0001493152-20-012214.txt : 20200708 0001493152-20-012214.hdr.sgml : 20200708 20200630084940 ACCESSION NUMBER: 0001493152-20-012214 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 67 CONFORMED PERIOD OF REPORT: 20200331 FILED AS OF DATE: 20200629 DATE AS OF CHANGE: 20200630 FILER: COMPANY DATA: COMPANY CONFORMED NAME: Muscle Maker, Inc. CENTRAL INDEX KEY: 0001701756 STANDARD INDUSTRIAL CLASSIFICATION: RETAIL-EATING & DRINKING PLACES [5810] IRS NUMBER: 472555533 STATE OF INCORPORATION: CA FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 001-39223 FILM NUMBER: 201000537 BUSINESS ADDRESS: STREET 1: 308 E. RENFRO STREET STREET 2: SUITE 101 CITY: BURLESON STATE: TX ZIP: 76028 BUSINESS PHONE: 682-708-8250 MAIL ADDRESS: STREET 1: 308 E. RENFRO STREET STREET 2: SUITE 101 CITY: BURLESON STATE: TX ZIP: 76028 10-Q 1 form10-q.htm

 

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

 

FORM 10-Q

 

(Mark One)

 

[X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

For the Quarterly Period Ended March 31, 2020

 

[  ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

For the transition period from           to          

 

Commission file number: 000-55918

 

MUSCLE MAKER, INC.

(Exact name of registrant as specified in its charter)

 

Nevada   47-2555533

(State or Other Jurisdiction of

Incorporation or Organization)

  

(I.R.S. Employer

Identification No.)

 

308 East Renfro Street, Suite 101,

Burleson, Texas

   76028
(Address of Principal Executive Offices)   (Zip Code)

 

Registrant’s telephone number, including area code: (682)-708-8250

 

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class   Trading Symbol(s)   Name of each exchange on which registered
Common stock, $0.0001 par value per share   GRIL   The NASDAQ Capital Market

 

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes [X] No [  ]

 

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). Yes [X] No [  ]

 

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

 

Large accelerated filer   [  ]   Accelerated filer   [  ]
             
Non-accelerated filer   [  ] (Do not check if a smaller reporting company)   Smaller reporting company   [X]
             
Emerging growth company   [X]        

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. [  ]

 

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act): Yes [  ] No [X]

 

The number of shares if the Registrant’s common stock, $0.0001 par value per share, outstanding as of June 30, 2020, was 7,985,644.

 

 

 

 

 

 

MUSCLE MAKER, INC. AND SUBSIDIARIES

 

FORM 10-Q

 

FOR THE QUARTERLY PERIOD ENDED MARCH 31, 2020

 

TABLE OF CONTENTS

 

  Page
   
PART 1 – FINANCIAL INFORMATION  
   
ITEM 1. Financial Statements.  
     
  Condensed Consolidated Balance Sheets as of March 31, 2020 (unaudited) and December 31, 2019 1
     
  Unaudited Condensed Consolidated Statements of Operations for the Three Months Ended March 31, 2020 and 2019 2
     
  Unaudited Condensed Consolidated Statement of Changes in Stockholders’ Deficit for the Three Months Ended March 31, 2019 3
     
  Unaudited Condensed Consolidated Statement of Changes in Stockholders’ (Deficit) Equity for the Three Months Ended March 31, 2020 4
     
  Unaudited Condensed Consolidated Statements of Cash Flows for the Three Months Ended March 31, 2020 and 2019 5
     
  Notes to Unaudited Condensed Consolidated Financial Statements 7
     
ITEM 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations. 23
     
ITEM 3. Quantitative and Qualitative Disclosures About Market Risk. 34
     
ITEM 4. Controls and Procedures. 34
     
PART II - OTHER INFORMATION  
     
ITEM 1. Legal Proceedings. 35
     
ITEM 1A. Risk Factors. 36
     
ITEM 2. Unregistered Sales of Equity Securities and Use of Proceeds. 36
     
ITEM 3. Defaults Upon Senior Securities. 37
     
ITEM 4. Mine Safety Disclosures. 37
     
ITEM 5. Other Information. 37
     
ITEM 6. Exhibits. 38
     
SIGNATURES 39

 

 

 

 

EXPLANATORY NOTE

 

On May 14, 2020, Muscle Maker Inc. (the “Company”, “We”, “MMI”, or “Our”) filed a Current Report on Form 8-K (the “Form 8-K”) with the U.S. Securities and Exchange Commission (the “Commission”) indicating its reliance on the 45-day extension provided by an order issued by the Commission under Section 36 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”) entitled Granting Exemptions from Specified Provisions of the Exchange Act and Certain Rules Thereunder, dated March 4, 2020 (Release No. 34-88318), as modified and superseded by a new Commission order under Section 36 of the Exchange Act entitled Modifying Exemptions from the Reporting and Proxy Delivery Requirements for Public Companies, dated March 25, 2020 (Release No. 34-88465) (collectively, the “Order”). Specifically, the Company disclosed that it was unable to timely prepare and review the Quarterly Report due to circumstances related to COVID-19, including that the Company’s restaurant system which currently consists of Company operated restaurants and franchised restaurants located throughout the United States including in areas such as California, New Jersey and New York that have been hardest hit by the COVID-19 epidemic. As a result of the COVID 19 epidemic, management’s full efforts have been focused on operating its business, evaluating available funding and working with its franchisees, vendors and employees. Further, the Company has been following the recommendations of local health authorities to minimize exposure risk for its team members for the past several weeks, including the temporary closures of its corporate offices and having team members work remotely. These circumstances have impacted the Company’s ability to ensure information required to be disclosed in its reports under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in the SEC’s rules and forms and that such information is accumulated and communicated to management to allow for timely decisions regarding required disclosure. Therefore, due to COVID-19’s interference in the Company’s operations, the Company was unable to file the Original Form 10-Q on or prior to the original due date for the report. Consistent with the Company’s statements made in the Form 8-K, this Quarterly Report for the three months ended March 31, 2020, has been filed on June 30, 2020.

 

 

 

 

MUSCLE MAKER, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

UNAUDITED

 

  

March 31, 2020

   December 31, 2019 
   (unaudited)     
Assets          
Current Assets:          
Cash  $3,707,364   $478,854 
Accounts receivable, net of allowance for doubtful accounts of $75,000 as of March 31, 2020 and December 31, 2019, respectively   142,770    136,477 
Inventory   57,529    78,422 
Current portion of loans receivable, net of allowance of $55,000 at March 31, 2020 and December 31, 2019, respectively   38,468    38,712 
Prepaid expenses and other current assets   65,487    48,064 
Total Current Assets   4,011,618    780,529 
Property and equipment, net   1,609,423    1,646,879 
Goodwill   656,348    656,348 
Intangible assets, net   3,022,907    3,038,815 
Loans receivable, non-current   90,119    98,677 
Security deposits and other assets   77,062    39,462 
Total Assets  $9,467,477   $6,260,710 
           
Liabilities and Stockholders’ Equity          
Current Liabilities:          
Accounts payable and accrued expenses  $2,126,333   $2,630,948 
Convertible notes payable to Former Parent   82,458    82,458 
Convertible notes payable, net of debt discount of $0 and $38,918 at March 31, 2020 and December 31, 2019   100,000    536,082 
Other notes payable   52,549    351,512 
Other notes payable, related party   -    91,000 
Deferred revenue, current   112,414    122,697 
Deferred rent, current   8,391    20,730 
Other current liabilities   655,000    652,643 
Total Current Liabilities   3,137,145    4,488,070 
Convertible notes payable, net of debt discount of $0 at March 31, 2020 and December 31, 2019, respectively   -    75,000 
Other notes payable   221,009    240,925 
Deferred revenue, non-current   1,138,359    1,152,975 
Deferred rent, non-current   89,322    58,608 
Total Liabilities   4,585,835    6,014,948 
           
Commitments and Contingencies          
           
Stockholders’ Equity:          
Common stock, $0.0001 par value, 14,285,714 shares authorized, 7,883,089 and 5,714,464 shares issued and outstanding as of March 31, 2020, and December 31, 2019, respectively   789    571 
Additional paid-in capital   63,467,718    53,339,793 
Accumulated deficit   (58,586,865)   (53,094,602)
Total Stockholders’ Equity   4,881,642    245,762 
Total Liabilities and Stockholders’ Equity  $9,467,477   $6,260,710 

 

See Notes to the Condensed Consolidated Financial Statements

 

 1 
 

 

MUSCLE MAKER, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(unaudited)

 

   For the Three Months Ended 
   March 31, 
   2020   2019 
         
Revenues:          
Company restaurant sales, net of discounts  $1,237,427   $800,763 
Franchise royalties and fees   176,031    344,712 
Franchise advertising fund contributions   21,596    38,899 
Total Revenues   1,435,054    1,184,374 
           
Operating Costs and Expenses:          
Restaurant operating expenses:          
Food and beverage costs   465,694    289,345 
Labor   586,620    279,013 
Rent   144,677    98,190 
Other restaurant operating expenses   332,360    115,685 
Total restaurant operating expenses   1,529,351    782,233 
Depreciation and amortization   111,257    68,692 
Other expenses incurred for closed locations   -    3,710 
Franchise advertising fund expenses   21,596    38,899 
General and administrative expenses   5,129,403    1,104,036 
Total Costs and Expenses   6,791,607    1,997,570 
Loss from Operations   (5,356,553)   (813,196)
           
Other Expense:          
Other expense   (3,188)   (111,750)
Interest expense, net   (93,604)   (182,465)
Amortization of debt discounts   (38,918)   (376,068)
Total Other Expense, Net   (135,710)   (670,283)
           
Loss Before Income Tax   (5,492,263)   (1,483,479)
Income tax provision   -    - 
Net Loss  $(5,492,263)  $(1,483,479)
           
Net Loss Per Share:          
Basic and Diluted  $(0.84)  $(1.17)
           
Weighted Average Number of Common Shares Outstanding:          
Basic and Diluted   6,531,696    1,272,742 

 

See Notes to the Condensed Consolidated Financial Statements

 

 2 
 

 

MUSCLE MAKER, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN STOCKHOLDERS’ DEFICIT

(Unaudited)

 

           Additional         
   Common Stock   Paid-in   Accumulated     
   Shares   Amount   Capital   Deficit   Total 
Balance - December 31, 2018   1,489,686   $148   $20,990,373   $(23,833,656)  $(2,843,135)
Cumulative effect of change in accounting principle   -    -    -    (875,902)   (875,902)
Issuance of restricted stock   1,988    1    (1)   -    - 
Restricted stock issued as compensation for services   20,000    2    139,998    -    140,000 
Beneficial conversion feature - Convertible Notes   -    -    217,800    -    217,800 
Warrants issued and recorded as debt discount in connection with convertible notes payable   -    -    217,641    -    217,641 
Stock-based compensation:                          
Amortization of restricted common stock   -    -    165,133    -    165,133 
Net loss   -    -    -    (1,483,479)   (1,483,479)
                          
Balance - March 31, 2019   1,511,674   $151   $21,730,944   $(26,193,037)  $(4,461,942)

 

See Notes to the Condensed Consolidated Financial Statements

 

 3 
 

 

MUSCLE MAKER, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN STOCKHOLDERS’ (DEFICIT) EQUITY

 

           Additional         
   Common Stock   Paid-in   Accumulated     
   Shares   Amount   Capital   Deficit   Total 
Balance - December 31, 2019   5,714,464   $571   $53,339,793   $(53,094,602)  $(245,762)
Issuance of restricted stock   1,226    -    -    -    - 
Common stock issued upon offering on February 12, 2020, net of underwriter’s discount and offering costs of $920,000   1,540,000    154    6,779,846    -    6,780,000 
Restricted common stock issued as compensation to executive team upon completion of the initial public offering   216,783    22    1,083,893    -    1,083,915 
Common stock issued as compensation to board of directors   25,616    3    128,077    -    128,080 
Common stock issued as compensation for services   385,000    39    1,924,961    -    1,925,000 
Stock-based compensation:                         
Restricted common stock   -    -    20,148    -    20,148 
Warrant   -    -    191,000    -    191,000 
Net loss   -    -    -    (5,492,263)   (5,492,263)
                          
Balance - March 31, 2020   7,883,089   $789   $63,467,718   $(58,586,865)  $4,881,642 

 

See Notes to the Condensed Consolidated Financial Statements

 

 4 
 

 

MUSCLE MAKER, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)

 

   For the Three Months Ended 
   March 31, 
   2020   2019 
         
Cash Flows from Operating Activities          
Net loss  $(5,492,263)  $(1,483,479)
Adjustments to reconcile net loss to net cash used in operating activities:          
Depreciation and amortization   111,257    68,692 
Stock-based compensation   3,348,143    305,133 
Amortization of debt discounts   38,918    376,068 
Deferred rent   18,375    2,335 
           
Changes in operating assets and liabilities:          
Accounts receivable   (6,293)   (44,893)
Inventory   20,893    (2,504)
Prepaid expenses and other current assets   (17,423)   (11,317)
Security deposits and other assets   (37,600)   (2,000)
Accounts payable and accrued expenses   (503,985)   263,656 
Deferred revenue   (24,899)   (133,693)
Other current liabilities   2,357    22,345 
Total Adjustments   2,949,743    843,822 
Net Cash Used in Operating Activities   (2,542,520)   (639,657)
           
Cash Flows from Investing Activities          
Purchases of property and equipment   (57,893)   (121,132)
Collections from loans receivable   8,802    10,306 
Collections from loans receivable - related party   -    650 
Net Cash Used in Investing Activities   (49,091)   (110,176)
           
Cash Flows from Financing Activities          
Proceeds from offering, net of underwriter’s discount and
offering costs of $920,000		   6,780,000    - 
Proceeds from convertible notes payable   -    1,135,000 
Proceeds from convertible notes payable - related parties   -    100,000 
Repayments of convertible note payable   (550,000)     
Repayments of other notes payable - related party   (91,000)     
Repayments of other notes payables   (468,879)     
Proceeds from other notes payable   150,000    - 
Net Cash Provided by Financing Activities   5,820,121    1,235,000 
           
Net Increase in Cash   3,228,510    485,167 
Cash - Beginning of Period   478,854    357,842 
Cash - End of Period  $3,707,364   $843,009 

 

See Notes to the Condensed Consolidated Financial Statements

 

 5 
 

 

MUSCLE MAKER, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

 

   For the Three Months Ended 
   March 31, 
   2020   2019 
         
Supplemental Disclosures of Cash Flow Information:          
Cash paid for interest  $297,455   $82,326 
           
Supplemental disclosures of non-cash investing and financing activities          
Beneficial conversion feature  $-   $217,800 
Warrants issued and recorded as debt discount in connection with convertible notes payable  $-   $217,641 

 

See Notes to the Condensed Consolidated Financial Statements

 

 6 
 

 

MUSCLE MAKER, INC. AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements

 

NOTE 1 – BUSINESS ORGANIZATION AND NATURE OF OPERATIONS, GOING CONCERN AND MANAGEMENT’S PLANS

 

Muscle Maker, Inc. (“MMI”), a Nevada corporation was incorporated in Nevada on October 25, 2019. MMI was a wholly owned subsidiary of Muscle Maker, Inc (“MMI-Cal”), a California corporation incorporated on December 8, 2014, but the two merged on November 13, 2019 with MMI as the surviving entity. MMI wholly owns Muscle Maker Development, LLC (“MMD”), Muscle Maker Corp, LLC (“MMC”) and Muscle Maker USA, Inc (“Muscle USA”). MMD was formed on July 18, 2017, in the State of Nevada for the purpose of running our existing franchise operations and continuing to franchise the Muscle Maker Grill name and business system to qualified franchisees. MMC was formed on July 18, 2017, in the State of Nevada for the purpose of developing new corporate stores and operating new and existing corporate stores of MMI. Muscle USA was formed on March 14, 2019 in the State of Texas for the purpose of opening additional new corporate stores.

 

MMI is a fast-casual restaurant concept that specializes in preparing healthy-inspired, high-quality, fresh, made-to-order lean, protein-based meals featuring chicken, seafood, pasta, hamburgers, wraps and flat breads. In addition, our restaurants feature freshly prepared entrée salads and an appealing selection of sides, protein shakes and fruit smoothies. MMI operates in the fast-casual restaurant segment.

 

MMI is the owner of the trade name and service mark Muscle Maker Grill®, Healthy Joe’s and other trademarks and intellectual property we use in connection with the operation of Muscle Maker Grill® restaurants. We license the right to use the Muscle Maker Grill® and Healthy Joe’s trademarks and intellectual property to our wholly-owned subsidiaries, MMD, MMC and Muscle USA, and to further sublicense them to our franchisees for use in connection with Muscle Maker Grill® and Healthy Joe’s restaurants.

 

MMI and its subsidiaries are hereinafter referred to as the “Company”.

 

The Company operates under the name Muscle Maker Grill and is a franchisor and owner operator of Muscle Maker Grill and Healthy Joe’s restaurants. As of March 31, 2020, the Company’s restaurant system included eleven company-owned restaurants, and twenty-four franchise restaurants. A Muscle Maker Grill restaurant offers quality food freshly prepared with the Company’s proprietary recipes created with the guest’s health in mind. The menu is protein based, and features various supplements, health food snacks, along with a nutritious children’s menu.

 

COVID-19

 

In March 2020, the World Health Organization declared the outbreak of a novel coronavirus (COVID-19) as a pandemic which continues to spread throughout the United States. In response to the COVID-19 outbreak, “shelter in place” orders and other public health measures have been implemented across much of the United States.

 

The COVID-19 global pandemic continues to rapidly evolve. The Company is continually monitoring the outbreak of COVID-19 and the related business and travel restrictions and changes to behavior intended to reduce its spread, and its impact on operations, financial position, cash flows, inventory, supply chains, purchasing trends, customer payments, and the industry in general, in addition to the impact on its employees. The pandemic has resulted in a negative impact on the Company’s operations during the quarter ended March 31, 2020. However, due to the rapid development and fluidity of this situation, the magnitude and duration of the pandemic and its impact on the Company’s operations and liquidity is uncertain as of the date of this report. While there could ultimately be an additional material impact on operations and liquidity of the Company, the full impact could not be determined, as of the date of this report. As a result of the pandemic the Company has limited its operations as mandated by each state and has temporarily closed five of our Company owned locations. Commencing in the second quarter of 2020 the Company provided royalty relief to its franchisees and the executive team has deferred a portion of their salaries. In addition, various franchisee locations had to take similar actions. As of the date of the filing of this report the Company has not re-opened any of the five locations that have been temporarily closed.

 

 7 
 

 

MUSCLE MAKER, INC. AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements

 

NOTE 1 – BUSINESS ORGANIZATION AND NATURE OF OPERATIONS, GOING CONCERN AND MANAGEMENT’S PLANS, continued

 

Going Concern and Management’s Plans

 

As of March 31, 2020, the Company had a cash balance, a working capital surplus and an accumulated deficit of $3,707,364, $874,473, and $58,586,865, respectively. During the three months ended March 31, 2020, the Company incurred a pre-tax net loss of $5,492,263. These conditions indicate that there is substantial doubt about the Company’s ability to continue as a going concern for at least one year from the date of the issuance of these condensed consolidated financial statements.

 

Subsequent to March 31, 2020, the Company received an amount of $866,300 in loan proceeds pursuant to the Paycheck Protection Program. See Note 13 – Subsequent Events – Cares Act Loan for details related to the loan proceeds.

 

Although management believes that the Company has access to capital resources, there are no commitments, other than aforementioned, in place for new financing as of the date of the issuance of these condensed consolidated financial statements and there can be no assurance that the Company will be able to obtain funds on commercially acceptable terms, if at all. The Company expects to have ongoing needs for working capital in order to (a) fund operations; plus (b) expand operations by opening additional corporate-owned restaurants. To that end, the Company may be required to raise additional funds through equity or debt financing. However, there can be no assurance that the Company will be successful in securing additional capital. If the Company is unsuccessful, the Company may need to (a) initiate cost reductions; (b) forego business development opportunities; (c) seek extensions of time to fund its liabilities, or (d) seek protection from creditors.

 

The accompanying condensed consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”), which contemplate continuation of the Company as a going concern and the realization of assets and the satisfaction of liabilities in the normal course of business. The carrying amounts of assets and liabilities presented in the condensed consolidated financial statements do not necessarily purport to represent realizable or settlement values. The condensed consolidated financial statements do not include any adjustment that might result from the outcome of this uncertainty.

 

NOTE 2 – REVERSE STOCK SPLIT

 

Effective December 11, 2019, pursuant to authority granted by the board of directors of the Company, the Company implemented a 1-for-7 reverse split of the Company’s issued common stock (the “Third Reverse Split”). All share and per share information has been retroactively adjusted to reflect the Third Reverse Split for all periods presented.

 

 8 
 

 

MUSCLE MAKER, INC. AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements

 

NOTE 3 – SIGNIFICANT ACCOUNTING POLICIES

 

Basis of Presentation

 

The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information. Accordingly, they do not include all of the information and disclosures required by accounting principles generally accepted in the United States of America for annual financial statements. In the opinion of management, such statements include all adjustments (consisting only of normal recurring items) which are considered necessary for a fair presentation of the unaudited condensed consolidated financial statements of the Company as of March 31, 2020, and for the three months ended March 31, 2020 and 2019. The results of operations for the three months ended March 31, 2020 are not necessarily indicative of the operating results for the full year. It is suggested that these unaudited condensed consolidated financial statements be read in conjunction with the financial statements and notes thereto for the year ended December 31, 2019. The balance sheet as of December 31, 2019 has been derived from the Company’s audited financial statements.

 

Principles of Consolidation

 

The accompanying unaudited condensed consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries. Any intercompany transactions and balances have been eliminated in consolidation.

 

Use of Estimates

 

The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of expenses during the reporting period.

 

Management bases its estimates on historical experience and on various assumptions that are believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying value of assets and liabilities that are not readily apparent from other sources. Significant estimates include:

 

  ● the fair value of assets acquired, and liabilities assumed in a business combination;
  ● the assessment of recoverability of long-lived assets, including property and equipment, goodwill and intangible assets;
  ● the estimated useful lives of intangible and depreciable assets;
  ● estimates and assumptions used to value warrants issued in connection with notes payable;
  ● the recognition of revenue; and
  ● the recognition, measurement and valuation of current and deferred income taxes.

 

Estimates and assumptions are periodically reviewed, and the effects of any material revisions are reflected in the financial statements in the period that they are determined to be necessary. Actual results could differ from those estimates and assumptions.

 

 9 
 

 

MUSCLE MAKER, INC. AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements

 

NOTE 3 – SIGNIFICANT ACCOUNTING POLICIES, continued

 

Cash and Cash Equivalents

 

The Company considers all highly-liquid instruments with an original maturity of three months or less when purchased to be cash equivalents. There were no cash equivalents as of March 31, 2020 and December 31, 2019.

 

Recent Accounting Pronouncements

 

In February 2016, the FASB issued ASU No. 2016-02, “Leases (Topic 842)” (“ASU 2016-02”). ASU 2016-02 requires an entity to recognize assets and liabilities arising from a lease for both financing and operating leases. ASU 2016-02 will also require new qualitative and quantitative disclosures to help investors and other financial statement users better understand the amount, timing, and uncertainty of cash flows arising from leases. ASU 2016-02 is effective for fiscal years beginning after December 15, 2020, with early adoption permitted. The Company is currently evaluating ASU 2016-02 and its impact on its condensed consolidated financial statements and disclosures.

 

In June 2018, the FASB issued ASU No. 2018-07, “Compensation — Stock Compensation (Topic 718),” (“ASU 2018-07”). ASU 2018-07 is intended to reduce cost and complexity and to improve financial reporting for nonemployee share-based payments. Currently, the accounting requirements for nonemployee and employee share-based payment transactions are significantly different. ASU 2018-07 expands the scope of Topic 718, Compensation — Stock Compensation (which currently only includes share-based payments to employees) to include share-based payments issued to nonemployees for goods or services. Consequently, the accounting for share-based payments to nonemployees and employees will be substantially aligned. This ASU supersedes Subtopic 505-50, Equity — Equity-Based Payments to Nonemployees. The amendments in this ASU are effective for fiscal years beginning after December 15, 2019, and interim periods within fiscal years beginning after December 15, 2020. Early adoption is permitted, but no earlier than a Company’s adoption date of Topic 606, Revenue from Contracts with Customers. The Company is currently evaluating ASU 2018-07 and its impact on the condensed consolidated financial statements.

