; border-bottom: #000000 4px double; text-align: right; width: 9%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">(0.17</div></td><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 4px; text-align: left; width: 1%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">)</div></td></tr></table></div>
<div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: left; margin-right: 36pt;">A summary of non-cash, stock-based compensation expense is as follows:</div><div><br /></div><table cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; width: 100%;"><tr><td style="vertical-align: bottom; padding-bottom: 2px; text-align: center;"> </td><td style="vertical-align: bottom; padding-bottom: 2px; text-align: center;"> </td><td colspan="6" style="vertical-align: bottom; border-bottom: #000000 2px solid; text-align: center;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">For the Three-Months Ended</div></td><td nowrap="nowrap" style="vertical-align: bottom; padding-bottom: 2px; text-align: center;"> </td></tr><tr><td style="vertical-align: bottom; text-align: center;"> </td><td style="vertical-align: bottom; text-align: center;"> </td><td colspan="6" style="vertical-align: bottom; text-align: center;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">(in thousands)</div></td><td nowrap="nowrap" style="vertical-align: bottom; text-align: center;"> </td></tr><tr><td style="vertical-align: bottom; padding-bottom: 2px; text-align: center;"> </td><td style="vertical-align: bottom; padding-bottom: 2px; text-align: center;"> </td><td colspan="2" style="vertical-align: bottom; border-bottom: #000000 2px solid; text-align: center;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">March 30, </div><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">2015</div></td><td nowrap="nowrap" style="vertical-align: bottom; padding-bottom: 2px; text-align: center;"> </td><td style="vertical-align: bottom; padding-bottom: 2px; text-align: center;"> </td><td colspan="2" style="vertical-align: bottom; border-bottom: #000000 2px solid; text-align: center;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">March 31, </div><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">2014</div></td><td nowrap="nowrap" style="vertical-align: bottom; padding-bottom: 2px; text-align: center;"> </td></tr><tr><td valign="bottom" style="vertical-align: top;"> </td><td valign="bottom" style="vertical-align: bottom;"> </td><td colspan="2" valign="bottom" style="vertical-align: top;"></td><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: left;"> </td><td valign="bottom" style="vertical-align: bottom;"> </td><td colspan="2" valign="bottom" style="vertical-align: top;"></td><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: left;"> </td></tr><tr><td valign="bottom" style="vertical-align: top; width: 76%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000; text-align: left; margin-left: 7.2pt; text-indent: -7.2pt;">Restricted stock compensation expense, net of forfeitures</div></td><td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #cceeff;"> </td><td valign="bottom" style="vertical-align: bottom; text-align: left; width: 1%; background-color: #cceeff;"> </td><td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">108</div></td><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: left; width: 1%; background-color: #cceeff;"> </td><td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #cceeff;"> </td><td valign="bottom" style="vertical-align: bottom; text-align: left; width: 1%; background-color: #cceeff;"> </td><td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">168</div></td><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: left; width: 1%; background-color: #cceeff;"> </td></tr><tr><td valign="bottom" style="vertical-align: top; padding-bottom: 2px; width: 76%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000; text-align: left; margin-left: 7.2pt; text-indent: -7.2pt;">Stock option compensation expense</div></td><td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; width: 1%; background-color: #ffffff;"> </td><td valign="bottom" style="vertical-align: bottom; border-bottom: #000000 2px solid; text-align: left; width: 1%; background-color: #ffffff;"> </td><td valign="bottom" style="vertical-align: bottom; border-bottom: #000000 2px solid; text-align: right; width: 9%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">-</div></td><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; text-align: left; width: 1%; background-color: #ffffff;"> </td><td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; width: 1%; background-color: #ffffff;"> </td><td valign="bottom" style="vertical-align: bottom; border-bottom: #000000 2px solid; text-align: left; width: 1%; background-color: #ffffff;"> </td><td valign="bottom" style="vertical-align: bottom; border-bottom: #000000 2px solid; text-align: right; width: 9%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">-</div></td><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; text-align: left; width: 1%; background-color: #ffffff;"> </td></tr><tr><td valign="bottom" style="vertical-align: top; padding-bottom: 4px; width: 76%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000; text-align: left; margin-left: 16.2pt; text-indent: -7.2pt;">Total non-cash, stock-based compensation expense, net of forfeitures</div></td><td valign="bottom" style="vertical-align: bottom; padding-bottom: 4px; width: 1%; background-color: #cceeff;"> </td><td valign="bottom" style="vertical-align: bottom; border-bottom: #000000 4px double; text-align: left; width: 1%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">$</div></td><td valign="bottom" style="vertical-align: bottom; border-bottom: #000000 4px double; text-align: right; width: 9%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">108</div></td><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 4px; text-align: left; width: 1%; background-color: #cceeff;"> </td><td valign="bottom" style="vertical-align: bottom; padding-bottom: 4px; width: 1%; background-color: #cceeff;"> </td><td valign="bottom" style="vertical-align: bottom; border-bottom: #000000 4px double; text-align: left; width: 1%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">$</div></td><td valign="bottom" style="vertical-align: bottom; border-bottom: #000000 4px double; text-align: right; width: 9%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">168</div></td><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 4px; text-align: left; width: 1%; background-color: #cceeff;"> </td></tr></table></div>
