GCFB » Topics » Property and Equipment

These excerpts taken from the GCFB 10-K filed Mar 19, 2009.

Property and Equipment

        The cost of property and equipment is depreciated over the estimated useful lives of the related assets ranging from three to 20 years. The cost of leasehold improvements is depreciated over the initial term of the related lease, which is generally 20 years. Depreciation is computed on the straight-line method for financial reporting purposes and accelerated methods for income tax purposes. Amortization of assets acquired under capital lease is included in depreciation expense. We review property and equipment, including leasehold improvements, for impairment when events or circumstances indicate these assets might be impaired pursuant to Statement of Financial Accounting Standard (SFAS) No. 144. We base this assessment upon the carrying value versus the fair market value

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of the asset and whether or not that difference is recoverable. Such assessment is performed on a restaurant-by-restaurant basis and includes other relevant facts and circumstances including the physical condition of the asset.

        Our accounting policies regarding property and equipment include certain management judgments regarding the estimated useful lives of such assets and the determination as to what constitutes enhancing the value of or increasing the life of existing assets. These judgments and estimates may produce materially different amounts of depreciation and amortization expense than would be reported if different assumptions were used.

        We continually reassess our assumptions and judgments and make adjustments when significant facts and circumstances dictate. Historically, actual results have not been materially different than the estimates we have made.

Property and Equipment



        The cost of property and equipment is depreciated over the estimated useful lives of the related assets ranging from three to
20 years. The cost of leasehold improvements is depreciated over the initial term of the related lease, which is generally 20 years. Depreciation is computed on the
straight-line method for financial reporting purposes and accelerated methods for income tax purposes. Amortization of assets acquired under capital lease is included in depreciation
expense. We review property and equipment, including leasehold improvements, for impairment when events or circumstances indicate these assets might be impaired pursuant to Statement of Financial
Accounting Standard (SFAS) No. 144. We base this assessment upon the carrying value versus the fair market value



28









HREF="#bg45401a_main_toc">Table of Contents






of
the asset and whether or not that difference is recoverable. Such assessment is performed on a restaurant-by-restaurant basis and includes other relevant facts and
circumstances including the physical condition of the asset.



        Our
accounting policies regarding property and equipment include certain management judgments regarding the estimated useful lives of such assets and the determination as to what
constitutes enhancing the value of or increasing the life of existing assets. These judgments and estimates may produce materially different amounts of depreciation and amortization expense than would
be reported if different assumptions were used.



        We
continually reassess our assumptions and judgments and make adjustments when significant facts and circumstances dictate. Historically, actual results have not been materially
different than the estimates we have made.



4. Property and equipment

        Property and equipment, including that under capital leases (see Note 9), consisted of the following:

 
  December 30, 2008   December 25, 2007  

Land

  $ 18,000   $ 18,000  

Buildings

    54,991,656     46,238,741  

Leasehold improvements

    9,117,667     8,516,291  

Equipment and furniture

    31,877,053     26,133,376  

Construction in progress *

    642,579     5,540,980  
           

    96,646,955     86,447,388  

Less accumulated depreciation

    (20,395,492 )   (14,036,502 )
           

  $ 76,251,463   $ 72,410,886  
           

      *
      Construction in progress includes the following approximate amounts for items yet to be placed in service:
 
  December 30, 2008   December 25, 2007  

Leasehold improvements for future locations

  $ 187,400   $ 240,000  

Building and equipment at future locations

  $ 255,200   $ 5,300,000  

Equipment at current locations

  $ 199,900      

F-14



GRANITE CITY FOOD & BREWERY LTD.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

4. Property and equipment




        Property and equipment, including that under capital leases (see Note 9), consisted of the following:
































































































