 

 10 
 

 

MUSCLE MAKER, INC. AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements

 

NOTE 3 – SIGNIFICANT ACCOUNTING POLICIES, continued

 

Recent Accounting Pronouncements, continued

 

In July 2018, the FASB issued ASU No. 2018-10, “Codification Improvements to Topic 842, Leases” (“ASU 2018-10”). The amendments in ASU 2018-10 provide additional clarification and implementation guidance on certain aspects of the previously issued ASU No. 2016-02, Leases (Topic 842) (“ASU 2016-02”) and have the same effective and transition requirements as ASU 2016-02. Upon the effective date, ASU 2018-10 will supersede the current lease guidance in ASC Topic 840, Leases. Under the new guidance, lessees will be required to recognize for all leases, with the exception of short-term leases, a lease liability, which is a lessee’s obligation to make lease payments arising from a lease, measured on a discounted basis. Concurrently, lessees will be required to recognize a right-of-use asset, which is an asset that represents the lessee’s right to use, or control the use of, a specified asset for the lease term. ASU 2018-10 is effective for emerging growth companies for interim and annual reporting periods beginning after December 15, 2019, with early adoption permitted. The guidance is required to be applied using a modified retrospective transition approach for leases existing at, or entered into after, the beginning of the earliest comparative periods presented in the financial statements. The Company is currently assessing the impact this guidance will have on its condensed consolidated financial statements.

 

In July 2018, the FASB issued ASU No. 2018-11, “Leases (Topic 842): Targeted Improvements,” (“ASU 2018-11”). The amendments in ASU 2018-11 related to transition relief on comparative reporting at adoption affect all entities with lease contracts that choose the additional transition method and separating components of a contract affect only lessors whose lease contracts qualify for the practical expedient. The amendments in ASU 2018-11 are effective for emerging growth companies for fiscal years beginning after December 15, 2020, and interim periods within those fiscal years. The Company is currently assessing the impact this guidance will have on its condensed consolidated financial statements.

 

In March 2019, the FASB issued ASU 2019-01, “Leases (Topic 842): Codification Improvements” (“Topic 842”) (“ASU 2019-01”). These amendments align the guidance for fair value of the underlying asset by lessors that are not manufacturers or dealers in Topic 842 with that of existing guidance. As a result, the fair value of the underlying asset at lease commencement is its cost, reflecting any volume or trade discounts that may apply. However, if there has been a significant lapse of time between when the underlying asset is acquired and when the lease commences, the definition of fair value (in Topic 820, Fair Value Measurement) should be applied. (Issue 1). The ASU also requires lessors within the scope of Topic 942, Financial Services—Depository and Lending, to present all “principal payments received under leases” within investing activities. (Issue 2). Finally, the ASU exempts both lessees and lessors from having to provide certain interim disclosures in the fiscal year in which a company adopts the new leases standard. (Issue 3). The transition and effective date provisions apply to Issue 1 and Issue 2. They do not apply to Issue 3 because the amendments for that Issue are to the original transition requirements in Topic 842. This amendment will be effective for fiscal years beginning after December 15, 2020 and interim periods within fiscal years beginning after December 15, 2020. Early adoption is permitted. The Company is currently evaluating ASU 2019-01 and its impact on its unaudited consolidated financial statements and financial statement disclosures.

 

 11 
 

 

MUSCLE MAKER, INC. AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements

 

NOTE 3 – SIGNIFICANT ACCOUNTING POLICIES, continued

 

Revenue Recognition

 

During the first quarter 2019, the Company adopted Topic 606 “Revenue from Contracts with Customers” for revenue recognition related to contracts with customers and applied the guidance modified retrospectively. Under the new guidance, revenue is recognized in accordance with a five-step revenue model, as follows: (1) identifying the contract with the customer; (2) identifying the performance obligations in the contract; (3) determining the transaction price; (4) allocating the transaction price to the performance obligations; and (5) recognizing revenue when (or as) the entity satisfies a performance obligation. In applying this five-step model, we have made significant judgments in identifying the promised goods or services in our contracts with franchisees that are distinct, and which represent separate performance obligations. The change between Topic 605 and Topic 606, primarily impacted the way the Company recognized franchise fees. Under Topic 605 franchise fees were recognized upon opening of a restaurant or granting of a new franchise term at a point in time while under Topic 606 franchise fees are recognized on a straight-line basis over the life of the related franchise agreements and any exercised renewal periods. The impact of the adoption of Topic 606 resulted in an adjustment of $875,902 in accumulated deficit and deferred revenues.

 

Restaurant Sales

 

Retail store revenue at Company operated restaurants is recognized when payment is tendered at the point of sale, net of sales tax, discount and other sales related taxes. The Company recorded retail store revenues of $1,237,427 and $800,763 during the three months ended March 31, 2020 and 2019, respectively.

 

The Company sells gift cards which do not have an expiration date, and it does not deduct dormancy fees from outstanding gift card balances. The Company recognize revenues from gift cards as restaurant revenues once the Company performs its obligation to provide food and beverage to the customer simultaneously with the redemption of the gift card or through gift card breakage, as discussed in Other Revenues below.

 

Franchise Royalties and Fees

 

Franchise revenues consists of royalties, franchise fees and rebates. Royalties are based on a percentage of franchisee net sales revenue. The Company recognizes the royalties as the underlying sales occur. The Company recorded revenue from royalties of $120,909 and $206,550 during the three months ended March 31, 2020 and 2019, respectively, which is included in franchise royalties and fees on the accompanying condensed consolidated statements of operations.

 

 12 
 

 

MUSCLE MAKER, INC. AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements

 

NOTE 3 – SIGNIFICANT ACCOUNTING POLICIES, continued

 

Franchise Royalties and Fees, continued

 

The Company provides the franchisees with management expertise, training, pre-opening assistance, and restaurant operating assistance in exchange for the multi-unit development fees and franchise fees. The Company capitalizes these fees upon collection from the franchisee, these fees are then recognized as franchise fee revenue on a straight-line basis over the life of the related franchise agreements and any exercised renewal periods. Cash payments are due upon the execution of the related franchise agreement. The Company’s performance obligation with respect to franchise fee revenues consists of a license to utilize the Company’s brand for a specified period of time, which is satisfied equally over the life of each franchise agreement. The Company recorded revenues from franchise fees of $14,440 and $53,181, respectively, during the three months ended March 31, 2020 and 2019, which is included in franchise royalties and fees on the accompanying condensed consolidated statements of operations.

 

The Company has supply agreements with certain food and beverage vendors. Pursuant to the terms of these agreements, rebates are provided to the Company based upon the dollar volume of purchases for all company-owned and franchised restaurants from these vendors. Rebates earned on purchases by franchise stores are recorded as revenue during the period in which the related food and beverage purchases are made. The Company recorded revenue from rebates of $40,682 and $84,981 during the three months ended March 31, 2020 and 2019, respectively, which is included in franchise royalties and fees on the accompanying consolidated statements of operations. Rebates earned on purchases by Company owned stores are recorded as a reduction of food and beverage costs during the period in which the related food and beverage purchases are made.

 

Other Revenues

 

Gift card breakage is recognized when the likelihood of a gift card being redeemed by the customer is remote and the Company determines there is not a legal obligation to remit the unredeemed gift card balance to the relevant jurisdiction. The determination of the gift card breakage rate is based upon the Company’s specific historical redemption patterns. The Company recognizes gift card breakage by applying its estimate of the rate of gift card breakage on a pro rata basis over the period of estimated redemption. Gift card liability is recoded in other current liabilities on the condensed consolidated balance sheet. For the three months ended March 31, 2020, the Company determined that no gift card breakage is necessary based on current redemption rates.

 

Deferred Revenue

 

Deferred revenue primarily includes initial franchise fees received by the Company, which are being amortized over the life of the Company’s franchise agreements, as well as unearned vendor rebates. Deferred revenue is recognized in income over the life of the franchise agreements and vendor rebates are recognized in income as performance obligations are satisfied.

 

Franchise Advertising Fund Contributions

 

Under the Company’s franchise agreements, the Company and its franchisees are required to contribute a certain percentage of revenues to a national advertising fund. The Company’s national advertising services are provided on a system-wide basis and, therefore, not considered distinct performance obligations for individual franchisees. In accordance with Topic 606, the Company recognizes these sales-based advertising contributions from franchisees as franchise revenue when the underlying franchisee Company incurs the corresponding advertising expense. The Company records the related advertising expenses as incurred under general and administrative expenses. When an advertising contribution fund is over-spent at year end, advertising expenses will be reported on the consolidated statement of operations in an amount that is greater than the revenue recorded for advertising contributions. Conversely, when an advertising contribution fund is under-spent at a period end, the Company will accrue advertising costs up to advertising contributions recorded in revenue. The Company recorded contributions from franchisees of $21,596 and $38,899, respectively, during the three months ended March 31, 2020 and 2019, which are included in franchise advertising fund contributions on the accompanying condensed consolidated statements of operations.

 

Impacts on Financial Statements

 

The following table summarized the impact of the adoption of the new revenue standard on the Company’s previously reported consolidated financial statements:

 

   December 31, 2018   New Revenue
Standard
Adjustment		   January 1, 2019 
Deferred revenues  $907,948   $875,902   $1,783,850 
Accumulated deficit   23,833,656    875,902    24,709,588 

 

Advertising

 

Advertising costs are charged to expense as incurred. Advertising costs were approximately $103,643 and $3,417 for the three months ended March 31, 2020 and 2019, respectively, and are included in general and administrative expenses in the accompanying condensed consolidated statements of operations.

 

 13 
 

 

MUSCLE MAKER, INC. AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements

 

NOTE 3 – SIGNIFICANT ACCOUNTING POLICIES, continued

 

Net Loss per Share

 

Basic loss per common share is computed by dividing net loss attributable to common stockholders by the weighted average number of common shares outstanding during the period. Diluted loss per common share is computed by dividing net loss attributable to common stockholders by the weighted average number of common shares outstanding, plus the impact of potential common shares, if dilutive, resulting from the exercise of warrants, options or the conversion of convertible notes payable.

 

The following securities are excluded from the calculation of weighted average diluted common shares at March 31, 2020 and 2019, respectively, because their inclusion would have been anti-dilutive:

 

   March 31, 
   2020   2019 
Warrants   2,537,264    400,291 
Options   4,821    4,821 
Convertible debt   32,350    658,724 
Total potentially dilutive shares   2,574,435    1,063,838 

 

Major Vendor

 

The Company engages various vendors to distribute food products to their Company-owned restaurants. Purchases from the Company’s largest supplier totaled 85% and 87% of the Company’s purchases for the three months ended March 31, 2020 and 2019, respectively.

 

Reclassifications

 

Certain amounts in prior periods have been reclassified to conform to the current period presentation. These reclassifications had no effect on previously reported net loss.

 

Subsequent Events

 

The Company evaluated events that have occurred after the balance sheet date but before the financial statements are issued. Based upon the evaluation and transactions, the Company did not identify any subsequent events that would have required adjustment or disclosure in the financial statements, except as disclosed in Note 13 – Subsequent Events.

 

 14 
 

 

MUSCLE MAKER, INC. AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements

 

NOTE 4 - LOANS RECEIVABLE

 

At March 31, 2020 and December 31, 2019, the Company’s loans receivable consists of the following:

 

  

March 31,

2020

  

December 31,

2019

 
Loans receivable, net  $128,587   $137,389 
Less: current portion   (38,468)   (38,712)
Loans receivable, non-current  $90,119   $98,677 

 

Loans receivable includes loans to franchisees and a former franchisee totaling, in the aggregate, $128,587 and $137,389, net of reserves for uncollectible loans of $55,000 at March 31, 2020 and December 31, 2019, respectively. The loans have original terms ranging up to 10 years, earn interest at rates ranging from 2% to 12%, and are being repaid on a weekly or monthly basis.

 

NOTE 5 – PROPERTY AND EQUIPMENT, NET

 

As of March 31, 2020 and December 31, 2019 property and equipment consists of the following:

 

  

March 31,

2020

  

December 31,

2019

 
         
Furniture and equipment  $640,933   $617,712 
Leasehold improvements   1,552,965    1,518,293 
    2,193,898    2,136,005 
Less: accumulated depreciation and amortization   (584,475)   (489,126)
Property and equipment, net  $1,609,423   $1,646,879 

 

Depreciation expense amounted to $95,349 and $52,960 for the three months ended March 31, 2020 and 2019, respectively.

 

 15 
 

 

MUSCLE MAKER, INC. AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements

 

NOTE 6 – GOODWILL AND OTHER INTANGIBLE ASSETS, NET

 

The Company’s intangible assets include a trademark with an indefinite useful life as well as franchise agreements which are amortized over useful lives of thirteen years and five years, respectively.

 

A summary of the intangible assets is presented below:

 

Intangible Assets  Trademark   Franchise Agreements   Total 
Intangible assets, net at December 31, 2019  $2,524,000   $514,815   $3,038,815 
Amortization expense   -    (15,908)   (15,908)
Intangible assets, net at March 31, 2020  $2,524,000   $498,907   $3,022,907 
                
Weighted average remaining amortization period at March 31, 2020 (in years)        7.8      

 

Amortization expense related to intangible assets amounted to $15,908 and $15,732 for the three months ended March 31, 2020 and 2019, respectively.

 

NOTE 7 – ACCOUNTS PAYABLE AND ACCRUED EXPENSES

 

Accounts payables and accrued expenses consist of the following:

 

  

March 31,

2020

   December 31, 2019 
Accounts payable  $862,910   $857,846 
Accrued payroll   46,341    139,320 
Accrued professional fees   227,936    329,826 
Accrued board members fees   11,874    59,864 
Accrued rent expense   212,834    269,644 
Sales taxes payable (1)   289,319    329,089 
Accrued interest   304,034    520,682 
Accrued interest, related parties   79,523    79,523 
Other accrued expenses   91,562    45,154 
   $2,126,333   $2,630,948 

 

  (1) See Note 11 – Commitments and Contingencies –Taxes for detailed related to delinquent sales taxes.

 

NOTE 8 – DEFERRED REVENUE

 

At March 31, 2020 and December 31, 2019, deferred revenue consists of the following:

 

  

March 31,

2020

  

December 31,

2019

 
Franchise fees  $1,196,279   $1,210,719 
Unearned vendor rebates   54,494    64,953 
Less: Unearned vendor rebates, current   (54,494)   (64,953)
Less: Franchise fees, current   (57,920)   (57,744)
Deferred revenues, non-current  $1,138,359   $1,152,975 

 

 16 
 

 

MUSCLE MAKER, INC. AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements

 

NOTE 9 – OTHER CURRENT LIABILITIES

 

Other current liabilities consist of the following:

 

  

March 31,

2020

  

December 31,

2019

 
Gift card liability  $89,846   $88,673 
Co-op advertising fund liability   307,271    298,662 
Advertising fund liability   257,883    265,308 
   $655,000   $652,643 

 

NOTE 10 – NOTES PAYABLE

 

Convertible Notes

 

Convertible Note Payable to Former Parent

 

As of March 31, 2020, the Company had an amount of $82,458 in convertible notes payable to Former Parent outstanding.

 

15% Senior Secured Convertible Promissory Notes

 

During the three months ended March 31, 2020, the Company repaid an aggregate of $450,000 in 15% senior secured convertible promissory notes.

 

12% Secured Convertible Note

 

During the three months ended March 31, 2020, the Company repaid the $75,000 12% secured convertible promissory note.

 

Other Convertible Notes

 

During the three months ended March 31, 2020, the Company repaid a $25,000 other convertible note payable.

 

As of March 31, 2020 and December 31, 2019, the Company has another convertible note payable in the amount of $100,000 which is included within convertible notes payable. See Note 11 – Commitments and Contingencies – Litigation, Claims and Assessments for details related to the $100,000 other convertible note payable.

 

Other Notes Payable

 

On May 14, 2019, the Company issued a $91,000 promissory note to a related party. The note has a stated interest rate of 15% over the original term of one year with monthly interest payments. The note becomes due in one year or the first day the Company trades publicly on an exchange. This note was repaid in full during the three months ended March 31, 2020.

 

On October 10, 2019, the Company issued a $300,000 five-year promissory note to a former franchisee with an eight percent interest rate. During the three months ended March 31, 2020, the Company repaid $18,879 of the five-year promissory note.

 

During December 2019, the Company issued a note payable in the principal amount of $300,000. The note has an original issue discount of 20%. The note become due in full on or before February 21, 2020. The note has been repaid during the three months ended March 31, 2020.

 

On February 3, 2020, the Company issued a note payable in the principal amount of $150,000. The note has an original issue discount of 20%. The note become due in full on or before February 21, 2020. The note has been repaid during the three months ended March 31, 2020.

 

As of March 31, 2020, the Company had an aggregate amount of $273,558 and $0 in other notes payable and other notes payable, related party, respectively.

 

 17 
 

 

MUSCLE MAKER, INC. AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements

 

NOTE 11 – COMMITMENTS AND CONTINGENCIES

 

Consulting Agreements

 

On February 18, 2020, the Company entered into a professional services agreement with a company to provide advice on business development of food stores and delivery kitchen operations. In addition, they will review and advise the Company on potential acquisition targets, including financial analytics for post-merger entities and provide assistance in preparing pro-forma financial information. The term of the agreement commences from the effective date on February 18, 2020 and expires on February 18, 2021. Pursuant to the terms of the agreement, the Company agreed to issue 300,000 shares of the Company’s common stock and 100,000 three-year cashless warrants with an exercise price of $5.00 per share upon signing of the agreement as payment. The grant date fair value of the warrants of $191,000 was recorded in general and administrative expense as stock-based compensation.

 

On February 24, 2020, the Company entered into a Consulting Agreement with consultants with experience in the area of corporate finance, investor communication and financial and investor public relations. The term of the agreement is for two months from the effective date on February 27, 2020 and expires on April 27, 2020. Pursuant to the terms of the agreement, the Company agreed to pay $107,500 in cash per month and to issue 10,000 shares of the Company’s common stock. In the event the Company elects to not extend the term of the agreement, it is to notify the consultants within five days of the conclusion of the 60-day term.

 

Litigations, Claims and Assessments

 

In 2017, Limestone Associates LLC (“Limestone”) filed a complaint against ARH in the Civil Court of the City of New York, County of New York, #78549/2017 for commercial non-payment of rent for the amount of $25,748 plus cost and disbursements of this proceeding. In May 2018, Limestone filed a complaint against ARH and Robert E. Morgan (the former CEO of the Company) in the Supreme Court of the State of New York, County of New York, index # 154469 seeking $1,357,243 in damages for rent, interest and other expenses.

 

In May 2018, the Company, Former Parent and Mr. Morgan were listed as defendants to a lawsuit filed by Crownhall Realty, LLC (“Crownhall”) in the Supreme Court of the State of New York county of New York, #154467. Crownhall is seeking $1,034,087 in damages for rent, interest and other expenses.

 

On October 3, 2018, the Company, ARH and Mr. Morgan entered into a settlement agreement with Crownhall and Limestone agreeing to forfeit all security deposits, pay an upfront amount of $25,000 and an additional $175,000 to be paid over 20 months. This agreement settles litigation surrounding two closed locations, which the plaintiffs were seeking a total of $2,391,330 in past damages for rent, interest and other expenses. As of the date of the filing of these condensed consolidated financial statements the settlement has been paid in full.

 

On March 27, 2018 a convertible note holder filed a complaint in the Iowa District Court for Polk County #CVCV056029 against the Company for failure to pay the remaining balance due on a promissory note in the amount of $100,000, together with interest, attorney fees and other costs of $171,035. On June 6, 2018 a default judgement was entered against the Company for the amount of $171,035. The Company repaid an aggregate amount of $71,035, consisting of principal and interest, as of the date of the filing of this report. As of March 31, 2020, the Company has accrued for the liability in convertible notes payable in the amount of $100,000 and accrued interest of $20,030 is included in accounts payable and accrued expenses.

 

In May 2018, Resolute Contractors, Inc., Quality Tile, MTL Construction, Genesis Electric, JNB Interiors and Captive Aire filed a Mechanics Lien for labor, service, equipment and materials in the total amount of $98,005. The Company intends to set up various payment plans with these vendors. As of March 31, 2020, the Company has accrued for the liability in accounts payable and accrued expenses.

 

On December 12, 2018, the Company was listed as a defendant to a lawsuit filed by a landlord in the Superior Court of the State of California. Fountain Valley is seeking approximately $121,000 in damages for rent, interest and other expenses. On February 15, 2019, the Company entered into a settlement agreement and payment plan in the amount of $85,000. The Company agreed to make the following payments (i) $15,000 on or before March 15, 2019, and (ii) ten monthly installments of $7,000 commencing on April 15, 2019 and continuing monthly on the 15th day of each month though January 15, 2020. The company has accrued for the liability in accounts payable and accrued expenses and has been making repayments pursuant to the settlement agreement. As of January 15, 2020, the Company has met all their obligations and the full amount has been paid.

 

On or about March 7, 2019, the Company was listed as a defendant to a lawsuit filed by a contractor in the State of Texas. The contractor is claiming a breach of contract and is seeking approximately $32,809 in damages for services claimed to be rendered by the contractor. The Company is working with legal counsel in order to reach a settlement. As of March 31, 2020, the Company accrued $30,000 for the liability in accounts payable and accrued expenses.

 

 18 
 

 

MUSCLE MAKER, INC. AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements

 

NOTE 11 – COMMITMENTS AND CONTINGENCIES, continued

 

Litigations, Claims and Assessments, continued

 

On January 23, 2020, the Company was served a judgment in the amount of $130,185 for a breach of a lease agreement in Chicago, Illinois, in connection with a Company owned store that was closed in 2018. As of March 31, 2020, the Company has accrued for the liability in accounts payable and accrued expenses.

 

In the normal course of business, the Company may be involved in legal proceedings, claims and assessments arising in the ordinary course of business. In the opinion of management after consulting legal counsel, such matters are currently not expected to have a material impact on the Company’s financial statements.

 

The Company records legal costs associated with loss contingencies as incurred and accrues for all probable and estimable settlements after consulting legal counsel.

 

Kitchen Service Agreement

 

On February 26, 2020, the Company entered into a Kitchen Services Agreement with a major delivery-only kitchen concept. The Kitchen Services Agreement provides for five initial locations starting in the Chicago market. In addition, the Company has placed deposits for an additional five locations to be determined. The Kitchen Services Agreement provide the Company with access to the delivery-only locations for a one-year term with an automatic one-year renewal unless terminated by either party. The delivery-only locations are set up for third party delivery and provide that the Company must pay monthly license fees, processing service fees and storage service fees. The monthly license fees for the five initial locations range from $3,000 to $4,000. The monthly license fees become due 14 days after the Company is granted access to the location.

 

Taxes

 

The Company failed in certain instances in paying sales taxes collected from customers in specific states that impose a tax on sales of the Company’s products. The Company had accrued $289,319 and $329,089 which includes penalties and interest as of March 31, 2020 and December 31, 2019, respectively, related to this matter.

 

 19 
 

 

MUSCLE MAKER, INC. AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements

 

NOTE 12 – EQUITY

 

Common Stock

 

On February 17, 2020 the Company authorized the issuance of an aggregate of 25,616 share of common stock to the members of the board of directors as compensation earned through the end of the fourth quarter of 2019.

 

On March 31, 2020, the Company issued 75,000 shares of common stock of the Company to a consultant that assisted the Company in the area of investor relations and capital introduction.

 

See Note 11 – Commitments and Contingencies – Consulting Agreements for details related to additional stock issuances during the three months ended March 31, 2020.

