0001214659-19-005111.txt : 20190809 0001214659-19-005111.hdr.sgml : 20190809 20190809130118 ACCESSION NUMBER: 0001214659-19-005111 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 63 CONFORMED PERIOD OF REPORT: 20190625 FILED AS OF DATE: 20190809 DATE AS OF CHANGE: 20190809 FILER: COMPANY DATA: COMPANY CONFORMED NAME: Good Times Restaurants Inc. CENTRAL INDEX KEY: 0000825324 STANDARD INDUSTRIAL CLASSIFICATION: RETAIL-EATING PLACES [5812] IRS NUMBER: 841133368 STATE OF INCORPORATION: NV FISCAL YEAR END: 0924 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 000-18590 FILM NUMBER: 191012241 BUSINESS ADDRESS: STREET 1: 141 UNION BOULEVARD STREET 2: 400 CITY: LAKEWOOD STATE: CO ZIP: 80228 BUSINESS PHONE: 303-384-1440 MAIL ADDRESS: STREET 1: 141 UNION BOULEVARD STREET 2: 400 CITY: LAKEWOOD STATE: CO ZIP: 80228 FORMER COMPANY: FORMER CONFORMED NAME: GOOD TIMES RESTAURANTS INC DATE OF NAME CHANGE: 19920703 FORMER COMPANY: FORMER CONFORMED NAME: PARAMOUNT VENTURES INC DATE OF NAME CHANGE: 19900205 10-Q 1 gt8119010q.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 June 25, 2019
 
OR
 
o TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
 
Commission File Number: 000-18590
 
 
(Exact Name of Registrant as Specified in Its Charter)
NEVADA   84-1133368

(State or Other Jurisdiction of

Incorporation or Organization)

   (I.R.S. Employer
Identification Number)
141 UNION BLVD, SUITE 400, LAKEWOOD, CO 80228
(Address of Principal Executive Offices, Including Zip Code)
(303) 384-1400
(Registrant's Telephone Number, Including Area Code)
 
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     o
 
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 during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).
  Yes     x No     o
 

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a 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      o   Accelerated filer o
Non-accelerated filer      x   Smaller reporting company x
  Emerging growth company o
 
If an emerging growth company, indicated 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. o
 
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).
  Yes     o No     x
 

As of August 9, 2019, there were 12,541,082 shares of the Registrant's common stock, par value $0.001 per share, issued and outstanding.

                 

Title of each class   Trading Symbol(s)   Name of each exchange on which registered
Common Stock, $0.001 par value   GTIM   Nasdaq Stock Exchange

 

 

 

   
 

 

Form 10-Q

Quarter Ended June 25, 2019

 

  INDEX PAGE
     
  PART I - FINANCIAL INFORMATION  
     
Item 1. Financial Statements 3
     
  Condensed Consolidated Balance Sheets (unaudited) – June 25, 2019 and September 25, 2018 3
     
  Condensed Consolidated Statements of Operations (unaudited) for the fiscal quarters ended June 25, 2019 and June 26, 2018 4
     
  Consolidated Statement of Stockholders’ Equity (unaudited) for the Period from September 26, 2018 through June 25, 2019 5
     
  Condensed Consolidated Statements of Cash Flows (unaudited) for the fiscal year-to-date periods ended June 25, 2019 and June 26, 2018 7
     
  Notes to Condensed Consolidated Financial Statements (unaudited) 8
     
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 14
     
Item 3. Quantitative and Qualitative Disclosures About Market Risk 24
     
Item 4T. Controls and Procedures 24
     
  PART II - OTHER INFORMATION  
     
Item 1. Legal Proceedings 25
     
Item 1A. Risk Factors 25
     
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 25
     
Item 3. Defaults Upon Senior Securities 25
     
Item 4. Mine Safety Disclosures 25
     
Item 5. Other Information 25
     
Item 6. Exhibits 25
     
  Signatures 26
     
  Certifications  

 

 2  

 

PART I. - FINANCIAL INFORMATION

 

ITEM 1.FINANCIAL STATEMENTS

 

Good Times Restaurants Inc. and Subsidiaries

Condensed Consolidated Balance Sheets (Unaudited)

(In thousands, except share and per share data)

 

   June 25,
2019		   September 25,
2018		 
ASSETS          
CURRENT ASSETS:          
Cash and cash equivalents  $2,619   $3,477 
Receivables, net of allowance for doubtful accounts of $0   353    1,735 
Prepaid expenses and other   451    151 
Inventories   1,124    1,004 
Notes receivable   13    14 
Total current assets   4,560    6,381 
           
PROPERTY AND EQUIPMENT:          
Land and building   4,787    5,002 
Leasehold improvements   30,740    27,844 
Fixtures and equipment   26,316    24,948 
Total property and equipment   61,843    57,794 
Less accumulated depreciation and amortization   (25,177)   (22,549)
Total net property and equipment   36,666    35,245 
           
OTHER ASSETS:          
Notes receivable, net of current portion   16    32 
Deposits and other assets   204    207 
Trademarks   3,900    3,900 
Other intangibles, net   60    35 
Goodwill   15,150    15,150 
Total other assets   19,330    19,324 
           
TOTAL ASSETS:  $60,556   $60,950 
           
LIABILITIES AND STOCKHOLDERS’ EQUITY          
CURRENT LIABILITIES:          
Current maturities of long-term debt and capital lease obligations  $-   $17 
Accounts payable   4,253    3,774 
Deferred income   72    92 
Other accrued liabilities   3,476    4,452 
Total current liabilities   7,801    8,335 
           
LONG-TERM LIABILITIES:          
Maturities of long-term debt and capital lease obligations due after one year   11,150    7,472 
Deferred and other liabilities   8,290    7,922 
Total long-term liabilities   19,440    15,394 
           
STOCKHOLDERS’ EQUITY:          
Good Times Restaurants Inc. stockholders’ equity:          

Preferred stock, $.01 par value; 5,000,000 shares authorized, no shares

issued and outstanding as of 06/25/19 and 09/25/18

   -    - 

Common stock, $.001 par value; 50,000,000 shares authorized,

12,522,778 and 12,481,162 shares issued and outstanding as

of 06/25/19 and 09/25/18, respectively

   13    12 
Capital contributed in excess of par value   57,548    59,385 
Accumulated deficit   (26,375)   (25,414)
Total Good Times Restaurants Inc. stockholders' equity   31,186    33,983 
           
Non-controlling interests   2,129    3,238 
Total stockholders’ equity   33,315    37,221 
           
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY  $60,556   $60,950 

 

See accompanying notes to condensed consolidated financial statements (unaudited)

 

 3  

 

Good Times Restaurants Inc. and Subsidiaries
Condensed Consolidated Statements of Operations
(Unaudited)

 

(In thousands except share and per share data)

 

   Quarter Ended   Year-to-Date 
   June 25, 2019   June 26, 2018   June 25, 2019   June 26, 2018 
NET REVENUES:                    
Restaurant sales  $29,180   $25,990   $81,281   $71,929 
Franchise revenues   277    273    718    778 
Total net revenues   29,457    26,263    81,999    72,707 
                     
RESTAURANT OPERATING COSTS:                    
Food and packaging costs   8,529    7,833    23,955    22,154 
Payroll and other employee benefit costs   10,677    9,155    30,458    26,076 
Restaurant occupancy costs   2,091    1,850    6,221    5,278 
Other restaurant operating costs   2,989    2,373    8,401    6,626 
Preopening costs   129    610    949    1,683 
Depreciation and amortization   1,104    937    3,227    2,665 
Total restaurant operating costs   25,519    22,758    73,211    64,482 
                     
General and administrative costs   2,144    2,069    6,398    5,884 
Advertising costs   666    653    1,841    1,850 
Franchise costs   8    11    31    32 
Asset impairment costs   -    -    -    72 
Loss (gain) on restaurant asset sale   44    (9)   5    (26)
                     
INCOME (LOSS) FROM OPERATIONS:   1,076    781    513    413 
                     
Other Expenses:                    
Interest expense, net   (202)   (96)   (561)   (270)
Other expense   (1)   -    (1)   - 
Total other expenses, net   (203)   (96)   (562)   (270)
                     
NET INCOME (LOSS):  $873   $685   $(49)  $143 
Income attributable to non-controlling interests   (333)   (381)   (912)   (853)
                     
NET INCOME (LOSS) ATTRIBUTABLE TO COMMON
SHAREHOLDERS		  $540   $304   $(961)  $(710)
                     
BASIC AND DILUTED LOSS PER SHARE:                    
Net income (loss) attributable to Common Shareholders  $.04   $.02   $(.08)  $(.06)
                     
WEIGHTED AVERAGE COMMON SHARES OUTSTANDING:                    
Basic   12,522,778    12,468,326    12,516,822    12,460,467 
Diluted   12,723,323    12,665,172    12,516,822    12,460,467 

 

See accompanying notes to condensed consolidated financial statements (unaudited)

 

 4  

 

Good Times Restaurants Inc. and Subsidiaries
Consolidated Statements of Stockholders’ Equity (Unaudited)
Year-to-Date June 25, 2019
(In thousands, except share and per share data)

 

   Preferred Stock  

Common Stock

                 
   Issued
Shares		   Par
Value		   Issued
Shares		   Par
Value		   Capital
Contributed in
Excess of Par
Value		   Non-
Controlling
Interest In
Partnerships		    Accumulated
Deficit		   Total
                              
BALANCES, September 26, 2018   -   $-    12,481,162   $12   $59,385   $3,238    $(25,414)  $37,221
                                     
Stock-based compensation cost                       112              112
Restricted stock unit vesting             40,949    1                   1
Stock option exercise             667         3              3

Income attributable to non-controlling

interests

                            309         309
Distributions to unrelated limited partners                            (478)        (478)

Net loss attributable to Good Times

Restaurants Inc and comprehensive loss

   0    0    0    0    0    0     (1,051)  (1,051)
                                        
BALANCES, December 25, 2018   -   $-    12,522,778   $13   $59,500   $3,069    $(26,465)  $36,117
                                        
Stock-based compensation cost                       109              109

Income attributable to non-controlling

interests

                            270         270

Distributions to unrelated limited

partners

                            (408)        (408)
Purchase of non-controlling interest                       (2,171)   (788)        (2,959)

Net loss attributable to Good Times

Restaurants Inc and comprehensive loss

   0    0    0    0    0    0     (450)  (450)
                                        
BALANCES, March 26, 2019   -   $-    12,522,778   $13   $57,438   $2,143    $(26,915)  $32,679
                                        
Stock-based compensation cost                       110              110

Income attributable to non-controlling

interests

                            333         333

Distributions to unrelated limited

partners

                            (367)        (367)

Contributions from unrelated limited

partners

                            20         20

Net income attributable to Good Times

Restaurants Inc and comprehensive income

   0    0    0    0    0    0     540   540
                                        
BALANCES, June 25, 2019   -   $-    12,522,778   $13   $57,548   $2,129    $(26,375)  $33,315

 

See accompanying notes to condensed consolidated financial statements (unaudited)

 

 5  

 

Good Times Restaurants Inc. and Subsidiaries
Consolidated Statements of Stockholders’ Equity (Unaudited)
Year-to-Date June 26, 2018
(In thousands, except share and per share data)

 

  

Preferred Stock

  

Common Stock

                 
  Issued
Shares		   Par
Value		   Issued
Shares		   Par
Value		   Capital
Contributed in
Excess of Par
Value		   Non-
Controlling
Interest In
Partnerships		   Accumulated
Deficit		   Total 
                                 
BALANCES, September 27, 2017   -   $-    12,427,280   $12   $58,939   $2,713   $(24,380)  $37,284 
                                         
Stock-based compensation cost                       118              118 
Restricted stock unit vesting             41,046                        - 

Income attributable to non-controlling

interests

                            173         173 

Distributions to unrelated limited

 partners

                            (256)        (256)

Net loss attributable to Good Times

Restaurants Inc and comprehensive loss

   0    0    0    0    0    0    (583)   (583)
                                         
BALANCES, December 26, 2017   -   $-    12,468,326   $12   $59,057   $2,630   $(24,963)  $36,736 
                                         
Stock-based compensation cost                       97              97 

Income attributable to non-controlling

interests

                            299         299 

Distributions to unrelated limited

partners

                            (242)        (242)

Contributions from unrelated limited

partners

                            17         17 

Net loss attributable to Good Times

Restaurants Inc and comprehensive loss

   0    0    0    0    0    0    (431)   (431)
                                         
BALANCES, March 27, 2018   -   $-    12,468,326   $12   $59,154   $2,704   $(25,394)  $36,476 
                                         
Stock-based compensation cost                       88              88 

Income attributable to non-controlling

interests

                            381         381 

Distributions to unrelated limited

partners

                            (492)        (492)

Contributions from unrelated limited

 partners

                            561         561 

Net income attributable to Good Times

Restaurants Inc and comprehensive loss

   0    0    0    0    0    0    304    304 
                                         
BALANCES, June 26, 2018   -   $-    12,468,326   $12   $59,242   $3,154   $(25,090)  $37,318 

 

See accompanying notes to condensed consolidated financial statements (unaudited)

 

 6  

 

Good Times Restaurants Inc. and Subsidiaries

Condensed Consolidated Statements of Cash Flows

(Unaudited)

 

(In thousands)

 

   Year-to-Date 
   June 25, 2019   June 26, 2018 
CASH FLOWS FROM OPERATING ACTIVITIES:          
Net income (loss)  $(49)  $143 
           

Adjustments to reconcile net income (loss) to net cash provided by operating

activities:

          
Depreciation and amortization   3,417    2,849 
Accretion of deferred rent   429    414 
Amortization of lease incentive obligation   (374)   (313)
Asset impairment costs   -    72 
Stock-based compensation expense   331    303 
Recognition of deferred gain on sale of restaurant building   (27)   (26)
Loss on disposal of restaurant assets   58    - 
Changes in operating assets and liabilities:          
Change in:          
Receivables and other   1,381    (128)
Inventories   (120)   (59)
Deposits and other   (356)   (59)
Change in:          
Accounts payable   367    194 
Deferred liabilities   368    1,258 
Accrued and other liabilities   (1,023)   (21)
Net cash provided by operating activities   4,402    4,627 
           
CASH FLOWS FROM INVESTING ACTIVITIES:          
Payments for the purchase of property and equipment   (4,716)   (6,560)
Payments for the purchase of non-controlling interests   (3,009)   - 
Proceeds from sale leaseback transaction   -    1,397 
Proceeds from sale of fixed assets   8    - 
Payments received from franchisees and others   17    10 
Net cash used in investing activities   (7,700)   (5,153)
           
CASH FLOWS FROM FINANCING ACTIVITIES:          
Borrowings on notes payable and long-term debt   6,150    1,400 
Principal payments on notes payable and long-term debt   (2,480)   (1,613)
Proceeds from stock option exercise   3    - 
Net distributions paid to non-controlling interests   (1,233)   (412)
Net cash provided by (used in) financing activities   2,440    (625)
           
NET CHANGE IN CASH AND CASH EQUIVALENTS   (858)   (1,151)
           
CASH AND CASH EQUIVALENTS, beginning of period   3,477    4,337 
           
CASH AND CASH EQUIVALENTS, end of period  $2,619   $3,186 
           
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION:          
Cash paid for interest  $496   $276 
Change in accounts payable attributable to the purchase of
property and equipment		  $112   $942 

 

See accompanying notes to condensed consolidated financial statements (unaudited)

 

 7  

 

GOOD TIMES RESTAURANTS INC. AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
(Tabular dollar amounts in thousands, except share and per share data)

 

Note 1.Basis of Presentation

 

The accompanying unaudited condensed consolidated financial statements include the accounts of Good Times Restaurants Inc. and its wholly-owned subsidiaries, Bad Daddy’s International, LLC (“BDI”), BD of Colorado, LLC (“BD of Colo”), Bad Daddy’s Franchise Development, LLC (“BDFD”), and Good Times Drive Thru, Inc. (“Drive Thru”), (together referred to as the “Company”, “we” or “us”). All significant intercompany balances and transactions have been eliminated in consolidation.

 

BD of Colo was formed by Good Times Restaurants Inc. in 2013 to develop Bad Daddy’s Burger Bar restaurants in the state of Colorado. Subsequently, BDI and BDFD were acquired by Good Times Restaurants Inc. on May 7, 2015. Combined, these entities compose our Bad Daddy’s operating segment, which as of June 25, 2019, operates twenty-eight company-owned and five joint venture full-service upscale casual dining restaurants under the name Bad Daddy’s Burger Bar, primarily located in Colorado and in the Southeast region of the United States, franchises one restaurant in South Carolina, and licenses the Bad Daddy’s brand for use at an airport Bad Daddy’s restaurant under third-party operations and ownership.

 

Drive Thru commenced operations in 1986 and as of June 25, 2019, operates nineteen Company-owned and seven joint venture drive-thru fast food hamburger restaurants in Colorado under the name Good Times Burgers & Frozen Custard. In addition, Drive Thru has eight franchisee-owned restaurants, with six operating in Colorado and two in Wyoming.

 

The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with generally accepted accounting principles and practices of the United States of America (“GAAP”) for interim financial information. In the opinion of management, the accompanying unaudited condensed consolidated financial statements contain all of the normal recurring adjustments necessary to present fairly the financial position of the Company as of June 25, 2019 and the results of its operations and its cash flows for the three fiscal quarters ended June 25, 2019 and June 26, 2018. Operating results for the three fiscal quarters ended June 25, 2019 are not necessarily indicative of the results that may be expected for the year ending September 24, 2019. The condensed consolidated balance sheet as of September 25, 2018 is derived from the audited financial statements but does not include all disclosures required by generally accepted accounting principles. As a result, these condensed consolidated financial statements should be read in conjunction with the Company's Form 10-K for the fiscal year ended September 25, 2018.

 

Fiscal Year – The Company’s fiscal year is a 52/53-week year ending on the last Tuesday of September. In a 52-week fiscal year, each of the Company’s quarterly periods consist of 13 weeks. The additional week in a 53-week fiscal year is added to the first quarter, making such quarter consist of 14 weeks. Neither 2018 or 2019 had a quarter with 14 weeks.