 
 December 30, 2008  December 25, 2007  

Land

 $18,000 $18,000 

Buildings

  54,991,656  46,238,741 

Leasehold improvements

  9,117,667  8,516,291 

Equipment and furniture

  31,877,053  26,133,376 

Construction in progress *

  642,579  5,540,980 
      

  96,646,955  86,447,388 

Less accumulated depreciation

  (20,395,492) (14,036,502)
      

 $76,251,463 $72,410,886 
      














      *
      Construction
      in progress includes the following approximate amounts for items yet to be placed in service:























































 
 December 30, 2008  December 25, 2007  

Leasehold improvements for future locations

 $187,400 $240,000 

Building and equipment at future locations

 $255,200 $5,300,000 

Equipment at current locations

 $199,900   



F-14










GRANITE CITY FOOD & BREWERY LTD.



NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)




These excerpts taken from the GCFB 10-K filed Mar 10, 2008.

3. Property and equipment

        Property and equipment, included under capital leases (Note 8), consisted of the following:

 
  December 25, 2007
  December 26, 2006
Land   $ 18,000   $ 18,000
Buildings     46,238,741     33,851,945
Leasehold improvements     8,516,291     8,220,963
Equipment and furniture     26,133,376     20,728,013
Construction in progress*     5,540,980     624,422
   
 
      86,447,388     63,443,343
Less accumulated depreciation and amortization     14,036,502     9,425,219
   
 
    $ 72,410,886   $ 54,018,124
   
 

      *
      Construction in progress includes the following approximate amounts for items yet to be placed in service:

 
  December 25, 2007
  December 26, 2006
Architecture fees for future locations   $ 240,000   $ 100,000
Building and equipment at future locations   $ 5,300,000   $ 400,000
Equipment at the beer production facility       $ 125,000

F-13


GRANITE CITY FOOD & BREWERY LTD.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

3. Property and equipment



        Property and equipment, included under capital leases (Note 8), consisted of the following:









































































































 
 December 25, 2007
 December 26, 2006
Land $18,000 $18,000
Buildings  46,238,741  33,851,945
Leasehold improvements  8,516,291  8,220,963
Equipment and furniture  26,133,376  20,728,013
Construction in progress*  5,540,980  624,422
  
 
   86,447,388  63,443,343
Less accumulated depreciation and amortization  14,036,502  9,425,219
  
 
  $72,410,886 $54,018,124
  
 








      *
      Construction
      in progress includes the following approximate amounts for items yet to be placed in service:










































 
 December 25, 2007
 December 26, 2006
Architecture fees for future locations $240,000 $100,000
Building and equipment at future locations $5,300,000 $400,000
Equipment at the beer production facility   $125,000



F-13








NAME="page_fo14101_1_14">










GRANITE CITY FOOD & BREWERY LTD.



NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)




This excerpt taken from the GCFB 10-Q filed Nov 9, 2007.

Property and equipment

 

The cost of property and equipment is depreciated over the estimated useful lives of the related assets ranging from three to 20 years.  The cost of leasehold improvements is depreciated over the initial term of the related lease, which is generally 20 years.  Depreciation is computed on the straight-line method for financial reporting purposes and accelerated methods for income tax purposes.  Amortization of assets acquired under capital lease is included in depreciation expense.  We review property and equipment, including leasehold improvements, for impairment when events or circumstances indicate these assets might be impaired pursuant to Statement of Financial Accounting Standard (SFAS) No. 144.  We base this assessment upon the carrying value versus the fair market value of the asset and whether or not that difference is recoverable.  Such assessment is performed on a restaurant-by-restaurant basis and includes other relevant facts and circumstances including the physical condition of the asset.

Our accounting policies regarding property and equipment include certain management judgments regarding the estimated useful lives of such assets and the determination as to what constitutes enhancing the value of or increasing the life of existing assets.  These judgments and estimates may produce materially different amounts of depreciation and amortization expense than would be reported if different assumptions were used.

We continually reassess our assumptions and judgments and make adjustments when significant facts and circumstances dictate. Historically, actual results have not been materially different than the estimates we have made.