 

Closing of Offering

 

On February 12, 2020, the Company priced its initial public offering of 1,540,000 shares of common stock at a price of $5.00 per share. The Company started trading on the Nasdaq Capital Market on February 13, 2020 under the ticker symbol “GRIL”. The Company closed on the offering on February 18, 2020, yielding proceeds of $6,780,000, net of underwriters and other fees of $920,000. Upon closing of the offering the Company issued 123,200 warrants to the underwriters as part of their agreement.

 

Restricted Common Stock

 

On February 18, 2020, the Company issued an aggregate of 216,783 shares of restricted common stock of the Company to the executive team pursuant to their employment agreements as part of completing the initial public offering.

 

At March 31, 2020, the unrecognized value of the restricted common stock was $60,750. The unamortized amount will be expensed over a weighted average period of 0.76 years. A summary of the activity related to the restricted common stock for the three months ended March 31, 2020 is presented below:

 

       Weighted
Average Grant		 
   Total   Date Fair Value 
Outstanding at January 1, 2020   2,426   $65.33 
Granted   216,783    5.00 
Forfeited   -    - 
Vested   (218,009)   (5.34)
Outstanding at March 31, 2020   1,200   $65.33 

 

Stock-Based Compensation Expense

 

Stock-based compensation related to restricted stock issued to employees, directors and consultants and warrants issued to consultants amounted to $3,348,143 for the three months ended March 31, 2020, respectively, of which $3,347,591 was recorded in general and administrative expenses and $552 was recorded in labor expense within restaurant operating expenses. Stock-based compensation related to restricted stock issued to employees, directors and consultants amounted to $305,133 for the three months ended March 31, 2019, of which $301,265 was recorded in general and administrative expenses and $3,868 was recorded in labor expense within restaurant operating expenses.

 

 20 
 

 

MUSCLE MAKER, INC. AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements

 

NOTE 12 – EQUITY, continued

 

Warrant Valuation

 

The Company has computed the fair value of warrants granted using the Black-Scholes option pricing model. The expected term used for warrants issued to non-employees is the contractual life. The Company is utilizing an expected volatility figure based on a review of the historical volatilities, over a period of time, equivalent to the expected life of the instrument being valued, of similarly positioned public companies within its industry. The risk-free interest rate was determined from the implied yields from U.S. Treasury zero-coupon bonds with a remaining term consistent with the expected term of the instrument being valued.

 

Warrants

 

See Note 11 – Commitments and Contingencies – Closing of Offering Agreements for details related to additional warrants issuances during the three months ended March 31, 2020.

 

A summary of warrants activity during the three months ended March 31, 2020 is presented below:

 

    Number of Warrants   Weighted
Average
Exercise Price		   Weighted
Average
Remaining Life
In Years		 
Outstanding, December 31, 2019    2,450,287   $5.51    3.7 
Issued    223,200    5.55    - 
Exercised    -    -    - 
Forfeited    (136,223)   26.42    - 
Outstanding, March 31, 2020    2,537,264   $4.39    3.7 
                 
Exercisable, March 31, 2020    2,537,264   $4.39    3.7 

 

The grant date fair value of warrants granted during the three months ended March 31, 2020 and 2019 was determined on the date of issuance using the Black-Scholes option pricing model with the following assumptions: expected volatility, dividend rate, risk free interest rate and the expected life. The Company calculates the expected volatility using the historical volatility of comparable companies over the most recent period equal to the expected term and evaluates the extent to which available information indicates that future volatility may differ from historical volatility. The expected dividend rate is zero as the Company does not expect to pay or declare any cash dividends on common stock. The risk-free rates for the expected terms of the stock options are based on the U.S. Treasury yield curve in effect at the time of the grant. The Company has not experienced significant exercise activity on stock options. Due to the lack of historical information, the Company determined the expected term of its stock option awards issued using the simplified method. In applying the Black-Scholes option pricing model, the Company used the following assumptions:

 

    For the Three Months Ended  
    March 31,  
    2020     2019  
Risk free interest rate     1.37 %     2.18 - 2.62 %
Contractual term (years)     3.00       5.00  
Expected volatility     55.33 %     52.64 %
Expected dividend     0.00 %     0.00 %

 

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MUSCLE MAKER, INC. AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements

 

NOTE 13 – SUBSEQUENT EVENTS

 

Common Stock Issuances

 

On April 21, 2020 the Company authorized the issuance of an aggregate of 25,616 share of common stock to the members of the board of directors as compensation earned through the end of the fourth quarter of 2019.

 

On April 21, 2020, the Company issued an aggregate of 51,105 shares of common stock in exchange for accrued interest in the amount of $357,735.

 

On June 1, 2020, the Company issued 5,000 shares of common stock of the Company to a consultant. 

 

On June 5, 2020, the Company issued 15,000 shares of common stock of the Company to a digital marketing consultant with an aggregate fair value of $46,050.

 

On June 24, 2020 the Company authorized the issuance of an aggregate of 4,340 share of common stock to the members of the board of directors as compensation earned through the end of the first quarter of 2020.

 

Cares Act Loan

 

On May 9, 2020, the Company entered into a Paycheck Protection Program Promissory Note and Agreement with Greater Nevada Credit Union, pursuant to which the Company received loan proceeds of $866,300 (the “PPP Loan”). The PPP Loan was made under, and is subject to the terms and conditions of, the PPP which was established under the CARES Act and is administered by the U.S. Small Business Administration. The current term of the PPP Loan is two years with a maturity date of May 9, 2022 and contains a favorable fixed annual interest rate of 1.00%. Payments of principal and interest on the PPP Loan will be deferred for the first six months of the term of the PPP Loan until November 9, 2020. Principal and interest are payable monthly and may be prepaid by the Company at any time prior to maturity with no prepayment penalties. Under the terms of the CARES Act, recipients can apply for and receive forgiveness for all, or a portion of loans granted under the PPP. Such forgiveness will be determined, subject to limitations, based on the use of loan proceeds for certain permissible purposes as set forth in the PPP, including, but not limited to, payroll costs (as defined under the PPP) and mortgage interest, rent or utility costs (collectively, “Qualifying Expenses”), and on the maintenance of employee and compensation levels during the eight-week period following the funding of the PPP Loan. The Company has been using the proceeds of the PPP Loan, for Qualifying Expenses. However, no assurance is provided that the Company will be able to obtain forgiveness of the PPP Loan in whole or in part.

 

Consulting Agreements

 

On April 8, 2020, the Company entered into a professional service agreement with a consultant to provide advice on investor outreach and institutional engagements The Consultants will also provide continuous market insight and interpret our trading activity. The term of the agreement commenced from the execution date and ends on April 1, 2021. Pursuant to the terms, the Company agreed to pay the consultant in the form of non-qualified stock options to acquire 200,000 shares of the Company’s common stock, exercisable at $2.50 per share for a period of one year. The Options are fully vested upon the signing of this agreement. In addition, the option is callable by the Company in the event the market price of its shares close above $3.50 per share for five consecutive dates upon which the consultant will have three days to elect to exercise of forfeit the options.

 

Operation Lease

 

On June 26, 2020, the Company was informed that one of their leases for a future military location was terminated due to the current economic environment as a result of COVID-19.

 

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ITEM 2 MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS.

 

The following discussion and analysis of the results of operations and financial condition of Muscle Maker, Inc. (“Muscle Maker”), together with its subsidiaries (collectively, the “Company”) as of March 31, 2020 and December 31, 2019 and for the three months ended March 31, 2020 and 2019 should be read in conjunction with our financial statements and the notes to those financial statements that are included elsewhere in this Quarterly Report on Form 10-Q. References in this Management’s Discussion and Analysis of Financial Condition and Results of Operations to “us,” “we,” “our,” and similar terms refer to Muscle Maker. “Muscle Maker Grill” refers to the name under which our corporate and franchised restaurants do business. This Quarterly Report contains forward-looking statements as that term is defined in the federal securities laws. The events described in forward-looking statements contained in this Quarterly Report may not occur. Generally, these statements relate to business plans or strategies, projected or anticipated benefits or other consequences of our plans or strategies, projected or anticipated benefits from acquisitions to be made by us, or projections involving anticipated revenues, earnings or other aspects of our operating results. The words “may,” “will,” “expect,” “believe,” “anticipate,” “project,” “plan,” “forecast,” “model,” “proposal,” “should,” “may,” “intend,” “estimate,” and “continue,” and their opposites and similar expressions, are intended to identify forward-looking statements. We caution you that these statements are not guarantees of future performance or events and are subject to a number of uncertainties, risks and other influences, many of which are beyond our control, which may influence the accuracy of the statements and the projections upon which the statements are based. For a detailed discussion of risk factors affecting us, see “Part I – Item 1A. Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2019.

 

OVERVIEW

 

We operate under the name Muscle Maker Grill as a franchisor and owner-operator of Muscle Maker Grill restaurants. As of March 31, 2020, our restaurant system included eleven Company-owned restaurants and twenty-four franchised restaurants.

 

Muscle Maker Grill is a fast-casual restaurant concept that specializes in preparing healthy-inspired, high-quality, fresh, made-to-order lean, protein-based meals featuring chicken, seafood, pasta, burgers, wraps and flat breads. In addition, we feature freshly prepared entrée salads and an appealing selection of sides, protein shakes and fruit smoothies. We operate in the approximately $47 billion fast casual restaurant segment, which we believe has created significant recent disruption in the restaurant industry and is rapidly gaining market share from adjacent restaurant segments, resulting in significant growth opportunities for healthier restaurant concepts such as Muscle Maker Grill.

 

We believe our healthier restaurant concept delivers a highly differentiated customer experience by combining the quality and hospitality that customers commonly associate with our full service and fast casual restaurant competitors with the convenience and value customers generally expect from traditional fast food restaurants. The foundation of our brand is based on our core values of quality, empowerment, respect, service and value.

 

As of March 31, 2020, we had an accumulated deficit of $58,586,865 and expect to continue to incur operating and net losses for the foreseeable future. In its report on our consolidated financial statements for the fiscal year ended December 31, 2019, our independent registered public accounting firm included an explanatory paragraph relating to our ability to continue as a going concern. See “Liquidity and Capital Resources – Availability of Additional Funds and Going Concern” and Note 1 – Business Organization and Nature of Operations, Going Concern and Management’s Plans to Notes to Consolidated Financial Statements for additional information describing the circumstances that led to the inclusion of this explanatory paragraph.

 

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Key Financial Definitions

 

Total Revenues

 

Our revenues are derived from three primary sources: company restaurant sales, franchise revenues and vendor rebates from Franchisees. Franchise revenues are comprised of franchise royalty revenues collected based on 5% of franchisee net sales and other franchise revenues which include initial and renewal franchisee fees. Vendor rebates are received based on volume purchases or services from franchise owned locations.

 

Food and Beverage Costs

 

Food and beverage costs include the direct costs associated with food, beverage and packaging of our menu items at company-operated restaurants partially offset by vendor rebates from company-owned stores. The components of food, beverages and supplies are variable in nature, change with sales volume, are affected by menu mix and are subject to fluctuations in commodity costs.

 

Labor

 

Restaurant labor costs, including preopening labor, consists of company-operated restaurant-level management and hourly labor costs, including salaries, wages, payroll taxes, workers’ compensation expense, benefits and bonuses paid to our company-operated restaurant-level team members. Like other cost items, we expect restaurant labor costs at our company-operated restaurants to increase due to inflation and as our company restaurant revenues grow. Factors that influence labor costs include minimum wage and employer payroll tax legislation, mandated health care costs and operational productivity established by the management team.

 

Rent

 

Restaurant rent, including preopening rental charges, consist of company-operated restaurant-level rental or lease payments applicable to executed rental or lease agreements. In many cases these rental payments may include payments for common area maintenance as well as property tax assessments. Our rent strategy mostly consists of a variable rent structure calculated on net sales of the restaurant. While this can have a negative effect on higher volume locations where we cannot leverage a fixed rent, it provides downside protection for lower volume locations. While we cannot guarantee a favorable variable rent expense in all future leases, we have forecasted average rental costs as a percentage of total sales at 8%.

 

Other restaurant operating expenses

 

Other restaurant operating expenses, including preopening operating expenses, consist of company-operated restaurant-level ancillary expenses not inclusive of food and beverage, labor and rent expense. These expenses are generally marketing, advertising, merchant and bank fees, utilities, leasehold and equipment repairs, insurance and maintenance. A portion of these costs are associated with third party delivery services such as Uber Eats, Grub Hub, DoorDash, Seamless, and others. The fees associated with these third-party delivery services can range up to 25% of the total order being delivered. Management believes delivery is a critical component of our business model and industry trends will continue to push consumers towards delivery. Our cost structure will need to be adjusted to reflect a different pricing model, portion sizes, menu offerings, and other considerations to potentially offset these rising costs of delivery.

 

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Other Expenses Incurred for Closed Locations

 

Other expenses incurred for closed locations consists of primarily of restaurant operating expenses incurred subsequent to store closures as the Company still has to certain obligations to vendors due to signed agreements.

 

Depreciation and Amortization

 

Depreciation and amortization primarily consist of the depreciation of property and equipment and amortization of intangible assets.

 

General and Administrative Expenses

 

General and administrative expenses include expenses associated with corporate and administrative functions that support our operations, including wages, benefits, travel expense, stock-based compensation expense, legal and professional fees, training, and other corporate costs. We expect to incur incremental general and administrative expenses as a result of becoming a public listed company on the Nasdaq capital market. A certain portion of these expenses are related to the preparation of an initial stock offering and should be considered one-time expenses.

 

Other Expense, net

 

Other expenses primarily consists of amortization of debt discounts on the convertible notes payable and interest expense related to other notes payable and convertible notes payable.

 

Income Taxes

 

Income taxes represent federal, state, and local current and deferred income tax expense.

 

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Consolidated Results of Operations

 

Three Months Ended March 31, 2020 Compared with Three Months Ended March 31, 2019

 

The following table represents selected items in our condensed consolidated statements of operations for the three months ended March 31, 2020 and 2019, respectively:

 

   For the Three Months Ended 
   March 31, 
   2020   2019 
         
Revenues:           
Company restaurant sales, net of discounts   $1,237,427   $800,763 
Franchise royalties and fees    176,031    344,712 
Franchise advertising fund contributions    21,596    38,899 
Total Revenues    1,435,054    1,184,374 
           
Operating Costs and Expenses:           
Restaurant operating expenses:           
Food and beverage costs    465,694    289,345 
Labor    586,620    279,013 
Rent    144,677    98,190 
Other restaurant operating expenses    332,360    115,685 
Total restaurant operating expenses    1,529,351    782,233 
Depreciation and amortization    111,257    68,692 
Other expenses incurred for closed locations    -    3,710 
Franchise advertising fund expenses    21,596    38,899 
General and administrative expenses    5,129,403    1,104,036 
Total Costs and Expenses    6,791,607    1,997,570 
Loss from Operations    (5,356,553)   (813,196)
           
Other Expense:           
Other expense, net    (3,188)   (111,750)
Interest expense, net    (93,604)   (182,465)
Amortization of debt discounts    (38,918)   (376,068)
Total Other Expense, Net    (135,710)   (670,283)
           
Loss Before Income Tax    (5,492,263)   (1,483,479)
Income tax provision    -    - 
Net Loss   $(5,492,263)  $(1,483,479)

 

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Revenues

 

Company total revenues totaled $1,435,054 for the three months ended March 31, 2020 compared to $1,184,374 for the three months ended March 31, 2019. The 21.17% increase was primarily attributable to more stores generating restaurant sales, net of discounts in the current period compared to the prior period, partially offset by a decrease in franchise royalties and fees due to fewer franchisee stores.

 

We generated restaurant sales, net of discounts, of $1,237,427 for the three months ended March 31, 2020 compared to $800,763, for the three months ended March 31, 2019. This represented an increase of $436,664, or 54.5%, which is primarily attributable to a higher corporate owned store count during the current period as compared to the prior period due to the purchase of two former franchisee locations since the prior period, partially offset by a decrease of approximately $193,000 in restaurants sales due to the temporary closure of three corporate owned stored as a result of Covid-19.

 

Franchise royalties and fees for the three months ended March 31, 2020 and 2019 totaled $176,031 compared to $344,712, respectively. The $168,681 decrease is primarily attributable to a decrease in initial franchise fees of $38,741 as we opened fewer franchise locations due to pausing the franchise program until Q2 2020, a decrease in royalty income of $85,641 due to fewer franchisee locations, lower sales volumes and temporary closures of franchised locations due to Covid-19 and a decrease in vendor rebates of $44,299. In addition, the company purchased two franchisee locations since the prior period resulting in lower franchise fees but higher corporate sales results.

 

Franchise advertising fund contributions for the three months ended March 31, 2020 and 2019 totaled $21,596 compared to $38,899, respectively.

 

Operating Costs and Expenses

 

Operating costs and expenses consist of restaurant food and beverage costs, restaurant labor expense, restaurant rent expense, other restaurant operating expenses, depreciation and amortization expenses and general and administrative expenses.

 

Restaurant food and beverage costs for the three months ended March 31, 2020 and 2019 totaled $465,694, or 37.63%, as a percentage of restaurant sales, and $289,345, or 36.1%, as a percentage of restaurant sales, respectively. The $176,349 increase results primarily due a higher store count during the period as compared to the prior period as the Company opened and acquired more stores since the prior period, partially offset by a decrease of approximately $45,000 due to the temporary closure of three corporate owned stored due to Covid-19.

 

Restaurant labor for the three months ended March 31, 2020 and 2019 totaled $586,620, or 47.41%, as a percentage of restaurant sales, and $279,013, or 34.8%, as a percentage of restaurant sales, respectively. The $307,607 increase results primarily due a higher store count during the period as compared to the prior period as the Company opened and acquired more stores as compared to the prior period, partially offset by a decrease of approximately $12,500 due to the temporary closure of three corporate owned stored due to Covid-19. In addition, the increase in labor as a percentage of sales is a direct result of inefficiencies that is typically attributed to opening or acquiring new locations as it takes time to establish operational efficiencies.

 

Restaurant rent expense for the three months ended March 31, 2020 and 2019 totaled $144,677, or 11.7%, as a percentage of restaurant sales, and $98,190, or 12.26%, as a percentage of restaurant sales, respectively.

 

Other restaurant operating expenses for the three months ended March 31, 2020 and 2019 totaled $332,360, or 26.9% as a percentage of restaurant sales, and $115,685, or 14.5% as a percentage of restaurant sales, respectively. The $216,675 increase is primarily due to higher third party merchant fees, utility fees and insurance expenses attributed to a higher store count during the period as compared to the prior period as the Company opened and acquired more stores as compared to the prior period.

 

Depreciation and amortization expense for the three months ended March 31, 2020 and 2019 totaled $111,257 and $68,692, respectively. The $42,565 increase is primarily attributable to depreciation expense related to additional property and equipment acquired for new store build outs and the remodeling of an existing company owned restaurant compared to the prior period.

 

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General and administrative expenses for the three months ended March 31, 2020 and 2019 totaled $5,129,403, or 364.60% of total revenues, and $1,104,036, or 93.22% of total revenues, respectively. The $4,025,367 increase is primarily attributable to an increase in one-time bonuses of approximately $1,354,000 which is directly attributed to the stock issued to the executive team upon the completion of the offering resulting in stock-based compensation expense of $1,083,915, an increase one-time consulting expense of approximately $2,473,000 which is mainly attributed to stock issued to consultants which resulted in stock-based compensation expense of $2,115,961, and an increase in one-time professional fees of approximately $196,000 due to fees incurred in connection with the Company’s offering.

 

Loss from Operations

 

Our loss from operations for the three months ended March 31, 2020 and 2019 totaled $5,356,553 or 373.26% of total revenues and $813,196 or 68.7% of total revenues, respectively. The increase of $4,543,357 in loss from operations is primarily attributable to an increase in total costs and expenses of approximately $4,794,037, partially offset by the increase in total revenues of approximately $250,680. The increase in total cost and expenses of approximately $4,794,037 is primarily due to one-time expenses of approximately $3,205,000 incurred in connection with our offering of which approximately $3,136,000 of the expenses consisted of non-cash expenses in the form of stock-based compensation.

 

Other Expense, net

 

Other expense, net for the three months ended March 31, 2020 and 2019 totaled $135,710 and $670,283, respectively. The $534,573 decrease in expense was primarily attributable to a decrease in amortization of debt discounts of $337,150, a $88,861 decrease in interest expense, net as the majority of the convertible notes where converted as of Q4 2020 therefore no further interest expense is being incurred and a $108,562 decrease in other expense, net.

 

Net Loss

 

Our net loss for the three months ended March 31, 2020 increased by $4,008,784 to $5,492,263 as compared to $1,483,479 for the three months ended March 31, 2019, resulting from an increase in our loss from operations partially offset by an decrease in other expense, net as discussed above.

 

 28 
 

 

Liquidity and Capital Resources

 

Liquidity

 

We measure our liquidity in a number of ways, including the following:

 

  

March 31,

2020

   December 31,
2019		 
Cash  $3,707,364   $478,854 
Working Capital Surplus (Deficiency)  $874,473   $(3,707,541)
Convertible notes payable, and Former Parent, net of debt discount of $0 and $38,918, respectively  $182,458   $693,540 
Other notes payable, including related party  $273,558   $682,807 

 

Availability of Additional Funds and Going Concern

 

Although we have a working capital surplus of $874,473, we presently have an accumulated deficit of $58,386,865, as of March 31, 2020, and we utilized $2,542,520 of cash in operating activities during the three months ended March 31, 2020, therefor we require additional equity and/or debt financing to continue our operations. These conditions raise substantial doubt about our ability to continue as a going concern for at least one year from the date of this filing.

 

Our principal source of liquidity to date has been provided by loans and convertible loans from related and unrelated third parties, (ii) the sale of common stock through private placements and the (iii) and the recent closed public offering.

 

The pandemic novel coronavirus (COVID-19) outbreak, federal, state and local government responses to COVID-19 and our Company’s responses to the outbreak have all disrupted and will continue to disrupt our business. In the United States, individuals are being encouraged to practice social distancing, restricted from gathering in groups and in some areas during the first quarter of 2020 continuing through the second quarter of June 2020. As a result of the disruption and volatility in the global capital markets, we have seen an increase in the cost of capital which adversely impacts access to capital.

 

On May 9, 2020, the Company entered into Paycheck Protection Program Promissory Note and Agreement with Greater Nevada Credit Union, pursuant to which the Company received loan proceeds of $866,300 (the “PPP Loan”). The PPP Loan was made under, and is subject to the terms and conditions of, the PPP which was established under the CARES Act and is administered by the U.S. Small Business Administration. The term of the PPP Loan is two years with a maturity date of May 9, 2022 and contains a favorable fixed annual interest rate of 1.00%. Payments of principal and interest on the PPP Loan will be deferred for the first six months of the term of the PPP Loan until November 9, 2020. Principal and interest are payable monthly and may be prepaid by the Company at any time prior to maturity with no prepayment penalties. Under the terms of the CARES Act, recipients can apply for and receive forgiveness for all or a portion of loans granted under the PPP. Such forgiveness will be determined, subject to limitations, based on the use of loan proceeds for certain permissible purposes as set forth in the PPP, including, but not limited to, payroll costs (as defined under the PPP) and mortgage interest, rent or utility costs (collectively, “Qualifying Expenses”), and on the maintenance of employee and compensation levels during the eight-week period following the funding of the PPP Loan. The Company has been using the proceeds of the PPP Loan, for Qualifying Expenses. However, no assurance is provided that the Company will be able to obtain forgiveness of the PPP Loan in whole or in part.

 

We expect to have ongoing needs for working capital in order to (a) fund operations; plus (b) expand operations by opening additional corporate-owned restaurants. To that end, we may be required to raise additional funds through equity or debt financing. However, there can be no assurance that we will be successful in securing additional capital. If we are unsuccessful, we may need to (a) initiate cost reductions; (b) forego business development opportunities; (c) seek extensions of time to fund our liabilities, or (d) seek protection from creditors.