 

Advertising Costs – We utilize Advertising Funds to administer certain advertising programs for both the Bad Daddy’s and Good Times brands that benefit both us and our franchisees.   We and our franchisees are required to contribute a percentage of gross sales to the fund.  As the contributions to these funds are designated and segregated for advertising. We consolidate the Advertising Funds into our financial statements whereby contributions from franchisees, when received, are recorded and included as a component of franchise revenues.  As we intend to utilize all of the advertising contributions towards advertising expenditures, we recognize costs equal to franchisee contributions to the advertising funds on a quarterly basis. Contributions to the Advertising Funds from our franchisees were $240,000 and $263,000 for the first three quarters of 2019 and 2018, respectively.

 

Note 2.Revenue

 

In May 2014, the Financial Accounting Standards Board issued Revenue from Contracts with Customers (“Topic 606), which was subsequently amended by several Accounting Standards Updates. These new or updated standards expanded the disclosure requirements related to revenue and revenue recognition. The Company adopted Topic 606 in the first quarter of its 2019 fiscal year and applied the guidance retrospectively to the prior periods presented. Topic 606 primarily impacts the accounting presentation of the Company’s advertising contribution funds. Because advertising expenses are incurred within the respective year in which contributions are recorded, there was no change to the consolidated balance sheet, however for the first three fiscal quarters of 2018 franchise revenues and advertising costs are each $263,000 greater than originally presented, and for the first three fiscal quarters of 2019 franchise revenues and advertising costs are each $240,000 greater than would have been reflected under the former presentation.

 

Revenue Recognition

 

Revenues consist primarily of sales from restaurant operations and franchise revenue, which includes franchisee royalties and contributions to advertising funds. Revenues associated with gift card breakage are immaterial to our financials. The Company recognizes revenue, pursuant to the new and updated standards, when it satisfies a performance obligation by transferring control over a product or service to a customer, typically a restaurant customer or a franchisee/licensee.

 

The Company recognizes revenues in the form of restaurant sales at the time of the sale when payment is made by the customer, as the Company has completed its performance obligation, namely the provision of food and beverage, and the accompanying customer service, during the customer’s visit to the restaurant. The Company sells gift cards to customers and recognizes revenue from gift cards primarily in the form of restaurant revenue. Gift Card breakage, which is recognized when the likelihood of a gift card being redeemed is remote, is determined based upon the Company’s historic redemption patterns, and is immaterial to our overall financial statements.

 

 8  

 

Revenues we receive from our franchise and license agreements include sales-based royalties, and from our franchise agreements also may include advertising fund contributions, area development fees, and franchisee fees. We recognize sales-based royalties from franchisees and licensees as the underlying sales occur. We similarly recognize advertising fund contributions from franchisees as the underlying sales occur. The Company also provides its franchisees with services associated with opening new restaurants and operating them under franchise and development agreements in exchange for area development and franchise fees. The Company would capitalize these fees upon receipt from the franchisee and then would amortize those over the contracted franchise term as the services comprising the performance obligations are satisfied. We have not received material development or franchise fees in the years presented, and the primary performance obligations under existing franchise and development agreements have been satisfied prior to the earliest period presented in our financial statements.

 

Note 3.Goodwill and Intangible Assets

 

The following table presents goodwill and intangible assets as of June 25, 2019 and September 25, 2018:

 

   June 25, 2019   September 25, 2018 
    Gross
Carrying
Amount		    Accumulated
Amortization		    Net
Carrying
Amount		    Gross
Carrying
Amount		    Accumulated
Amortization		    Net
Carrying
Amount		 

Intangible assets subject to

amortization

                              
Franchise rights   116    (98)   18    116    (81)   35 
Non-compete agreements   65    (23)   42    15    (15)   - 
   $181   $(121)  $60   $131   $(96)  $35 

Indefinite-lived intangible

assets:

                              
Trademarks  $3,900   $-   $3,900   $3,900   $-   $3,900 
Intangible assets, net  $4,081   $(121)  $3,960   $4,031   $(96)  $3,935 
                               
Goodwill  $15,150   $-   $15,150   $15,150   $-   $15,150 

 

The Company had no goodwill impairment losses in the periods presented in the above table or any prior periods.

 

In February 2019 the Company acquired all of the membership interests of three joint venture entities to which the Company was already a party to and the transaction resulted in an increase to non-compete agreements of $50,000, see Note 11.

 

There were no impairments to intangible assets during the three quarters ended June 25, 2019 and June 26, 2018. The aggregate amortization expense related to these intangible assets subject to amortization was approximately $25,000 for the three quarters ended June 25, 2019.

 

The estimated aggregate future amortization expense as of June 25, 2019 is as follows:

 

 Remainder of 2019   $9 
 2020    28 
 2021    17 
 2022    6 
     $60 

 

Note 4.Common Stock

 

On January 26, 2015, the Company filed a shelf registration statement on Form S-3 with the Securities and Exchange Commission ("SEC") which was declared effective by the SEC on March 25, 2015. The registration statement allows the Company to issue common stock from time to time up to an aggregate amount of $75 million, of which $22,688,052 has been issued.

 

Note 5.Stock-Based Compensation

 

The Company has traditionally maintained incentive compensation plans that include provision for the issuance of equity-based awards. The Company established the 2008 Omnibus Equity Incentive Compensation Plan in 2008 (the “2008 Plan”) and has outstanding awards that were issued under the 2008 Plan. Subsequently, the 2008 Plan expired in 2018 and the Company established a new plan, the 2018 Omnibus Equity Incentive Plan (the “2018 Plan”) during the third fiscal quarter of 2018, pursuant to shareholder approval. Future awards will be issued under the 2018 plan.

 

Stock-based compensation is measured at the grant date, based on the calculated fair value of the award, and is recognized as an expense over the requisite service period (generally the vesting period of the grant). The company recognizes the impact of forfeitures as forfeitures occur.

 

Our net loss for the three quarters ended June 25, 2019 and June 26, 2018 includes $331,000 and $303,000, respectively, of compensation costs related to our stock-based compensation arrangements.

 

 9  

 

Stock Option awards

 

The Company measures the compensation cost associated with stock option awards by estimating the fair value of the award as of the grant date using the Black-Scholes pricing model. The Company believes that the valuation technique and the approach utilized to develop the underlying assumptions are appropriate in calculating the fair values of the Company’s stock options and stock awards granted during the three quarters ended June 25, 2019. Estimates of fair value are not intended to predict actual future events or the value ultimately realized by the employees who receive equity awards.

 

During the three quarters ended June 25, 2019, the Company granted a total of 99,832 incentive stock options, from available shares under its 2018 Plan, with exercise prices between $4.66 and $5.00 and per-share weighted average fair values between $2.68 and $3.16.

 

During the three quarters ended June 26, 2018, the Company granted a total of 18,274 incentive stock options, from available shares under its 2008 Plan, as amended, with an exercise prices between $2.70 and $2.73 and per-share weighted average fair values between $1.65 and $1.95.

 

In addition to the exercise and grant date prices of the stock option awards, certain weighted average assumptions that were used to estimate the fair value of stock option grants are listed in the following table:

 

   Year-to-Date 
   June 25, 2019
Incentive and
Non-Qualified
Stock Options		   June 26, 2018
Incentive and
Non-Qualified
Stock Options		 
Expected term (years)   7.5    7.5 
Expected volatility   70.65% to 70.80%    75.33 % to 75.67% 
Risk-free interest rate   3.01% to 3.10%    2.17% to 2.35% 
Expected dividends   -    - 

 

We estimate expected volatility based on historical weekly price changes of our common stock for a period equal to the current expected term of the options. The risk-free interest rate is based on the United States treasury yields in effect at the time of grant corresponding with the expected term of the options. The expected option term is the number of years we estimate that options will be outstanding prior to exercise considering vesting schedules and our historical exercise patterns.

 

The following table summarizes stock option activity for the three quarters ended June 25, 2019 under all plans:

 

   Shares   Weighted
Average
Exercise Price		   Weighted Avg.
Remaining
Contractual Life (Yrs.)		 
Outstanding-at beginning of year   634,647   $3.36      
Options granted   99,832   $4.76      
Options exercised   (667)  $4.41      
Forfeited   (10,881)  $3.87      
Expired   (17,203)  $4.41      
Outstanding June 25, 2019   705,728   $3.52    6.3 
Exercisable June 25, 2019   436,967   $3.23    4.9 

 

As of June 25, 2019, the aggregate intrinsic value of the outstanding and exercisable options was approximately $17,000 and $17,000, respectively. Only options whose exercise price is below the current market price of the underlying stock are included in the intrinsic value calculation.

 

As of June 25, 2019, the total remaining unrecognized compensation cost related to non-vested stock options was $570,000 and is expected to be recognized over a weighted average period of approximately 2.3 years.

 

There were 667 stock options exercised during the three quarters ended June 25, 2019 with proceeds of approximately $3,000. There were no stock options exercised during the three quarters ended June 26, 2018.

 

Restricted Stock Units

 

During the three quarters ended June 25, 2019, the Company granted a total of 79,988 restricted stock units from available shares under its 2018 Plan. The shares were issued with a grant date fair market value of $3.95 which is equal to the closing price of the stock on the date of the grant. The restricted stock units vest over three years following the grant date.

 

During the three quarters ended June 26, 2018, the Company granted a total of 37,037 shares of restricted stock from available shares under its 2008 Plan, as amended. The shares were issued with a grant date fair market value of $2.70 which is equal to the closing price of the stock on the date of the grant. The restricted stock grant vests over three years following the grant date.

 

 10  

 

A summary of the status of non-vested restricted stock as of June 25, 2019 is presented below.

 

   Shares   Grant Date Fair
Value Per Share		 
Non-vested shares at beginning of year   149,614   $2.70 to $4.18 
Granted   79,988   $3.95 
Vested   (44,158)  $2.70 to $4.18 
Non-vested shares at June 25, 2019   185,444   $2.70 to $4.18 

 

As of June 25, 2019, there was approximately $452,000 of total unrecognized compensation cost related to non-vested restricted stock. This cost is expected to be recognized over a weighted average period of approximately 1.4 years.

 

Note 6.Notes Payable and Long-Term Debt

 

Cadence Credit Facility

 

The Company maintains a credit agreement with Cadence Bank (“Cadence”) pursuant to which, as amended, Cadence agreed to loan the Company up to $17,000,000 with a maturity date of December 31, 2021 (the “Cadence Credit Facility”). On February 21, 2019 the Cadence Credit Facility was amended, in connection with the RGWP Repurchase (see note 11), to retroactively attribute EBITDA previously attributed to non-controlling interests to the Company for purposes of certain financial covenants. As amended by the various amendments, the Cadence Credit Facility accrues commitment fees on the daily unused balance of the facility at a rate of 0.25%. All borrowings under the Cadence Credit Facility, as amended, bear interest at a variable rate based upon the Company’s election of (i) 2.5% plus the base rate, which is the highest of the (a) Federal Funds Rate plus 0.5%, (b) the Cadence bank publicly-announced prime rate, and (c) LIBOR plus 1.0%, or (ii) LIBOR, with a 0.250% floor, plus 3.5%. Interest is due at the end of each calendar quarter if the Company selects to pay interest based on the base rate and at the end of each LIBOR period if it selects to pay interest based on LIBOR. As of June 25, 2019, the weighted average interest rate applicable to borrowings under the Cadence Credit Facility was 5.9228%.

 

The Cadence Credit Facility, as amended, contains certain affirmative and negative covenants and events of default that the Company considers customary for an agreement of this type, including covenants setting a maximum leverage ratio of 5.35:1, a minimum fixed charge coverage ratio of 1.25:1 and minimum liquidity of $2,000,000. As of June 25, 2019, the Company was in compliance with the covenants under the Cadence Credit Facility.

 

As a result of entering into the Cadence Credit Facility and the various amendments, the Company paid loan origination costs including professional fees of approximately $232,000 and is amortizing these costs over the term of the credit agreement.

 

The obligations under the Cadence Credit Facility are collateralized by a first-priority lien on substantially all of the Company’s assets.

 

As of June 25, 2019, the outstanding balance on borrowings against the facility was $11,150,000. Availability of the Cadence Credit Facility for borrowings is reduced by the outstanding face value of any letters of credit issued under the facility. As of June 25, 2019, the outstanding face value of such letters of credit was $157,500.

 

Note 7.Net Income (Loss) per Common Share

 

Our basic earnings per share calculation is computed based on the weighted-average number of common shares outstanding. Our diluted earnings per share calculation is computed based on the weighted-average number of common shares outstanding adjusted by the number of additional shares that would have been outstanding had the potentially dilutive common shares been issued. Potentially dilutive securities for this calculation consist of in-the-money outstanding stock options, restricted stock units and warrants (which were assumed to have been exercised at the average market price of the common shares during the reporting period). The treasury stock method is used to measure the dilutive impact of in-the-money stock options.

 

 

The following table reconciles basic weighted-average shares outstanding to diluted weighted-average shares outstanding:

 

   Quarter Ended   Year-to-Date 
   June 25, 2019   June 26, 2018   June 26, 2019   June 26, 2018 
                 
Weighted-average shares outstanding-basic   12,522,778    12,468,326    12,516,822    12,460,467 
Effect of potentially dilutive securities:                    
Stock options   15,101    102,506    0    0 
Restricted stock units   185,444    94,340    0    0 
Weighted-average shares outstanding-diluted   12,723,323    12,665,172    12,516,822    12,460,467 
Excluded from diluted weighted-average
shares outstanding:		                    
Antidilutive   654,468    272,348    891,172    747,796 
                     

 

 

 11  

 

Note 8.Contingent Liabilities and Liquidity

 

We remain contingently liable on various leases underlying restaurants that were previously sold to franchisees. We have never experienced any losses related to these contingent lease liabilities, however if a franchisee defaults on the payments under the leases, we would be liable for the lease payments as the assignor or sub-lessor of the lease. Currently we have not been notified nor are we aware of any leases in default by the franchisees, however there can be no assurance that there will not be in the future which could have a material effect on our future operating results.

 

Additionally, in the normal course of business, there may be various claims in process, matters in litigation, and other contingencies brought against the company by employees, vendors, customers, franchisees, or other parties. Evaluating these contingencies is a complex process that may involve substantial judgment on the potential outcome of such matters, and the ultimate outcome of such contingencies may differ from our current analysis. We review the adequacy of accruals and disclosures related to such contingent liabilities in consultation with legal counsel. While it is not possible to predict the outcome of these claims with certainty, it is management’s opinion that potential losses associated with such contingencies would be immaterial to our financial statements.

 

Note 9.Impairment of Long-Lived Assets and Goodwill

 

Long-Lived Assets. We review our long-lived assets for impairment, including land, property and equipment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Recoverability of assets to be held and used is measured by a comparison of the capitalized costs of the assets to the future undiscounted net cash flows expected to be generated by the assets and the expected cash flows are based on recent historical cash flows at the restaurant level (the lowest level that cash flows can be determined).

 

On January 30, 2018 the Company closed one Good Times restaurant in Aurora, Colorado. A non-cash impairment charge of $219,000 related to this restaurant was previously taken in the fiscal year ended September 26, 2017 and no additional loss from disposal of assets has been subsequently recognized in the current year, nor is any additional loss expected. We recorded accretion expense recognized as non-cash rent of approximately $48,000 in the fiscal year ended September 25, 2018, and approximately $73,000 in the three quarters ended June 25, 2019, reflecting the expected fair value of future lease costs, net of sublease income, associated with the closing of this restaurant. Subsequent to the end of the fiscal third quarter of 2019, the Company entered into a sublease agreement whereby the Company, upon lease commencement subject to due diligence provisions, will receive sublease income substantially equal to its cash lease costs associated with this location.

 

Given the results of our analysis at March 27, 2018, we identified one restaurant where the expected future cash flows would not be sufficient to recover the carrying value of the associated assets. This restaurant, an additional Good Times restaurant in Aurora, Colorado, was closed on April 22, 2018. We recorded a non-cash charge of $72,000 related to the impairment of this restaurant during the quarter ending March 27, 2018. No additional loss from disposal of assets is expected associated with this property. Prior to its closure, on April 6, 2018, the Company entered into a sublease of this property, the terms of which will provide sublease income substantially equal to the lease costs over the approximate 5 remaining years of the lease.

 

Trademarks. Trademarks have been determined to have an indefinite life. We evaluate our trademarks for impairment annually and on an interim basis as events and circumstances warrant by comparing the fair value of the trademarks with their carrying amount. There was no impairment required to the acquired trademarks as of June 25, 2019 and June 26, 2018.

 

Goodwill. Goodwill represents the excess of cost over fair value of the assets of businesses the Company acquired. Goodwill is not amortized, but rather, the Company is required to test goodwill for impairment on an annual basis or whenever indications of impairment arise. The Company considers its operations to be comprised of two reporting units: (1) Good Times restaurants and (2) Bad Daddy’s restaurants. As of June 25, 2019, the Company had $96,000 of goodwill attributable to the Good Times reporting unit and $15,054,000 of goodwill attributable to its Bad Daddy’s reporting unit. No goodwill impairment charges were recognized as of June 25, 2019 and June 26, 2018.

 

Note 10.Income Taxes

 

We account for income taxes using the liability method, whereby deferred tax asset and liability account balances are determined based on differences between the financial reporting and tax bases of assets and liabilities and are measured using the enacted tax rates and laws that will be in effect when the differences are expected to reverse. The Company provides a valuation allowance, if necessary, to reduce deferred tax assets to their estimated realizable value. The deferred tax assets are reviewed periodically for recoverability and valuation allowances are adjusted as necessary.

 

The Company has significant net operating loss carry-forwards from prior years and incurred additional net operating losses during the three quarters ended June 25, 2019 and June 26, 2018. These losses resulted in an increase in the related deferred tax assets; however, valuation allowances were provided which reduced these deferred tax assets to zero; therefore, no income tax provision or benefit was recognized for the three quarters ended June 25, 2019 and June 26, 2018 resulting in an effective income tax rate of 0% for both periods.

 

The Company is subject to taxation in various jurisdictions within the U.S. The Company continues to remain subject to examination by U.S. federal authorities for the years 2016 through 2018. The Company believes that its income tax filing positions and deductions will be sustained on audit and does not anticipate any adjustments that will result in a material adverse effect on the Company’s financial condition, results of operations, or cash flows. Therefore, no reserves for uncertain income tax positions have been recorded. The Company’s practice is to recognize interest and/or penalties related to income tax matters in income tax expense. No accrual for interest and penalties was considered necessary as of June 25, 2019.