5729
108000
168000
4.00
2.00
2.50
3.00
2.00
100050
75000
0
0
5729
0.6386
0.6386
0.0082
0.0082
38410196
59886
59886
38415925
0
1029164
829164
2895
108000
108000
0
0
100000
7160766
1000000
12371000
8164000
383000
-1198000
323256000
-310070000
-1198000
323364000
-314385000
383000
<div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><div><strong>Note 9 – Subsequent Events</strong></div><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic; text-align: left;"> </div><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic; text-align: left;">Hearthstone Merger</div><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000; text-align: justify;">On April 1, 2015, we closed the previously-announced merger of Hearthstone Associates, LLC ("Hearthstone Associates") with and into a wholly-owned subsidiary of the Company, with Hearthstone Associates continuing as the surviving entity (the "Hearthstone Merger").  Upon consummation of the Hearthstone Merger, Hearthstone Associates became a wholly-owned subsidiary of the Company, and Hearthstone Partners, LLC ("Hearthstone Partners"), a wholly-owned subsidiary of Hearthstone Associates, became an indirect subsidiary of the Company.</div><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000; text-align: justify;">In connection with the Hearthstone Merger, and as a condition of obtaining the consent of Hearthstone Partners' lender, the Company agreed to guarantee the obligations of Hearthstone Partners under those certain loan documents (the "Loan Documents") previously entered into by Hearthstone Partners with First Franchise Capital Corporation (the "("Lender"), as previously disclosed in the Company's filings with the SEC.</div><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: justify;"> </div><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: justify;">Accordingly, we entered into a Guaranty in favor of the Lender, pursuant to which the Company placed $5 million in a control account as cash collateral to secure the Company's obligations under the Guaranty,  and certain previously disclosed amendments to the Loan Documents.<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">  </font>As of April 1, 2015, the principal balance outstanding under the Loan Documents was approximately $4.7 million.</div><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000; text-align: justify;">On April 1, 2015, as a condition to the Hearthstone Merger, the Company and R. J. Dourney, our CEO and President, entered into the previously-disclosed Indemnification and Holdback Agreement (the "Holdback Agreement") pursuant to which Mr. Dourney agreed to retain and indemnify the Company for certain liabilities.  The liabilities retained by Mr. Dourney include:  (a) the amount of $703,718, and all other amounts, if any, relating thereto, arising out or relating to that certain letter agreement dated April 17, 2013, entered into between Northland Securities, Inc., and Hearthstone Associates, which amount is being disputed in good faith by Mr. Dourney and Hearthstone Associates (the "Northland Claim"); and (b) accounts payable and other obligations owed to third parties for materials, inventory, utilities, supplies, labor or other goods and/or services received by Hearthstone Associates or Hearthstone Partners, which are past due as of the closing of the Hearthstone Merger or are otherwise not in compliance with the provisions of the previously disclosed Election to Cause Merger Agreement (as amended, the "Election Agreement"), which amount will be determined in good faith by the Company and Mr. Dourney, following consummation of the Hearthstone Merger (the "A/P Amounts").</div><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000; text-align: justify;">Until resolution of the retained liabilities, the parties agree that the Company will hold in escrow a portion of the shares (the "("Holdback Shares") which would otherwise have been distributed to Mr. Dourney upon consummation of the Hearthstone Merger.  For the Northland Claim, the Company has held back shares equal to the amount of $0.5 million, to be held in escrow by the Company until such time as the Northland Claim is finally resolved by payment of any agreed upon liability or other settlement, as evidenced by proof of payment or in writing, at which time those shares will be promptly released to Mr. Dourney.  For the A/P Amounts, the Company has held back shares equal to the amount of $0.5 million, to be held in escrow by the Company until such time as the A/P Amounts are finally resolved by payment of any agreed upon liability or other settlement, as evidenced in writing, at which time those shares will be promptly released to Mr. Dourney.</div><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000; text-align: justify;">Under the Holdback Agreement, Mr. Dourney will defend, indemnify and hold harmless the Company, its subsidiaries and affiliates, and their officers, directors, members, managers, stockholders, employees, agents, successors and assigns (collectively, the "Indemnified Parties") from and against any and all actions, causes of action, suits, claims, losses, costs, penalties, fees, liabilities and damages, and expenses, including, without limitation, reasonable attorneys' fees and disbursements, incurred by any of the Indemnified Parties resulting from, consisting of or arising out of or in connection with the Northland Claim and the A/P Amounts or the failure of Mr. Dourney to perform any of his obligations under the Holdback Agreement. </div><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000; text-align: justify;">On April 1, 2015, upon completion of the Hearthstone Merger and pursuant to the Election to Cause Merger Agreement, an aggregate of 1,790,993 shares of the Company's common stock, $0.01 par value, representing total consideration, were distributed to the owners of Hearthstone Associates, with the shares being allocated as follows:  1,701,050 shares to R. J. Dourney, the Company's CEO and President, 17,182 shares to Nancy Dourney, Mr. Dourney's spouse, and 72,761 shares to Richard Bagge, the Company's interim Chief Financial Officer. The Hearthstone Merger will be accounted for in accordance with FASB ASC 805 <font style="font-style: italic;">Business Combination</font>.