 

In addition, if we are unable to generate adequate cash from operations, and if we are unable to find sources of funding, it may be necessary for us to sell one or more lines of business or all or a portion of our assets, enter into a business combination, or reduce or eliminate operations. These possibilities, to the extent available, may be on terms that result in significant dilution to our shareholders or that result in our shareholders losing all of their investment in our Company.

 

If we are able to raise additional capital, we do not know what the terms of any such capital raising would be. In addition, any future sale of our equity securities would dilute the ownership and control of your shares and could be at prices substantially below prices at which our shares currently trade. Our inability to raise capital could require us to significantly curtail or terminate our operations. We may seek to increase our cash reserves through the sale of additional equity or debt securities. The sale of convertible debt securities or additional equity securities could result in additional and potentially substantial dilution to our shareholders. The incurrence of indebtedness would result in increased debt service obligations and could result in operating and financing covenants that would restrict our operations and liquidity. In addition, our ability to obtain additional capital on acceptable terms is subject to a variety of uncertainties.

 

 29 
 

 

Our condensed consolidated financial statements included elsewhere in this 10-Q document have been prepared in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”), which contemplate our continuation as a going concern and the realization of assets and the satisfaction of liabilities in the normal course of business. The carrying amounts of assets and liabilities presented in the consolidated financial statements do not necessarily purport to represent realizable or settlement values. The consolidated financial statements do not include any adjustment that might result from the outcome of this uncertainty.

 

Sources and Uses of Cash for the three months ended March 31, 2020 and March 31, 2019

 

During the three months ended March 31, 2020 and 2019, we used cash of $2,542,520 and $639,657, respectively, in operations. Our net cash used in operating activities for the three months ended March 31, 2020 was primarily attributable to our net loss of $5,492,263, adjusted for net non-cash items in the aggregate amount of $3,516,693 and $766,950 of net cash provided by changes in the levels of operating assets and liabilities. Our net cash used in operating activities for the three months ended March 31, 2019 was primarily attributable to our net loss of $1,483,479, adjusted for net non-cash items in the aggregate amount of $752,228 and $91,594 of net cash provided by changes in the levels of operating assets and liabilities.

 

During the three months ended March 31, 2020, net cash used in investing activities was $49,091, of which $57,893 was used to purchase property and equipment, partially offset by $8,802 of loans repayments by franchisees. During the three months ended March 31, 2019, net cash used in investing activities was $110,176, of which $121,132 was used to purchase property and equipment, partially offset by $10,956 of loans repayments by franchisees and a related party.

 

Net cash provided by financing activities for the three months ended March 31, 2020 was $5,820,121 of which $6,780,000 proceeds from the offering , net of underwriter’s discount and offering costs, $150,000 proceeds from other notes payable, partially offset by repayments of various convertible notes of $550,000 and $559,879 of repayments of other notes payables, including a related party. Net cash provided by financing activities for the three months ended March 31, 2019 was $1,235,000 of which $100,000 proceeds from convertible notes from other related parties and $1,135,000 proceeds from convertible notes to various parties.

 

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Critical Accounting Policies

 

Use of Estimates

 

The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of expenses during the reporting period.

 

Management bases its estimates on historical experience and on various assumptions that are believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying value of assets and liabilities that are not readily apparent from other sources. Significant estimates include:

 

● the fair value of assets acquired, and liabilities assumed in a business combination;
● the assessment of recoverability of long-lived assets, including property and equipment, goodwill and intangible assets;
● the estimated useful lives of intangible and depreciable assets;
● estimates and assumptions used to value warrants issued in connection with notes payable;
● the recognition of revenue; and
● the recognition, measurement and valuation of current and deferred income taxes.

 

Estimates and assumptions are periodically reviewed, and the effects of any material revisions are reflected in the financial statements in the period that they are determined to be necessary. Actual results could differ from those estimates and assumptions.

 

Intangible Assets

 

We account for recorded intangible assets in accordance with ASC 350 “Intangibles - Goodwill and Other”. In accordance with ASC 350, we do not amortize intangible assets with indefinite useful lives. Our goodwill and trademarks are deemed to have indefinite lives, and accordingly are not amortized, but are evaluated for impairment at least annually, or more often whenever changes in facts and circumstances may indicate that the carrying value may not be recoverable. The Accounting Standards Codification (“ASC”) requires that goodwill be tested for impairment at the reporting unit level (operating segment or one level below an operating segment). Application of the goodwill impairment test requires judgment, including the identification of reporting units, assigning assets and liabilities to reporting units, assigning goodwill to reporting units, and determining the fair value. Significant judgment is required to estimate the fair value of reporting units which includes estimating future cash flows, determining appropriate discount rates and other assumptions. Changes in these estimates and assumptions could materially affect the determination of fair value and/or goodwill impairment.

 

Other intangible assets include franchise agreements which are amortized on a straight-line basis over their estimated useful lives of 13 years.

 

Impairment of Long-Lived Assets

 

When circumstances, such as adverse market conditions, indicate that the carrying value of a long-lived asset may be impaired, we perform an analysis to review the recoverability of the asset’s carrying value, which includes estimating the undiscounted cash flows (excluding interest charges) from the expected future operations of the asset. These estimates consider factors such as expected future operating income, operating trends and prospects, as well as the effects of demand, competition and other factors. If the analysis indicates that the carrying value is not recoverable from future cash flows, an impairment loss is recognized to the extent that the carrying value exceeds the estimated fair value. Any impairment losses are recorded as operating expenses, which reduce net income.

 

 31 
 

 

Revenue Recognition

 

During the first quarter 2019, the Company adopted Topic 606 “Revenue from Contracts with Customers” for revenue recognition related to contracts with customers and applied the guidance modified retrospectively. Under the new guidance, revenue is recognized in accordance with a five-step revenue model, as follows: (1) identifying the contract with the customer; (2) identifying the performance obligations in the contract; (3) determining the transaction price; (4) allocating the transaction price to the performance obligations; and (5) recognizing revenue when (or as) the entity satisfies a performance obligation. In applying this five-step model, we have made significant judgments in identifying the promised goods or services in our contracts with franchisees that are distinct, and which represent separate performance obligations. The change between Topic 605 and Topic 606, primarily impacted the way the Company recognized franchise fees. Under Topic 605 franchise fees were recognized upon opening of a restaurant or granting of a new franchise term at a point in time while under Topic 606 franchise fees are recognized on a straight-line basis over the life of the related franchise agreements and any exercised renewal periods. The impact of the adoption of Topic 606 resulted in an adjustment of $875,902 in accumulated deficit and deferred revenues.

 

Restaurant Sales

 

Retail store revenue at Company operated restaurants is recognized when payment is tendered at the point of sale, net of sales tax, discount and other sales related taxes. The Company recorded retail store revenues of $1,237,427 and $800,763 during the three months ended March 31, 2020 and 2019, respectively.

 

The Company sells gift cards which do not have an expiration date, and it does not deduct dormancy fees from outstanding gift card balances. The Company recognize revenues from gift cards as restaurant revenues once the Company performs obligation to provide food and beverage to the customer simultaneously with the redemption of the gift card or through gift card breakage, as discussed in Other Revenue below.

 

Franchise Royalties and Fees

 

Franchise revenues consists of royalties, franchise fees and rebates. Royalties are based on a percentage of franchisee net sales revenue. The Company recognizes the royalties as the underlying sales occur. The Company recorded revenue from royalties of $120,909 and $206,550 during the three months ended March 31, 2020 and 2019, respectively, which is included in franchise royalties and fees on the accompanying condensed consolidated statements of operations.

 

The Company provides the franchisees with management expertise, training, pre-opening assistance, and restaurant operating assistance in exchange for the multi-unit development fees and franchise fees. The Company capitalizes these fees upon collection from the franchisee, these fees are then recognized as franchise fee revenue on a straight-line basis over the life of the related franchise agreements and any exercised renewal periods. Cash payments are due upon the execution of the related franchise agreement. The Company’s performance obligation with respect to franchise fee revenues consists of a license to utilize the Company’s brand for a specified period of time, which is satisfied equally over the life of each franchise agreement. The Company recorded revenues from franchise fees of $14,440 and $53,181, respectively, during the three months ended March 31, 2020 and 2019, which is included in franchise royalties and fees on the accompanying condensed consolidated statements of operations.

 

The Company has supply agreements with certain food and beverage vendors. Pursuant to the terms of these agreements, rebates are provided to the Company based upon the dollar volume of purchases for all company-owned and franchised restaurants from these vendors. Rebates earned on purchases by franchise stores are recorded as revenue during the period in which the related food and beverage purchases are made. The Company recorded revenue from rebates of $40,682 and $84,981 during the three months ended March 31, 2020 and 2019, respectively, which is included in franchise royalties and fees on the accompanying consolidated statements of operations. Rebates earned on purchases by Company owned stores are recorded as a reduction of food and beverage costs during the period in which the related food and beverage purchases are made.

 

 32 
 

 

Other Revenues

 

Gift card breakage is recognized when the likelihood of a gift card being redeemed by the customer is remote and the Company determines there is not a legal obligation to remit the unredeemed gift card balance to the relevant jurisdiction. The determination of the gift card breakage rate is based upon the Company’s specific historical redemption patterns. The Company recognizes gift card breakage by applying its estimate of the rate of gift card breakage on a pro rata basis over the period of estimated redemption. For the three months ended March 31, 2020, the Company determine that no gift card breakage is necessary based on current redemption rates.

 

Deferred Revenue

 

Deferred revenue primarily includes initial franchise fees received by the Company, which are being amortized over the life of the Company’s franchise agreements, as well as unearned vendor rebates. Deferred revenue is recognized in income over the life of the franchise agreements and vendor rebates are recognized in income as performance obligations are satisfied.

 

Franchise Advertising Fund Contributions

 

Under the Company’s franchise agreements, the Company and its franchisees are required to contribute a certain percentage of revenues to a national advertising fund. The Company’s national advertising services are provided on a system-wide basis and, therefore, not considered distinct performance obligations for individual franchisees. In accordance with Topic 606, the Company recognizes these sales-based advertising contributions from franchisees as franchise revenue when the underlying franchisee Company incurs the corresponding advertising expense. The Company records the related advertising expenses as incurred under general and administrative expenses. When an advertising contribution fund is over-spent at year end, advertising expenses will be reported on the consolidated statement of operations in an amount that is greater than the revenue recorded for advertising contributions. Conversely, when an advertising contribution fund is under-spent at a period end, the Company will accrue advertising costs up to advertising contributions recorded in revenue. The Company recorded contributions from franchisees of $21,596 and $38,899, respectively, during the three months ended March 31, 2020 and 2019, which are included in franchise advertising fund contributions on the accompanying condensed consolidated statements of operations.

 

Income Taxes

 

We account for income taxes under Accounting Standards Codification (“ASC”) 740 Income Taxes (“ASC 740”). Under ASC 740, deferred tax assets and liabilities are determined based on the difference between the financial reporting and tax bases of assets and liabilities and net operating loss and credit carryforwards using enacted tax rates in effect for the year in which the differences are expected to impact taxable income. Valuation allowances are established when necessary to reduce deferred tax assets to the amounts expected to be realized.

 

 33 
 

 

ASC 740 also clarifies the accounting for uncertainty in income taxes recognized in an enterprise’s financial statements and prescribes a recognition threshold and measurement process for financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return.

 

Tax benefits claimed or expected to be claimed on a tax return are recorded in our financial statements. A tax benefit from an uncertain tax position is only recognized if it is more likely than not that the tax position will be sustained on examination by the taxing authorities, based on the technical merits of the position. The tax benefits recognized in the financial statements from such a position are measured based on the largest benefit that has a greater than fifty percent likelihood of being realized upon ultimate resolution.

 

Our policy is to classify assessments, if any, for tax related interest as interest expense and penalties as general and administrative expenses in the condensed consolidated statements of operations.

 

Recently Issued Accounting Pronouncements

 

See Note 3 to our condensed consolidated financial statements for the three months ended March 31, 2020.

 

Off-Balance Sheet Arrangements

 

We have no off-balance sheet arrangements that have or are reasonably likely to have a current or future effect on our financial condition, changes in financial condition, revenues or expenses, results of operations, liquidity, capital expenditures or capital resources that is material to investors.

 

ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK.

 

Not applicable.

 

ITEM 4. CONTROLS AND PROCEDURES.

 

Evaluation of Disclosure Controls and Procedures

 

Pursuant to Rules 13a-15(b) and 15-d-15(b) under the Securities Exchange Act of 1934, as amended (“Exchange Act”), the Company carried out an evaluation, with the participation of the Company’s management, including the Company’s Chief Executive Officer and Chief Financial Officer of the effectiveness of the Company’s disclosure controls and procedures as of the end of the period covered by this report. The term “disclosure controls and procedures”, as defined under Rules 13a-15(e) and 15d-15(e) under the Exchange Act, means controls and other procedures of a company that are designed to ensure that information required to be disclosed by a company in the reports that it files or submits under the Exchange Act is recorded, processed, summarized and reported, within the time periods specified in the SEC’s rules and forms. Disclosure controls and procedures include, without limitation, controls and procedures designed to ensure that information required to be disclosed by a company in the reports that it files or submits under the Exchange Act is accumulated and communicated to the company’s management, including its principal executive and principal financial officer, as appropriate to allow timely decisions regarding required disclosure.

 

The Company’s management, with the participation of the Company’s Chief Executive Officer and Chief Financial Officer, evaluated the effectiveness of the Company’s disclosure controls and procedures as of the end of the period covered by this Quarterly Report on Form 10-Q. Based on that evaluation, our management, including our Chief Executive Officer and Chief Financial Officer, concluded that our disclosure controls and procedures were not effective due to material weaknesses in our internal control over financial reporting that existed as of March 31, 2020, as discussed below.

 

As previously disclosed in our Annual Report on Form 10-K for the year ended December 31, 2019, we identified the following material weaknesses:

 

  ● The Company does not have written documentation of our internal control policies and procedures.
     
  ● The Company does not have sufficient resources in its accounting function, which restricts the Company’s ability to gather, analyze and properly review information related to financial reporting in a timely manner. In addition, due to our size and nature, segregation of all conflicting duties may not always be possible and may not be economically feasible. However, to the extent possible, the initiation of transactions, the custody of assets and the recording of transactions should be performed by separate individuals.
     
  ● The Company has inadequate controls to ensure that information necessary to properly record transactions is adequately communicated on a timely basis from non-financial personnel to those responsible for financial reporting.
     
  ● The Company has significant deficiencies in the design and implementation of IT controls, specifically in the following areas: data center and network operations, access security and change management.

 

As a company with limited resources, the Company does not have the resources to fund sufficient staff to ensure a complete segregation of responsibilities within the accounting function. However, Company management does review, and will increase the review of the financial statements. This action, in addition to future improvements identified above, will minimize any risk of a potential material misstatement occurring.

 

Changes in Internal Control over Financial Reporting

 

There were no changes in our internal control over financial reporting (as that term is defined in Rules 13a-15(f) and 15d-15(f) under the Exchange Act) during the quarter ended March 31, 2020 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

 

 34 
 

 

PART II - OTHER INFORMATION

 

Item 1. Legal Proceedings.

 

From time to time, we are a defendant or plaintiff in various legal actions that arise in the normal course of business. We record legal costs associated with loss contingencies as incurred and have accrued for all probable and estimable settlements.

 

We are not currently involved in any material disputes and do not have any material litigation matters pending except:

 

In 2017, Limestone Associates LLC (“Limestone”) filed a complaint against ARH in the Civil Court of the City of New York, County of New York, #78549/2017 for commercial non-payment of rent for the amount of $25,748 plus cost and disbursements of this proceeding. In May 2018, Limestone filed a complaint against ARH and Robert E. Morgan (the former CEO of the Company) in the Supreme Court of the State of New York, County of New York, index # 154469 seeking $1,357,243 in damages for rent, interest and other expenses.

 

In May 2018, the Company, Former Parent and Mr. Morgan were listed as defendants to a lawsuit filed by Crownhall Realty, LLC (“Crownhall”) in the Supreme Court of the State of New York county of New York, #154467. Crownhall is seeking $1,034,087 in damages for rent, interest and other expenses.

 

On October 3, 2018, the Company, ARH and Mr. Morgan entered into a settlement agreement with Crownhall and Limestone agreeing to forfeit all security deposits, pay an upfront amount of $25,000 and an additional $175,000 to be paid over 20 months. This agreement settles litigation surrounding two closed locations, which the plaintiffs were seeking a total of $2,391,330 in past damages for rent, interest and other expenses. As of the date of the filing of these condensed consolidated financial statements the settlement has been paid in full.

 

On March 27, 2018 a convertible note holder filed a complaint in the Iowa District Court for Polk County #CVCV056029 against the Company for failure to pay the remaining balance due on a promissory note in the amount of $100,000, together with interest, attorney fees and other costs of $171,035. On June 6, 2018 a default judgement was entered against the Company for the amount of $171,035. The Company repaid an aggregate amount of $71,035, consisting of principal and interest, as of the date of the filing of this report. As of March 31, 2020, the Company has accrued for the liability in convertible notes payable in the amount of $100,000 and accrued interest of $20,030 is included in accounts payable and accrued expenses.

 

In May 2018, Resolute Contractors, Inc., Quality Tile, MTL Construction, Genesis Electric, JNB Interiors and Captive Aire filed a Mechanics Lien for labor, service, equipment and materials in the total amount of $98,005. The Company intends to set up various payment plans with these vendors. As of March 31, 2020, the Company has accrued for the liability in accounts payable and accrued expenses.

 

On December 12, 2018, the Company was listed as a defendant to a lawsuit filed by a landlord in the Superior Court of the State of California. Fountain Valley is seeking approximately $121,000 in damages for rent, interest and other expenses. On February 15, 2019, the Company entered into a settlement agreement and payment plan in the amount of $85,000. The Company agreed to make the following payments (i) $15,000 on or before March 15, 2019, and (ii) ten monthly installments of $7,000 commencing on April 15, 2019 and continuing monthly on the 15th day of each month though January 15, 2020. The company has accrued for the liability in accounts payable and accrued expenses and has been making repayments pursuant to the settlement agreement. As of January 15, 2020, the Company has met all their obligations and the full amount has been paid.

 

On or about March 7, 2019, the Company was listed as a defendant to a lawsuit filed by a contractor in the State of Texas. The contractor is claiming a breach of contract and is seeking approximately $32,809 in damages for services claimed to be rendered by the contractor. The Company is working with legal counsel in order to reach a settlement. As of March 31, 2020, the Company accrued $30,000 for the liability in accounts payable and accrued expenses.

 

On January 23, 2020, the Company was served a judgment in the amount of $130,185 for a breach of a lease agreement in Chicago, Illinois, in connection with a Company owned store that was closed in 2018. As of March 31, 2020, the Company has accrued for the liability in accounts payable and accrued expenses.

 

 35 
 

 

In the normal course of business, the Company may be involved in legal proceedings, claims and assessments arising in the ordinary course of business. In the opinion of management, such matters are currently not expected to have a material impact on the Company’s financial statements.

 

The Company records legal costs associated with loss contingencies as incurred and accrues for all probable and estimable settlements after consulting legal counsel.

 

Muscle Maker or its subsidiaries failed in certain instances in paying past state and local sales taxes collected from customers in specific states that impose a tax on sales of the Company’s products during 2017 and 2018. The Company had accrued a liability of $289,319 as of March 31, 2020 related to this matter. All current state and local sales taxes from January 1, 2018 for open company owned locations have been fully paid and in a timely manner. The Company has completed or is in discussions on payment plans with the various state or local entities for these past owed amounts.

 

Item 1A. Risk Factors.

 

Not applicable. See, however, Item 7 (“Management’s Discussion and Analysis of Financial Condition and Results of Operations Factors That May Affect Future Results and Financial Condition”) of our Annual Report on Form 10-K for the year ended December 31, 2019, filed with the SEC on May 29, 2020.

 

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds.

 

On February 18, 2020, the Company entered into a professional services agreement with a company to provide advice on business development of food stores and delivery kitchen operations. In addition, they will review and advise the Company on potential acquisition targets, including financial analytics for post-merger entities and provide assistance in preparing pro-forma financial information. The term of the agreement commences on February 18, 2020 and expires on February 18, 2021. Pursuant to the terms of the agreement, the Company agreed to issue 300,000 shares of the Company’s common stock and 100,000 three-year cashless warrants with an exercise price of $5.00 per share upon signing of the agreement as payment.

 

On February 24, 2020, the Company entered into a Consulting Agreement with consultants with experience in the area of corporate finance, investor communication and financial and investor public relations. The term of the agreement is for two months from the effective date on February 27, 2020 and expires on April 27, 2020. Pursuant to the terms of the agreement, the Company agreed to pay $107,500 in cash per month and to issue 10,000 shares of the Company’s common stock. In the event the Company elects to not extend the term of the Agreement, it is to notify the consultants within five days of the conclusion of the 60-day term.

 

On February 17, 2020, the Company authorized the issuance of an aggregate of 25,616 share of common stock to the members of the board of directors as compensation earned through the end of the fourth quarter of 2019.

 

On February 18, 2020, the Company issued an aggregate of 216,783 shares of common stock of the Company to the executive team pursuant to their employment agreements as part of completing the initial public offering.

 

On March 31, 2020, the Company issued 75,000 shares of common stock of the Company to a consultant that assisted the Company in area of investor relations and capital introduction.

 

On April 21, 2020 the Company authorized the issuance of an aggregate of 25,616 share of common stock to the members of the board of directors as compensation earned through the end of the fourth quarter of 2019.

 

On April 21, 2020, the Company issued an aggregate of 51,105 shares of common stock in exchange for accrued interest earned on convertible debt with an aggregate fair value of $357,735.

 

On June 1, 2020, the Company issued 5,000 shares of common stock of the Company to a consultant.

 

On June 5, 2020, the Company issued 15,000 shares of common stock of the Company to a digital marketing consultant in exchange for certain services with an aggregate fair value of $46,050.

 

On April 8, 2020, the Company entered into a professional service agreement with a consultant to provide advice on investor outreach and institutional engagements The Consultants will also provide continuous market insight and interpret our trading activity. The term of the agreement commenced from the execution date and ends on April 1, 2021. Pursuant to the terms, the Company agreed to pay the consultant in the form of non-qualified stock options to acquire 200,000 shares of the Company’s common stock, exercisable at $2.50 per share for a period of one year. The Options are fully vested upon the signing of this agreement. In addition, the option is callable by the Company in the event the market price of its shares close above $3.50 per share for five consecutive dates upon which the consultant will have three days to elect to exercise of forfeit the options.

 

The above shares were issued under the 2019 Equity Incentive Plan.

 

The offers, sales, and issuances of the securities described above were deemed to be exempt from registration under the Securities Act in reliance on Section 4(a)(2) of the Securities Act or Regulation D promulgated thereunder as transactions by an issuer not involving a public offering. The recipients of securities in each of these transactions acquired the securities for investment only and not with a view to or for sale in connection with any distribution thereof and appropriate legends were affixed to the securities issued in these transactions. Each of the recipients of securities in these transactions was an accredited or sophisticated person and had adequate access, through employment, business or other relationships, to information about us.

 

 36 
 

 

Item 3. Defaults Upon Senior Securities.

 

None.

 

Item 4. Mine Safety Disclosures.

 

Not applicable.

 

Item 5. Other Information.

 

None.

 

 37 
 

 

Item 6. Exhibits.

 

Exhibit

No.

   Exhibit Description
31.1   Certification of Chief Executive Officer pursuant to Rule 13a-14(a) or Rule 15d-14(a) as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
     
31.2   Certification of Chief Financial Officer pursuant to Rule 13a-14(a) or Rule 15d-14(a) as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
     
32.1   Certification of Chief Executive Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
     
32.2   Certification of Chief Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
     
101.INS   XBRL Instance Document*
101.SCH   XBRL Schema Document*
101.CAL   XBRL Calculation Linkbase Document*
101.DEF   XBRL Definition Linkbase Document*
101.LAB   XBRL Label Linkbase Document*
101.PRE   XBRL Presentation Linkbase Document*

 

† Includes management contracts and compensation plans and arrangements

*Filed herewith.