 

 12  

 

Note 11.Non-controlling Interests

 

Non-controlling interests are presented as a separate item in the stockholders’ equity section of the condensed consolidated balance sheet. The amount of consolidated net income or loss attributable to non-controlling interests is presented on the face of the condensed consolidated statement of operations. Changes in a parent’s ownership interest in a subsidiary that do not result in deconsolidation are equity transactions, while changes in ownership interest that do result in deconsolidation of a subsidiary require gain or loss recognition based on the fair value on the deconsolidation date.

 

The equity interests of the unrelated limited partners and members are shown on the accompanying consolidated balance sheet in the stockholders’ equity section as a non-controlling interest and is adjusted each period to reflect the limited partners’ and members’ share of the net income or loss as well as any cash contributions or distributions to or from the limited partners and members for the period. The limited partners’ and members’ share of the net income or loss in the subsidiary is shown as non-controlling interest income or expense in the accompanying consolidated statement of operations. All inter-company accounts and transactions are eliminated.

 

On February 6, 2019, the Company concurrently entered into and closed on a Membership Interest Purchase Agreement with RGWP, LLC (the “RGWP Repurchase”), pursuant to which the Company agreed to acquire all of the remaining membership interests of three entities to which the Company is already a party to and already owned a controlling interest: Bad Daddy’s Burger Bar of Seaboard LLC, Bad Daddy’s Burger Bar of Cary, LLC, and BDBB of Olive Park NC, LLC. The purchase price was approximately $3.0 million. These entities own and operate three Bad Daddy’s Burger Bar restaurants in the greater Raleigh, NC market. The purchase agreement contains various representations, warranties, and covenants of the Seller that are customary in transactions of this nature.

 

The RGWP Repurchase resulted in a $788,000 reduction in non-controlling interests, an increase to non-compete agreements of $50,000 and a $2,171,000 reduction in additional paid in capital.

 

The following table summarizes the activity in non-controlling interests during the quarter ended June 25, 2019:

 

   Bad Daddy’s   Good Times   Total 
Balance at September 25, 2018  $2,861   $377   $3,238 
Income attributable to non-controlling interests   671    241    912 
Net distributions to unrelated limited partners   (953)   (280)   (1,233)
Purchase of non-controlling interest   (788)   -    (788)
Balance at June 25, 2019  $1,791   $338   $2,129 

 

Our remaining non-controlling interests consist of one joint venture partnership involving seven Good Times restaurants and five joint venture partnerships involving five Bad Daddy’s restaurants.

 

Note 12. Recent Accounting Pronouncements

 

In May 2014, the FASB issued ASU No. 2014-09, “Revenue from Contracts with Customers (Topic 606).” This update was issued to replace the current revenue recognition guidance, creating a more comprehensive five-step model. In March 2016, the FASB issued No. ASU 2016-04, “Liabilities – Extinguishments of Liabilities: Recognition of Breakage for Certain Prepaid Stored-Value Products.” This pronouncement provides guidance for the derecognition of prepaid stored-value product liabilities, consistent with the breakage guidance in Topic 606. These amendments are effective for fiscal years beginning after December 15, 2017 and interim periods within those fiscal years. We adopted these ASUs effective as of September 26, 2018. The adoption of these new standards did not have a material impact to our revenue recognition related to Company-owned restaurant sales, recognition of royalty fees from our franchise agreement, or impact from recognition of gift card breakage. As discussed in Note 2 and further described below, the adoption of this standard did have an impact on the presentation of advertising fund contributions from our franchises. Prior to the adoption of these new standards, we accounted for advertising expenses net of advertising contributions from our franchisees. Subsequently, as described in Notes 1 and 2, we now account for franchisee advertising contributions as a component of franchise revenue. Because advertising expenses are incurred within the respective year in which contributions are recorded, there was no change to the consolidated balance sheet, however for the first three fiscal quarters of 2018 franchise revenues and advertising costs are each $263,000 greater than originally presented, and for the first three fiscal quarters of 2019 franchise revenues and advertising costs are each $240,000 greater than would have been reflected under the former presentation.

 

In February 2016, the FASB issued ASU No. 2016-02, “Leases (Topic 842)”, (ASU 2016-02), which replaces the existing guidance in Accounting Standard Codification 840, Leases. ASU 2016-02 is effective for fiscal years, and interim periods within those years, beginning after December 15, 2018. This pronouncement requires a dual approach for lessee accounting under which a lessee would account for leases as finance leases or operating leases. Both finance leases and operating leases will result in the lessee recognizing a right-of-use asset and a corresponding lease liability. Subsequently FASB has issued several other Accounting Standards Updates, including ASU 2018-11 and ASU 2018-12, which among other things provide for a practical expedient related to the recognition of the cumulative effective on retained earnings resulting from the adoption of the pronouncements. We expect to adopt these ASU’s effective September 25, 2019 and expect that the adoption of these standards will result in a significant increase in our long-term assets and liabilities given we have a significant number of leases.

 

 13  

 

In January 2017, the FASB issued ASU No. 2017-04, “Intangibles – Goodwill and Other (Topic 350) – Simplifying the Test for Goodwill Impairment,” which eliminates Step 2 from the impairment test applied to goodwill. Under the new standard, goodwill impairment tests will compare the fair value of a reporting unit with its carrying amount. An impairment charge will be recognized for the amount by which the carrying amount exceeds the reporting unit’s fair value, not to exceed the total amount of goodwill. This pronouncement is effective for annual and interim periods beginning after December 15, 2019 and should be applied on a prospective basis. We adopted this ASU effective as of the quarter-end March 26, 2019. The adoption of the new standard did not have a material impact on our financial position or results from operations.

 

Note 13.Subsequent Events

 

None.

 

Note 14.Segment Reporting

 

All of our Good Times Burgers and Frozen Custard restaurants (Good Times) compete in the quick-service industry segment while our Bad Daddy’s Burger Bar restaurants (Bad Daddy’s) compete in the full-service industry segment. We believe that providing this additional financial information for each of our brands will provide a better understanding of our overall operating results. Income (loss) from operations represents revenues less restaurant operating costs and expenses, directly allocable general and administrative expenses, and other restaurant-level expenses directly associated with each brand including depreciation and amortization, pre-opening costs and losses or gains on disposal of property and equipment. Unallocated corporate capital expenditures are presented below as reconciling items to the amounts presented in the consolidated financial statements.

 

The following tables present information about our reportable segments for the respective periods:

 

   Quarter Ended   Year-to-Date 
   June 25, 2019   June 26, 2018   June 25, 2019   June 26, 2018 
Revenues                
Bad Daddy’s  $21,181   $17,862   $59,996   $48,985 
Good Times   8,276    8,401    22,003    23,722 
   $29,457   $26,263   $81,999   $72,707 
Income (loss) from
   operations		                    
Bad Daddy’s  $494   $430   $300   $438 
Good Times   650    423    505    265 
Corporate   (68)   (72)   (292)   (290)
   $1,076   $781   $513   $413 
Capital expenditures                    
Bad Daddy’s  $609   $2,270   $3,727   $6,259 
Good Times   301    113    930    290 
Corporate   13    8    59    11 
   $923   $2,391   $4,716   $6,560 

 

   June 25, 2019   September 25, 2018 
Property and equipment, net          
Bad Daddy’s  $30,829   $29,642 
Good Times   5,594    5,234 
Corporate   243    369 
   $36,666   $35,245 

 

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

 

This Form 10-Q contains or incorporates by reference forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended and the disclosure of risk factors in the Company’s form 10-K for the fiscal year ended September 25, 2018. Also, documents subsequently filed by us with the SEC and incorporated herein by reference may contain forward-looking statements. We caution investors that any forward-looking statements made by us are not guarantees of future performance and actual results could differ materially from those in the forward-looking statements as a result of various factors, including but not limited to the following:

 

(I)We compete with numerous well-established competitors who have substantially greater financial resources and longer operating histories than we do. Competitors have increasingly offered selected food items and combination meals, including hamburgers, at discounted prices, and continued discounting by competitors may adversely affect revenues and profitability of Company restaurants.

 

(II)We may be negatively impacted if we experience same store sales declines. Same store sales comparisons will be dependent, among other things, on the success of our advertising and promotion of new and existing menu items. No assurances can be given that such advertising and promotions will in fact be successful.

 

 14  

 

We may also be negatively impacted by other factors common to the restaurant industry such as: changes in consumer tastes away from red meat and fried foods; increases in the cost of food, paper, labor, health care, workers' compensation or energy; inadequate number of hourly paid employees; and/or decreases in the availability of affordable capital resources. We caution the reader that such risk factors are not exhaustive, particularly with respect to future filings. For further discussion of our exposure to market risk, refer to Part I, Item 1A, “Risk Factors” in our Annual Report on Form 10-K for the fiscal year ended September 25, 2018.

 

Overview.

 

Good Times Restaurant Inc., through its subsidiaries (collectively, the “Company” or “we”, “us” or “our”) operates and franchises/licenses full-service hamburger-oriented restaurants under the name Bad Daddy’s Burger Bar (Bad Daddy’s) and operates and franchises hamburger-oriented drive-through restaurants under the name Good Times Burgers & Frozen Custard (Good Times).

 

We are focused on developing the Bad Daddy’s concept with company-owned restaurants in major markets of the U.S., while continuing to improve the profitability of Good Times, redeploying profits generated from Good Times into the Bad Daddy’s concept.

 

Growth Strategies and Outlook.

 

We believe there are significant opportunities to develop new units, grow customer traffic and increase awareness of our brands. The following sets for the key elements of our growth strategy:

 

·Pursue disciplined unit growth of company-operated Bad Daddy’s restaurants
·Generate consistently positive same-store sales in both brands by delivering food and service that are differentiated in each of their respective competitive segments
·Optimize the value captured from our Good Times restaurants to reinvest in Bad Daddy’s development

 

Restaurant locations.

 

As of June 25, 2019, we operated, franchised or licensed a total of thirty-five Bad Daddy’s restaurants and thirty-four Good Times restaurants. The following table presents the number of restaurants operating at the end of the first three fiscal quarters of 2019 and 2018.

 

Company-Owned/Co-Developed/Joint Venture:

State  Good Times Burgers
& Frozen Custard		   Bad Daddy's
Burger Bar		   Total 
   2019   2018   2019   2018   2019   2018 
Colorado   26    26    12    12    38    38 
Georgia   0    0    4    2    4    2 
Oklahoma   0    0    1    1    1    1 
North Carolina   0    0    14    11    14    11 
South Carolina   0    0    1    0    1    0 
Tennessee   0    0    1    1    1    1 
Total:   26    26    33    27    59    53 

 

Franchise/License:

 

State  Good Times Burgers
& Frozen Custard		   Bad Daddy's
Burger Bar		   Total 
   2019   2018   2019   2018   2019   2018 
Colorado   6    8    0    0    6    8 
North Carolina   0    0    1    1    1    1 
South Carolina   0    0    1    1    1    1 
Wyoming   2    2    0    0    2    2 
Total:   8    10    2    2    10    12 

 

Results of Operations

 

Fiscal quarter ended June 25, 2019 compared to fiscal quarter ended June 26, 2018:

 

Net Revenues. Net revenues for the quarter ended June 25, 2019 increased $3,194,000 or 12.2% to $29,457,000 from $26,263,000 for the quarter ended June 26, 2018. Bad Daddy’s concept revenues increased $3,319,000 while our Good Times concept revenues decreased $125,000.

 

 15  

 

Bad Daddy’s restaurant sales increased $3,315,000 to $21,080,000 for the quarter ended June 25, 2019 from $17,765,000 for the quarter ended June 26, 2018, primarily attributable to the six new restaurants opened subsequent to the third fiscal quarter of 2018. Bad Daddy’s same store restaurant sales decreased 0.7% during the quarter ended June 25, 2019 compared to the same prior-year quarter. Bad Daddy’s restaurants are included in same store sales after they have been open a full eighteen months. Comparable sales are calculated excluding weeks during which restaurants are closed for major remodels. The average menu price increase for the quarter ended June 25, 2019 over the same prior-year quarter was approximately 1.4%. There were twenty-four restaurants included in the same store sales base at the end of the quarter. Additionally, net revenues increased by $4,000 due to higher franchise revenues compared to the same prior-year quarter. The current and prior year quarters include franchise advertising contributions of $4,000.

 

Good Times restaurant sales decreased $125,000 to $8,100,000 for the quarter ended June 25, 2019 from $8,225,000 for the quarter ended June 26, 2018. Good Times same store restaurant sales increased 2.8% during the quarter ended June 25, 2019 compared to the same prior-year quarter. To align Good Times’ same store sales calculations with same store sales calculations for Bad Daddy’s, beginning in fiscal 2018 Good Times restaurants are included in the same store sales calculation after they have been open a full eighteen months. The same store sales increase was offset by a decrease in restaurant sales of $344,000 due to one restaurant that closed in April of 2018 and one that was closed for most of the current fiscal quarter for a remodel. The average menu price increase for the quarter ended June 25, 2019 over the same prior-year quarter was approximately 3.9%. Total franchise revenues were unchanged for the quarter ended June 25, 2019 at $176,000, compared to the same prior year quarter. The current and prior year quarters include franchise advertising contributions of $93,000 and $84,000, respectively.

 

Food and Packaging Costs. Food and packaging costs for the quarter ended June 25, 2019 increased $696,000 to $8,529,000 (29.2% of restaurant sales) from $7,833,000 (30.1% of restaurant sales) for the quarter ended June 26, 2018.

 

Bad Daddy’s food and packaging costs were $6,063,000 (28.8% of restaurant sales) for the quarter ended June 25, 2019, up from $5,179,000 (29.2% of restaurant sales) for the quarter ended June 26, 2018. This increase is primarily due to a greater number of operating restaurants during the current quarter versus the same quarter in the prior year. The decline as a percent of sales is primarily due to a combination of higher menu prices, combined with lower costs of proteins, primarily beef.

 

Good Times food and packaging costs were $2,466,000 (30.4% of restaurant sales) for the quarter ended June 25, 2019, down from $2,654,000 (32.3% of restaurant sales) for the quarter ended June 26, 2018. The decrease as a percent of sales is due primarily to increased menu prices, coupled with reduced beef prices, and targeted product changes.

 

Payroll and Other Employee Benefit Costs. Payroll and other employee benefit costs for the quarter ended June 25, 2019 increased $1,522,000 to $10,677,000 (36.6% of restaurant sales) from $9,155,000 (35.2% of restaurant sales) for the quarter ended June 26, 2018.

 

Bad Daddy’s payroll and other employee benefit costs were $7,851,000 (37.2% of restaurant sales) for the quarter ended June 25, 2019 up from $6,439,000 (36.2% of restaurant sales) in the same prior year period. The $1,412,000 increase was primarily attributable to the eight new restaurants opened in the last three quarters of fiscal 2018 and two new restaurants opened in the first three quarters of fiscal 2019. As a percent of sales, payroll and employee benefits costs increased by 1.0%, the result of increased wages for back of house staff in all states due to a competitive market for workers and statutory wage increases for front-of-house employees in Colorado, which in total exceeded the impact of our year-over-year menu price increases.

 

Good Times payroll and other employee benefit costs were $2,826,000 (34.9% of restaurant sales) in the quarter ended June 25, 2019, up from $2,716,000 (33.0% of restaurant sales) in the same prior year period. Payroll and other employee benefit costs increased $187,000 for the restaurants that were open in both quarters in 2018 and 2019. The increase was due to higher average weekly sales and a higher average wage paid to our employees. The average wage increased approximately 10.8% in the quarter ended June 25, 2019 compared to the same prior year period attributable to a very competitive labor market in Colorado and statutory increases in the minimum wage rate. The increase was offset by a decrease in payroll and other employee benefit costs of $77,000 from the same prior-year quarter due to one store that closed in April of 2018 and one store that was closed for most of the current fiscal quarter for a remodel.

 

Occupancy Costs. Occupancy costs for the quarter ended June 25, 2019 increased $241,000 to $2,091,000 (7.2% of restaurant sales) from $1,850,000 (7.2% of restaurant sales) for the quarter ended June 26, 2018.

 

Bad Daddy’s occupancy costs were $1,391,000 (6.6% of restaurant sales) for the quarter ended June 25, 2019 up from $1,156,000 (6.5% of restaurant sales) in the same prior year period. The $235,000 increase was primarily attributable to the six new restaurants opened subsequent to the end of the third quarter of 2018.

 

Good Times occupancy costs were $700,000 (8.6% of restaurant sales) in the quarter ended June 25, 2019, up from $694,000 (8.4% of restaurant sales) in the same prior year period. The $6,000 increase was primarily attributable to an increase in property taxes and common area costs compared to the same prior year period.

 

Other Operating Costs. Other operating costs for the quarter ended June 25, 2019, increased $616,000 to $2,989,000 (10.2% of restaurant sales) from $2,373,000 (9.1% of restaurant sales) for the quarter ended June 26, 2018.

 

Bad Daddy’s other operating costs were $2,339,000 (11.1% of restaurant sales) for the quarter ended June 25, 2019 up from $1,725,000 (9.7% of restaurant sales) in the same prior year period. The $614,000 increase was primarily attributable to the eight new restaurants opened in the last two quarters of fiscal 2018 and two new restaurants opened in the first two quarters of fiscal 2019. The percentage increase was primarily attributable to higher costs of general restaurant supplies and approximately $183,000 of increased commissions paid to delivery service providers in the current quarter which were not incurred in the prior year quarter.

 

 16  

 

Good Times other operating costs were $650,000 (8.0% of restaurant sales) in the quarter ended June 25, 2019, up from $648,000 (7.9% of restaurant sales) in the same prior year period. The percentage increase was primarily attributable to higher costs of general restaurant supplies and approximately $25,000 of commissions paid to delivery service providers in the current quarter which were not incurred in the prior year quarter. The increase in commissions in the current quarter was offset by a $19,000 decrease in costs due to one restaurant that closed in April 2018 and one that was closed for most of the current fiscal quarter for a remodel.

 

New Store Preopening Costs. In the quarter ended June 25, 2019, we incurred $129,000 of preopening costs compared to $610,000 for the quarter ended June 26, 2018. All of the preopening costs are related to our Bad Daddy’s restaurants.

 

Preopening costs in the current quarter are primarily attributable to two restaurants that will open in August and September of 2019. In the prior-year period, pre-opening costs are related to the one Bad Daddy’s restaurant opened during the second fiscal quarter of 2018 and four that opened during the third and fourth quarters of fiscal 2018.

