Annual report pursuant to Section 13 and 15(d)

Summary of Significant Accounting Policies (Tables)

v2.4.0.8
Summary of Significant Accounting Policies (Tables)
 12 Months Ended
Dec. 28, 2013
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Summary of changes in fair value of the Company's Level 3 liabilities measured on a recurring basis
The following table presents a summary of changes in fair value of the Company's Level 3 liabilities measured on a recurring basis for 2013 and 2012:
 
 
Level 3 Inputs
Balance at December 31, 2011
 
$
—

Present value contingent consideration liability associated with the Palmer acquisition
 
8,152,031

Interest expense charged during the year
 
56,800

Change in fair value of contingent consideration liability
 
—

Balance at December 29, 2012
 
8,208,831

Interest expense charged during the year
 
153,200

Change in fair value of contingent consideration liability
 
—

Payment to Palmer sellers
 
(2,500,000
)
Balance at December 28, 2013
 
$
5,862,031

There were no transfers of assets or liabilities between Level 1, Level 2 and Level 3 in the years ended December 28, 2013 or December 29, 2012. There have also been no changes in the fair value methodologies used by the Company.