+Previously filed.

 

 38 
 

 

SIGNATURES

 

Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

 

Date: June 30, 2020 MUSCLE MAKER, INC.
     
  By: /s/ Michael J. Roper
    Michael J. Roper
    Chief Executive Officer
    (Principal Executive Officer)
     
  By: /s/ Ferdinand Groenewald
    Ferdinand Groenewald
    Chief Financial Officer
    (Principal Financial and Accounting Officer)

 

 39 

 EX-31.1 2 ex31-1.htm

 

EXHIBIT 31.1

 

SECTION 302 CERTIFICATION OF PRINCIPAL EXECUTIVE OFFICER

 

I, Michael J. Roper, certify that:

 

1) I have reviewed this quarterly report on Form 10-Q of Muscle Maker, Inc.;
   
2) Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
   
3) Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
   
4) The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

 

  (a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
     
  (b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
     
  (c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
     
  (d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

 

5) The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

 

  (a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
     
  (b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

 

Date: June 30, 2020  
     
By: /s/ Michael J. Roper  
  Michael J. Roper  
  Chief Executive Officer and Secretary  
  (Principal Executive Officer)  

 

 
 EX-31.2 3 ex31-2.htm

 

EXHIBIT 31.2

 

SECTION 302 CERTIFICATION OF PRINCIPAL FINANCIAL OFFICER

 

I, Ferdinand Groenewald, certify that:

 

1) I have reviewed this quarterly report on Form 10-Q of Muscle Maker, Inc.;
   
2) Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
   
3) Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
   
4) The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

 

  (a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
     
  (b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
     
  (c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
     
  (d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

 

5) The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

 

  (a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
     
  (b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

 

Date: June 30, 2020  
     
By: /s/ Ferdinand Groenewald  
  Ferdinand Groenewald  
  Chief Financial Officer (Principal Financial  
  Officer and Principal Accounting Officer)  

 

 
 EX-32.1 4 ex32-1.htm

 

EXHIBIT 32.1

 

CERTIFICATION OF PRINCIPAL EXECUTIVE OFFICER

PURSUANT TO 18 U.S.C. SECTION 1350

 

Pursuant to 18 U.S.C. § 1350, the undersigned officer of Muscle Maker, Inc. (the “Company”) hereby certifies that the Company’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2020 (the “Report”) fully complies with the requirements of Section 13(a) or 15(d), as applicable, of the Securities Exchange Act of 1934 and that the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

 

Date: June 30, 2020 By: /s/ Michael J. Roper
    Michael J. Roper
    Chief Executive Officer and Secretary
    (Principal Executive Officer)

 

The foregoing certification is being furnished solely pursuant to 18 U.S.C. § 1350 and is not being filed as part of the Report or as a separate disclosure document.

 

 
 EX-32.2 5 ex32-2.htm

 

EXHIBIT 32.2

 

CERTIFICATION OF PRINCIPAL FINANCIAL OFFICER

PURSUANT TO 18 U.S.C. SECTION 1350

 

Pursuant to 18 U.S.C. § 1350, the undersigned officer of Muscle Maker, Inc. (the “Company”) hereby certifies that the Company’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2020 (the “Report”) fully complies with the requirements of Section 13(a) or 15(d), as applicable, of the Securities Exchange Act of 1934 and that the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

 

Date: June 30, 2020 By: /s/ Ferdinand Groenewald
    Ferdinand Groenewald
    Chief Financial Officer (Principal Financial Officer and Principal Accounting Officer)

 

The foregoing certification is being furnished solely pursuant to 18 U.S.C. § 1350 and is not being filed as part of the Report or as a separate disclosure document.

 

 

 

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Document and Entity Information - shares
 3 Months Ended
Mar. 31, 2020
Jun. 30, 2020
Document And Entity Information    
Entity Registrant Name Muscle Maker, Inc.  
Entity Central Index Key 0001701756  
Document Type 10-Q  
Document Period End Date Mar. 31, 2020  
Amendment Flag false  
Current Fiscal Year End Date --12-31  
Entity Current Reporting Status Yes  
Entity Interactive Data Current Yes  
Entity Filer Category Non-accelerated Filer  
Entity Small Business true  
Entity Emerging Growth Company true  
Entity Ex Transition Period false  
Entity Shell Company false  
Entity Common Stock, Shares Outstanding   7,985,644
Document Fiscal Period Focus Q1  
Document Fiscal Year Focus 2020  
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Condensed Consolidated Balance Sheets - USD ($)
Mar. 31, 2020
Dec. 31, 2019
Current Assets:    
Cash $ 3,707,364 $ 478,854
Accounts receivable, net of allowance for doubtful accounts of $75,000 as of March 31, 2020 and December 31, 2019, respectively 142,770 136,477
Inventory 57,529 78,422
Current portion of loans receivable, net of allowance of $55,000 at March 31, 2020 and December 31, 2019, respectively 38,468 38,712
Prepaid expenses and other current assets 65,487 48,064
Total Current Assets 4,011,618 780,529
Property and equipment, net 1,609,423 1,646,879
Goodwill 656,348 656,348
Intangible assets, net 3,022,907 3,038,815
Loans receivable, non-current 90,119 98,677
Security deposits and other assets 77,062 39,462
Total Assets 9,467,477 6,260,710
Current Liabilities:    
Accounts payable and accrued expenses 2,126,333 2,630,948
Convertible notes payable to Former Parent 82,458 82,458
Convertible notes payable, net of debt discount of $0 and $38,918 at March 31, 2020 and December 31, 2019 100,000 536,082
Other notes payable 52,549 351,512
Other notes payable, related party 91,000
Deferred revenue, current 112,414 122,697
Deferred rent, current 8,391 20,730
Other current liabilities 655,000 652,643
Total Current Liabilities 3,137,145 4,488,070
Convertible notes payable, net of debt discount of $0 at March 31, 2020 and December 31, 2019, respectively 75,000
Other notes payable 221,009 240,925
Deferred revenue, non-current 1,138,359 1,152,975
Deferred rent, non-current 89,322 58,608
Total Liabilities 4,585,835 6,014,948
Commitments and Contingencies
Stockholders' Equity:    
Common stock, $0.0001 par value, 14,285,714 shares authorized, 7,883,089 and 5,714,464 shares issued and outstanding as of March 31, 2020, and December 31, 2019, respectively 789 571
Additional paid-in capital 63,467,718 53,339,793
Accumulated deficit (58,586,865) (53,094,602)
Total Stockholders' Equity 4,881,642 245,762
Total Liabilities and Stockholders' Equity $ 9,467,477 $ 6,260,710
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Condensed Consolidated Balance Sheets (Parenthetical) - USD ($)
Mar. 31, 2020
Dec. 31, 2019
Statement of Financial Position [Abstract]    
Allowance for doubtful accounts receivable $ 75,000 $ 75,000
Allowance for loans receivable 55,000 55,000
Debt discount on convertible notes payable, current 0 38,918
Debt discount on convertible notes payable, noncurrent $ 0 $ 0
Common stock, no par value $ 0.0001 $ 0.0001
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Common stock, shares issued 7,883,089 5,714,464
Common stock, shares outstanding 7,883,089 5,714,464
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Condensed Consolidated Statements of Operations (Unaudited) - USD ($)
 3 Months Ended
Mar. 31, 2020
Mar. 31, 2019
Revenues:    
Total Revenues $ 1,435,054 $ 1,184,374
Restaurant operating expenses:    
Total restaurant operating expenses 1,529,351 782,233
Depreciation and amortization 111,257 68,692
Other expenses incurred for closed locations 3,710
Franchise advertising fund expenses 21,596 38,899
General and administrative expenses 5,129,403 1,104,036
Total Costs and Expenses 6,791,607 1,997,570
Loss from Operations (5,356,553) (813,196)
Other Expense:    
Other expense (3,188) (111,750)
Interest expense, net (93,604) (182,465)
Amortization of debt discounts (38,918) (376,068)
Total Other Expense, Net (135,710) (670,283)
Loss Before Income Tax (5,492,263) (1,483,479)
Income tax provision
Net Loss $ (5,492,263) $ (1,483,479)
Net Loss Per Share:    
Basic and Diluted $ (0.84) $ (1.17)
Weighted Average Number of Common Shares Outstanding:    
Basic and Diluted 6,531,696 1,272,742
Company Restaurant Net Sales [Member]    
Revenues:    
Total Revenues $ 1,237,427 $ 800,763
Franchise Royalties and Fees [Member]    
Revenues:    
Total Revenues 176,031 344,712
Franchise Advertising Fund Contributions [Member]    
Revenues:    
Total Revenues 21,596 38,899
Food and Beverage Costs [Member]    
Restaurant operating expenses:    
Total restaurant operating expenses 465,694 289,345
Labor [Member]    
Restaurant operating expenses:    
Total restaurant operating expenses 586,620 279,013
Rent [Member]    
Restaurant operating expenses:    
Total restaurant operating expenses 144,677 98,190
Other Restaurant Operating Expenses [Member]    
Restaurant operating expenses:    
Total restaurant operating expenses $ 332,360 $ 115,685
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Condensed Consolidated Statement of Changes in Stockholders' (Deficit) Equity (Unaudited) - USD ($)
Common Stock [Member]
Additional Paid-in Capital [Member]
Accumulated Deficit [Member]
Total
Balance at Dec. 31, 2018 $ 148 $ 20,990,373 $ (23,833,656) $ (2,843,135)
Balance, shares at Dec. 31, 2018 1,489,686      
Cumulative effect of change in accounting principle (875,902) (875,902)
Issuance of restricted stock $ 1 (1)
Issuance of restricted stock, shares 1,988      
Restricted stock issued as compensation for services $ 2 139,998 140,000
Restricted stock issued as compensation for services, shares 20,000      
Beneficial conversion feature - Convertible Notes 217,800 217,800
Warrants issued and recorded as debt discount in connection with convertible notes payable 217,641 217,641
Stock-based compensation: Amortization of restricted common stock 165,133 165,133
Net loss (1,483,479) (1,483,479)
Balance at Mar. 31, 2019 $ 151 21,730,944 (26,193,037) (4,461,942)
Balance, shares at Mar. 31, 2019 1,511,674      
Balance at Dec. 31, 2019 $ 571 53,339,793 (53,094,602) 245,762
Balance, shares at Dec. 31, 2019 5,714,464      
Issuance of restricted stock
Issuance of restricted stock, shares 1,226      
Common stock issued upon offering on February 12, 2020, net of underwriter's discount and offering costs of $920,000 $ 154 6,779,846 6,780,000
Common stock issued upon offering on February 12, 2020, net of underwriter's discount and offering costs of $920,000, shares 1,540,000      
Restricted common stock issued as compensation to executive team upon completion of the initial public offering $ 22 1,083,893 1,083,915
Restricted common stock issued as compensation to executive team upon completion of the initial public offering, shares 216,783      
Common stock issued as compensation to board of directors $ 3 128,077 128,080
Common stock issued as compensation to board of directors, shares 25,616      
Common stock issued as compensation for services $ 39 1,924,961 1,925,000
Common stock issued as compensation for services, shares 385,000      
Stock-based compensation: Restricted common stock 20,148 20,148
Stock-based compensation: Warrant 191,000 191,000
Net loss (5,492,263) (5,492,263)
Balance at Mar. 31, 2020 $ 789 $ 63,467,718 $ (58,586,865) $ 4,881,642
Balance, shares at Mar. 31, 2020 7,883,089      
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Condensed Consolidated Statement of Changes in Stockholders' (Deficit) Equity (Unaudited) (Parenthetical) - USD ($)
 3 Months Ended
Feb. 12, 2020
Mar. 31, 2020
Mar. 31, 2019
Statement of Stockholders' Equity [Abstract]      
Offering costs $ 920,000 $ 920,000 $ 920,000
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Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
 3 Months Ended
Mar. 31, 2020
Mar. 31, 2019
Cash Flows from Operating Activities    
Net loss $ (5,492,263) $ (1,483,479)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 111,257 68,692
Stock-based compensation 3,348,143 305,133
Amortization of debt discounts 38,918 376,068
Deferred rent 18,375 2,335
Changes in operating assets and liabilities:    
Accounts receivable (6,293) (44,893)
Inventory 20,893 (2,504)
Prepaid expenses and other current assets (17,423) (11,317)
Security deposits and other assets (37,600) (2,000)
Accounts payable and accrued expenses (503,985) 263,656
Deferred revenue (24,899) (133,693)
Other current liabilities 2,357 22,345
Total Adjustments 2,949,743 843,822
Net Cash Used in Operating Activities (2,542,520) (639,657)
Cash Flows from Investing Activities    
Purchases of property and equipment (57,893) (121,132)
Collections from loans receivable 8,802 10,306
Collections from loans receivable - related party 650
Net Cash Used in Investing Activities (49,091) (110,176)
Cash Flows from Financing Activities    
Proceeds from offering, net of underwriter's discount and offering costs of $920,000 6,780,000
Proceeds from convertible notes payable 1,135,000
Proceeds from convertible notes payable - related parties 100,000
Repayments of convertible note payable (550,000)
Repayments of other notes payable - related party (91,000)
Repayments of other notes payables (468,879)
Proceeds from other notes payable 150,000
Net Cash Provided by Financing Activities 5,820,121 1,235,000
Net Increase in Cash 3,228,510 485,167
Cash - Beginning of Period 478,854 357,842
Cash - End of Period 3,707,364 843,009
Supplemental Disclosures of Cash Flow Information:    
Cash paid for interest 297,455 82,326
Supplemental disclosures of non-cash investing and financing activities    
Beneficial conversion feature 217,800
Warrants issued and recorded as debt discount in connection with convertible notes payable $ 217,641
XML 19 R8.htm IDEA: XBRL DOCUMENT v3.20.2
Condensed Consolidated Statements of Cash Flows (Unaudited) (Parenthetical) - USD ($)
 3 Months Ended
Feb. 12, 2020
Mar. 31, 2020
Mar. 31, 2019
Statement of Cash Flows [Abstract]      
Offering costs $ 920,000 $ 920,000 $ 920,000
XML 20 R9.htm IDEA: XBRL DOCUMENT v3.20.2
Business Organization and Nature of Operations, Going Concern and Management's Plans
 3 Months Ended
Mar. 31, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Business Organization and Nature of Operations, Going Concern and Management's Plans

NOTE 1 – BUSINESS ORGANIZATION AND NATURE OF OPERATIONS, GOING CONCERN AND MANAGEMENT’S PLANS

 

Muscle Maker, Inc. (“MMI”), a Nevada corporation was incorporated in Nevada on October 25, 2019. MMI was a wholly owned subsidiary of Muscle Maker, Inc (“MMI-Cal”), a California corporation incorporated on December 8, 2014, but the two merged on November 13, 2019 with MMI as the surviving entity. MMI wholly owns Muscle Maker Development, LLC (“MMD”), Muscle Maker Corp, LLC (“MMC”) and Muscle Maker USA, Inc (“Muscle USA”). MMD was formed on July 18, 2017, in the State of Nevada for the purpose of running our existing franchise operations and continuing to franchise the Muscle Maker Grill name and business system to qualified franchisees. MMC was formed on July 18, 2017, in the State of Nevada for the purpose of developing new corporate stores and operating new and existing corporate stores of MMI. Muscle USA was formed on March 14, 2019 in the State of Texas for the purpose of opening additional new corporate stores.

 

MMI is a fast-casual restaurant concept that specializes in preparing healthy-inspired, high-quality, fresh, made-to-order lean, protein-based meals featuring chicken, seafood, pasta, hamburgers, wraps and flat breads. In addition, our restaurants feature freshly prepared entrée salads and an appealing selection of sides, protein shakes and fruit smoothies. MMI operates in the fast-casual restaurant segment.

 

MMI is the owner of the trade name and service mark Muscle Maker Grill®, Healthy Joe’s and other trademarks and intellectual property we use in connection with the operation of Muscle Maker Grill® restaurants. We license the right to use the Muscle Maker Grill® and Healthy Joe’s trademarks and intellectual property to our wholly-owned subsidiaries, MMD, MMC and Muscle USA, and to further sublicense them to our franchisees for use in connection with Muscle Maker Grill® and Healthy Joe’s restaurants.

 

MMI and its subsidiaries are hereinafter referred to as the “Company”.

 

The Company operates under the name Muscle Maker Grill and is a franchisor and owner operator of Muscle Maker Grill and Healthy Joe’s restaurants. As of March 31, 2020, the Company’s restaurant system included eleven company-owned restaurants, and twenty-four franchise restaurants. A Muscle Maker Grill restaurant offers quality food freshly prepared with the Company’s proprietary recipes created with the guest’s health in mind. The menu is protein based, and features various supplements, health food snacks, along with a nutritious children’s menu.

 

COVID-19

 

In March 2020, the World Health Organization declared the outbreak of a novel coronavirus (COVID-19) as a pandemic which continues to spread throughout the United States. In response to the COVID-19 outbreak, “shelter in place” orders and other public health measures have been implemented across much of the United States.

 

The COVID-19 global pandemic continues to rapidly evolve. The Company is continually monitoring the outbreak of COVID-19 and the related business and travel restrictions and changes to behavior intended to reduce its spread, and its impact on operations, financial position, cash flows, inventory, supply chains, purchasing trends, customer payments, and the industry in general, in addition to the impact on its employees. The pandemic has resulted in a negative impact on the Company’s operations during the quarter ended March 31, 2020. However, due to the rapid development and fluidity of this situation, the magnitude and duration of the pandemic and its impact on the Company’s operations and liquidity is uncertain as of the date of this report. While there could ultimately be an additional material impact on operations and liquidity of the Company, the full impact could not be determined, as of the date of this report. As a result of the pandemic the Company has limited its operations as mandated by each state and has temporarily closed five of our Company owned locations. Commencing in the second quarter of 2020 the Company provided royalty relief to its franchisees and the executive team has deferred a portion of their salaries. In addition, various franchisee locations had to take similar actions. As of the date of the filing of this report the Company has not re-opened any of the five locations that have been temporarily closed.

 

Going Concern and Management’s Plans

 

As of March 31, 2020, the Company had a cash balance, a working capital surplus and an accumulated deficit of $3,707,364, $874,473, and $58,586,865, respectively. During the three months ended March 31, 2020, the Company incurred a pre-tax net loss of $5,492,263. These conditions indicate that there is substantial doubt about the Company’s ability to continue as a going concern for at least one year from the date of the issuance of these condensed consolidated financial statements.

 

Subsequent to March 31, 2020, the Company received an amount of $866,300 in loan proceeds pursuant to the Paycheck Protection Program. See Note 13 – Subsequent Events – Cares Act Loan for details related to the loan proceeds.

 

Although management believes that the Company has access to capital resources, there are no commitments, other than aforementioned, in place for new financing as of the date of the issuance of these condensed consolidated financial statements and there can be no assurance that the Company will be able to obtain funds on commercially acceptable terms, if at all. The Company expects to have ongoing needs for working capital in order to (a) fund operations; plus (b) expand operations by opening additional corporate-owned restaurants. To that end, the Company may be required to raise additional funds through equity or debt financing. However, there can be no assurance that the Company will be successful in securing additional capital. If the Company is unsuccessful, the Company may need to (a) initiate cost reductions; (b) forego business development opportunities; (c) seek extensions of time to fund its liabilities, or (d) seek protection from creditors.

 

The accompanying condensed consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”), which contemplate continuation of the Company as a going concern and the realization of assets and the satisfaction of liabilities in the normal course of business. The carrying amounts of assets and liabilities presented in the condensed consolidated financial statements do not necessarily purport to represent realizable or settlement values. The condensed consolidated financial statements do not include any adjustment that might result from the outcome of this uncertainty.
XML 21 R10.htm IDEA: XBRL DOCUMENT v3.20.2
Reverse Stock Split
 3 Months Ended
Mar. 31, 2020
Reverse Stock Split  
Reverse Stock Split

NOTE 2 – REVERSE STOCK SPLIT

 

Effective December 11, 2019, pursuant to authority granted by the board of directors of the Company, the Company implemented a 1-for-7 reverse split of the Company’s issued common stock (the “Third Reverse Split”). All share and per share information has been retroactively adjusted to reflect the Third Reverse Split for all periods presented.
XML 22 R11.htm IDEA: XBRL DOCUMENT v3.20.2
Significant Accounting Policies
 3 Months Ended
Mar. 31, 2020
Accounting Policies [Abstract]  
Significant Accounting Policies

NOTE 3 – SIGNIFICANT ACCOUNTING POLICIES

 

Basis of Presentation

 

The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information. Accordingly, they do not include all of the information and disclosures required by accounting principles generally accepted in the United States of America for annual financial statements. In the opinion of management, such statements include all adjustments (consisting only of normal recurring items) which are considered necessary for a fair presentation of the unaudited condensed consolidated financial statements of the Company as of March 31, 2020, and for the three months ended March 31, 2020 and 2019. The results of operations for the three months ended March 31, 2020 are not necessarily indicative of the operating results for the full year. It is suggested that these unaudited condensed consolidated financial statements be read in conjunction with the financial statements and notes thereto for the year ended December 31, 2019. The balance sheet as of December 31, 2019 has been derived from the Company’s audited financial statements.

 

Principles of Consolidation

 

The accompanying unaudited condensed consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries. Any intercompany transactions and balances have been eliminated in consolidation.

 

Use of Estimates

 

The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of expenses during the reporting period.

 

Management bases its estimates on historical experience and on various assumptions that are believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying value of assets and liabilities that are not readily apparent from other sources. Significant estimates include:

 

  ● the fair value of assets acquired, and liabilities assumed in a business combination;
  ● the assessment of recoverability of long-lived assets, including property and equipment, goodwill and intangible assets;
  ● the estimated useful lives of intangible and depreciable assets;
  ● estimates and assumptions used to value warrants issued in connection with notes payable;
  ● the recognition of revenue; and
  ● the recognition, measurement and valuation of current and deferred income taxes.

 

Estimates and assumptions are periodically reviewed, and the effects of any material revisions are reflected in the financial statements in the period that they are determined to be necessary. Actual results could differ from those estimates and assumptions.

 

Cash and Cash Equivalents

 

The Company considers all highly-liquid instruments with an original maturity of three months or less when purchased to be cash equivalents. There were no cash equivalents as of March 31, 2020 and December 31, 2019.

 

Recent Accounting Pronouncements

 

In February 2016, the FASB issued ASU No. 2016-02, “Leases (Topic 842)” (“ASU 2016-02”). ASU 2016-02 requires an entity to recognize assets and liabilities arising from a lease for both financing and operating leases. ASU 2016-02 will also require new qualitative and quantitative disclosures to help investors and other financial statement users better understand the amount, timing, and uncertainty of cash flows arising from leases. ASU 2016-02 is effective for fiscal years beginning after December 15, 2020, with early adoption permitted. The Company is currently evaluating ASU 2016-02 and its impact on its condensed consolidated financial statements and disclosures.

 

In June 2018, the FASB issued ASU No. 2018-07, “Compensation — Stock Compensation (Topic 718),” (“ASU 2018-07”). ASU 2018-07 is intended to reduce cost and complexity and to improve financial reporting for nonemployee share-based payments. Currently, the accounting requirements for nonemployee and employee share-based payment transactions are significantly different. ASU 2018-07 expands the scope of Topic 718, Compensation — Stock Compensation (which currently only includes share-based payments to employees) to include share-based payments issued to nonemployees for goods or services. Consequently, the accounting for share-based payments to nonemployees and employees will be substantially aligned. This ASU supersedes Subtopic 505-50, Equity — Equity-Based Payments to Nonemployees. The amendments in this ASU are effective for fiscal years beginning after December 15, 2019, and interim periods within fiscal years beginning after December 15, 2020. Early adoption is permitted, but no earlier than a Company’s adoption date of Topic 606, Revenue from Contracts with Customers. The Company is currently evaluating ASU 2018-07 and its impact on the condensed consolidated financial statements.