 

Preopening costs typically occur over a period of approximately five months, although the exact timing varies by location. We typically spend approximately $275,000 to $350,000 per location.

 

Depreciation and Amortization Costs. Depreciation and amortization costs for the quarter ended June 25, 2019, increased $167,000 to $1,104,000 from $937,000 in the quarter ended June 26, 2018.

 

Bad Daddy’s depreciation and amortization costs were $863,000 for the quarter ended June 25, 2019 up from $698,000 in the same prior year period. This increase was mainly attributable to the six new restaurants opened subsequent to the third quarter of fiscal 2018.

 

Good Times depreciation and amortization costs were $241,000 for the quarter ended June 25, 2019 up from $239,000 in the same prior year period.

 

General and Administrative Costs. General and administrative costs for the quarter ended June 25, 2019, increased $75,000 to $2,144,000 (7.3% of total revenue) from $2,069,000 (7.8% of total revenues) for the quarter ended June 26, 2018.

 

The $75,000 increase in general and administrative expenses in the quarter ended June 25, 2019 is primarily attributable to:

 

·Increase in salaries, wages, and employee benefit costs associated with manager training of $30,000
·Decrease in shared services salaries, wages, and employee benefit costs of $9,000
·Increase in stock compensation expense of $21,000
·Increase in costs associated with district management of $75,000, primarily related to additional district management for our east coast Bad Daddy’s markets, partially offset by reductions in the Colorado market costs for both Bad Daddy’s and Good Times
·Increase in training and recruiting costs of $15,000
·Decrease in professional fees, director’s fees and financial relations of $121,000 primarily attributable to costs in the prior year quarter for legal expenses related to the Company’s response to SEC filings by shareholders affiliated with two former directors, payments to departing directors pursuant to a settlement agreement with shareholders affiliated with two directors, and professional services associated with a one-time option exchange and the establishment of a new equity compensation plan to replace the former plan which had expired
·Increase in preliminary site costs of $26,000
·Net increases in all other expenses of $38,000

 

We expect total general and administrative costs will increase in support of additional Bad Daddy’s restaurants, particularly related to district management and manager training expenses, however we anticipate such costs will decrease as a percentage of revenue.

 

Advertising Costs. Advertising costs for the quarter ended June 25, 2019, increased $13,000 to $666,000 (2.3% of total revenue) from $653,000 (2.5% of total revenue) for the quarter ended June 26, 2018. The decline as a percentage of revenues is primarily due to the growth of the Bad Daddy’s segment, which has lower advertising costs as a percentage of revenue compared to the Good Times segment.

 

Bad Daddy’s advertising costs were $212,000 (1.0% of total revenue) in the quarter ended June 25, 2019 compared to $197,000 (1.1% of total revenue) in the same prior year period. The $15,000 increase was primarily attributable to the six new restaurants opened subsequent to the end of the third quarter of 2018, partially offset by a reduction in local store marketing. The current and prior year quarters include advertising costs of $4,000 of costs associated with franchise advertising contributions.

 

Good Times advertising costs were $454,000 (5.5% of total revenue) in the quarter ended June 25, 2019 compared to $456,000 (5.6% of total revenue) in the same prior year period. This $2,000 decline is due primarily to reduced contributions to the advertising fund due to the restaurant that closed in April 2018 and the restaurant that was closed for most of the current quarter for a remodel. The current and prior year quarters include advertising costs of $93,000 and $84,000, respectively, of costs associated with franchise advertising contributions.

 

Bad Daddy’s advertising costs consist primarily of contributions made to the advertising materials fund based on a percentage of restaurant sales as well as local store marketing efforts.

 

Good Times advertising costs consists primarily of contributions made to the advertising materials fund and a regional advertising cooperative based on a percentage of restaurant sales which are used to provide television and radio advertising, social media and on-site and point-of-purchase. Advertising costs are presented gross, with franchisee contributions to the fund being recognized as a component of franchise revenues. As a percentage of total revenue, we expect advertising costs to remain relatively stable at approximately 5.5% of total revenue for the Good Times segment.

 

 17  

 

Franchise Costs. Franchise costs were $8,000 and $11,000 for the quarters ended June 25, 2019 and June 26, 2018, respectively. The costs are primarily related to the Good Times franchised restaurants.

 

Loss (gain) on Restaurant Asset Disposals. The loss on restaurant asset disposals for the quarter ended June 25, 2019 was $44,000 compared to a gain of $9,000 for the quarter ended June 26, 2018. The loss in the current quarter is primarily associated with the write down of assets no longer in use, offset by deferred gains on previous sale lease-back transactions on two Good Times restaurants. The gain in the prior period is related to deferred gains on previous sale lease-back transactions on two Good Times restaurants.

 

Income from Operations. Income from operations was $1,076,000 in the quarter ended June 25, 2019 compared to income from operations of $781,000 in the quarter ended June 26, 2018.

 

The change in income from operations for the quarter was due primarily to matters discussed in the "Net Revenues”, "Restaurant Operating Costs", “Asset Impairment Costs” and "General and Administrative Costs" sections above.

 

Net Income. Net income was $873,000 for the quarter ended June 25, 2019 compared to net income of $685,000 in the quarter ended June 26, 2018.

 

The change in net income for the quarter was primarily attributable to the matters discussed in the "Net Revenues", "Restaurant Operating Costs", “Asset Impairment Costs” and "General and Administrative Costs", as well as an increase in net interest expense of $106,000 for the current quarter, compared to the same prior year period.

 

Income Attributable to Non-Controlling Interests. The non-controlling interest represents the limited partners’ or members’ share of income in the Good Times and Bad Daddy’s joint venture restaurants.

 

For the quarter ended June 25, 2019, the income attributable to non-controlling interests was $333,000 compared to $381,000 for the quarter ended June 26, 2018.

 

Current quarter income of $186,000 is attributable to non-controlling partners in the BDI joint-venture restaurants, compared to $238,000 in the same prior year period. This decrease is due to the elimination of non-controlling interest beginning in the second fiscal quarter associated with the repurchase of interests in the three Raleigh area restaurants offset by an increase in joint venture store operating weeks due to two new joint venture restaurants opened during the final quarter of fiscal 2018. Current quarter income of $147,000 is attributable to non-controlling partners in the Good Times joint-venture restaurants, compared to $143,000 in the same prior year period.

 

Fiscal three quarters ended June 25, 2019 compared to fiscal three quarters ended June 26, 2018:

 

Net Revenues. Net revenues for the three quarters ended June 25, 2019 increased $9,292,000 or 12.8% to $81,999,000 from $72,707,000 for the quarter ended June 26, 2018. Bad Daddy’s concept revenues increased $11,011,000 while our Good Times concept revenues decreased $1,719,000.

 

Bad Daddy’s restaurant sales increased $11,008,000 to $59,714,000 for the three quarters ended June 25, 2019 from $48,706,000 for the three quarters ended June 26, 2018, primarily attributable to the nine new restaurants opened in fiscal 2018 and two new restaurant opened in the three quarters ended June 25, 2019. Bad Daddy’s same store restaurant sales increased 0.2% during the three quarters ended June 25, 2019 compared to the same prior-year period. Bad Daddy’s restaurants are included in same store sales after they have been open a full eighteen months. Comparable sales are calculated excluding weeks during which restaurants are closed for major remodels. The average menu price increase for the three quarters ended June 25, 2019 over the same prior-year period was approximately 2.2%. There were twenty-four restaurants included in the same store sales base at the end of the quarter. Franchise revenues increased $3,000 for the three quarters ended June 25, 2019 compared to the same prior-year period. The current and prior year periods include franchise advertising contributions of $11,000 and $12,000, respectively.

 

Good Times restaurant sales decreased $1,656,000 to $21,567,000 for the three quarters ended June 25, 2019 from $23,223,000 for the three quarters ended June 26, 2018. Good Times same store restaurant sales decreased 3.1% during the three quarters ended June 25, 2019 compared to the same prior-year period. Good Times sales were negatively affected in the first two fiscal quarters of 2019 by abnormally cold and wet weather in Colorado. To align Good Times’ same store sales calculations with same store sales calculations for Bad Daddy’s, beginning in fiscal 2018 Good Times restaurants are included in the same store sales calculation after they have been open a full eighteen months. Restaurant sales decreased $636,000 due to two restaurants that were closed in January and April of 2018, restaurant sales also decreased $287,000 due to one restaurant that was closed for most of the third fiscal quarter for a remodel. The average menu price increase for the three quarters ended June 25, 2019 over the same prior-year period was approximately 3.5%. Franchise revenues decreased $41,000 for the three quarters ended June 25, 2019, compared to the same prior year period, primarily due to one franchise location that closed in September 2018 and one location that was temporarily closed due to a fire that occurred in April 2018, the restaurant subsequently reopened in March 2019. The current and prior year quarters include franchise advertising contributions of $228,000 and $251,000, respectively.

 

Food and Packaging Costs. Food and packaging costs for the three quarters ended June 25, 2019 increased $1,801,000 to $23,955,000 (29.5% of restaurant sales) from $22,154,000 (30.8% of restaurant sales) for the three quarters ended June 26, 2018. This increase is primarily due to a greater number of operating restaurants during the current period versus the same period in the prior year.

 

 18  

 

Bad Daddy’s food and packaging costs were $17,136,000 (28.7% of restaurant sales) for the three quarters ended June 25, 2019, up from $14,539,000 (29.9% of restaurant sales) for the three quarters ended June 26, 2018. This increase is primarily due to a greater number of operating restaurants during the current period versus the same period in the prior year. The decline as a percent of sales is primarily due to a combination of higher menu prices, combined with lower costs of proteins, primarily beef.

 

Good Times food and packaging costs were $6,819,000 (31.6% of restaurant sales) for the three quarters ended June 25, 2019, down from $7,615,000 (32.8% of restaurant sales) for the three quarters ended June 26, 2018. In addition to the factors affecting the quarter ending June 25, 2019, current year food and packaging costs at Good Times were favorably affected by the increased discounting of kid’s meals that was in place during the first quarter of fiscal 2018.

 

Payroll and Other Employee Benefit Costs. Payroll and other employee benefit costs for the three quarters ended June 25, 2019 increased $4,382,000 to $30,458,000 (37.5% of restaurant sales) from $26,076,000 (36.3% of restaurant sales) for the three quarters ended June 26, 2018.

 

Bad Daddy’s payroll and other employee benefit costs were $22,502,000 (37.7% of restaurant sales) for the three quarters ended June 25, 2019 up from $18,002,000 (37.0% of restaurant sales) in the same prior year period. The $4,500,000 increase was primarily attributable to the nine new restaurants opened during fiscal 2018 and two new restaurants opened during the three quarters ended June 25, 2019. As a percent of sales, payroll and employee benefits costs increased by 0.7%, the result of increased wages for back of house staff in all states due to a competitive market for workers and statutory wage increases for front-of-house employees in Colorado, which in total exceeded the impact of our year-over-year menu price increases.

 

Good Times payroll and other employee benefit costs were $7,956,000 (36.9% of restaurant sales) in the three quarters ended June 25, 2019, down from $8,074,000 (34.8% of restaurant sales) in the same prior year period. Payroll and other employee benefit costs decreased $335,000 from the same prior-year quarters due two stores that were closed in January and April of 2018 and one store that was closed for most of the third fiscal quarter for a remodel. The decrease was offset by an increase in payroll and other employee benefit costs of $217,000 primarily due to the average wage paid to our employees. The average wage increased approximately 10.5% in the three quarters ended June 25, 2019 compared to the same prior year period. This average wage increase is attributable to a very competitive labor market in Colorado and statutory increases in the minimum wage rate.

 

Occupancy Costs. Occupancy costs for the three quarters ended June 25, 2019 increased $943,000 to $6,221,000 (7.7% of restaurant sales) from $5,278,000 (7.3% of restaurant sales) for the three quarters ended June 26, 2018.

 

Bad Daddy’s occupancy costs were $4,022,000 (6.7% of restaurant sales) for the three quarters ended June 25, 2019 up from $3,114,000 (6.4% of restaurant sales) in the same prior year period. The $908,000 increase was primarily attributable to the nine new restaurants opened in fiscal 2018 and two new restaurants opened in the three quarters ended June 25, 2019.

 

Good Times occupancy costs were $2,199,000 (10.2% of restaurant sales) in the three quarters ended June 25, 2019, up from $2,164,000 (9.3% of restaurant sales) in the same prior year period. The $35,000 increase was primarily attributable to an increase in property taxes and common area costs compared to the same prior year period, and the increase as a percentage of sales is due to the deleveraging impact of lower average unit volumes.

 

Other Operating Costs. Other operating costs for the three quarters ended June 25, 2019, increased $1,775,000 to $8,401,000 (10.3% of restaurant sales) from $6,626,000 (9.2% of restaurant sales) for the three quarters ended June 26, 2018.

 

Bad Daddy’s other operating costs were $6,560,000 (11.0% of restaurant sales) for the three quarters ended June 25, 2019 up from $4,735,000 (9.7% of restaurant sales) in the same prior year period. The $1,825,000 increase was primarily attributable to the nine new restaurants opened in fiscal 2018 and two new restaurants opened in the three quarters ended June 25, 2019. The percentage increase was primarily attributable to higher costs of general restaurant supplies and approximately $484,000 of increased commissions paid to delivery service providers in the current year which were not incurred in the prior year.

 

Good Times other operating costs were $1,841,000 (8.5% of restaurant sales) in the three quarters ended June 25, 2019, down from $1,891,000 (8.2% of restaurant sales) in the same prior year period. The decrease was primarily attributable to the two restaurants that closed in 2018. The increase as a percentage of sales is due to the deleveraging impact of lower average unit volumes.

 

New Store Preopening Costs. In the three quarters ended June 25, 2019, we incurred $949,000 of preopening costs compared to $1,683,000 for the three quarters ended June 26, 2018. All of the preopening costs are related to our Bad Daddy’s restaurants.

 

Preopening costs in the three quarters ended June 25, 2019 are primarily attributable to four restaurants that opened between the final fiscal quarter of 2018 and third fiscal quarter of 2019 as well as to two restaurants that will open later in fiscal 2019. In the prior-year period, pre-opening costs are related to the seven Bad Daddy’s restaurants opened between the first and fourth fiscal quarters of 2018.

 

Preopening costs typically occur over a period of approximately five months, although the exact timing varies by location. We typically spend approximately $275,000 to $350,000 per location.

 

Depreciation and Amortization Costs. Depreciation and amortization costs for the three quarters ended June 25, 2019, increased $562,000 to $3,227,000 from $2,665,000 in the three quarters ended June 26, 2018.

 

Bad Daddy’s depreciation and amortization costs were $2,542,000 for the three quarters ended June 25, 2019 up from $1,973,000 in the same prior year period. This increase was mainly attributable to the nine new restaurants opened in fiscal 2018 and two new restaurants opened in the three quarters ended June 25, 2019.

 

Good Times depreciation and amortization costs were $685,000 for the three quarters ended June 25, 2019 down from $692,000 in the same prior year period.

 

 19  

 

General and Administrative Costs. General and administrative costs for the three quarters ended June 25, 2019, increased $514,000 to $6,398,000 (7.8% of total revenue) from $5,884,000 (8.1% of total revenues) for the three quarters ended June 26, 2018.

 

The $514,000 increase in general and administrative expenses in the three quarters ended June 25, 2019 is primarily attributable to:

 

·Increase in salaries, wages, and employee benefit costs associated with manager training of $305,000
·Decrease in shared services salaries, wages, and employee benefit costs of $106,000
·Increase in costs associated with district management of $183,000, primarily related to additional district management for our east coast Bad Daddy’s markets, partially offset by a reduction in the Colorado market costs for our Good Times locations
·Increase in training and recruiting costs of $85,000
·Decrease in professional fees, director’s fees and financial relations of $111,000 primarily attributable to costs in the prior year quarter for legal expenses related to the Company’s response to SEC filings by shareholders affiliated with two former directors, payments to departing directors pursuant to a settlement agreement with shareholders affiliated with two directors, and professional services associated with a one-time option exchange and the establishment of a new equity compensation plan to replace the former plan which had expired
·Increase in preliminary site costs of $37,000
·Increase in dues and subscriptions of $39,000 primarily due to a commodity contract management tool
·Net increases in all other expenses of $82,000

 

We expect total general and administrative costs will increase in support of additional Bad Daddy’s restaurants, particularly related to district management and manager training expenses, however we anticipate such costs will decrease as a percentage of revenue.

 

Advertising Costs. Advertising costs for the three quarters ended June 25, 2019, decreased $9,000 to $1,841,000 (2.2% of total revenue) from $1,850,000 (2.5% of total revenue) for the three quarters ended June 26, 2018. The decline as a percentage of revenues is primarily due to the growth of the Bad Daddy’s segment, which has lower advertising costs as a percentage of revenue compared to the Good Times segment.

 

Bad Daddy’s advertising costs were $654,000 (1.1% of total revenue) in the three quarters ended June 25, 2019 compared to $538,000 (1.1% of total revenue) in the same prior year period. The $116,000 increase was primarily attributable to the nine new restaurants opened during the final three quarters of fiscal 2018 and first two fiscal quarters of 2019, as well as a media buy during the first quarter of fiscal 2019 in Colorado that was not covered by the ad fund contributions. The current and prior year quarters include advertising costs of $11,000 and $12,000, respectively, of costs associated with franchise advertising contributions.

 

Good Times advertising costs were $1,187,000 (5.4% of total revenue) in the three quarters ended June 25, 2019 compared to $1,312,000 (5.5% of total revenue) in the same prior year period. This $125,000 decline is due primarily to reduced contributions to the advertising fund due to the two restaurants that closed during fiscal 2018 and lower sales among existing company- and franchisee-owned restaurants. The current and prior year quarters include advertising costs of $228,000 and $251,000, respectively, of costs associated with franchise advertising contributions.

 

Bad Daddy’s advertising costs consist primarily of contributions made to the advertising materials fund based on a percentage of restaurant sales as well as local store marketing efforts.

 

Good Times advertising costs consists primarily of contributions made to the advertising materials fund and a regional advertising cooperative based on a percentage of restaurant sales which are used to provide television and radio advertising, social media and on-site and point-of-purchase. Advertising costs are presented gross, with franchisee contributions to the fund being recognized as a component of franchise revenues. As a percentage of total revenue, we expect advertising costs to remain relatively stable at approximately 5.5% of total revenue for the Good Times segment.