 

24



 

This excerpt taken from the GCFB 10-Q filed Aug 8, 2007.

Property and equipment

The cost of property and equipment is depreciated over the estimated useful lives of the related assets ranging from three to 20 years.  The cost of leasehold improvements is depreciated over the initial term of the related lease, which is generally 20 years.  Depreciation is computed on the straight-line method for financial reporting purposes and accelerated methods for income tax purposes.  Amortization of assets acquired under capital lease is included in depreciation expense.  We review property and equipment, including leasehold improvements, for impairment when events or circumstances indicate these assets might be impaired pursuant to Statement of Financial Accounting Standard (SFAS) No. 144.  We base this assessment upon the carrying value versus the fair market value of the asset and whether or not that difference is recoverable.  Such assessment is performed on a restaurant-by-restaurant basis and includes other relevant facts and circumstances including the physical condition of the asset.

Our accounting policies regarding property and equipment include certain management judgments regarding the estimated useful lives of such assets and the determination as to what constitutes enhancing the value of or increasing the life of existing assets.  These judgments and estimates may produce materially different amounts of depreciation and amortization expense than would be reported if different assumptions were used.

We continually reassess our assumptions and judgments and make adjustments when significant facts and circumstances dictate.  Historically, actual results have not been materially different than the estimates we have made.

This excerpt taken from the GCFB 10-Q filed May 4, 2007.

Property and equipment

The cost of property and equipment is depreciated over the estimated useful lives of the related assets ranging from three to 20 years.  The cost of leasehold improvements is depreciated over the initial term of the related lease, which is generally 20 years.  Depreciation is computed on the straight-line method for financial reporting purposes and accelerated methods for income tax purposes.  Amortization of assets acquired under capital lease is included in depreciation expense.  We review property and equipment, including leasehold improvements, for impairment when events or circumstances indicate these assets might be impaired pursuant to Statement of Financial Accounting Standard (SFAS) No. 144.  We base this assessment upon the carrying value versus the fair market value of the asset and whether or not that difference is recoverable.  Such assessment is performed on a restaurant-by-restaurant basis and includes other relevant facts and circumstances including the physical condition of the asset.

Our accounting policies regarding property and equipment include certain management judgments regarding the estimated useful lives of such assets and the determination as to what constitutes enhancing the value of or increasing the life of existing assets.  These judgments and estimates may produce materially different amounts of depreciation and amortization expense than would be reported if different assumptions were used.

21




We continually reassess our assumptions and judgments and make adjustments when significant facts and circumstances dictate.  Historically, actual results have not been materially different than the estimates we have made.

This excerpt taken from the GCFB 10-K filed Feb 21, 2007.

Property and equipment

The cost of property and equipment is depreciated over the estimated useful lives of the related assets ranging from three to 20 years.  The cost of leasehold improvements is depreciated over the initial term of the related lease, which is generally 20 years.  Depreciation is computed on the straight-line method for financial reporting purposes and accelerated methods for income tax purposes.  Amortization of assets acquired under capital lease is included in depreciation expense.  We review property and equipment, including leasehold improvements, for impairment when events or circumstances indicate these assets might be impaired pursuant to Statement of Financial Accounting Standard (SFAS) No. 144.  We base this assessment upon the carrying value versus the fair market value of the asset and whether or not that difference is recoverable.  Such assessment is performed on a restaurant-by-restaurant basis and includes other relevant facts and circumstances including the physical condition of the asset.

Our accounting policies regarding property and equipment include certain management judgments regarding the estimated useful lives of such assets and the determination as to what constitutes enhancing the value of or increasing the life of existing assets.  These judgments and estimates may produce materially different amounts of depreciation and amortization expense than would be reported if different assumptions were used.

We continually reassess our assumptions and judgments and make adjustments when significant facts and circumstances dictate.  Historically, actual results have not been materially different than the estimates we have made.