 

In July 2018, the FASB issued ASU No. 2018-10, “Codification Improvements to Topic 842, Leases” (“ASU 2018-10”). The amendments in ASU 2018-10 provide additional clarification and implementation guidance on certain aspects of the previously issued ASU No. 2016-02, Leases (Topic 842) (“ASU 2016-02”) and have the same effective and transition requirements as ASU 2016-02. Upon the effective date, ASU 2018-10 will supersede the current lease guidance in ASC Topic 840, Leases. Under the new guidance, lessees will be required to recognize for all leases, with the exception of short-term leases, a lease liability, which is a lessee’s obligation to make lease payments arising from a lease, measured on a discounted basis. Concurrently, lessees will be required to recognize a right-of-use asset, which is an asset that represents the lessee’s right to use, or control the use of, a specified asset for the lease term. ASU 2018-10 is effective for emerging growth companies for interim and annual reporting periods beginning after December 15, 2019, with early adoption permitted. The guidance is required to be applied using a modified retrospective transition approach for leases existing at, or entered into after, the beginning of the earliest comparative periods presented in the financial statements. The Company is currently assessing the impact this guidance will have on its condensed consolidated financial statements.

 

In July 2018, the FASB issued ASU No. 2018-11, “Leases (Topic 842): Targeted Improvements,” (“ASU 2018-11”). The amendments in ASU 2018-11 related to transition relief on comparative reporting at adoption affect all entities with lease contracts that choose the additional transition method and separating components of a contract affect only lessors whose lease contracts qualify for the practical expedient. The amendments in ASU 2018-11 are effective for emerging growth companies for fiscal years beginning after December 15, 2020, and interim periods within those fiscal years. The Company is currently assessing the impact this guidance will have on its condensed consolidated financial statements.

 

In March 2019, the FASB issued ASU 2019-01, “Leases (Topic 842): Codification Improvements” (“Topic 842”) (“ASU 2019-01”). These amendments align the guidance for fair value of the underlying asset by lessors that are not manufacturers or dealers in Topic 842 with that of existing guidance. As a result, the fair value of the underlying asset at lease commencement is its cost, reflecting any volume or trade discounts that may apply. However, if there has been a significant lapse of time between when the underlying asset is acquired and when the lease commences, the definition of fair value (in Topic 820, Fair Value Measurement) should be applied. (Issue 1). The ASU also requires lessors within the scope of Topic 942, Financial Services—Depository and Lending, to present all “principal payments received under leases” within investing activities. (Issue 2). Finally, the ASU exempts both lessees and lessors from having to provide certain interim disclosures in the fiscal year in which a company adopts the new leases standard. (Issue 3). The transition and effective date provisions apply to Issue 1 and Issue 2. They do not apply to Issue 3 because the amendments for that Issue are to the original transition requirements in Topic 842. This amendment will be effective for fiscal years beginning after December 15, 2020 and interim periods within fiscal years beginning after December 15, 2020. Early adoption is permitted. The Company is currently evaluating ASU 2019-01 and its impact on its unaudited consolidated financial statements and financial statement disclosures.

 

Revenue Recognition

 

During the first quarter 2019, the Company adopted Topic 606 “Revenue from Contracts with Customers” for revenue recognition related to contracts with customers and applied the guidance modified retrospectively. Under the new guidance, revenue is recognized in accordance with a five-step revenue model, as follows: (1) identifying the contract with the customer; (2) identifying the performance obligations in the contract; (3) determining the transaction price; (4) allocating the transaction price to the performance obligations; and (5) recognizing revenue when (or as) the entity satisfies a performance obligation. In applying this five-step model, we have made significant judgments in identifying the promised goods or services in our contracts with franchisees that are distinct, and which represent separate performance obligations. The change between Topic 605 and Topic 606, primarily impacted the way the Company recognized franchise fees. Under Topic 605 franchise fees were recognized upon opening of a restaurant or granting of a new franchise term at a point in time while under Topic 606 franchise fees are recognized on a straight-line basis over the life of the related franchise agreements and any exercised renewal periods. The impact of the adoption of Topic 606 resulted in an adjustment of $875,902 in accumulated deficit and deferred revenues.

 

Restaurant Sales

 

Retail store revenue at Company operated restaurants is recognized when payment is tendered at the point of sale, net of sales tax, discount and other sales related taxes. The Company recorded retail store revenues of $1,237,427 and $800,763 during the three months ended March 31, 2020 and 2019, respectively.

 

The Company sells gift cards which do not have an expiration date, and it does not deduct dormancy fees from outstanding gift card balances. The Company recognize revenues from gift cards as restaurant revenues once the Company performs its obligation to provide food and beverage to the customer simultaneously with the redemption of the gift card or through gift card breakage, as discussed in Other Revenues below.

 

Franchise Royalties and Fees

 

Franchise revenues consists of royalties, franchise fees and rebates. Royalties are based on a percentage of franchisee net sales revenue. The Company recognizes the royalties as the underlying sales occur. The Company recorded revenue from royalties of $120,909 and $206,550 during the three months ended March 31, 2020 and 2019, respectively, which is included in franchise royalties and fees on the accompanying condensed consolidated statements of operations.

 

The Company provides the franchisees with management expertise, training, pre-opening assistance, and restaurant operating assistance in exchange for the multi-unit development fees and franchise fees. The Company capitalizes these fees upon collection from the franchisee, these fees are then recognized as franchise fee revenue on a straight-line basis over the life of the related franchise agreements and any exercised renewal periods. Cash payments are due upon the execution of the related franchise agreement. The Company’s performance obligation with respect to franchise fee revenues consists of a license to utilize the Company’s brand for a specified period of time, which is satisfied equally over the life of each franchise agreement. The Company recorded revenues from franchise fees of $14,440 and $53,181, respectively, during the three months ended March 31, 2020 and 2019, which is included in franchise royalties and fees on the accompanying condensed consolidated statements of operations.

 

The Company has supply agreements with certain food and beverage vendors. Pursuant to the terms of these agreements, rebates are provided to the Company based upon the dollar volume of purchases for all company-owned and franchised restaurants from these vendors. Rebates earned on purchases by franchise stores are recorded as revenue during the period in which the related food and beverage purchases are made. The Company recorded revenue from rebates of $40,682 and $84,981 during the three months ended March 31, 2020 and 2019, respectively, which is included in franchise royalties and fees on the accompanying consolidated statements of operations. Rebates earned on purchases by Company owned stores are recorded as a reduction of food and beverage costs during the period in which the related food and beverage purchases are made.

 

Other Revenues

 

Gift card breakage is recognized when the likelihood of a gift card being redeemed by the customer is remote and the Company determines there is not a legal obligation to remit the unredeemed gift card balance to the relevant jurisdiction. The determination of the gift card breakage rate is based upon the Company’s specific historical redemption patterns. The Company recognizes gift card breakage by applying its estimate of the rate of gift card breakage on a pro rata basis over the period of estimated redemption. Gift card liability is recoded in other current liabilities on the condensed consolidated balance sheet. For the three months ended March 31, 2020, the Company determined that no gift card breakage is necessary based on current redemption rates.

 

Deferred Revenue

 

Deferred revenue primarily includes initial franchise fees received by the Company, which are being amortized over the life of the Company’s franchise agreements, as well as unearned vendor rebates. Deferred revenue is recognized in income over the life of the franchise agreements and vendor rebates are recognized in income as performance obligations are satisfied.

 

Franchise Advertising Fund Contributions

 

Under the Company’s franchise agreements, the Company and its franchisees are required to contribute a certain percentage of revenues to a national advertising fund. The Company’s national advertising services are provided on a system-wide basis and, therefore, not considered distinct performance obligations for individual franchisees. In accordance with Topic 606, the Company recognizes these sales-based advertising contributions from franchisees as franchise revenue when the underlying franchisee Company incurs the corresponding advertising expense. The Company records the related advertising expenses as incurred under general and administrative expenses. When an advertising contribution fund is over-spent at year end, advertising expenses will be reported on the consolidated statement of operations in an amount that is greater than the revenue recorded for advertising contributions. Conversely, when an advertising contribution fund is under-spent at a period end, the Company will accrue advertising costs up to advertising contributions recorded in revenue. The Company recorded contributions from franchisees of $21,596 and $38,899, respectively, during the three months ended March 31, 2020 and 2019, which are included in franchise advertising fund contributions on the accompanying condensed consolidated statements of operations.

 

Impacts on Financial Statements

 

The following table summarized the impact of the adoption of the new revenue standard on the Company’s previously reported consolidated financial statements:

 

    December 31, 2018     New Revenue
Standard
Adjustment		     January 1, 2019  
Deferred revenues   $ 907,948     $ 875,902     $ 1,783,850  
Accumulated deficit     23,833,656       875,902       24,709,588  

 

Advertising

 

Advertising costs are charged to expense as incurred. Advertising costs were approximately $103,643 and $3,417 for the three months ended March 31, 2020 and 2019, respectively, and are included in general and administrative expenses in the accompanying condensed consolidated statements of operations.

 

Net Loss per Share

 

Basic loss per common share is computed by dividing net loss attributable to common stockholders by the weighted average number of common shares outstanding during the period. Diluted loss per common share is computed by dividing net loss attributable to common stockholders by the weighted average number of common shares outstanding, plus the impact of potential common shares, if dilutive, resulting from the exercise of warrants, options or the conversion of convertible notes payable.

 

The following securities are excluded from the calculation of weighted average diluted common shares at March 31, 2020 and 2019, respectively, because their inclusion would have been anti-dilutive:

 

    March 31,  
    2020     2019  
Warrants     2,537,264       400,291  
Options     4,821       4,821  
Convertible debt     32,350       658,724  
Total potentially dilutive shares     2,574,435       1,063,838  

 

Major Vendor

 

The Company engages various vendors to distribute food products to their Company-owned restaurants. Purchases from the Company’s largest supplier totaled 85% and 87% of the Company’s purchases for the three months ended March 31, 2020 and 2019, respectively.

 

Reclassifications

 

Certain amounts in prior periods have been reclassified to conform to the current period presentation. These reclassifications had no effect on previously reported net loss.

 

Subsequent Events

 

The Company evaluated events that have occurred after the balance sheet date but before the financial statements are issued. Based upon the evaluation and transactions, the Company did not identify any subsequent events that would have required adjustment or disclosure in the financial statements, except as disclosed in Note 13 – Subsequent Events.
XML 23 R12.htm IDEA: XBRL DOCUMENT v3.20.2
Loans Receivable
 3 Months Ended
Mar. 31, 2020
Receivables [Abstract]  
Loans Receivable

NOTE 4 - LOANS RECEIVABLE

 

At March 31, 2020 and December 31, 2019, the Company’s loans receivable consists of the following:

 

   

March 31,

2020

    

December 31,

2019

  
Loans receivable, net   $ 128,587     $ 137,389  
Less: current portion     (38,468 )     (38,712 )
Loans receivable, non-current   $ 90,119     $ 98,677  

 

Loans receivable includes loans to franchisees and a former franchisee totaling, in the aggregate, $128,587 and $137,389, net of reserves for uncollectible loans of $55,000 at March 31, 2020 and December 31, 2019, respectively. The loans have original terms ranging up to 10 years, earn interest at rates ranging from 2% to 12%, and are being repaid on a weekly or monthly basis.
XML 24 R13.htm IDEA: XBRL DOCUMENT v3.20.2
Property and Equipment, Net
 3 Months Ended
Mar. 31, 2020
Property, Plant and Equipment [Abstract]  
Property and Equipment, Net

NOTE 5 – PROPERTY AND EQUIPMENT, NET

 

As of March 31, 2020 and December 31, 2019 property and equipment consists of the following:

 

   

March 31,

2020

    

December 31,

2019

  
             
Furniture and equipment   $ 640,933     $ 617,712  
Leasehold improvements     1,552,965       1,518,293  
      2,193,898       2,136,005  
Less: accumulated depreciation and amortization     (584,475 )     (489,126 )
Property and equipment, net   $ 1,609,423     $ 1,646,879  

 

Depreciation expense amounted to $95,349 and $52,960 for the three months ended March 31, 2020 and 2019, respectively.
XML 25 R14.htm IDEA: XBRL DOCUMENT v3.20.2
Goodwill and Other Intangible Assets, Net
 3 Months Ended
Mar. 31, 2020
Goodwill and Intangible Assets Disclosure [Abstract]  
Goodwill and Other Intangible Assets, Net

NOTE 6 – GOODWILL AND OTHER INTANGIBLE ASSETS, NET

 

The Company’s intangible assets include a trademark with an indefinite useful life as well as franchise agreements which are amortized over useful lives of thirteen years and five years, respectively.

 

A summary of the intangible assets is presented below:

 

Intangible Assets   Trademark     Franchise Agreements     Total  
Intangible assets, net at December 31, 2019   $ 2,524,000     $ 514,815     $ 3,038,815  
Amortization expense     -       (15,908 )     (15,908 )
Intangible assets, net at March 31, 2020   $ 2,524,000     $ 498,907     $ 3,022,907  
                         
Weighted average remaining amortization period at March 31, 2020 (in years)             7.8          

 

Amortization expense related to intangible assets amounted to $15,908 and $15,732 for the three months ended March 31, 2020 and 2019, respectively.
XML 26 R15.htm IDEA: XBRL DOCUMENT v3.20.2
Accounts Payable and Accrued Expenses
 3 Months Ended
Mar. 31, 2020
Payables and Accruals [Abstract]  
Accounts Payable and Accrued Expenses

NOTE 7 – ACCOUNTS PAYABLE AND ACCRUED EXPENSES

 

Accounts payables and accrued expenses consist of the following:

 

   

March 31,

2020

     December 31, 2019  
Accounts payable   $ 862,910     $ 857,846  
Accrued payroll     46,341       139,320  
Accrued professional fees     227,936       329,826  
Accrued board members fees     11,874       59,864  
Accrued rent expense     212,834       269,644  
Sales taxes payable (1)     289,319       329,089  
Accrued interest     304,034       520,682  
Accrued interest, related parties     79,523       79,523  
Other accrued expenses     91,562       45,154  
    $ 2,126,333     $ 2,630,948  

 

  (1) See Note 11 – Commitments and Contingencies –Taxes for detailed related to delinquent sales taxes.
XML 27 R16.htm IDEA: XBRL DOCUMENT v3.20.2
Deferred Revenue
 3 Months Ended
Mar. 31, 2020
Revenue from Contract with Customer [Abstract]  
Deferred Revenue

NOTE 8 – DEFERRED REVENUE

 

At March 31, 2020 and December 31, 2019, deferred revenue consists of the following:

 

   

March 31,

2020

    

December 31,

2019

  
Franchise fees   $ 1,196,279     $ 1,210,719  
Unearned vendor rebates     54,494       64,953  
Less: Unearned vendor rebates, current     (54,494 )     (64,953 )
Less: Franchise fees, current     (57,920 )     (57,744 )
Deferred revenues, non-current   $ 1,138,359     $ 1,152,975  
XML 28 R17.htm IDEA: XBRL DOCUMENT v3.20.2
Other Current Liabilities
 3 Months Ended
Mar. 31, 2020
Other Liabilities Disclosure [Abstract]  
Other Current Liabilities

NOTE 9 – OTHER CURRENT LIABILITIES

 

Other current liabilities consist of the following:

 

   

March 31,

2020

    

December 31,

2019

  
Gift card liability   $ 89,846     $ 88,673  
Co-op advertising fund liability     307,271       298,662  
Advertising fund liability     257,883       265,308  
    $ 655,000     $ 652,643  
XML 29 R18.htm IDEA: XBRL DOCUMENT v3.20.2
Notes Payable
 3 Months Ended
Mar. 31, 2020
Debt Disclosure [Abstract]  
Notes Payable

NOTE 10 – NOTES PAYABLE

 

Convertible Notes

 

Convertible Note Payable to Former Parent

 

As of March 31, 2020, the Company had an amount of $82,458 in convertible notes payable to Former Parent outstanding.

 

15% Senior Secured Convertible Promissory Notes

 

During the three months ended March 31, 2020, the Company repaid an aggregate of $450,000 in 15% senior secured convertible promissory notes.

 

12% Secured Convertible Note

 

During the three months ended March 31, 2020, the Company repaid the $75,000 12% secured convertible promissory note.

 

Other Convertible Notes

 

During the three months ended March 31, 2020, the Company repaid a $25,000 other convertible note payable.

 

As of March 31, 2020 and December 31, 2019, the Company has another convertible note payable in the amount of $100,000 which is included within convertible notes payable. See Note 11 – Commitments and Contingencies – Litigation, Claims and Assessments for details related to the $100,000 other convertible note payable.

 

Other Notes Payable

 

On May 14, 2019, the Company issued a $91,000 promissory note to a related party. The note has a stated interest rate of 15% over the original term of one year with monthly interest payments. The note becomes due in one year or the first day the Company trades publicly on an exchange. This note was repaid in full during the three months ended March 31, 2020.

 

On October 10, 2019, the Company issued a $300,000 five-year promissory note to a former franchisee with an eight percent interest rate. During the three months ended March 31, 2020, the Company repaid $18,879 of the five-year promissory note.

 

During December 2019, the Company issued a note payable in the principal amount of $300,000. The note has an original issue discount of 20%. The note become due in full on or before February 21, 2020. The note has been repaid during the three months ended March 31, 2020.

 

On February 3, 2020, the Company issued a note payable in the principal amount of $150,000. The note has an original issue discount of 20%. The note become due in full on or before February 21, 2020. The note has been repaid during the three months ended March 31, 2020.

 

As of March 31, 2020, the Company had an aggregate amount of $273,558 and $0 in other notes payable and other notes payable, related party, respectively.
XML 30 R19.htm IDEA: XBRL DOCUMENT v3.20.2
Commitments and Contingencies
 3 Months Ended
Mar. 31, 2020
Commitments and Contingencies Disclosure [Abstract]  
Commitments and Contingencies

NOTE 11 – COMMITMENTS AND CONTINGENCIES

 

Consulting Agreements

 

On February 18, 2020, the Company entered into a professional services agreement with a company to provide advice on business development of food stores and delivery kitchen operations. In addition, they will review and advise the Company on potential acquisition targets, including financial analytics for post-merger entities and provide assistance in preparing pro-forma financial information. The term of the agreement commences from the effective date on February 18, 2020 and expires on February 18, 2021. Pursuant to the terms of the agreement, the Company agreed to issue 300,000 shares of the Company’s common stock and 100,000 three-year cashless warrants with an exercise price of $5.00 per share upon signing of the agreement as payment. The grant date fair value of the warrants of $191,000 was recorded in general and administrative expense as stock-based compensation.

 

On February 24, 2020, the Company entered into a Consulting Agreement with consultants with experience in the area of corporate finance, investor communication and financial and investor public relations. The term of the agreement is for two months from the effective date on February 27, 2020 and expires on April 27, 2020. Pursuant to the terms of the agreement, the Company agreed to pay $107,500 in cash per month and to issue 10,000 shares of the Company’s common stock. In the event the Company elects to not extend the term of the agreement, it is to notify the consultants within five days of the conclusion of the 60-day term.

 

Litigations, Claims and Assessments

 

In 2017, Limestone Associates LLC (“Limestone”) filed a complaint against ARH in the Civil Court of the City of New York, County of New York, #78549/2017 for commercial non-payment of rent for the amount of $25,748 plus cost and disbursements of this proceeding. In May 2018, Limestone filed a complaint against ARH and Robert E. Morgan (the former CEO of the Company) in the Supreme Court of the State of New York, County of New York, index # 154469 seeking $1,357,243 in damages for rent, interest and other expenses.

 

In May 2018, the Company, Former Parent and Mr. Morgan were listed as defendants to a lawsuit filed by Crownhall Realty, LLC (“Crownhall”) in the Supreme Court of the State of New York county of New York, #154467. Crownhall is seeking $1,034,087 in damages for rent, interest and other expenses.

 

On October 3, 2018, the Company, ARH and Mr. Morgan entered into a settlement agreement with Crownhall and Limestone agreeing to forfeit all security deposits, pay an upfront amount of $25,000 and an additional $175,000 to be paid over 20 months. This agreement settles litigation surrounding two closed locations, which the plaintiffs were seeking a total of $2,391,330 in past damages for rent, interest and other expenses. As of the date of the filing of these condensed consolidated financial statements the settlement has been paid in full.

 

On March 27, 2018 a convertible note holder filed a complaint in the Iowa District Court for Polk County #CVCV056029 against the Company for failure to pay the remaining balance due on a promissory note in the amount of $100,000, together with interest, attorney fees and other costs of $171,035. On June 6, 2018 a default judgement was entered against the Company for the amount of $171,035. The Company repaid an aggregate amount of $71,035, consisting of principal and interest, as of the date of the filing of this report. As of March 31, 2020, the Company has accrued for the liability in convertible notes payable in the amount of $100,000 and accrued interest of $20,030 is included in accounts payable and accrued expenses.

 

In May 2018, Resolute Contractors, Inc., Quality Tile, MTL Construction, Genesis Electric, JNB Interiors and Captive Aire filed a Mechanics Lien for labor, service, equipment and materials in the total amount of $98,005. The Company intends to set up various payment plans with these vendors. As of March 31, 2020, the Company has accrued for the liability in accounts payable and accrued expenses.

 

On December 12, 2018, the Company was listed as a defendant to a lawsuit filed by a landlord in the Superior Court of the State of California. Fountain Valley is seeking approximately $121,000 in damages for rent, interest and other expenses. On February 15, 2019, the Company entered into a settlement agreement and payment plan in the amount of $85,000. The Company agreed to make the following payments (i) $15,000 on or before March 15, 2019, and (ii) ten monthly installments of $7,000 commencing on April 15, 2019 and continuing monthly on the 15th day of each month though January 15, 2020. The company has accrued for the liability in accounts payable and accrued expenses and has been making repayments pursuant to the settlement agreement. As of January 15, 2020, the Company has met all their obligations and the full amount has been paid.

 

On or about March 7, 2019, the Company was listed as a defendant to a lawsuit filed by a contractor in the State of Texas. The contractor is claiming a breach of contract and is seeking approximately $32,809 in damages for services claimed to be rendered by the contractor. The Company is working with legal counsel in order to reach a settlement. As of March 31, 2020, the Company accrued $30,000 for the liability in accounts payable and accrued expenses.

 

On January 23, 2020, the Company was served a judgment in the amount of $130,185 for a breach of a lease agreement in Chicago, Illinois, in connection with a Company owned store that was closed in 2018. As of March 31, 2020, the Company has accrued for the liability in accounts payable and accrued expenses.

 

In the normal course of business, the Company may be involved in legal proceedings, claims and assessments arising in the ordinary course of business. In the opinion of management after consulting legal counsel, such matters are currently not expected to have a material impact on the Company’s financial statements.

 

The Company records legal costs associated with loss contingencies as incurred and accrues for all probable and estimable settlements after consulting legal counsel.

 

Kitchen Service Agreement

 

On February 26, 2020, the Company entered into a Kitchen Services Agreement with a major delivery-only kitchen concept. The Kitchen Services Agreement provides for five initial locations starting in the Chicago market. In addition, the Company has placed deposits for an additional five locations to be determined. The Kitchen Services Agreement provide the Company with access to the delivery-only locations for a one-year term with an automatic one-year renewal unless terminated by either party. The delivery-only locations are set up for third party delivery and provide that the Company must pay monthly license fees, processing service fees and storage service fees. The monthly license fees for the five initial locations range from $3,000 to $4,000. The monthly license fees become due 14 days after the Company is granted access to the location.

 

Taxes

 

The Company failed in certain instances in paying sales taxes collected from customers in specific states that impose a tax on sales of the Company’s products. The Company had accrued $289,319 and $329,089 which includes penalties and interest as of March 31, 2020 and December 31, 2019, respectively, related to this matter.
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Equity
 3 Months Ended
Mar. 31, 2020
Equity [Abstract]  
Equity

NOTE 12 – EQUITY

 

Common Stock

 

On February 17, 2020 the Company authorized the issuance of an aggregate of 25,616 share of common stock to the members of the board of directors as compensation earned through the end of the fourth quarter of 2019.