 

Franchise Costs. Franchise costs were $31,000 and $32,000 for the three quarters ended June 25, 2019 and June 26, 2018, respectively. The costs are primarily related to the Good Times franchised restaurants.

 

Asset impairment costs. There were no asset impairment costs for the three quarters ended June 25, 2019 and asset impairment costs were $72,000 for the three quarters ended June 26, 2018. The costs are related to a Good Times restaurant that was closed and subleased in April 2018, as described in Note 9 to the financial statements.

 

Loss (gain) on Restaurant Asset Disposals. The loss on restaurant asset disposals for the three quarters ended June 25, 2019 was $5,000 compared to a gain of $26,000 in the three quarters ended June 26, 2018. The loss of $5,000 in the current period is comprised of: 1) a $27,000 deferred gain related to previous sale lease-back transactions on two Good Times restaurants, 2) a gain of $21,000 related to insurance claim reimbursements where assets were destroyed, offset by 3) a $53,000 loss associated with the write down of assets no longer in use. The gain of $26,000 in the prior year period is related to deferred gains on previous sale lease-back transactions on two Good Times restaurants.

 

Income from Operations. Income from operations was $513,000 in the three quarters ended June 25, 2019 compared to income from operations of $413,000 in the three quarters ended June 26, 2018.

 

 20  

 

The change in income from operations for the quarter and year-to-date was due primarily to matters discussed in the "Net Revenues”, "Restaurant Operating Costs", “Asset Impairment Costs” and "General and Administrative Costs" sections above.

 

Net Income (loss). The net loss was $49,000 for the three quarters ended June 25, 2019 compared to net income of $143,000 in the three quarters ended June 26, 2018.

 

The change in net income (loss) for the three quarters was primarily attributable to the matters discussed in the "Net Revenues", "Restaurant Operating Costs", “Asset Impairment Costs” and "General and Administrative Costs", as well as an increase in net interest expense $291,000 for the three quarters ended June 26, 2018, compared to the same prior year period.

 

Income Attributable to Non-Controlling Interests. The non-controlling interest represents the limited partners’ or members’ share of income in the Good Times and Bad Daddy’s joint venture restaurants.

 

For the three quarters ended June 25, 2019, the income attributable to non-controlling interests was $912,000 compared to $853,000 for the three quarters ended June 26, 2018.

 

Income for the current three quarters of $671,000 is attributable to non-controlling partners in the BDI joint-venture restaurants, compared to $556,000 in the same prior year period. This $115,000 increase is due to an increase in joint venture store operating weeks due to two new joint venture restaurants opened during the final quarter of fiscal 2018, offset by the elimination of non-controlling interest beginning in the second fiscal quarter associated with the repurchase of interests associated with the three Raleigh area restaurants. Income for the current three quarters of $241,000 is attributable to the non-controlling partners in the Good Times joint-venture restaurants, compared to $297,000 in the same prior year period. This decline is due to the reduction in profitability of the seven co-developed Good Times restaurants.

 

Adjusted EBITDA

 

EBITDA is defined as net income (loss) before interest, income taxes and depreciation and amortization.

 

Adjusted EBITDA is defined as EBITDA plus non-cash stock-based compensation expense, preopening expense, non-recurring acquisition costs, GAAP rent in excess of cash rent, and non-cash disposal of assets. Adjusted EBITDA is intended as a supplemental measure of our performance that is not required by or presented in accordance with GAAP. We believe that EBITDA and Adjusted EBITDA provide useful information to management and investors regarding certain financial and business trends relating to our financial condition and operating results. Our management uses EBITDA and Adjusted EBITDA (i) as a factor in evaluating management's performance when determining incentive compensation and (ii) to evaluate the effectiveness of our business strategies.

 

We believe that the use of EBITDA and Adjusted EBITDA provides an additional tool for investors to use in evaluating ongoing operating results and trends and in comparing the Company's financial measures with other fast casual restaurants, which may present similar non-GAAP financial measures to investors. In addition, you should be aware when evaluating EBITDA and Adjusted EBITDA that in the future we may incur expenses similar to those excluded when calculating these measures. Our presentation of these measures should not be construed as an inference that our future results will be unaffected by unusual or non-recurring items. Our computation of Adjusted EBITDA may not be comparable to other similarly titled measures computed by other companies, because all companies do not calculate Adjusted EBITDA in the same fashion.

 

Our management does not consider EBITDA or Adjusted EBITDA in isolation or as an alternative to financial measures determined in accordance with GAAP. The principal limitation of EBITDA and Adjusted EBITDA is that they exclude significant expenses and income that are required by GAAP to be recorded in the Company's financial statements. Some of these limitations are:

 

·Adjusted EBITDA does not reflect our cash expenditures, or future requirements, for capital expenditures or contractual commitments;
·Adjusted EBITDA does not reflect changes in, or cash requirements for, our working capital needs;
·Adjusted EBITDA does not reflect the interest expense, or the cash requirements necessary to service interest or principal payments, on our debts;
·although depreciation and amortization are non-cash charges, the assets being depreciated and amortized will often have to be replaced in the future, and Adjusted EBITDA does not reflect any cash requirements for such replacements;
·stock based compensation expense is and will remain a key element of our overall long-term incentive compensation package, although we exclude it as an expense when evaluating our ongoing performance for a particular period;
·Adjusted EBITDA does not reflect the impact of certain cash charges resulting from matters we consider not to be indicative of our ongoing operations; and
·other companies in our industry may calculate Adjusted EBITDA differently than we do, limiting its usefulness as a comparative measure.

 

Because of these limitations, Adjusted EBITDA should not be considered in isolation or as a substitute for performance measures calculated in accordance with GAAP. We compensate for these limitations by relying primarily on our GAAP results and using Adjusted EBITDA only as a supplemental measure. You should review the reconciliation of net loss to EBITDA and Adjusted EBITDA below and not rely on any single financial measure to evaluate our business.

 

 21  

 

The following table reconciles net loss to EBITDA and Adjusted EBITDA for the fiscal second quarter and year-to-date periods:

 

   Quarter Ended   Year-to-Date 
   June 25,
2019		   June 26,
2018		   June 25,
2019		   June 26,
2018		 
Adjusted EBITDA:                    
Net income (loss), as reported  $540   $304   $(961)  $(710)
Depreciation and amortization   1,096    897    3,157    2,550 
Interest expense, net   202    97    561    272 
EBITDA   1,838    1,298    2,757    2,112 
Preopening expense   128    565    928    1,541 
Non-cash stock-based compensation   110    88    331    303 
GAAP rent-cash rent difference   (44)   (35)   (50)   (51)
Gain on disposal of assets   44    (9)   5    (26)
Asset impairment charge   -    -    -    72 
Adjusted EBITDA  $2,076   $1,907   $3,971   $3,951 

 

Liquidity and Capital Resources

 

Cash and Working Capital

 

As of June 25, 2019, we had a working capital deficit of $3,241,000. Our working capital position benefits from the fact that we generally collect cash from sales to customers the same day, or in the case of credit or debit card transactions, within a few days of the related sale, and we typically have two to four weeks to pay our vendors. The working capital deficit may increase when new Bad Daddy’s and Good Times restaurants are opened. We believe that with our ability to access the Cadence Bank credit facility in addition to cash flow generated from our existing restaurants, that we will have sufficient capital to meet our working capital, long term debt obligations and capital expenditure needs in fiscal 2019. As of June 25, 2019, we had $1,487,000 of commitments outstanding related to construction contracts for four Bad Daddy’s restaurants currently under development.

 

Financing

 

The Company maintains a credit agreement with Cadence Bank (“Cadence”) pursuant to which, as amended, Cadence agreed to loan the Company up to $17,000,000 with a maturity date of December 31, 2021 (the “Cadence Credit Facility”). On February 21, 2019 the Cadence Credit Facility was amended, in connection with the RGWP Repurchase, to retroactively attribute EBITDA previously attributed to non-controlling interests to the Company for purposes of certain financial covenants. As amended by the various amendments, the Cadence Credit Facility accrues commitment fees on the daily unused balance of the facility at a rate of 0.25%. All borrowings under the Cadence Credit Facility, as amended, bear interest at a variable rate based upon the Company’s election of (i) 2.5% plus the base rate, which is the highest of the (a) Federal Funds Rate plus 0.5%, (b) the Cadence bank publicly-announced prime rate, and (c) LIBOR plus 1.0%, or (ii) LIBOR, with a 0.250% floor, plus 3.5%. Interest is due at the end of each calendar quarter if the Company selects to pay interest based on the base rate and at the end of each LIBOR period if it selects to pay interest based on LIBOR. As of June 25, 2019, the weighted average interest rate applicable to borrowings under the Cadence Credit Facility was 5.9228%.

 

The Cadence Credit Facility, as amended, contains certain affirmative and negative covenants and events of default that the Company considers customary for an agreement of this type, including covenants setting a maximum leverage ratio of 5.35:1, a minimum fixed charge coverage ratio of 1.25:1 and minimum liquidity of $2,000,000. As of June 25, 2019, the Company was in compliance with the covenants under the Cadence Credit Facility.

 

As a result of entering into the Cadence Credit Facility and the various amendments, the Company paid loan origination costs including professional fees of approximately $232,000 and is amortizing these costs over the term of the credit agreement.

 

The obligations under the Cadence Credit Facility are collateralized by a first-priority lien on substantially all of the Company’s assets.

 

As of June 25, 2019, the outstanding balance on borrowings against the facility was $11,150,000. Availability of the Cadence Credit Facility for borrowings is reduced by the outstanding face value of any letters of credit issued under the facility. As of June 25, 2019, the outstanding face value of such letters of credit was $157,500.

 

Capital Expenditures

 

Planned capital expenditures for the balance of fiscal 2019 include normal recurring capital expenditures for existing Good Times and Bad Daddy’s restaurants and new Bad Daddy’s restaurants.

 

Assets Held for Sale

 

None.

 

 

 22  

 

Cash Flows

 

Net cash provided by operating activities was $4,402,000 for the three quarters ended June 25, 2019. The net cash provided by operating activities for the three quarters ended June 25, 2019 was the result of a net loss of $49,000 as well as cash and non-cash reconciling items totaling $4,451,000 (these reconciling items are comprised of 1) depreciation and amortization of $3,417,000, 2) accretion of deferred rent of $429,000, 3) amortization of lease incentive obligations of $374,000, 4) stock-based compensation expense of $331,000, 5) a decrease in receivables and other assets of $1,381,000, 6) an increase in deferred liabilities related to tenant allowances of $368,000, 7) an increase in accounts payable of $367,000, 8) an increase in prepaids and other assets of $356,000, 9) a decrease in accrued liabilities of $1,023,000 and 10) a net decrease in other operating assets and liabilities of $89,000).

 

Net cash provided by operating activities was $4,627,000 for the three quarters ended June 26, 2018. The net cash provided by operating activities for the three quarters ended June 27, 2017 was the result of net income of $143,000 as well as cash and non-cash reconciling items totaling $4,484,000 (comprised of 1) depreciation and amortization of $2,849,000, 2) accretion of deferred rent of $414,000, 3) amortization of lease incentive obligations of $313,000, 4) stock-based compensation expense of $303,000, 5) Non-cash asset impairment costs of $72,000, 6) an increase in receivables of $128,000, 7) an increase in deferred liabilities related to tenant allowances of $1,258,000, 8) an increase in accounts payable of $194,000, 8) an decrease in accrued liabilities of $21,000 and 9) a net decrease in other operating assets and liabilities of $144,000).

 

Net cash used in investing activities for the three quarters ended June 25, 2019 was $7,700,000 which primarily reflects the purchases of property and equipment of $4,716,000 and the purchase of non-controlling interests of $3,009,000. Purchases of property and equipment is comprised primarily of the following:

 

·$3,438,000 in costs for the development of Bad Daddy’s locations
·$290,000 for miscellaneous capital expenditures related to our Bad Daddy’s restaurants
·$705,000 for remodel and reimaging related to our Good Times restaurants
·$226,000 for miscellaneous capital expenditures related to our Good Times restaurants
·$57,000 for miscellaneous capital expenditures for our corporate office

 

Net cash used in investing activities for the three quarters ended June 26, 2018 was $5,153,000 which primarily reflects the purchases of property and equipment of $6,560,000 and sale leaseback proceeds of $1,397,000. Purchases of property and equipment is comprised primarily of the following:

 

·$5,952,000 in costs for the development of Bad Daddy’s locations
·$307,000 for miscellaneous capital expenditures related to our Bad Daddy’s restaurants
·$301,000 for miscellaneous capital expenditures related to our Good Times restaurants

 

Net cash provided by financing activities for the three quarters ended June 25, 2019 was $2,440,000, which includes principal payments on notes payable and long-term debt of $2,480,000, borrowings on notes payable and long-term debt of $6,150,000, proceeds from the exercise of stock options of $3,000 and net distributions to non-controlling interests of $1,233,000.

 

Net cash used in financing activities for the three quarters ended June 26, 2018 was $625,000, which includes principal payments on notes payable, long-term debt and capital leases of $1,613,000, borrowings on notes payable and long-term debt of $1,400,000 and net distributions to non-controlling interests of $412,000.

 

Contingencies

 

We remain contingently liable on various leases underlying restaurants that were previously sold to franchisees. We have never experienced any losses related to these contingent lease liabilities, however if a franchisee defaults on the payments under the leases, we would be liable for the lease payments as the assignor or sublessor of the lease. Currently we have not been notified nor are we aware of any leases in default under which we are contingently liable, however there can be no assurance that there will not be in the future, which could have a material effect on our future operating results.

 

Additionally, in the normal course of business, there may be various claims in process, matters in litigation, and other contingencies brought against the company by employees, vendors, customers, franchisees, or other parties. Evaluating these contingencies is a complex process that may involve substantial judgment on the potential outcome of such matters, and the ultimate outcome of such contingencies may differ from our current analysis. We review the adequacy of accruals and disclosures related to such contingent liabilities in consultation with legal counsel. While it is not possible to predict the outcome of these claims with certainty, it is management’s opinion that potential losses associated with such contingencies would be immaterial to our financial statements.

 

Impact of Inflation

 

The total menu increases taken at our Bad Daddy’s restaurants during fiscal 2018 were approximately 3.2%. We have raised menu prices during the first three quarters of fiscal 2019 by approximately 1.6%. The total menu price increases at our Good Times restaurants during fiscal 2018 were approximately 2.8%, and we have raised menu prices approximately 4.4% during the first three quarters of fiscal 2019. Commodity costs began to decline during the first half of fiscal 2018 and continued to decline into the first quarter of fiscal 2019, with relative stability during the second and third quarters. We do not anticipate future price increases during the remainder of fiscal 2019 but expect Good Times’ and Bad Daddy’s’ food and packaging costs as a percentage of sales for the remainder of fiscal 2019 to be relatively consistent with or slightly elevated compared to the current quarter.

 

 23  

 

Seasonality

 

Revenues of the Company are subject to seasonal fluctuations based primarily on weather conditions adversely affecting Colorado restaurant sales between December through March.

 

ITEM 3.QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

 

Not required.

 

ITEM 4T.CONTROLS AND PROCEDURES

 

Conclusion Regarding the Effectiveness of Disclosure Controls and Procedures

 

Based on an evaluation of the Company’s disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) of the Securities Exchange Act of 1934, as amended), as of the end of the period covered by this report on form 10Q, the Company’s Chief Executive Officer and Controller (its principal executive officer and principal financial officer, respectively) have concluded that the Company’s disclosure controls and procedures were effective.

 

Changes in Internal Control over Financial Reporting

 

There have been no significant changes in the Company’s internal control over financial reporting that occurred during the Company’s fiscal quarter ended June 25, 2019 that have materially affected, or are reasonably likely to materially affect, the Company’s internal control over financial reporting.

 

 24  

 

PART II - OTHER INFORMATION

 

ITEM 1.LEGAL PROCEEDINGS

 

The Company is periodically subject to legal proceedings which are incidental to its business. These legal proceedings are not expected to have a material impact on the Company.

 

ITEM 1A.RISK FACTORS

 

There have been no material changes from the risk factors previously disclosed in our most recent Annual Report filed with the Securities and Exchange Commission.

 

ITEM 2.UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS

 

None.

 

ITEM 3.DEFAULTS UPON SENIOR SECURITIES

 

None.

 

ITEM 4.MINE SAFETY DISCLOSURES

 

Not Applicable.

 

ITEM 5.OTHER INFORMATION

 

None.

