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Recent Developments
6 Months Ended
Mar. 31, 2014
Recent Developments [Abstract]  
Recent Developments

Note 2.

Recent Developments

We have one Bad Daddy's Burger Bar restaurant in Denver, Colorado which opened on February 3, 2014 and one additional lease signed for a Bad Daddy's Burger Bar restaurant in Thornton, Colorado expected to open in July 2014.We are negotiating additional Bad Daddy's leases for development in 2014 and 2015. The $369,000 of preopening costs shown as an operating expense in the accompanying condensed consolidated statements of operations are all related to the initial Bad Daddy's restaurants being developed by BD of Colorado, LLC.

As of March 31, 2014 we received gross proceeds of $1,039,500 and incurred $59,500 of expenses related to the exercise of 4,000 and 822,800 A and B Warrants, respectively, for which we issued a total of 415,400 shares of our common stock. Additionally, subsequent to March 31, 2014 and through May 7, 2014 we received gross proceeds of $2,071,000 from the exercise of 161,900 and 1,300,500 A and B Warrants, respectively, for which we issued a total of 812,150 shares of our common stock.

As reported on the Company's current form 8K dated May 7, 2014 Hoak Public Equities, L.P., a Texas limited partnership ("Hoak") and Rest Redux LLC, a Texas limited liability company with which Robert Stetson is affiliated ("ReRe," and collectively with Hoak, the "Investors"), on May 2, 2014 entered into a Purchase Agreement with Small Island Investments Limited, a Bermuda corporation ("SII"), under which SII agreed to sell in a private placement pursuant to Section 4(a)(2) of the Securities Act of 1933, and the Investors agreed to purchase, 1,000,000 shares of Good Times Restaurants, Inc. common stock, par value $0.001 per share, from SII in equal portions of 500,000 shares each, at a purchase price of $3.05 per share, equal to an aggregate purchase price of $3,050,000 (the "Investment Transaction"). The Investment Transaction had no effect on the Company's financial statements.

In connection with the closing of the Investment Transaction, the Board of Directors of the Company appointed Robert Stetson as a director of the Company effective May 2, 2014.  Mr. Stetson has substantial experience in the multi-unit restaurant industry and is the former Chief Financial Officer and President-Restaurant Division of Burger King Corp. and former Chief Financial Officer of Pizza Hut Inc. Beginning in 1994, Mr. Stetson built one of the largest public REITs focused on restaurant property development, which merged into GE Capital.