 

On March 31, 2020, the Company issued 75,000 shares of common stock of the Company to a consultant that assisted the Company in the area of investor relations and capital introduction.

 

See Note 11 – Commitments and Contingencies – Consulting Agreements for details related to additional stock issuances during the three months ended March 31, 2020.

 

Closing of Offering

 

On February 12, 2020, the Company priced its initial public offering of 1,540,000 shares of common stock at a price of $5.00 per share. The Company started trading on the Nasdaq Capital Market on February 13, 2020 under the ticker symbol “GRIL”. The Company closed on the offering on February 18, 2020, yielding proceeds of $6,780,000, net of underwriters and other fees of $920,000. Upon closing of the offering the Company issued 123,200 warrants to the underwriters as part of their agreement.

 

Restricted Common Stock

 

On February 18, 2020, the Company issued an aggregate of 216,783 shares of restricted common stock of the Company to the executive team pursuant to their employment agreements as part of completing the initial public offering.

 

At March 31, 2020, the unrecognized value of the restricted common stock was $60,750. The unamortized amount will be expensed over a weighted average period of 0.76 years. A summary of the activity related to the restricted common stock for the three months ended March 31, 2020 is presented below:

 

          Weighted
Average Grant		  
    Total     Date Fair Value  
Outstanding at January 1, 2020     2,426     $ 65.33  
Granted     216,783       5.00  
Forfeited     -       -  
Vested     (218,009 )     (5.34 )
Outstanding at March 31, 2020     1,200     $ 65.33  

 

Stock-Based Compensation Expense

 

Stock-based compensation related to restricted stock issued to employees, directors and consultants and warrants issued to consultants amounted to $3,348,143 for the three months ended March 31, 2020, respectively, of which $3,347,591 was recorded in general and administrative expenses and $552 was recorded in labor expense within restaurant operating expenses. Stock-based compensation related to restricted stock issued to employees, directors and consultants amounted to $305,133 for the three months ended March 31, 2019, of which $301,265 was recorded in general and administrative expenses and $3,868 was recorded in labor expense within restaurant operating expenses.

 

Warrant Valuation

 

The Company has computed the fair value of warrants granted using the Black-Scholes option pricing model. The expected term used for warrants issued to non-employees is the contractual life. The Company is utilizing an expected volatility figure based on a review of the historical volatilities, over a period of time, equivalent to the expected life of the instrument being valued, of similarly positioned public companies within its industry. The risk-free interest rate was determined from the implied yields from U.S. Treasury zero-coupon bonds with a remaining term consistent with the expected term of the instrument being valued.

 

Warrants

 

See Note 11 – Commitments and Contingencies – Closing of Offering Agreements for details related to additional warrants issuances during the three months ended March 31, 2020.

 

A summary of warrants activity during the three months ended March 31, 2020 is presented below:

 

      Number of Warrants     Weighted
Average
Exercise Price		     Weighted
Average
Remaining Life
In Years		  
Outstanding, December 31, 2019       2,450,287     $ 5.51       3.7  
Issued       223,200       5.55       -  
Exercised       -       -       -  
Forfeited       (136,223 )     26.42       -  
Outstanding, March 31, 2020       2,537,264     $ 4.39       3.7  
                           
Exercisable, March 31, 2020       2,537,264     $ 4.39       3.7  

 

The grant date fair value of warrants granted during the three months ended March 31, 2020 and 2019 was determined on the date of issuance using the Black-Scholes option pricing model with the following assumptions: expected volatility, dividend rate, risk free interest rate and the expected life. The Company calculates the expected volatility using the historical volatility of comparable companies over the most recent period equal to the expected term and evaluates the extent to which available information indicates that future volatility may differ from historical volatility. The expected dividend rate is zero as the Company does not expect to pay or declare any cash dividends on common stock. The risk-free rates for the expected terms of the stock options are based on the U.S. Treasury yield curve in effect at the time of the grant. The Company has not experienced significant exercise activity on stock options. Due to the lack of historical information, the Company determined the expected term of its stock option awards issued using the simplified method. In applying the Black-Scholes option pricing model, the Company used the following assumptions:

 

    For the Three Months Ended  
    March 31,  
    2020     2019  
Risk free interest rate     1.37 %     2.18 - 2.62 %
Contractual term (years)     3.00       5.00  
Expected volatility     55.33 %     52.64 %
Expected dividend     0.00 %     0.00 %
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Subsequent Events
 3 Months Ended
Mar. 31, 2020
Subsequent Events [Abstract]  
Subsequent Events

NOTE 13 – SUBSEQUENT EVENTS

 

Common Stock Issuances

 

On April 21, 2020 the Company authorized the issuance of an aggregate of 25,616 share of common stock to the members of the board of directors as compensation earned through the end of the fourth quarter of 2019.

 

On April 21, 2020, the Company issued an aggregate of 51,105 shares of common stock in exchange for accrued interest in the amount of $357,735.

 

On June 1, 2020, the Company issued 5,000 shares of common stock of the Company to a consultant. 

 

On June 5, 2020, the Company issued 15,000 shares of common stock of the Company to a digital marketing consultant with an aggregate fair value of $46,050.

 

On June 24, 2020 the Company authorized the issuance of an aggregate of 4,340 share of common stock to the members of the board of directors as compensation earned through the end of the first quarter of 2020.

 

Cares Act Loan

 

On May 9, 2020, the Company entered into a Paycheck Protection Program Promissory Note and Agreement with Greater Nevada Credit Union, pursuant to which the Company received loan proceeds of $866,300 (the “PPP Loan”). The PPP Loan was made under, and is subject to the terms and conditions of, the PPP which was established under the CARES Act and is administered by the U.S. Small Business Administration. The current term of the PPP Loan is two years with a maturity date of May 9, 2022 and contains a favorable fixed annual interest rate of 1.00%. Payments of principal and interest on the PPP Loan will be deferred for the first six months of the term of the PPP Loan until November 9, 2020. Principal and interest are payable monthly and may be prepaid by the Company at any time prior to maturity with no prepayment penalties. Under the terms of the CARES Act, recipients can apply for and receive forgiveness for all, or a portion of loans granted under the PPP. Such forgiveness will be determined, subject to limitations, based on the use of loan proceeds for certain permissible purposes as set forth in the PPP, including, but not limited to, payroll costs (as defined under the PPP) and mortgage interest, rent or utility costs (collectively, “Qualifying Expenses”), and on the maintenance of employee and compensation levels during the eight-week period following the funding of the PPP Loan. The Company has been using the proceeds of the PPP Loan, for Qualifying Expenses. However, no assurance is provided that the Company will be able to obtain forgiveness of the PPP Loan in whole or in part.

 

Consulting Agreements

 

On April 8, 2020, the Company entered into a professional service agreement with a consultant to provide advice on investor outreach and institutional engagements The Consultants will also provide continuous market insight and interpret our trading activity. The term of the agreement commenced from the execution date and ends on April 1, 2021. Pursuant to the terms, the Company agreed to pay the consultant in the form of non-qualified stock options to acquire 200,000 shares of the Company’s common stock, exercisable at $2.50 per share for a period of one year. The Options are fully vested upon the signing of this agreement. In addition, the option is callable by the Company in the event the market price of its shares close above $3.50 per share for five consecutive dates upon which the consultant will have three days to elect to exercise of forfeit the options.

 

Operation Lease

 

On June 26, 2020, the Company was informed that one of their leases for a future military location was terminated due to the current economic environment as a result of COVID-19.
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Significant Accounting Policies (Policies)
 3 Months Ended
Mar. 31, 2020
Accounting Policies [Abstract]  
Basis of Presentation

Basis of Presentation

 

The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information. Accordingly, they do not include all of the information and disclosures required by accounting principles generally accepted in the United States of America for annual financial statements. In the opinion of management, such statements include all adjustments (consisting only of normal recurring items) which are considered necessary for a fair presentation of the unaudited condensed consolidated financial statements of the Company as of March 31, 2020, and for the three months ended March 31, 2020 and 2019. The results of operations for the three months ended March 31, 2020 are not necessarily indicative of the operating results for the full year. It is suggested that these unaudited condensed consolidated financial statements be read in conjunction with the financial statements and notes thereto for the year ended December 31, 2019. The balance sheet as of December 31, 2019 has been derived from the Company’s audited financial statements.
Principles of Consolidation

Principles of Consolidation

 

The accompanying unaudited condensed consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries. Any intercompany transactions and balances have been eliminated in consolidation.
Use of Estimates

Use of Estimates

 

The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of expenses during the reporting period.

 

Management bases its estimates on historical experience and on various assumptions that are believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying value of assets and liabilities that are not readily apparent from other sources. Significant estimates include:

 

  ● the fair value of assets acquired, and liabilities assumed in a business combination;
  ● the assessment of recoverability of long-lived assets, including property and equipment, goodwill and intangible assets;
  ● the estimated useful lives of intangible and depreciable assets;
  ● estimates and assumptions used to value warrants issued in connection with notes payable;
  ● the recognition of revenue; and
  ● the recognition, measurement and valuation of current and deferred income taxes.

 

Estimates and assumptions are periodically reviewed, and the effects of any material revisions are reflected in the financial statements in the period that they are determined to be necessary. Actual results could differ from those estimates and assumptions.
Cash and Cash Equivalents

Cash and Cash Equivalents

 

The Company considers all highly-liquid instruments with an original maturity of three months or less when purchased to be cash equivalents. There were no cash equivalents as of March 31, 2020 and December 31, 2019.
Recent Accounting Pronouncements

Recent Accounting Pronouncements

 

In February 2016, the FASB issued ASU No. 2016-02, “Leases (Topic 842)” (“ASU 2016-02”). ASU 2016-02 requires an entity to recognize assets and liabilities arising from a lease for both financing and operating leases. ASU 2016-02 will also require new qualitative and quantitative disclosures to help investors and other financial statement users better understand the amount, timing, and uncertainty of cash flows arising from leases. ASU 2016-02 is effective for fiscal years beginning after December 15, 2020, with early adoption permitted. The Company is currently evaluating ASU 2016-02 and its impact on its condensed consolidated financial statements and disclosures.

 

In June 2018, the FASB issued ASU No. 2018-07, “Compensation — Stock Compensation (Topic 718),” (“ASU 2018-07”). ASU 2018-07 is intended to reduce cost and complexity and to improve financial reporting for nonemployee share-based payments. Currently, the accounting requirements for nonemployee and employee share-based payment transactions are significantly different. ASU 2018-07 expands the scope of Topic 718, Compensation — Stock Compensation (which currently only includes share-based payments to employees) to include share-based payments issued to nonemployees for goods or services. Consequently, the accounting for share-based payments to nonemployees and employees will be substantially aligned. This ASU supersedes Subtopic 505-50, Equity — Equity-Based Payments to Nonemployees. The amendments in this ASU are effective for fiscal years beginning after December 15, 2019, and interim periods within fiscal years beginning after December 15, 2020. Early adoption is permitted, but no earlier than a Company’s adoption date of Topic 606, Revenue from Contracts with Customers. The Company is currently evaluating ASU 2018-07 and its impact on the condensed consolidated financial statements.

 

In July 2018, the FASB issued ASU No. 2018-10, “Codification Improvements to Topic 842, Leases” (“ASU 2018-10”). The amendments in ASU 2018-10 provide additional clarification and implementation guidance on certain aspects of the previously issued ASU No. 2016-02, Leases (Topic 842) (“ASU 2016-02”) and have the same effective and transition requirements as ASU 2016-02. Upon the effective date, ASU 2018-10 will supersede the current lease guidance in ASC Topic 840, Leases. Under the new guidance, lessees will be required to recognize for all leases, with the exception of short-term leases, a lease liability, which is a lessee’s obligation to make lease payments arising from a lease, measured on a discounted basis. Concurrently, lessees will be required to recognize a right-of-use asset, which is an asset that represents the lessee’s right to use, or control the use of, a specified asset for the lease term. ASU 2018-10 is effective for emerging growth companies for interim and annual reporting periods beginning after December 15, 2019, with early adoption permitted. The guidance is required to be applied using a modified retrospective transition approach for leases existing at, or entered into after, the beginning of the earliest comparative periods presented in the financial statements. The Company is currently assessing the impact this guidance will have on its condensed consolidated financial statements.

 

In July 2018, the FASB issued ASU No. 2018-11, “Leases (Topic 842): Targeted Improvements,” (“ASU 2018-11”). The amendments in ASU 2018-11 related to transition relief on comparative reporting at adoption affect all entities with lease contracts that choose the additional transition method and separating components of a contract affect only lessors whose lease contracts qualify for the practical expedient. The amendments in ASU 2018-11 are effective for emerging growth companies for fiscal years beginning after December 15, 2020, and interim periods within those fiscal years. The Company is currently assessing the impact this guidance will have on its condensed consolidated financial statements.

 

In March 2019, the FASB issued ASU 2019-01, “Leases (Topic 842): Codification Improvements” (“Topic 842”) (“ASU 2019-01”). These amendments align the guidance for fair value of the underlying asset by lessors that are not manufacturers or dealers in Topic 842 with that of existing guidance. As a result, the fair value of the underlying asset at lease commencement is its cost, reflecting any volume or trade discounts that may apply. However, if there has been a significant lapse of time between when the underlying asset is acquired and when the lease commences, the definition of fair value (in Topic 820, Fair Value Measurement) should be applied. (Issue 1). The ASU also requires lessors within the scope of Topic 942, Financial Services—Depository and Lending, to present all “principal payments received under leases” within investing activities. (Issue 2). Finally, the ASU exempts both lessees and lessors from having to provide certain interim disclosures in the fiscal year in which a company adopts the new leases standard. (Issue 3). The transition and effective date provisions apply to Issue 1 and Issue 2. They do not apply to Issue 3 because the amendments for that Issue are to the original transition requirements in Topic 842. This amendment will be effective for fiscal years beginning after December 15, 2020 and interim periods within fiscal years beginning after December 15, 2020. Early adoption is permitted. The Company is currently evaluating ASU 2019-01 and its impact on its unaudited consolidated financial statements and financial statement disclosures.
Revenue Recognition

Revenue Recognition

 

During the first quarter 2019, the Company adopted Topic 606 “Revenue from Contracts with Customers” for revenue recognition related to contracts with customers and applied the guidance modified retrospectively. Under the new guidance, revenue is recognized in accordance with a five-step revenue model, as follows: (1) identifying the contract with the customer; (2) identifying the performance obligations in the contract; (3) determining the transaction price; (4) allocating the transaction price to the performance obligations; and (5) recognizing revenue when (or as) the entity satisfies a performance obligation. In applying this five-step model, we have made significant judgments in identifying the promised goods or services in our contracts with franchisees that are distinct, and which represent separate performance obligations. The change between Topic 605 and Topic 606, primarily impacted the way the Company recognized franchise fees. Under Topic 605 franchise fees were recognized upon opening of a restaurant or granting of a new franchise term at a point in time while under Topic 606 franchise fees are recognized on a straight-line basis over the life of the related franchise agreements and any exercised renewal periods. The impact of the adoption of Topic 606 resulted in an adjustment of $875,902 in accumulated deficit and deferred revenues.

 

Restaurant Sales

 

Retail store revenue at Company operated restaurants is recognized when payment is tendered at the point of sale, net of sales tax, discount and other sales related taxes. The Company recorded retail store revenues of $1,237,427 and $800,763 during the three months ended March 31, 2020 and 2019, respectively.

 

The Company sells gift cards which do not have an expiration date, and it does not deduct dormancy fees from outstanding gift card balances. The Company recognize revenues from gift cards as restaurant revenues once the Company performs its obligation to provide food and beverage to the customer simultaneously with the redemption of the gift card or through gift card breakage, as discussed in Other Revenues below.

 

Franchise Royalties and Fees

 

Franchise revenues consists of royalties, franchise fees and rebates. Royalties are based on a percentage of franchisee net sales revenue. The Company recognizes the royalties as the underlying sales occur. The Company recorded revenue from royalties of $120,909 and $206,550 during the three months ended March 31, 2020 and 2019, respectively, which is included in franchise royalties and fees on the accompanying condensed consolidated statements of operations.

 

The Company provides the franchisees with management expertise, training, pre-opening assistance, and restaurant operating assistance in exchange for the multi-unit development fees and franchise fees. The Company capitalizes these fees upon collection from the franchisee, these fees are then recognized as franchise fee revenue on a straight-line basis over the life of the related franchise agreements and any exercised renewal periods. Cash payments are due upon the execution of the related franchise agreement. The Company’s performance obligation with respect to franchise fee revenues consists of a license to utilize the Company’s brand for a specified period of time, which is satisfied equally over the life of each franchise agreement. The Company recorded revenues from franchise fees of $14,440 and $53,181, respectively, during the three months ended March 31, 2020 and 2019, which is included in franchise royalties and fees on the accompanying condensed consolidated statements of operations.

 

The Company has supply agreements with certain food and beverage vendors. Pursuant to the terms of these agreements, rebates are provided to the Company based upon the dollar volume of purchases for all company-owned and franchised restaurants from these vendors. Rebates earned on purchases by franchise stores are recorded as revenue during the period in which the related food and beverage purchases are made. The Company recorded revenue from rebates of $40,682 and $84,981 during the three months ended March 31, 2020 and 2019, respectively, which is included in franchise royalties and fees on the accompanying consolidated statements of operations. Rebates earned on purchases by Company owned stores are recorded as a reduction of food and beverage costs during the period in which the related food and beverage purchases are made.

 

Other Revenues

 

Gift card breakage is recognized when the likelihood of a gift card being redeemed by the customer is remote and the Company determines there is not a legal obligation to remit the unredeemed gift card balance to the relevant jurisdiction. The determination of the gift card breakage rate is based upon the Company’s specific historical redemption patterns. The Company recognizes gift card breakage by applying its estimate of the rate of gift card breakage on a pro rata basis over the period of estimated redemption. Gift card liability is recoded in other current liabilities on the condensed consolidated balance sheet. For the three months ended March 31, 2020, the Company determined that no gift card breakage is necessary based on current redemption rates.

 

Deferred Revenue

 

Deferred revenue primarily includes initial franchise fees received by the Company, which are being amortized over the life of the Company’s franchise agreements, as well as unearned vendor rebates. Deferred revenue is recognized in income over the life of the franchise agreements and vendor rebates are recognized in income as performance obligations are satisfied.

 

Franchise Advertising Fund Contributions

 

Under the Company’s franchise agreements, the Company and its franchisees are required to contribute a certain percentage of revenues to a national advertising fund. The Company’s national advertising services are provided on a system-wide basis and, therefore, not considered distinct performance obligations for individual franchisees. In accordance with Topic 606, the Company recognizes these sales-based advertising contributions from franchisees as franchise revenue when the underlying franchisee Company incurs the corresponding advertising expense. The Company records the related advertising expenses as incurred under general and administrative expenses. When an advertising contribution fund is over-spent at year end, advertising expenses will be reported on the consolidated statement of operations in an amount that is greater than the revenue recorded for advertising contributions. Conversely, when an advertising contribution fund is under-spent at a period end, the Company will accrue advertising costs up to advertising contributions recorded in revenue. The Company recorded contributions from franchisees of $21,596 and $38,899, respectively, during the three months ended March 31, 2020 and 2019, which are included in franchise advertising fund contributions on the accompanying condensed consolidated statements of operations.

 

Impacts on Financial Statements

 

The following table summarized the impact of the adoption of the new revenue standard on the Company’s previously reported consolidated financial statements:

 

    December 31, 2018     New Revenue
Standard
Adjustment		     January 1, 2019  
Deferred revenues   $ 907,948     $ 875,902     $ 1,783,850  
Accumulated deficit     23,833,656       875,902       24,709,588  
Advertising

Advertising

 

Advertising costs are charged to expense as incurred. Advertising costs were approximately $103,643 and $3,417 for the three months ended March 31, 2020 and 2019, respectively, and are included in general and administrative expenses in the accompanying condensed consolidated statements of operations.
Net Loss Per Share

Net Loss per Share

 

Basic loss per common share is computed by dividing net loss attributable to common stockholders by the weighted average number of common shares outstanding during the period. Diluted loss per common share is computed by dividing net loss attributable to common stockholders by the weighted average number of common shares outstanding, plus the impact of potential common shares, if dilutive, resulting from the exercise of warrants, options or the conversion of convertible notes payable.

 

The following securities are excluded from the calculation of weighted average diluted common shares at March 31, 2020 and 2019, respectively, because their inclusion would have been anti-dilutive:

 

    March 31,  
    2020     2019  
Warrants     2,537,264       400,291  
Options     4,821       4,821  
Convertible debt     32,350       658,724  
Total potentially dilutive shares     2,574,435       1,063,838  
Major Vendor

Major Vendor

 

The Company engages various vendors to distribute food products to their Company-owned restaurants. Purchases from the Company’s largest supplier totaled 85% and 87% of the Company’s purchases for the three months ended March 31, 2020 and 2019, respectively.
Reclassifications

Reclassifications

 

Certain amounts in prior periods have been reclassified to conform to the current period presentation. These reclassifications had no effect on previously reported net loss.
Subsequent Events

Subsequent Events

 

The Company evaluated events that have occurred after the balance sheet date but before the financial statements are issued. Based upon the evaluation and transactions, the Company did not identify any subsequent events that would have required adjustment or disclosure in the financial statements, except as disclosed in Note 13 – Subsequent Events.
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Significant Accounting Policies (Tables)
 3 Months Ended
Mar. 31, 2020
Accounting Policies [Abstract]  
Schedule of the Impact of the Adoption of the New Revenue Standard

The following table summarized the impact of the adoption of the new revenue standard on the Company’s previously reported consolidated financial statements:

 

    December 31, 2018     New Revenue
Standard
Adjustment		     January 1, 2019  
Deferred revenues   $ 907,948     $ 875,902     $ 1,783,850  
Accumulated deficit     23,833,656       875,902       24,709,588  
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share

The following securities are excluded from the calculation of weighted average diluted common shares at March 31, 2020 and 2019, respectively, because their inclusion would have been anti-dilutive:

 

    March 31,  
    2020     2019  
Warrants     2,537,264       400,291  
Options     4,821       4,821  
Convertible debt     32,350       658,724  
Total potentially dilutive shares     2,574,435       1,063,838  
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Loans Receivable (Tables)
 3 Months Ended
Mar. 31, 2020
Receivables [Abstract]  
Schedule of Loans Receivables

At March 31, 2020 and December 31, 2019, the Company’s loans receivable consists of the following:

 

   

March 31,

2020

    

December 31,

2019

  
Loans receivable, net   $ 128,587     $ 137,389  
Less: current portion     (38,468 )     (38,712 )
Loans receivable, non-current   $ 90,119     $ 98,677  
XML 36 R25.htm IDEA: XBRL DOCUMENT v3.20.2
Property and Equipment, Net (Tables)
 3 Months Ended
Mar. 31, 2020
Property, Plant and Equipment [Abstract]  
Schedule of Property and Equipment, Net

As of March 31, 2020 and December 31, 2019 property and equipment consists of the following:

 

   

March 31,

2020

    

December 31,

2019

  
             
Furniture and equipment   $ 640,933     $ 617,712  
Leasehold improvements     1,552,965       1,518,293  
      2,193,898       2,136,005  
Less: accumulated depreciation and amortization     (584,475 )     (489,126 )
Property and equipment, net   $ 1,609,423     $ 1,646,879  
XML 37 R26.htm IDEA: XBRL DOCUMENT v3.20.2
Goodwill and Other Intangible Assets, Net (Tables)
 3 Months Ended
Mar. 31, 2020
Goodwill and Intangible Assets Disclosure [Abstract]  
Schedule of Intangible Assets

A summary of the intangible assets is presented below:

 

Intangible Assets   Trademark     Franchise Agreements     Total  
Intangible assets, net at December 31, 2019   $ 2,524,000     $ 514,815     $ 3,038,815  
Amortization expense     -       (15,908 )     (15,908 )
Intangible assets, net at March 31, 2020   $ 2,524,000     $ 498,907     $ 3,022,907  
                         