 

ITEM 6.EXHIBITS

 

(a)Exhibits. The following exhibits are furnished as part of this report:

 

Exhibit No. Description
   
*31.1 Certification of Chief Executive Officer pursuant to 18 U.S.C. Section 1350
*31.2 Certification of Chief Financial Officer pursuant to 18 U.S.C. Section 1350
*32.1 Certification of Chief Executive Officer and Chief Financial Officer pursuant to Section 906
101.INS XBRL Instance Document
101.SCH XBRL Taxonomy Extension Schema Document
101.CAL XBRL Taxonomy Extension Calculation Linkbase Document
101.DEF XBRL Taxonomy Extension Definition Linkbase Document
101.LAB XBRL Taxonomy Extension Label Linkbase Document
101.PRE XBRL Taxonomy Extension Presentation Linkbase Document

 

*filed herewith

 

 25  

 

SIGNATURES

 

In accordance with the requirements of the Exchange Act, the registrant caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

 

  GOOD TIMES RESTAURANTS INC.
DATE: August 9, 2019  
 
 

Boyd E. Hoback

President and Chief Executive Officer

   
 
 

Ryan M. Zink

Chief Financial Officer

 

 

26

 

 

 EX-31.1 2 ex31_1.htm EXHIBIT 31.1

 

Exhibit 31.1

 

CERTIFICATION OF THE CHIEF EXECUTIVE OFFICER

 

I, Boyd E. Hoback, certify that:

 

1.I have reviewed this quarterly report on Form 10-Q of Good Times Restaurants 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 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 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:      August 9, 2019

 

 

Boyd E. Hoback

President and Chief Executive Officer

 

 

 

 

 

 EX-31.2 3 ex31_2.htm EXHIBIT 31.2

 

Exhibit 31.2

 

CERTIFICATION OF THE CHIEF FINANCIAL OFFICER

 

I, Ryan M. Zink, certify that:

 

1.I have reviewed this quarterly report on Form 10-Q of Good Times Restaurants 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 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 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:      August 9, 2019

  

 

Ryan M. Zink

Chief Financial Officer

 

 

 

 

 

 EX-32.1 4 ex32_1.htm EXHIBIT 32.1

 

Exhibit 32.1

 

CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350,

 

AS ADOPTED PURSUANT TO

 

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

 

In connection with the Quarterly Report on Form 10-Q of Good Times Restaurants Inc. (the “Company”) for the period ended June 25, 2019 as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Boyd E. Hoback, as Chief Executive Officer of the Company, and Ryan M. Zink as Chief Financial Officer, each hereby certifies, pursuant to and solely for the purpose of 18 U.S.C. 1350, as adopted pursuant to 906 of the Sarbanes-Oxley Act of 2002, that to the best of my knowledge and belief:

 

(1.)The Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934 (15 U.S.C. 78m or 78o(d)); and

 

(2.)The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

 

     
Boyd E. Hoback   Ryan M. Zink  
Chief Executive Officer   Chief Financial Officer  

August 9, 2019

  

August 9, 2019

  

 

 

 

 