</div><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic; text-align: left;"> </div><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic; text-align: left;">Stock Purchase Agreement</div><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">On April 10, 2015, we entered into a Stock Purchase Agreement (the "2015 Purchase Agreement") with Trishield Special Situations Master Fund Ltd., </font><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">which Trishield fund is managed by Trishield Capital Management LLC,</font><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;"> </font>a fund managed by Janus Capital Management, LLC ("Janus"), <font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">LKCM Micro-Cap Partnership L.P. and LKCM Private Discipline Master Fund, SPC, both of which LKCM funds are managed by Luther King Capital Management, Goose Hill Capital LLC, Bigger Capital Fund, LP, and Kenneth Vaughan (each, a "Purchaser" and collectively, the "Purchasers"), under which the Company sold to the Purchasers, and the Purchasers purchased from the Company, an aggregate of 7,160,766 unregistered shares of the Company's common stock, par value of $0.01 per share, at a purchase price of $2.16 per share, for aggregate gross proceeds of approximately $15.5 million (the "2015 Private Placement Transaction"). The closing of the 2015 Private Placement Transaction occurred on April 10, 2015.</font></div><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: justify;"> </div><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">Pursuant to that certain Senior Secured Note Purchase Agreement dated April 14, 2014, entered into between the Company and Milfam II L.P. ("Milfam"), Milfam had a right to participate in the 2015 Private Placement Transaction on the same terms as the Purchasers. Lloyd I. Miller, III, is the manager of Milfam LLC, the general partner of Milfam and Milfam LLC is also the investment advisor to the Lloyd I. Miller Trust C.  Mr. Miller is a significant shareholder of the Company through a variety of entities that he manages.  </font>On April 24, 2015, Mr. Miller notified the Company that he would not be participating in the 2015 Private Placement Transaction.</div><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000; text-align: justify;">The Company relied on the exemption from registration provided for under Section 4(a)(2) of the Securities Act of 1933 based in part on the representations made by the Purchasers, including the representations with respect to each Purchaser's status as an accredited investor, as such term is defined in Rule 501(a) under the Securities Act, and the investment intent of each Purchaser with respect to the shares of common stock acquired by such Purchaser pursuant to the 2015 Purchase Agreement.</div><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000; text-align: justify; margin-left: 36pt;"> </div><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000; text-align: justify;">Concurrently with entering into the 2015 Purchase Agreement, the Company and the Purchasers entered into a Registration Rights Agreement dated April 10, 2015 ("Registration Rights Agreement"), pursuant to which the Company agreed to file a registration statement within 30 days, subject to certain delays or extensions of time, covering the shares of the Company's common stock, acquired by each of the Purchasers, as well as unregistered shares previously acquired by Janus from the Company in the previously-disclosed private placement transaction closed on August 22, 2014.</div><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000; text-align: justify; margin-left: 36pt;"> </div><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000; text-align: justify;">The Company has also granted registration rights to other investors in the Company's securities that are substantially equivalent to those granted under the Registration Rights Agreement, including the shares issued in 2014 to each of Milfam and Lloyd I. Miller Trust C, as well as the shares issued on April 1, 2015, to in connection with completion of the previously-announced Hearthstone Merger.</div><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: justify;">The Company had also granted substantially equivalent registration rights to AB Value Partners, L.P., and AB Opportunity Fund LLC (collectively, the "AB Entities"), for shares issued in 2014 upon exercise of $.01 warrants that were acquired by the AB Entities in connection with the previously-disclosed Senior Secured Promissory Notes issued by the Company to the AB Entities on May 20, 2014; however, those shares have been sold under an exemption from registration and will not be covered by the registration rights agreement to be filed by the Company.</div></div>
59886
59886
1198000
1198000
1300000
700000
37199402
18054580
23000
32000
-16000
51000
<div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; text-align: left; margin-right: 40.5pt;">Note 5 – Lease Termination Costs</div><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: justify;">Future store closings, if any, resulting from our decision to close underperforming locations prior to their scheduled lease expiration dates may result in additional lease termination charges. For all exit activities, we estimate our likely liability under contractual leases for restaurants that have been closed. Such estimates have affected the amount and timing of charges to operating results and are impacted by management's judgments about the time it may take to find a suitable subtenant or assignee, or the terms under which a termination of the lease agreement may be negotiated with the landlord. We recognize costs associated with exit or disposal activities at the time a commitment to an exit or disposal plan is communicated to the landlord.</div><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: justify;">The lease termination costs that we recorded during the three-month periods ended March 30, 2015, and March 31, 2014, were not material.</div></div>
6637000
7001000
51000
-16000
-39000
2000
0.5
0.25
4
P30D
P30D
P30D
P30D
0.5
0.5
0.5
200000
0.25
0.25
0.25
0.25
0.25
703718
4700000
0.11
0.11
0.035
0.035
550000
1100000
1100000
1000000
500000
11000
2
2
0.199
0.199
4000000
3
0.5
P3Y
0.05