This excerpt taken from the GCFB 10-Q filed Nov 13, 2006.

Property and Equipment

The cost of property and equipment is depreciated over the estimated useful lives of the related assets ranging from three to 20 years.  The cost of leasehold improvements is depreciated over the initial term of the related lease, which is generally 20 years.  Depreciation is computed on the straight-line method for financial reporting purposes and accelerated methods for income tax purposes.  Amortization of assets acquired under capital lease is included in depreciation expense.  We review property and equipment, including leasehold improvements, for impairment when events or circumstances indicate these assets might be impaired pursuant to Statement of Financial Accounting Standard (SFAS) No. 144.  We base this assessment upon the carrying value versus the fair market value of the asset and whether or not that difference is recoverable.  Such assessment is performed on a restaurant-by-restaurant basis and includes other relevant facts and circumstances including the physical condition of the asset.

Our accounting policies regarding property and equipment include certain management judgments regarding the estimated useful lives of such assets and the determination as to what constitutes enhancing the value of or increasing the life of existing assets.  These judgments and estimates may produce materially different amounts of depreciation and amortization expense than would be reported if different assumptions were used.

We continually reassess our assumptions and judgments and make adjustments when significant facts and circumstances dictate.  Historically, actual results have not been materially different than the estimates we have made.

23




This excerpt taken from the GCFB 10-Q filed Aug 10, 2006.

Property and Equipment

The cost of property and equipment is depreciated over the estimated useful lives of the related assets ranging from three to 20 years.  The cost of leasehold improvements is depreciated over the initial term of the related lease, which is generally 20 years.  Depreciation is computed on the straight-line method for financial reporting purposes and accelerated methods for income tax purposes.  Amortization of assets acquired under capital lease is included in depreciation expense.  We review property and equipment, including leasehold improvements, for impairment when events or circumstances indicate these assets might be impaired pursuant to Statement of Financial Accounting Standard (SFAS) No. 144.  We base this assessment upon the carrying value versus the fair market value of the asset and whether or not that difference is recoverable.  Such assessment is performed on a restaurant-by-restaurant basis and includes other relevant facts and circumstances including the physical condition of the asset.

Our accounting policies regarding property and equipment include certain management judgments regarding the estimated useful lives of such assets and the determination as to what constitutes enhancing the value of or increasing the life of existing assets.  These judgments and estimates may produce materially different amounts of depreciation and amortization expense than would be reported if different assumptions were used.

We continually reassess our assumptions and judgments and make adjustments when significant facts and circumstances dictate.  Historically, actual results have not been materially different than the estimates we have made.

This excerpt taken from the GCFB 10-Q filed May 12, 2006.

Property and equipment

 

The cost of property and equipment is depreciated over the estimated useful lives of the related assets ranging from three to 20 years. The cost of leasehold improvements is depreciated over the initial term of the related lease, which is generally 20 years. Depreciation is computed on the straight-line method for financial reporting purposes and accelerated methods for income tax purposes. Amortization of assets acquired under capital lease is included in depreciation expense. We review property and equipment, including leasehold improvements, for impairment when events or circumstances indicate these assets might be impaired pursuant to Statement of Financial Accounting Standard (SFAS) No. 144. We base this assessment upon the carrying value versus the fair market value of the asset and whether or not that difference is recoverable. Such assessment is performed on a restaurant-by-restaurant basis and includes other relevant facts and circumstances including the physical condition of the asset.

 

Our accounting policies regarding property and equipment include certain management judgments regarding the estimated useful lives of such assets and the determination as to what constitutes enhancing the value of or increasing the life of existing assets. These judgments and estimates may produce materially different amounts of depreciation and amortization expense than would be reported if different assumptions were used.

 

We continually reassess our assumptions and judgments and make adjustments when significant facts and circumstances dictate. Historically, actual results have not been materially different than the estimates we have made.

 

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