 EX-101.INS 5 gtim-20190625.xml XBRL INSTANCE FILE 0000825324 2018-09-25 0000825324 2015-03-16 2015-03-25 0000825324 2015-03-25 0000825324 us-gaap:FranchiseRightsMember 2018-09-25 0000825324 us-gaap:NoncompeteAgreementsMember 2018-09-25 0000825324 us-gaap:TrademarksAndTradeNamesMember 2018-09-25 0000825324 gtim:GoodTimesBurgersAndFrozenCustardRestaurantsMember 2018-09-25 0000825324 gtim:BadDaddysBurgerBarRestaurantMember 2018-09-25 0000825324 us-gaap:CorporateMember 2018-09-25 0000825324 gtim:GoodTimesDriveThruIncMember 2018-09-25 0000825324 gtim:BadDaddysInternationalLlcMember 2018-09-25 0000825324 us-gaap:RestrictedStockMember 2018-09-25 0000825324 us-gaap:RestrictedStockMember srt:MinimumMember 2018-09-25 0000825324 us-gaap:RestrictedStockMember srt:MaximumMember 2018-09-25 0000825324 2018-01-01 2018-01-30 0000825324 2018-04-01 2018-04-22 0000825324 2017-09-26 0000825324 us-gaap:PreferredStockMember 2018-09-25 0000825324 us-gaap:CommonStockMember 2018-09-25 0000825324 us-gaap:AdditionalPaidInCapitalMember 2018-09-25 0000825324 us-gaap:NoncontrollingInterestMember 2018-09-25 0000825324 us-gaap:RetainedEarningsMember 2018-09-25 0000825324 us-gaap:PreferredStockMember 2018-09-26 2018-12-25 0000825324 us-gaap:PreferredStockMember 2018-12-25 0000825324 us-gaap:CommonStockMember 2018-12-25 0000825324 us-gaap:AdditionalPaidInCapitalMember 2018-09-26 2018-12-25 0000825324 us-gaap:AdditionalPaidInCapitalMember 2018-12-25 0000825324 us-gaap:NoncontrollingInterestMember 2018-09-26 2018-12-25 0000825324 us-gaap:NoncontrollingInterestMember 2018-12-25 0000825324 us-gaap:RetainedEarningsMember 2018-09-26 2018-12-25 0000825324 us-gaap:RetainedEarningsMember 2018-12-25 0000825324 2018-09-26 2019-06-25 0000825324 2019-06-25 0000825324 2019-03-27 2019-06-25 0000825324 us-gaap:ServiceMember 2019-03-27 2019-06-25 0000825324 us-gaap:RoyaltyMember 2019-03-27 2019-06-25 0000825324 2018-03-28 2018-06-26 0000825324 us-gaap:ServiceMember 2018-03-28 2018-06-26 0000825324 us-gaap:RoyaltyMember 2018-03-28 2018-06-26 0000825324 us-gaap:ServiceMember 2018-09-26 2019-06-25 0000825324 us-gaap:RoyaltyMember 2018-09-26 2019-06-25 0000825324 2017-09-27 2018-06-26 0000825324 us-gaap:ServiceMember 2017-09-27 2018-06-26 0000825324 us-gaap:RoyaltyMember 2017-09-27 2018-06-26 0000825324 us-gaap:PreferredStockMember 2019-06-25 0000825324 us-gaap:CommonStockMember 2019-06-25 0000825324 us-gaap:AdditionalPaidInCapitalMember 2019-03-27 2019-06-25 0000825324 us-gaap:AdditionalPaidInCapitalMember 2019-06-25 0000825324 us-gaap:NoncontrollingInterestMember 2019-03-27 2019-06-25 0000825324 us-gaap:NoncontrollingInterestMember 2019-06-25 0000825324 us-gaap:RetainedEarningsMember 2019-03-27 2019-06-25 0000825324 us-gaap:RetainedEarningsMember 2019-06-25 0000825324 2018-03-27 0000825324 us-gaap:FranchiseRightsMember 2019-06-25 0000825324 us-gaap:NoncompeteAgreementsMember 2019-06-25 0000825324 gtim:IncentiveAndNonStatutoryStockOptionsMember 2018-09-26 2019-06-25 0000825324 us-gaap:RestrictedStockMember 2018-09-26 2019-06-25 0000825324 us-gaap:RestrictedStockMember srt:MinimumMember 2018-09-26 2019-06-25 0000825324 us-gaap:RestrictedStockMember srt:MaximumMember 2018-09-26 2019-06-25 0000825324 us-gaap:RestrictedStockMember 2019-06-25 0000825324 us-gaap:RestrictedStockMember srt:MinimumMember 2019-06-25 0000825324 us-gaap:RestrictedStockMember srt:MaximumMember 2019-06-25 0000825324 gtim:CadenceCreditFacilityMember 2019-06-25 0000825324 gtim:CadenceCreditFacilityMember 2018-09-26 2019-06-25 0000825324 gtim:GoodTimesDriveThruIncMember 2019-06-25 0000825324 gtim:BadDaddysFranchiseDevelopmentLlcMember 2019-06-25 0000825324 srt:MinimumMember 2018-09-26 2019-06-25 0000825324 srt:MaximumMember 2018-09-26 2019-06-25 0000825324 gtim:BadDaddysInternationalLlcMember 2018-09-26 2019-06-25 0000825324 gtim:GoodTimesDriveThruIncMember 2018-09-26 2019-06-25 0000825324 gtim:BadDaddysInternationalLlcMember 2019-06-25 0000825324 gtim:GoodTimesDriveThruIncMember 2019-06-25 0000825324 gtim:BadDaddysBurgerBarRestaurantMember 2018-09-26 2019-06-25 0000825324 gtim:GoodTimesBurgersAndFrozenCustardRestaurantsMember 2018-09-26 2019-06-25 0000825324 us-gaap:CorporateMember 2018-09-26 2019-06-25 0000825324 gtim:BadDaddysBurgerBarRestaurantMember 2017-09-27 2018-06-26 0000825324 gtim:GoodTimesBurgersAndFrozenCustardRestaurantsMember 2017-09-27 2018-06-26 0000825324 us-gaap:CorporateMember 2017-09-27 2018-06-26 0000825324 gtim:BadDaddysBurgerBarRestaurantMember 2019-06-25 0000825324 gtim:GoodTimesBurgersAndFrozenCustardRestaurantsMember 2019-06-25 0000825324 us-gaap:CorporateMember 2019-06-25 0000825324 gtim:BadDaddysBurgerBarRestaurantMember 2019-03-27 2019-06-25 0000825324 gtim:GoodTimesBurgersAndFrozenCustardRestaurantsMember 2019-03-27 2019-06-25 0000825324 us-gaap:CorporateMember 2019-03-27 2019-06-25 0000825324 gtim:BadDaddysBurgerBarRestaurantMember 2018-03-28 2018-06-26 0000825324 gtim:GoodTimesBurgersAndFrozenCustardRestaurantsMember 2018-03-28 2018-06-26 0000825324 us-gaap:CorporateMember 2018-03-28 2018-06-26 0000825324 us-gaap:EmployeeStockOptionMember 2019-06-25 0000825324 us-gaap:EmployeeStockOptionMember 2018-09-26 2019-06-25 0000825324 us-gaap:RestrictedStockMember 2017-09-27 2018-06-26 0000825324 gtim:IncentiveStockOptionMember 2018-09-26 2019-06-25 0000825324 gtim:IncentiveStockOptionMember 2017-09-27 2018-06-26 0000825324 gtim:IncentiveStockOptionMember srt:MaximumMember 2018-09-26 2019-06-25 0000825324 gtim:IncentiveStockOptionMember srt:MinimumMember 2018-09-26 2019-06-25 0000825324 us-gaap:CommonStockMember 2017-12-26 0000825324 us-gaap:AdditionalPaidInCapitalMember 2017-09-27 2017-12-26 0000825324 us-gaap:AdditionalPaidInCapitalMember 2017-12-26 0000825324 us-gaap:NoncontrollingInterestMember 2017-09-27 2017-12-26 0000825324 us-gaap:NoncontrollingInterestMember 2017-12-26 0000825324 us-gaap:RetainedEarningsMember 2017-09-27 2017-12-26 0000825324 us-gaap:RetainedEarningsMember 2017-12-26 0000825324 2017-09-27 2017-12-26 0000825324 us-gaap:PreferredStockMember 2018-03-27 0000825324 us-gaap:CommonStockMember 2018-03-27 0000825324 us-gaap:AdditionalPaidInCapitalMember 2018-03-28 2018-06-26 0000825324 us-gaap:AdditionalPaidInCapitalMember 2018-03-27 0000825324 us-gaap:NoncontrollingInterestMember 2018-03-28 2018-06-26 0000825324 us-gaap:NoncontrollingInterestMember 2018-03-27 0000825324 us-gaap:RetainedEarningsMember 2018-03-28 2018-06-26 0000825324 us-gaap:RetainedEarningsMember 2018-03-27 0000825324 2018-09-26 2018-12-25 0000825324 2018-12-25 0000825324 us-gaap:TrademarksAndTradeNamesMember 2019-06-25 0000825324 gtim:IncentiveAndNonStatutoryStockOptionsMember 2017-09-27 2018-06-26 0000825324 gtim:ThreeJointVentureEntitiesMember 2019-02-01 2019-02-28 0000825324 gtim:BadDaddysInternationalLlcMember 2018-09-26 2019-06-25 0000825324 gtim:IncentiveStockOptionMember srt:MinimumMember 2017-09-27 2018-06-26 0000825324 gtim:IncentiveStockOptionMember srt:MaximumMember 2017-09-27 2018-06-26 0000825324 gtim:RGWPMember 2019-02-01 2019-02-06 0000825324 2019-08-09 0000825324 2018-06-26 0000825324 us-gaap:CommonStockMember 2019-03-26 0000825324 us-gaap:PreferredStockMember 2019-03-26 0000825324 us-gaap:PreferredStockMember 2017-12-26 0000825324 us-gaap:AdditionalPaidInCapitalMember 2019-03-26 0000825324 us-gaap:AdditionalPaidInCapitalMember 2017-12-27 2018-03-27 0000825324 us-gaap:NoncontrollingInterestMember 2019-03-26 0000825324 us-gaap:NoncontrollingInterestMember 2017-12-27 2018-03-27 0000825324 us-gaap:RetainedEarningsMember 2019-03-26 0000825324 us-gaap:RetainedEarningsMember 2017-12-27 2018-03-27 0000825324 2017-12-27 2018-03-27 0000825324 2017-12-26 0000825324 us-gaap:CommonStockMember 2018-06-26 0000825324 us-gaap:PreferredStockMember 2018-06-26 0000825324 us-gaap:AdditionalPaidInCapitalMember 2018-06-26 0000825324 us-gaap:NoncontrollingInterestMember 2018-06-26 0000825324 us-gaap:RetainedEarningsMember 2018-06-26 0000825324 us-gaap:CommonStockMember 2019-03-25 0000825324 us-gaap:PreferredStockMember 2019-03-25 0000825324 us-gaap:AdditionalPaidInCapitalMember 2018-12-26 2019-03-25 0000825324 us-gaap:AdditionalPaidInCapitalMember 2019-03-25 0000825324 us-gaap:NoncontrollingInterestMember 2018-12-26 2019-03-25 0000825324 us-gaap:NoncontrollingInterestMember 2019-03-25 0000825324 us-gaap:RetainedEarningsMember 2018-12-26 2019-03-25 0000825324 us-gaap:RetainedEarningsMember 2019-03-25 0000825324 2018-12-26 2019-03-25 0000825324 2019-03-25 0000825324 2019-03-26 0000825324 us-gaap:CommonStockMember 2017-09-26 0000825324 us-gaap:PreferredStockMember 2017-09-27 2017-12-26 0000825324 us-gaap:PreferredStockMember 2017-09-26 0000825324 us-gaap:AdditionalPaidInCapitalMember 2017-09-26 0000825324 us-gaap:NoncontrollingInterestMember 2017-09-26 0000825324 us-gaap:RetainedEarningsMember 2017-09-26 iso4217:USD xbrli:shares iso4217:USD xbrli:shares xbrli:pure gtim:restaurants 3238000 377000 2861000 2129000 1791000 338000 15150000 15150000 96000 15054000 81999000 29457000 29180000 277000 26263000 25990000 273000 81281000 718000 72707000 71929000 778000 59996000 22003000 48985000 23722000 21181000 8276000 17862000 8401000 513000 1076000 781000 413000 300000 505000 -292000 438000 265000 -290000 494000 650000 -68000 430000 423000 -72000 331000 303000 3477000 4337000 2619000 3186000 1735000 353000 151000 451000 1004000 1124000 14000 13000 6381000 4560000 12000 13000 59385000 57548000 -25414000 -26375000 33983000 31186000 37221000 37284000 12000 59385000 3238000 -25414000 13000 59500000 3069000 -26465000 33315000 13000 57548000 2129000 -26375000 36476000 59057000 2630000 -24963000 12000 59154000 2704000 -25394000 36117000 37318000 13000 12000 57438000 2143000 -26915000 36736000 12000 59242000 3154000 -25090000 13000 57438000 2143000 -26915000 32679000 32679000 12000 58939000 2713000 -24380000 60950000 60556000 0.01 0.01 5000000 5000000 0.001 0.001 50000000 50000000 12481162 12522778 12481162 12522778 -5000 -44000 9000 26000 -562000 -203000 -96000 -270000 -49000 873000 685000 143000 912000 333000 381000 853000 -961000 540000 304000 -710000 -0.08 0.04 0.02 -0.06 3417000 2849000 429000 414000 374000 313000 27000 26000 -1381000 128000 120000 59000 356000 59000 367000 194000 368000 1258000 -1023000 -21000 4402000 4627000 4716000 6560000 1397000 17000 10000 -7700000 -5153000 6150000 1400000 2480000 1613000 -1233000 -412000 2440000 -625000 -858000 -1151000 496000 276000 112000 942000 12541082 12516822 12522778 12468326 12460467 35245000 36666000 22549000 25177000 57794000 61843000 24948000 26316000 27844000 30740000 5002000 4787000 19324000 19330000 35000 60000 3900000 3900000 207000 204000 32000 16000 60950000 60556000 8335000 7801000 4452000 3476000 92000 72000 3774000 4253000 15394000 19440000 7922000 8290000 73211000 25519000 22758000 64482000 3227000 1104000 937000 2665000 949000 129000 610000 1683000 8401000 2989000 2373000 6626000 6221000 2091000 1850000 5278000 30458000 10677000 9155000 26076000 23955000 8529000 7833000 22154000 1841000 666000 653000 1850000 6398000 2144000 2069000 5884000 -1000 -1000 -561000 -202000 -96000 -270000 240000 263000 25000 131000 116000 15000 181000 116000 65000 96000 81000 15000 121000 98000 23000 35000 35000 60000 18000 42000 3900000 3900000 4031000 4081000 3935000 3960000 15150000 15150000 9000 28000 75000000 22688052 99832 99832 18274 4.76 5.00 4.66 2.70 2.73 3.16 2.68 1.65 1.95 17000 17000 79988 37037 3.95 2.70 P3Y P3Y 452000 570000 P1Y4M24D P2Y3M19D 667 667 P7Y6M P7Y6M 634647 705728 10881 17203 3.36 3.52 4.41 3.87 4.41 P6Y3M19D P4Y10M25D 149614 185444 44158 2.70 4.18 2.70 4.18 2.70 4.18 17000000 2021-12-31 0 15101 102506 0 0 185444 94340 0 2 219000 72000 72000 48000 73000 0 0 0 0.00 0.00 2016 2018 0 0 912000 671000 241000 478000 1233000 367000 492000 367000 953000 280000 256000 256000 492000 478000 242000 242000 408000 408000 4716000 923000 2391000 6560000 3727000 930000 59000 6259000 290000 11000 609000 301000 13000 2270000 113000 8000 Good Times Restaurants Inc. 0000825324 10-Q false 2019-06-25 --09-24 Q3 2019 Non-accelerated Filer true false 0.7065 0.7533 0.7080 0.7567 0.0301 0.0217 0.0310 0.0235 0.0025 0.059228 All borrowings under the Cadence Credit Facility, as amended, bear interest at a variable rate based upon the Company's election of (i) 2.5% plus the base rate, which is the highest of the (a) Federal Funds Rate plus 0.5%, (b) the Cadence bank publicly-announced prime rate, and (c) LIBOR plus 1.0%, or (ii) LIBOR, with a 0.250% floor, plus 3.5%. Interest is due at the end of each calendar quarter if the Company selects to pay interest based on the base rate and at the end of each LIBOR period if it selects to pay interest based on LIBOR. 31000 8000 11000 32000 -788000 -788000 788000 -2171000 -788000 -2959000 17000 6000 232000 2000000 11150000 157500 35245000 5234000 29642000 369000 36666000 30829000 5594000 243000 3000000 50000 50000 2171000 17000 7472000 11150000 891172 654468 272348 747796 12516822 12723323 12665172 12460467 436967 3.23 0 0 12516822 12723323 12665172 12460467 3009000 8000 3000 58000 false Yes Yes 12481162 12522778 12522778 12468326 12522778 12468326 12468326 12522778 12427280 112000 110000 88000 110000 118000 118000 88000 112000 97000 97000 109000 109000 309000 333000 381000 333000 173000 173000 381000 309000 299000 299000 270000 270000 20000 561000 20000 561000 17000 17000 -1051000 540000 304000 540000 -583000 -583000 304000 -1051000 -431000 -431000 -450000 -450000 1000 1000 41046000 40949 3000 3000 <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 5%; text-align: left; white-space: nowrap"><b>Note 1.</b></td><td style="width: 1%"></td><td style="text-align: justify; width: 94%"><b>Basis of Presentation</b></td> </tr></table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The accompanying unaudited condensed consolidated financial statements include the accounts of Good Times Restaurants Inc. and its wholly-owned subsidiaries, Bad Daddy&#8217;s International, LLC (&#8220;BDI&#8221;), BD of Colorado, LLC (&#8220;BD of Colo&#8221;), Bad Daddy&#8217;s Franchise Development, LLC (&#8220;BDFD&#8221;), and Good Times Drive Thru, Inc. (&#8220;Drive Thru&#8221;), (together referred to as the &#8220;Company&#8221;, &#8220;we&#8221; or &#8220;us&#8221;). All significant intercompany balances and transactions have been eliminated in consolidation.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">BD of Colo was formed by Good Times Restaurants Inc. in 2013 to develop Bad Daddy&#8217;s Burger Bar restaurants in the state of Colorado. Subsequently, BDI and BDFD were acquired by Good Times Restaurants Inc. on May 7, 2015. Combined, these entities compose our Bad Daddy&#8217;s operating segment, which as of June 25, 2019, operates twenty-eight company-owned and five joint venture full-service upscale casual dining restaurants under the name Bad Daddy&#8217;s Burger Bar, primarily located in Colorado and in the Southeast region of the United States, franchises one restaurant in South Carolina, and licenses the Bad Daddy&#8217;s brand for use at an airport Bad Daddy&#8217;s restaurant under third-party operations and ownership.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Drive Thru commenced operations in 1986 and as of June 25, 2019, operates nineteen Company-owned and seven joint venture drive-thru fast food hamburger restaurants in Colorado under the name Good Times Burgers &#38; Frozen Custard. In addition, Drive Thru has eight franchisee-owned restaurants, with six operating in Colorado and two in Wyoming.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with generally accepted accounting principles and practices of the United States of America (&#8220;GAAP&#8221;) for interim financial information. In the opinion of management, the accompanying unaudited condensed consolidated financial statements contain all of the normal recurring adjustments necessary to present fairly the financial position of the Company as of June 25, 2019 and the results of its operations and its cash flows for the three fiscal quarters ended June 25, 2019 and June 26, 2018. Operating results for the three fiscal quarters ended June 25, 2019 are not necessarily indicative of the results that may be expected for the year ending September 24, 2019. The condensed consolidated balance sheet as of September 25, 2018 is derived from the audited financial statements but does not include all disclosures required by generally accepted accounting principles. As a result, these condensed consolidated financial statements should be read in conjunction with the Company's Form 10-K for the fiscal year ended September 25, 2018.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Fiscal Year</i> &#8211; The Company&#8217;s fiscal year is a 52/53-week year ending on the last Tuesday of September. In a 52-week fiscal year, each of the Company&#8217;s quarterly periods consist of 13 weeks. The additional week in a 53-week fiscal year is added to the first quarter, making such quarter consist of 14 weeks. Neither 2018 or 2019 had a quarter with 14 weeks.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Advertising Costs</i> &#8211; We utilize Advertising Funds to administer certain advertising programs for both the Bad Daddy&#8217;s and Good Times brands that benefit both us and our franchisees.&#160;&#160; We and our franchisees are required to contribute a percentage of gross sales to the fund.&#160; As the contributions to these funds are designated and segregated for advertising. We consolidate the Advertising Funds into our financial statements whereby contributions from franchisees, when received, are recorded and included as a component of franchise revenues.&#160; As we intend to utilize all of the advertising contributions towards advertising expenditures, we recognize costs equal to franchisee contributions to the advertising funds on a quarterly basis. Contributions to the Advertising Funds from our franchisees were $240,000 and $263,000 for the first three quarters of 2019 and 2018, respectively.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 5%; text-align: left; white-space: nowrap"><b>Note 2.</b></td><td style="width: 1%"></td><td style="text-align: justify; width: 94%"><b>Revenue</b></td> </tr></table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In May 2014, the Financial Accounting Standards Board issued <i>Revenue from Contracts with Customers</i> (&#8220;Topic 606), which was subsequently amended by several Accounting Standards Updates. These new or updated standards expanded the disclosure requirements related to revenue and revenue recognition. The Company adopted Topic 606 in the first quarter of its 2019 fiscal year and applied the guidance retrospectively to the prior periods presented. Topic 606 primarily impacts the accounting presentation of the Company&#8217;s advertising contribution funds. Because advertising expenses are incurred within the respective year in which contributions are recorded, there was no change to the consolidated balance sheet, however for the first three fiscal quarters of 2018 franchise revenues and advertising costs are each $263,000 greater than originally presented, and for the first three fiscal quarters of 2019 franchise revenues and advertising costs are each $240,000 greater than would have been reflected under the former presentation.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Revenue Recognition</i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Revenues consist primarily of sales from restaurant operations and franchise revenue, which includes franchisee royalties and contributions to advertising funds. Revenues associated with gift card breakage are immaterial to our financials. The Company recognizes revenue, pursuant to the new and updated standards, when it satisfies a performance obligation by transferring control over a product or service to a customer, typically a restaurant customer or a franchisee/licensee.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company recognizes revenues in the form of restaurant sales at the time of the sale when payment is made by the customer, as the Company has completed its performance obligation, namely the provision of food and beverage, and the accompanying customer service, during the customer&#8217;s visit to the restaurant. The Company sells gift cards to customers and recognizes revenue from gift cards primarily in the form of restaurant revenue. Gift Card breakage, which is recognized when the likelihood of a gift card being redeemed is remote, is determined based upon the Company&#8217;s historic redemption patterns, and is immaterial to our overall financial statements.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Revenues we receive from our franchise and license agreements include sales-based royalties, and from our franchise agreements also may include advertising fund contributions, area development fees, and franchisee fees. We recognize sales-based royalties from franchisees and licensees as the underlying sales occur. We similarly recognize advertising fund contributions from franchisees as the underlying sales occur. The Company also provides its franchisees with services associated with opening new restaurants and operating them under franchise and development agreements in exchange for area development and franchise fees. The Company would capitalize these fees upon receipt from the franchisee and then would amortize those over the contracted franchise term as the services comprising the performance obligations are satisfied. We have not received material development or franchise fees in the years presented, and the primary performance obligations under existing franchise and development agreements have been satisfied prior to the earliest period presented in our financial statements.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 5%; text-align: left; white-space: nowrap"><b>Note 3.</b></td><td style="width: 1%; white-space: nowrap"></td><td style="text-align: justify; width: 94%"><b>Goodwill and Intangible Assets</b></td> </tr></table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The following table presents goodwill and intangible assets as of June 25, 2019 and September 25, 2018:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; text-align: justify">&#160;</td><td style="font-weight: bold; padding-bottom: 1pt">&#160;</td> <td colspan="10" style="white-space: nowrap; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">June 25, 2019</td><td style="padding-bottom: 1pt; font-weight: bold">&#160;</td><td style="font-weight: bold; padding-bottom: 1pt">&#160;</td> <td colspan="10" style="white-space: nowrap; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">September 25, 2018</td><td style="padding-bottom: 1pt; font-weight: bold">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify">&#160;</td><td style="font-weight: bold">&#160;</td> <td style="font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold; text-align: center"><font style="font-size: 10pt"><b>Gross<br /> Carrying<br /> <u>Amount</u></b></font></td><td style="font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold">&#160;</td> <td style="font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold; text-align: center"><font style="font-size: 10pt"><b>Accumulated<br /> <u>Amortization</u></b></font></td><td style="font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold">&#160;</td> <td style="font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold; text-align: center"><font style="font-size: 10pt"><b>Net<br /> Carrying<br /> <u>Amount</u></b></font></td><td style="font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold">&#160;</td> <td style="font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold; text-align: center"><font style="font-size: 10pt"><b>Gross<br /> Carrying<br /> <u>Amount</u></b></font></td><td style="font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold">&#160;</td> <td style="font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold; text-align: center"><font style="font-size: 10pt"><b>Accumulated<br /> <u>Amortization</u></b></font></td><td style="font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold">&#160;</td> <td style="font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold; text-align: center"><font style="font-size: 10pt"><b>Net<br /> Carrying<br /> <u>Amount</u></b></font></td><td style="font-weight: bold; text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; white-space: nowrap"><p style="margin-top: 0; margin-bottom: 0">Intangible assets subject to</p> <p style="margin-top: 0; margin-bottom: 0; margin-left: 6pt">amortization</p></td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="width: 28%; text-align: justify; padding-left: 10pt">Franchise rights</td><td style="width: 1%">&#160;</td> <td style="width: 1%; text-align: left">&#160;</td><td style="width: 9%; text-align: right">116</td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 1%">&#160;</td> <td style="width: 1%; text-align: left">&#160;</td><td style="width: 9%; text-align: right">(98</td><td style="width: 1%; text-align: left">)</td><td style="width: 1%">&#160;</td> <td style="width: 1%; text-align: left">&#160;</td><td style="width: 9%; text-align: right">18</td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 1%">&#160;</td> <td style="width: 1%; text-align: left">&#160;</td><td style="width: 9%; text-align: right">116</td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 1%">&#160;</td> <td style="width: 1%; text-align: left">&#160;</td><td style="width: 9%; text-align: right">(81</td><td style="width: 1%; text-align: left">)</td><td style="width: 1%">&#160;</td> <td style="width: 1%; text-align: left">&#160;</td><td style="width: 9%; text-align: right">35</td><td style="width: 1%; text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify; padding-bottom: 1pt; white-space: nowrap; padding-left: 10pt">Non-compete agreements</td><td style="padding-bottom: 1pt">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: right">65</td><td style="padding-bottom: 1pt; text-align: left">&#160;</td><td style="padding-bottom: 1pt">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: right">(23</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: right">42</td><td style="padding-bottom: 1pt; text-align: left">&#160;</td><td style="padding-bottom: 1pt">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: right">15</td><td style="padding-bottom: 1pt; text-align: left">&#160;</td><td style="padding-bottom: 1pt">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: right">(15</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: right">-</td><td style="padding-bottom: 1pt; text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify">&#160;</td><td>&#160;</td> <td style="text-align: left">$</td><td style="text-align: right">181</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">$</td><td style="text-align: right">(121</td><td style="text-align: left">)</td><td>&#160;</td> <td style="text-align: left">$</td><td style="text-align: right">60</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">$</td><td style="text-align: right">131</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">$</td><td style="text-align: right">(96</td><td style="text-align: left">)</td><td>&#160;</td> <td style="text-align: left">$</td><td style="text-align: right">35</td><td style="text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; white-space: nowrap"><p style="margin-top: 0; margin-bottom: 0">Indefinite-lived intangible</p> <p style="margin-top: 0; margin-bottom: 0; margin-left: 6pt">assets:</p></td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify; padding-bottom: 1pt; padding-left: 10pt">Trademarks</td><td style="padding-bottom: 1pt">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td><td style="border-bottom: Black 1pt solid; text-align: right">3,900</td><td style="padding-bottom: 1pt; text-align: left">&#160;</td><td style="padding-bottom: 1pt">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td><td style="border-bottom: Black 1pt solid; text-align: right">-</td><td style="padding-bottom: 1pt; text-align: left">&#160;</td><td style="padding-bottom: 1pt">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td><td style="border-bottom: Black 1pt solid; text-align: right">3,900</td><td style="padding-bottom: 1pt; text-align: left">&#160;</td><td style="padding-bottom: 1pt">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td><td style="border-bottom: Black 1pt solid; text-align: right">3,900</td><td style="padding-bottom: 1pt; text-align: left">&#160;</td><td style="padding-bottom: 1pt">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td><td style="border-bottom: Black 1pt solid; text-align: right">-</td><td style="padding-bottom: 1pt; text-align: left">&#160;</td><td style="padding-bottom: 1pt">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td><td style="border-bottom: Black 1pt solid; text-align: right">3,900</td><td style="padding-bottom: 1pt; text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify; padding-bottom: 2.5pt; white-space: nowrap; padding-left: 20pt">Intangible assets, net</td><td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">4,081</td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td><td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">(121</td><td style="padding-bottom: 2.5pt; text-align: left">)</td><td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">3,960</td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td><td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">4,031</td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td><td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">(96</td><td style="padding-bottom: 2.5pt; text-align: left">)</td><td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">3,935</td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify; padding-bottom: 2.5pt">&#160;</td><td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: Black 2.5pt double; text-align: left">&#160;</td><td style="border-bottom: Black 2.5pt double; text-align: right">&#160;</td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td><td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: Black 2.5pt double; text-align: left">&#160;</td><td style="border-bottom: Black 2.5pt double; text-align: right">&#160;</td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td><td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: Black 2.5pt double; text-align: left">&#160;</td><td style="border-bottom: Black 2.5pt double; text-align: right">&#160;</td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td><td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: Black 2.5pt double; text-align: left">&#160;</td><td style="border-bottom: Black 2.5pt double; text-align: right">&#160;</td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td><td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: Black 2.5pt double; text-align: left">&#160;</td><td style="border-bottom: Black 2.5pt double; text-align: right">&#160;</td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td><td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: Black 2.5pt double; text-align: left">&#160;</td><td style="border-bottom: Black 2.5pt double; text-align: right">&#160;</td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify; padding-bottom: 2.5pt">Goodwill</td><td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">15,150</td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td><td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">-</td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td><td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">15,150</td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td><td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">15,150</td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td><td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">-</td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td><td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">15,150</td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company had no goodwill impairment losses in the periods presented in the above table or any prior periods.