Weighted average remaining amortization period at March 31, 2020 (in years)             7.8          
XML 38 R27.htm IDEA: XBRL DOCUMENT v3.20.2
Accounts Payable and Accrued Expenses (Tables)
 3 Months Ended
Mar. 31, 2020
Payables and Accruals [Abstract]  
Schedule of Accounts Payables and Accrued Expenses

Accounts payables and accrued expenses consist of the following:

 

   

March 31,

2020

     December 31, 2019  
Accounts payable   $ 862,910     $ 857,846  
Accrued payroll     46,341       139,320  
Accrued professional fees     227,936       329,826  
Accrued board members fees     11,874       59,864  
Accrued rent expense     212,834       269,644  
Sales taxes payable (1)     289,319       329,089  
Accrued interest     304,034       520,682  
Accrued interest, related parties     79,523       79,523  
Other accrued expenses     91,562       45,154  
    $ 2,126,333     $ 2,630,948  

 

  (1) See Note 11 – Commitments and Contingencies –Taxes for detailed related to delinquent sales taxes.
XML 39 R28.htm IDEA: XBRL DOCUMENT v3.20.2
Deferred Revenue (Tables)
 3 Months Ended
Mar. 31, 2020
Revenue from Contract with Customer [Abstract]  
Schedule of Deferred Revenue

At March 31, 2020 and December 31, 2019, deferred revenue consists of the following:

 

   

March 31,

2020

    

December 31,

2019

  
Franchise fees   $ 1,196,279     $ 1,210,719  
Unearned vendor rebates     54,494       64,953  
Less: Unearned vendor rebates, current     (54,494 )     (64,953 )
Less: Franchise fees, current     (57,920 )     (57,744 )
Deferred revenues, non-current   $ 1,138,359     $ 1,152,975  
XML 40 R29.htm IDEA: XBRL DOCUMENT v3.20.2
Other Current Liabilities (Tables)
 3 Months Ended
Mar. 31, 2020
Other Liabilities Disclosure [Abstract]  
Schedule of Other Current Liabilities

Other current liabilities consist of the following:

 

   

March 31,

2020

    

December 31,

2019

  
Gift card liability   $ 89,846     $ 88,673  
Co-op advertising fund liability     307,271       298,662  
Advertising fund liability     257,883       265,308  
    $ 655,000     $ 652,643  
XML 41 R30.htm IDEA: XBRL DOCUMENT v3.20.2
Equity (Tables)
 3 Months Ended
Mar. 31, 2020
Equity [Abstract]  
Schedule of Activity Related to Restricted Common Stock

A summary of the activity related to the restricted common stock for the three months ended March 31, 2020 is presented below:

 

          Weighted
Average Grant		  
    Total     Date Fair Value  
Outstanding at January 1, 2020     2,426     $ 65.33  
Granted     216,783       5.00  
Forfeited     -       -  
Vested     (218,009 )     (5.34 )
Outstanding at March 31, 2020     1,200     $ 65.33  
Schedule of Warrants Activity

A summary of warrants activity during the three months ended March 31, 2020 is presented below:

 

      Number of Warrants     Weighted
Average
Exercise Price		     Weighted
Average
Remaining Life
In Years		  
Outstanding, December 31, 2019       2,450,287     $ 5.51       3.7  
Issued       223,200       5.55       -  
Exercised       -       -       -  
Forfeited       (136,223 )     26.42       -  
Outstanding, March 31, 2020       2,537,264     $ 4.39       3.7  
                           
Exercisable, March 31, 2020       2,537,264     $ 4.39       3.7  
Schedule of Stock Options Assumptions

In applying the Black-Scholes option pricing model, the Company used the following assumptions:

 

    For the Three Months Ended  
    March 31,  
    2020     2019  
Risk free interest rate     1.37 %     2.18 - 2.62 %
Contractual term (years)     3.00       5.00  
Expected volatility     55.33 %     52.64 %
Expected dividend     0.00 %     0.00 %
XML 42 R31.htm IDEA: XBRL DOCUMENT v3.20.2
Business Organization and Nature of Operations, Going Concern and Management's Plans (Details Narrative) - USD ($)
 3 Months Ended
Jun. 29, 2020
Mar. 31, 2020
Mar. 31, 2019
Dec. 31, 2019
Jan. 02, 2019
Dec. 31, 2018
Cash balance   $ 3,707,364   $ 478,854    
Working capital surplus   874,473        
Accumulated deficit   (58,586,865)   $ (53,094,602) $ (24,709,588) $ (23,833,656)
Net loss before income tax   $ (5,492,263) $ (1,483,479)      
Subsequent Event [Member]            
Proceeds from notes payable $ 866,300          
XML 43 R32.htm IDEA: XBRL DOCUMENT v3.20.2
Reverse Stock Split (Details Narrative)
Dec. 11, 2019
Reverse Stock Split  
Reverse split The Company implemented a 1-for-7 reverse split of the Company's issued common stock (the "Third Reverse Split").
XML 44 R33.htm IDEA: XBRL DOCUMENT v3.20.2
Significant Accounting Policies (Details Narrative) - USD ($)
 3 Months Ended
Mar. 31, 2020
Dec. 31, 2019
Mar. 31, 2019
Jan. 02, 2019
Dec. 31, 2018
Cash equivalents      
Accumulated deficit 58,586,865 53,094,602   $ 24,709,588 $ 23,833,656
Deferred revenue       $ 1,783,850 $ 907,948
Revenues 1,435,054   $ 1,184,374    
Franchise advertising fund expenses 21,596 38,899 $ 38,899    
Advertising costs $ 103,643 $ 3,417      
Supplier Concentration Risk [Member] | Purchases [Member]          
Concentration risk percentage 85.00%   87.00%    
Company Restaurant Net Sales [Member]          
Revenues $ 1,237,427   $ 800,763    
Royalties [Member]          
Revenues 120,909   206,550    
Franchise [Member]          
Revenues 14,440   53,181    
Rebates [Member]          
Revenues $ 40,682   84,981    
New Revenue Standard Adjustment [Member]          
Accumulated deficit     875,902    
Deferred revenue     $ 875,902    
XML 45 R34.htm IDEA: XBRL DOCUMENT v3.20.2
Significant Accounting Policies - Schedule of the Impact of the Adoption of the New Revenue Standard (Details) - USD ($)
Mar. 31, 2020
Dec. 31, 2019
Mar. 31, 2019
Jan. 02, 2019
Dec. 31, 2018
Deferred revenue       $ 1,783,850 $ 907,948
Accumulated deficit $ 58,586,865 $ 53,094,602   $ 24,709,588 $ 23,833,656
New Revenue Standard Adjustment [Member]          
Deferred revenue     $ 875,902    
Accumulated deficit     $ 875,902    
XML 46 R35.htm IDEA: XBRL DOCUMENT v3.20.2
Significant Accounting Policies - Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share (Details) - shares
 3 Months Ended
Mar. 31, 2020
Mar. 31, 2019
Total potentially dilutive shares 2,574,435 1,063,838
Warrants [Member]    
Total potentially dilutive shares 2,537,264 400,291
Options [Member]    
Total potentially dilutive shares 4,821 4,821
Convertible Debt [Member]    
Total potentially dilutive shares 32,350 658,724
XML 47 R36.htm IDEA: XBRL DOCUMENT v3.20.2
Loans Receivable (Details Narrative) - USD ($)
 3 Months Ended
Mar. 31, 2020
Dec. 31, 2019
Loans receivable $ 128,587 $ 137,389
Net of reserves for uncollectible loans $ 55,000 55,000
Maximum [Member]    
Loan original term 10 years  
Debt instrument interest rate 12.00%  
Minimum [Member]    
Debt instrument interest rate 2.00%  
Former Franchisee [Member]    
Loans receivable $ 128,587 137,389
Net of reserves for uncollectible loans $ 55,000 $ 55,000
XML 48 R37.htm IDEA: XBRL DOCUMENT v3.20.2
Loans Receivable - Schedule of Loans Receivables (Details) - USD ($)
Mar. 31, 2020
Dec. 31, 2019
Receivables [Abstract]    
Loans receivable, net $ 128,587 $ 137,389
Less: current portion (38,468) (38,712)
Loans receivable, non-current $ 90,119 $ 98,677
XML 49 R38.htm IDEA: XBRL DOCUMENT v3.20.2
Property and Equipment, Net (Details Narrative) - USD ($)
 3 Months Ended
Mar. 31, 2020
Mar. 31, 2019
Property, Plant and Equipment [Abstract]    
Depreciation expense $ 95,349 $ 52,960
XML 50 R39.htm IDEA: XBRL DOCUMENT v3.20.2
Property and Equipment, Net - Schedule of Property and Equipment, Net (Details) - USD ($)
Mar. 31, 2020
Dec. 31, 2019
Property, Plant and Equipment [Abstract]    
Furniture and equipment $ 640,933 $ 617,712
Leasehold improvements 1,552,965 1,518,293
Property and equipment, gross 2,193,898 2,136,005
Less: accumulated depreciation and amortization (584,475) (489,126)
Property and equipment, net $ 1,609,423 $ 1,646,879
XML 51 R40.htm IDEA: XBRL DOCUMENT v3.20.2
Goodwill and Other Intangible Assets, Net (Details Narrative) - USD ($)
 3 Months Ended
Mar. 31, 2020
Mar. 31, 2019
Amortization expense $ 15,908 $ 66,173
Franchise Agreements [Member]    
Intangible asset, useful life 13 years  
Non-compete Agreements [Member]    
Intangible asset, useful life 5 years  
XML 52 R41.htm IDEA: XBRL DOCUMENT v3.20.2
Goodwill and Other Intangible Assets, Net - Schedule of Intangible Assets (Details) - USD ($)
 3 Months Ended
Mar. 31, 2020
Mar. 31, 2019
Intangible assets, net beginning balance $ 3,038,815  
Amortization expense (15,908) $ (66,173)
Intangible assets, net ending balance 3,022,907  
Trademark [Member]    
Intangible assets, net beginning balance 2,524,000  
Amortization expense  
Intangible assets, net ending balance 2,524,000  
Franchise Agreements [Member]    
Intangible assets, net beginning balance 514,815  
Amortization expense (15,908)  
Intangible assets, net ending balance $ 498,907  
Weighted average remaining amortization period at March 31, 2020 (in years) 7 years 9 months 18 days  
XML 53 R42.htm IDEA: XBRL DOCUMENT v3.20.2
Accounts Payable and Accrued Expenses - Schedule of Accounts Payables and Accrued Expenses (Details) - USD ($)
Mar. 31, 2020
Dec. 31, 2019
Payables and Accruals [Abstract]    
Accounts payable $ 862,910 $ 857,846
Accrued payroll 46,341 139,320
Accrued professional fees 227,936 329,826
Accrued board members fees 11,874 59,864
Accrued rent expense 212,834 269,644
Sales taxes payable [1] 289,319 329,089
Accrued interest 304,034 520,682
Accrued interest, related parties 79,523 79,523
Other accrued expenses 91,562 45,154
Accounts payables and accrued expenses $ 2,126,333 $ 2,630,948
[1] See Note 11 - Commitments and Contingencies - Taxes for detailed related to delinquent sales taxes.
XML 54 R43.htm IDEA: XBRL DOCUMENT v3.20.2
Deferred Revenue - Schedule of Deferred Revenue (Details) - USD ($)
Mar. 31, 2020
Dec. 31, 2019
Revenue from Contract with Customer [Abstract]    
Franchise fees $ 1,196,279 $ 1,210,719
Unearned vendor rebates 54,494 64,953
Less: Unearned vendor rebates, current (54,494) (64,953)
Less: Franchise fees, current (57,920) (57,744)
Deferred revenues, non-current $ 1,138,359 $ 1,152,975
XML 55 R44.htm IDEA: XBRL DOCUMENT v3.20.2
Other Current Liabilities - Schedule of Other Current Liabilities (Details) - USD ($)
Mar. 31, 2020
Dec. 31, 2019
Other Liabilities Disclosure [Abstract]    
Gift card liability $ 89,846 $ 88,673
Co-op advertising fund liability 307,271 298,662
Advertising fund liability 257,883 265,308
Other current liabilities $ 655,000 $ 652,643
XML 56 R45.htm IDEA: XBRL DOCUMENT v3.20.2
Notes Payable (Details Narrative) - USD ($)
 3 Months Ended 12 Months Ended
Feb. 03, 2020
Oct. 10, 2019
May 14, 2019
Mar. 31, 2020
Mar. 31, 2019
Dec. 31, 2019
Debt Instrument [Line Items]            
Repayment of debt       $ 550,000  
Convertible note payable, current       82,458   $ 82,458
Other notes payable       273,558    
Other notes payable, related party       0    
15% Senior Secured Convertible Promissory Notes [Member]            
Debt Instrument [Line Items]            
Repayment of debt       450,000    
12% Secured Convertible Promissory Note [Member]            
Debt Instrument [Line Items]            
Repayment of debt       75,000    
Other Convertible Notes [Member]            
Debt Instrument [Line Items]            
Repayment of debt       25,000    
Another Convertible Notes Payable [Member]            
Debt Instrument [Line Items]            
Convertible note payable, current       100,000   100,000
Promissory Note [Member] | Related Party [Member]            
Debt Instrument [Line Items]            
Proceeds from promissory notes     $ 91,000      
Debt interest percentage     15.00%      
Promissory Note [Member] | Former Franchisee [Member]            
Debt Instrument [Line Items]            
Proceeds from promissory notes   $ 300,000        
Debt interest percentage   8.00%        
Repayment of promissory notes       $ 18,879    
Debt instrument, term       5 years    
Notes Payable [Member]            
Debt Instrument [Line Items]            
Debt instrument face value $ 150,000         $ 300,000
Original issue discount percentage 20.00%         20.00%
Debt instrument maturity date Feb. 21, 2020         Feb. 21, 2020
Former Parent [Member]            
Debt Instrument [Line Items]            
Convertible notes payable       $ 82,458    
XML 57 R46.htm IDEA: XBRL DOCUMENT v3.20.2
Commitments and Contingencies (Details Narrative) - USD ($)
 1 Months Ended 3 Months Ended 12 Months Ended
Feb. 26, 2020
Feb. 24, 2020
Feb. 18, 2020
Feb. 12, 2020
Jan. 23, 2020
Nov. 19, 2019
Apr. 15, 2019
Mar. 15, 2019
Mar. 07, 2019
Feb. 15, 2019
Dec. 12, 2018
Oct. 03, 2018
Jun. 06, 2018
Mar. 27, 2018
May 31, 2018
Mar. 31, 2020
Mar. 31, 2019
Dec. 31, 2017
Dec. 31, 2019
Number of common stock shares issued       1,540,000                              
Number of warrants issued                               123,200      
Stock-based compensation                               $ 3,348,143 $ 305,133    
Debt instrument accrued interest                               304,034     $ 520,682
Litigation settlement amount         $ 130,185                            
Accrued tax                               289,319     $ 329,089
Robert E. Morgan [Member]                                      
Loss contingency seeking damages                       $ 2,391,330     $ 1,357,243        
Upfront amount                       25,000              
Additional upfront fee                       $ 175,000              
Note Holder [Member]                                      
Convertible promissory notes                           $ 100,000   100,000      
Other costs                         $ 171,035 $ 171,035          
Repayment of debt           $ 71,035                          
Debt instrument accrued interest                               20,030      
Fountain Valley [Member]                                      
Loss contingency seeking damages                     $ 121,000                
Paid of litigation settlement amount                   $ 85,000                  
Limestone Associates LLC [Member]                                      
Rent expense                                   $ 25,748  
Crownhall Realty, LLC [Member] | Robert E. Morgan [Member]                                      
Loss contingency seeking damages                             1,034,087        
Resolute Contractors, Inc [Member]                                      
Litigation settlement amount                             $ 98,005        
Profession Service Agreement [Member]                                      
Agreement term, description     The term of the agreement commences from the effective date on February 18, 2020 and expires on February 18, 2021.                                
Number of common stock shares issued     300,000                                
Number of warrants issued     100,000                                
Warrant term     3 years                                
Warrant exercise price     $ 5.00                                
Profession Service Agreement [Member] | General and Administrative Expense [Member]                                      
Stock-based compensation     $ 191,000                                
Consulting Agreement [Member]                                      
Agreement term, description   The term of the agreement is for two months from the effective date on February 27, 2020 and expires on April 27, 2020.                                  
Number of common stock shares issued   10,000                                  
Consulting fees   $ 107,500                                  
Settlement Agreement [Member] | Fountain Valley [Member]                                      
Paid of litigation settlement amount             $ 7,000 $ 15,000                      
Payments for legal settlements, description             The Company agreed to make the following payments (i) $15,000 on or before March 15, 2019, and (ii) ten monthly installments of $7,000 commencing on April 15, 2019 and continuing monthly on the 15th day of each month though January 15, 2020. The company has accrued for the liability in accounts payable and accrued expenses and has been making repayments pursuant to the settlement agreement. As of January 15, 2020, the Company has met all their obligations and the full amount has been paid.                        
Litigations, Claims and Assessments [Member]                                      
Loss contingency seeking damages                 $ 32,809                    
Accounts payable and accrued expenses                               $ 30,000      
Kitchen Services Agreement [Member] | Minimum [Member]                                      
Monthly license fees $ 3,000                                    
Kitchen Services Agreement [Member] | Maximum [Member]                                      
Monthly license fees $ 4,000                                    
XML 58 R47.htm IDEA: XBRL DOCUMENT v3.20.2
Equity (Details Narrative) - USD ($)
 3 Months Ended
Mar. 31, 2020
Feb. 18, 2020
Feb. 12, 2020
Mar. 31, 2020
Mar. 31, 2019
Feb. 17, 2020
Stock issued during the period new issue     1,540,000      
Shares issued price per share     $ 5.00      
Proceeds from initial public offering       $ 6,780,000  
Payments underwriters and other fees     $ 920,000 $ 920,000 920,000  
Number of warrants issued       123,200    
Unrecognized value       $ 60,750    
Unamortized value weighted average period       9 months 3 days    
Stock-based compensation       $ 3,348,143 305,133  
General and administrative expenses       $ 5,129,403 1,104,036  
Employment Agreements [Member] | Restricted Common Stock [Member]            
Stock issued during the period new issue   216,783        
Board of Directors [Member]            
Number of shares authorized for issuance           25,616
Consultant [Member]            
Stock issued during the period new issue 75,000          
Employees Directors and Consultants [Member] | Restricted Common Stock [Member]            
Stock-based compensation         305,133  
General and administrative expenses         301,265  
Labor expense         $ 3,868  
XML 59 R48.htm IDEA: XBRL DOCUMENT v3.20.2
Equity - Schedule of Activity Related to Restricted Common Stock (Details) - Restricted Common Stock [Member]
 3 Months Ended
Mar. 31, 2020
$ / shares
shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Restricted Common Stock, Outstanding Beginning | shares 2,426
Restricted Common Stock, Granted | shares 216,783
Restricted Common Stock, Forfeited | shares
Restricted Common Stock, Vested | shares (218,009)
Restricted Common Stock, Outstanding Ending | shares 1,200
Weighted Average Grant Date Fair Value, Outstanding Beginning | $ / shares $ 65.33
Weighted Average Grant Date Fair Value, Granted | $ / shares 5.00
Weighted Average Grant Date Fair Value, Forfeited | $ / shares
Weighted Average Grant Date Fair Value, Vested | $ / shares (5.34)
Weighted Average Grant Date Fair Value, Outstanding Ending | $ / shares $ 65.33
XML 60 R49.htm IDEA: XBRL DOCUMENT v3.20.2
Equity - Schedule of Warrants Activity (Details)
 3 Months Ended
Mar. 31, 2020
$ / shares
shares
Equity [Abstract]  
Number of Warrants, Outstanding Beginning | shares 2,450,287
Number of Warrants, Issued | shares 223,200
Number of Warrants, Exercised | shares
Number of Warrants, Forfeited | shares (136,223)
Number of Warrants, Outstanding Ending | shares 2,537,264
Number of Warrants, Exercisable | shares 2,537,264
Weighted Average Exercise Price, Outstanding Beginning | $ / shares $ 5.51
Weighted Average Exercise Price, Issued | $ / shares 5.55
Weighted Average Exercise Price, Exercised | $ / shares
Weighted Average Exercise Price, Forfeited | $ / shares 26.42
Weighted Average Exercise Price, Outstanding Ending | $ / shares 4.39
Weighted Average Exercise Price, Exercisable | $ / shares $ 4.39
Weighted Average Remaining Life In Years, Outstanding Beginning 3 years 8 months 12 days
Weighted Average Remaining Life In Years, Outstanding Ending 3 years 8 months 12 days
Weighted Average Remaining Life In Years, Exercisable 3 years 8 months 12 days
XML 61 R50.htm IDEA: XBRL DOCUMENT v3.20.2
Equity - Schedule of Stock Options Assumptions (Details)
 3 Months Ended
Mar. 31, 2020
Mar. 31, 2019
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Risk free interest rate 1.37%  
Contractual term (years) 3 years 5 years
Expected volatility 55.33% 52.64%
Expected dividends 0.00% 0.00%
Minimum [Member]    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Risk free interest rate   2.18%
Maximum [Member]    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Risk free interest rate   2.62%
XML 62 R51.htm IDEA: XBRL DOCUMENT v3.20.2
Subsequent Events (Details Narrative) - USD ($)
 3 Months Ended
Jun. 05, 2020
Jun. 01, 2020
May 09, 2020
Apr. 21, 2020
Apr. 08, 2020
Mar. 31, 2020
Feb. 18, 2020
Feb. 12, 2020
Mar. 31, 2020
Jun. 24, 2020
Feb. 17, 2020
Subsequent Event [Line Items]                      
Number of common stock shares issued               1,540,000      
Number of common stock shares issued, value                 $ 6,780,000    
Profession Service Agreement [Member]                      
Subsequent Event [Line Items]                      
Number of common stock shares issued             300,000        
Agreement term, description             The term of the agreement commences from the effective date on February 18, 2020 and expires on February 18, 2021.        
Board of Directors [Member]                      
Subsequent Event [Line Items]                      
Number of shares authorized for issuance                     25,616
Consultant [Member]                      
Subsequent Event [Line Items]                      
Number of common stock shares issued           75,000          
Subsequent Event [Member]                      
Subsequent Event [Line Items]                      
Number of common stock shares issued       51,105              
Accrued interest       $ 357,735              
Subsequent Event [Member] | Paycheck Protection Program Promissory Note and Agreement [Member]                      
Subsequent Event [Line Items]                      
Proceeds from loan     $ 866,300                
Debt instrument, maturity date     May 09, 2022                
Debt instrument interest rate     1.00%                
Subsequent Event [Member] | Digital Marketing Consultant [Member]                      
Subsequent Event [Line Items]                      
Number of common stock shares issued 15,000                    
Number of common stock shares issued, value $ 46,050                    
Subsequent Event [Member] | Board of Directors [Member]                      
Subsequent Event [Line Items]                      
Number of shares authorized for issuance       25,616           4,340  
Subsequent Event [Member] | Consultant [Member]                      
Subsequent Event [Line Items]                      
Number of common stock shares issued   5,000                  
Subsequent Event [Member] | Consultant [Member] | Profession Service Agreement [Member]                      
Subsequent Event [Line Items]                      
Agreement term, description         On April 8, 2020, the Company entered into a professional service agreement with a consultant to provide advice on investor outreach and institutional engagements The Consultants will also provide continuous market insight and interpret our trading activity. The term of the agreement commenced from the execution date and ends on April 1, 2021. Pursuant to the terms, the Company agreed to pay the consultant in the form of non-qualified stock options to acquire 200,000 shares of the Company's common stock, exercisable at $2.50 per share for a period of one year. The Options are fully vested upon the signing of this agreement. In addition, the option is callable by the Company in the event the market price of its shares close above $3.50 per share for five consecutive dates upon which the consultant will have three days to elect to exercise of forfeit the options.            
Options to acquire shares         200,000            
Options exercise price         $ 2.50            
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