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In February 2019 the Company acquired all of the membership interests of three joint venture entities to which the Company was already a party to and the transaction resulted in an increase to non-compete agreements of $50,000, see Note 11.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">There were no impairments to intangible assets during the three quarters ended June 25, 2019 and June 26, 2018. The aggregate amortization expense related to these intangible assets subject to amortization was approximately $25,000 for the three quarters ended June 25, 2019.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The estimated aggregate future amortization expense as of June 25, 2019 is as follows:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 50%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 1%; text-align: left">&#160;</td><td style="width: 48%; text-align: left"><font style="font-size: 10pt">Remainder of 2019</font></td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 1%">&#160;</td> <td style="width: 1%; text-align: left">$</td><td style="width: 18%; text-align: right">9</td><td style="width: 1%; text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">&#160;</td><td style="text-align: left">2020</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">28</td><td style="text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">&#160;</td><td style="text-align: left">2021</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">17</td><td style="text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 1pt; text-align: left">&#160;</td><td style="padding-bottom: 1pt; text-align: left">2022</td><td style="padding-bottom: 1pt; text-align: left">&#160;</td><td style="padding-bottom: 1pt">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: right">6</td><td style="padding-bottom: 1pt; text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 2.5pt; text-align: left">&#160;</td><td style="padding-bottom: 2.5pt; text-align: right">&#160;</td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td><td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">60</td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><tr style="vertical-align: top; text-align: justify"><td style="width: 5%; text-align: left; white-space: nowrap"><b>Note 4.</b></td><td style="width: 1%; white-space: nowrap"></td><td style="text-align: justify; width: 94%"><b>Common Stock</b></td> </tr></table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On January 26, 2015, the Company filed a shelf registration statement on Form S-3 with the Securities and Exchange Commission (&#34;SEC&#34;) which was declared effective by the SEC on March 25, 2015. The registration statement allows the Company to issue common stock from time to time up to an aggregate amount of $75 million, of which $22,688,052 has been issued.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 5%; text-align: left; white-space: nowrap"><b>Note 5.</b></td><td style="width: 1%"></td><td style="text-align: justify; width: 94%"><b>Stock-Based Compensation</b></td> </tr></table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company has traditionally maintained incentive compensation plans that include provision for the issuance of equity-based awards. The Company established the 2008 Omnibus Equity Incentive Compensation Plan in 2008 (the &#8220;2008 Plan&#8221;) and has outstanding awards that were issued under the 2008 Plan. Subsequently, the 2008 Plan expired in 2018 and the Company established a new plan, the 2018 Omnibus Equity Incentive Plan (the &#8220;2018 Plan&#8221;) during the third fiscal quarter of 2018, pursuant to shareholder approval. Future awards will be issued under the 2018 plan.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Stock-based compensation is measured at the grant date, based on the calculated fair value of the award, and is recognized as an expense over the requisite service period (generally the vesting period of the grant). The company recognizes the impact of forfeitures as forfeitures occur.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our net loss for the three quarters ended June 25, 2019 and June 26, 2018 includes $331,000 and $303,000, respectively, of compensation costs related to our stock-based compensation arrangements.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><u>Stock Option awards</u></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company measures the compensation cost associated with stock option awards by estimating the fair value of the award as of the grant date using the Black-Scholes pricing model. The Company believes that the valuation technique and the approach utilized to develop the underlying assumptions are appropriate in calculating the fair values of the Company&#8217;s stock options and stock awards granted during the three quarters ended June 25, 2019. Estimates of fair value are not intended to predict actual future events or the value ultimately realized by the employees who receive equity awards.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">During the three quarters ended June 25, 2019, the Company granted a total of 99,832 incentive stock options, from available shares under its 2018 Plan, with exercise prices between $4.66 and $5.00 and per-share weighted average fair values between $2.68 and $3.16.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 4.3pt 0pt 0; text-align: justify">During the three quarters ended June 26, 2018, the Company granted a total of 18,274 incentive stock options, from available shares under its 2008 Plan, as amended, with an exercise prices between $2.70 and $2.73 and per-share weighted average fair values between $1.65 and $1.95.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 4.3pt 0pt 0; text-align: justify">In addition to the exercise and grant date prices of the stock option awards, certain weighted average assumptions that were used to estimate the fair value of stock option grants are listed in the following table:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 80%; font: 10pt Times New Roman, Times, Serif; margin-left: 10pt"> <tr style="vertical-align: bottom"> <td style="white-space: nowrap">&#160;</td><td style="font-weight: bold; padding-bottom: 1pt">&#160;</td> <td colspan="6" style="white-space: nowrap; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Year-to-Date</td><td style="padding-bottom: 1pt; font-weight: bold">&#160;</td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap">&#160;</td><td style="font-weight: bold; padding-bottom: 1pt">&#160;</td> <td colspan="2" style="white-space: nowrap; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">June 25, 2019<br /> Incentive and<br /> Non-Qualified<br /> Stock Options</td><td style="padding-bottom: 1pt; font-weight: bold">&#160;</td><td style="font-weight: bold; padding-bottom: 1pt">&#160;</td> <td colspan="2" style="white-space: nowrap; font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><font style="font-size: 10pt"><b>June 26, 2018<br /> Incentive and<u><br /> </u>Non-Qualified<br /> Stock Options</b></font></td><td style="padding-bottom: 1pt; font-weight: bold">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 58%; text-align: left; padding-left: 4.5pt">Expected term (years)</td><td style="width: 1%">&#160;</td> <td style="width: 1%; text-align: left">&#160;</td><td style="width: 18%; text-align: center">7.5</td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 1%">&#160;</td> <td style="width: 1%; text-align: left">&#160;</td><td style="width: 18%; text-align: center">7.5</td><td style="width: 1%; text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-left: 4.5pt">Expected volatility</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: center"><font style="font-size: 10pt">70.65% to 70.80%</font></td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: center"><font style="font-size: 10pt">75.33 % to 75.67%</font></td><td style="text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-left: 4.5pt">Risk-free interest rate</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: center"><font style="font-size: 10pt">3.01% to 3.10%</font></td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: center"><font style="font-size: 10pt">2.17% to 2.35%</font></td><td style="text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-left: 4.5pt">Expected dividends</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: center">-</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: center">-</td><td style="text-align: left">&#160;</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We estimate expected volatility based on historical weekly price changes of our common stock for a period equal to the current expected term of the options. The risk-free interest rate is based on the United States treasury yields in effect at the time of grant corresponding with the expected term of the options. The expected option term is the number of years we estimate that options will be outstanding prior to exercise considering vesting schedules and our historical exercise patterns.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The following table summarizes stock option activity for the three quarters ended June 25, 2019 under all plans:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 90%; font: 10pt Times New Roman, Times, Serif; margin-left: 10pt"> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; text-align: center">&#160;</td><td style="font-weight: bold; padding-bottom: 1pt">&#160;</td> <td colspan="2" style="white-space: nowrap; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Shares</td><td style="padding-bottom: 1pt; font-weight: bold">&#160;</td><td style="font-weight: bold; padding-bottom: 1pt">&#160;</td> <td colspan="2" style="white-space: nowrap; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Weighted<br /> Average<br /> Exercise Price</td><td style="padding-bottom: 1pt; font-weight: bold">&#160;</td><td style="font-weight: bold; padding-bottom: 1pt">&#160;</td> <td colspan="2" style="white-space: nowrap; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Weighted Avg.<br /> Remaining<br /> Contractual Life (Yrs.)</td><td style="padding-bottom: 1pt; font-weight: bold">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 55%; text-align: left">Outstanding-at beginning of year</td><td style="width: 1%">&#160;</td> <td style="width: 1%; text-align: left">&#160;</td><td style="width: 12%; text-align: right">634,647</td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 1%">&#160;</td> <td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right">3.36</td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 1%">&#160;</td> <td style="width: 1%; text-align: left">&#160;</td><td style="width: 12%; text-align: right">&#160;</td><td style="width: 1%; text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Options granted</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">99,832</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">$</td><td style="text-align: right">4.76</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Options exercised</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">(667</td><td style="text-align: left">)</td><td>&#160;</td> <td style="text-align: left">$</td><td style="text-align: right">4.41</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td>Forfeited</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">(10,881</td><td style="text-align: left">)</td><td>&#160;</td> <td style="text-align: left">$</td><td style="text-align: right">3.87</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 1pt">Expired</td><td style="padding-bottom: 1pt">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: right">(17,203</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt">&#160;</td> <td style="padding-bottom: 1pt; text-align: left">$</td><td style="padding-bottom: 1pt; text-align: right">4.41</td><td style="padding-bottom: 1pt; text-align: left">&#160;</td><td style="padding-bottom: 1pt">&#160;</td> <td style="padding-bottom: 1pt; text-align: left">&#160;</td><td style="padding-bottom: 1pt; text-align: right">&#160;</td><td style="padding-bottom: 1pt; text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td>Outstanding June 25, 2019</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">705,728</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">$</td><td style="text-align: right">3.52</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: center">6.3</td><td style="text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Exercisable June 25, 2019</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">436,967</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">$</td><td style="text-align: right">3.23</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: center">4.9</td><td style="text-align: left">&#160;</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As of June 25, 2019, the aggregate intrinsic value of the outstanding and exercisable options was approximately $17,000 and $17,000, respectively. Only options whose exercise price is below the current market price of the underlying stock are included in the intrinsic value calculation.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As of June 25, 2019, the total remaining unrecognized compensation cost related to non-vested stock options was $570,000 and is expected to be recognized over a weighted average period of approximately 2.3 years.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">There were 667 stock options exercised during the three quarters ended June 25, 2019 with proceeds of approximately $3,000. There were no stock options exercised during the three quarters ended June 26, 2018.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 4.3pt 0pt 0"><u>Restricted Stock Units</u></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">During the three quarters ended June 25, 2019, the Company granted a total of 79,988 restricted stock units from available shares under its 2018 Plan. The shares were issued with a grant date fair market value of $3.95 which is equal to the closing price of the stock on the date of the grant. The restricted stock units vest over three years following the grant date.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">During the three quarters ended June 26, 2018, the Company granted a total of 37,037 shares of restricted stock from available shares under its 2008 Plan, as amended. The shares were issued with a grant date fair market value of $2.70 which is equal to the closing price of the stock on the date of the grant. The restricted stock grant vests over three years following the grant date.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">A summary of the status of non-vested restricted stock as of June 25, 2019 is presented below.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 80%; font: 10pt Times New Roman, Times, Serif; margin-left: 20pt"> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; text-align: center">&#160;</td><td style="font-weight: bold; padding-bottom: 1pt">&#160;</td> <td colspan="2" style="white-space: nowrap; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Shares</td><td style="padding-bottom: 1pt; font-weight: bold">&#160;</td><td style="font-weight: bold; padding-bottom: 1pt">&#160;</td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; font-weight: bold; text-align: center">Grant Date Fair<br /> Value Per Share</td><td style="padding-bottom: 1pt; font-weight: bold">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 59%; text-align: left">Non-vested shares at beginning of year</td><td style="width: 1%">&#160;</td> <td style="width: 1%; text-align: left">&#160;</td><td style="width: 18%; text-align: right">149,614</td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 1%">&#160;</td> <td style="width: 18%; text-align: center"><font style="font-size: 10pt">$2.70 to $4.18</font></td><td style="width: 1%; text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td>Granted</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">79,988</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: center">$3.95</td><td style="text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 1pt">Vested</td><td style="padding-bottom: 1pt">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: right">(44,158</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt">&#160;</td> <td style="padding-bottom: 1pt; text-align: center"><font style="font-size: 10pt">$2.70 to $4.18</font></td><td style="padding-bottom: 1pt; text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td>Non-vested shares at June 25, 2019</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">185,444</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: center"><font style="font-size: 10pt">$2.70 to $4.18</font></td><td style="text-align: left">&#160;</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As of June 25, 2019, there was approximately $452,000 of total unrecognized compensation cost related to non-vested restricted stock. This cost is expected to be recognized over a weighted average period of approximately 1.4 years.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 5%; text-align: left; white-space: nowrap"><b>Note 6.</b></td><td style="width: 1%; white-space: nowrap"></td><td style="text-align: justify; width: 94%"><b>Notes Payable and Long-Term Debt</b></td> </tr></table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><u>Cadence Credit Facility</u></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company maintains a credit agreement with Cadence Bank (&#8220;Cadence&#8221;) pursuant to which, as amended, Cadence agreed to loan the Company up to $17,000,000 with a maturity date of December 31, 2021 (the &#8220;Cadence Credit Facility&#8221;). On February 21, 2019 the Cadence Credit Facility was amended, in connection with the RGWP Repurchase (see note 11), to retroactively attribute EBITDA previously attributed to non-controlling interests to the Company for purposes of certain financial covenants. As amended by the various amendments, the Cadence Credit Facility accrues commitment fees on the daily unused balance of the facility at a rate of 0.25%. All borrowings under the Cadence Credit Facility, as amended, bear interest at a variable rate based upon the Company&#8217;s election of (i) 2.5% plus the base rate, which is the highest of the (a) Federal Funds Rate plus 0.5%, (b) the Cadence bank publicly-announced prime rate, and (c) LIBOR plus 1.0%, or (ii) LIBOR, with a 0.250% floor, plus 3.5%. Interest is due at the end of each calendar quarter if the Company selects to pay interest based on the base rate and at the end of each LIBOR period if it selects to pay interest based on LIBOR. As of June 25, 2019, the weighted average interest rate applicable to borrowings under the Cadence Credit Facility was 5.9228%.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Cadence Credit Facility, as amended, contains certain affirmative and negative covenants and events of default that the Company considers customary for an agreement of this type, including covenants setting a maximum leverage ratio of 5.35:1, a minimum fixed charge coverage ratio of 1.25:1 and minimum liquidity of $2,000,000. As of June 25, 2019, the Company was in compliance with the covenants under the Cadence Credit Facility.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As a result of entering into the Cadence Credit Facility and the various amendments, the Company paid loan origination costs including professional fees of approximately $232,000 and is amortizing these costs over the term of the credit agreement.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The obligations under the Cadence Credit Facility are collateralized by a first-priority lien on substantially all of the Company&#8217;s assets.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As of June 25, 2019, the outstanding balance on borrowings against the facility was $11,150,000. Availability of the Cadence Credit Facility for borrowings is reduced by the outstanding face value of any letters of credit issued under the facility. As of June 25, 2019, the outstanding face value of such letters of credit was $157,500.</p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 5%; text-align: left; white-space: nowrap"><b>Note 7.</b></td><td style="width: 1%; white-space: nowrap"></td><td style="text-align: justify; width: 94%"><b>Net Income (Loss) per Common Share</b></td> </tr></table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">Our basic earnings per share calculation is computed based on the weighted-average number of common shares outstanding. Our diluted earnings per share calculation is computed based on the weighted-average number of common shares outstanding adjusted by the number of additional shares that would have been outstanding had the potentially dilutive common shares been issued. Potentially dilutive securities for this calculation consist of in-the-money outstanding stock options, restricted stock units and warrants (which were assumed to have been exercised at the average market price of the common shares during the reporting period). The treasury stock method is used to measure the dilutive impact of in-the-money stock options.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">The following table reconciles basic weighted-average shares outstanding to diluted weighted-average shares outstanding:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td style="white-space: nowrap">&#160;</td><td style="font-weight: bold; padding-bottom: 1pt">&#160;</td> <td colspan="6" style="white-space: nowrap; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Quarter Ended</td><td style="padding-bottom: 1pt; font-weight: bold">&#160;</td><td style="font-weight: bold; padding-bottom: 1pt">&#160;</td> <td colspan="6" style="white-space: nowrap; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Year-to-Date</td><td style="padding-bottom: 1pt; font-weight: bold">&#160;</td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap">&#160;</td><td style="font-weight: bold; padding-bottom: 1pt">&#160;</td> <td colspan="2" style="white-space: nowrap; font-weight: bold; border-bottom: Black 1pt solid; text-align: center">June 25, 2019</td><td style="padding-bottom: 1pt; font-weight: bold">&#160;</td><td style="font-weight: bold; padding-bottom: 1pt">&#160;</td> <td colspan="2" style="white-space: nowrap; font-weight: bold; border-bottom: Black 1pt solid; text-align: center">June 26, 2018</td><td style="padding-bottom: 1pt; font-weight: bold">&#160;</td><td style="font-weight: bold; padding-bottom: 1pt">&#160;</td> <td colspan="2" style="white-space: nowrap; font-weight: bold; border-bottom: Black 1pt solid; text-align: center">June 26, 2019</td><td style="padding-bottom: 1pt; font-weight: bold">&#160;</td><td style="font-weight: bold; padding-bottom: 1pt">&#160;</td> <td colspan="2" style="white-space: nowrap; font-weight: bold; border-bottom: Black 1pt solid; text-align: center">June 26, 2018</td><td style="padding-bottom: 1pt; font-weight: bold">&#160;</td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap">&#160;</td><td>&#160;</td> <td colspan="2" style="white-space: nowrap">&#160;</td><td>&#160;</td><td>&#160;</td> <td colspan="2" style="white-space: nowrap">&#160;</td><td>&#160;</td><td>&#160;</td> <td colspan="2" style="white-space: nowrap">&#160;</td><td>&#160;</td><td>&#160;</td> <td colspan="2" style="white-space: nowrap">&#160;</td><td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 40%">Weighted-average shares outstanding-basic</td><td style="width: 1%">&#160;</td> <td style="width: 1%; text-align: left">&#160;</td><td style="width: 12%; text-align: right">12,522,778</td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 1%">&#160;</td> <td style="width: 1%; text-align: left">&#160;</td><td style="width: 12%; text-align: right">12,468,326</td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 1%">&#160;</td> <td style="width: 1%; text-align: left">&#160;</td><td style="width: 12%; text-align: right">12,516,822</td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 1%">&#160;</td> <td style="width: 1%; text-align: left">&#160;</td><td style="width: 12%; text-align: right">12,460,467</td><td style="width: 1%; text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Effect of potentially dilutive securities:</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-left: 10pt">Stock options</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">15,101</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">102,506</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">0</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">0</td><td style="text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-left: 10pt">Restricted stock units</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">185,444</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">94,340</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">0</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">0</td><td style="text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Weighted-average shares outstanding-diluted</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">12,723,323</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">12,665,172</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">12,516,822</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">12,460,467</td><td style="text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Excluded from diluted weighted-average<br /> shares outstanding:</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt">Antidilutive</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">654,468</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">272,348</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">891,172</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">747,796</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><tr style="vertical-align: top; text-align: justify"><td style="width: 5%; text-align: left; white-space: nowrap"><b>Note 8.</b></td><td style="width: 1%; white-space: nowrap"></td><td style="text-align: justify; width: 94%"><b>Contingent Liabilities and Liquidity</b></td> </tr></table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We remain contingently liable on various leases underlying restaurants that were previously sold to franchisees. We have never experienced any losses related to these contingent lease liabilities, however if a franchisee defaults on the payments under the leases, we would be liable for the lease payments as the assignor or sub-lessor of the lease. Currently we have not been notified nor are we aware of any leases in default by the franchisees, however there can be no assurance that there will not be in the future which could have a material effect on our future operating results.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Additionally, in the normal course of business, there may be various claims in process, matters in litigation, and other contingencies brought against the company by employees, vendors, customers, franchisees, or other parties. Evaluating these contingencies is a complex process that may involve substantial judgment on the potential outcome of such matters, and the ultimate outcome of such contingencies may differ from our current analysis. We review the adequacy of accruals and disclosures related to such contingent liabilities in consultation with legal counsel. While it is not possible to predict the outcome of these claims with certainty, it is management&#8217;s opinion that potential losses associated with such contingencies would be immaterial to our financial statements.</p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 5%; text-align: left; white-space: nowrap"><b>Note 9.</b></td><td style="width: 1%; white-space: nowrap"></td><td style="text-align: justify; width: 94%"><b>Impairment of Long-Lived Assets and Goodwill</b></td> </tr></table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Long-Lived Assets. </i></b>We review our long-lived assets for impairment, including land, property and equipment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Recoverability of assets to be held and used is measured by a comparison of the capitalized costs of the assets to the future undiscounted net cash flows expected to be generated by the assets and the expected cash flows are based on recent historical cash flows at the restaurant level (the lowest level that cash flows can be determined).</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On January 30, 2018 the Company closed one Good Times restaurant in Aurora, Colorado. A non-cash impairment charge of $219,000 related to this restaurant was previously taken in the fiscal year ended September 26, 2017 and no additional loss from disposal of assets has been subsequently recognized in the current year, nor is any additional loss expected. We recorded accretion expense recognized as non-cash rent of approximately $48,000 in the fiscal year ended September 25, 2018, and approximately $73,000 in the three quarters ended June 25, 2019, reflecting the expected fair value of future lease costs, net of sublease income, associated with the closing of this restaurant. Subsequent to the end of the fiscal third quarter of 2019, the Company entered into a sublease agreement whereby the Company, upon lease commencement subject to due diligence provisions, will receive sublease income substantially equal to its cash lease costs associated with this location.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Given the results of our analysis at March 27, 2018, we identified one restaurant where the expected future cash flows would not be sufficient to recover the carrying value of the associated assets. This restaurant, an additional Good Times restaurant in Aurora, Colorado, was closed on April 22, 2018. We recorded a non-cash charge of $72,000 related to the impairment of this restaurant during the quarter ending March 27, 2018. No additional loss from disposal of assets is expected associated with this property. Prior to its closure, on April 6, 2018, the Company entered into a sublease of this property, the terms of which will provide sublease income substantially equal to the lease costs over the approximate 5 remaining years of the lease.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Trademarks. </i></b>Trademarks have been determined to have an indefinite life. We evaluate our trademarks for impairment annually and on an interim basis as events and circumstances warrant by comparing the fair value of the trademarks with their carrying amount. There was no impairment required to the acquired trademarks as of June 25, 2019 and June 26, 2018.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Goodwill. </i></b>Goodwill represents the excess of cost over fair value of the assets of businesses the Company acquired. Goodwill is not amortized, but rather, the Company is required to test goodwill for impairment on an annual basis or whenever indications of impairment arise. The Company considers its operations to be comprised of two reporting units: (1) Good Times restaurants and (2) Bad Daddy&#8217;s restaurants. As of June 25, 2019, the Company had $96,000 of goodwill attributable to the Good Times reporting unit and $15,054,000 of goodwill attributable to its Bad Daddy&#8217;s reporting unit. No goodwill impairment charges were recognized as of June 25, 2019 and June 26, 2018.</p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><tr style="vertical-align: top; text-align: justify"><td style="width: 5%; text-align: left; white-space: nowrap"><b>Note 10.</b></td><td style="width: 1%; white-space: nowrap"></td><td style="text-align: justify; width: 94%"><b>Income Taxes</b></td> </tr></table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We account for income taxes using the liability method, whereby deferred tax asset and liability account balances are determined based on differences between the financial reporting and tax bases of assets and liabilities and are measured using the enacted tax rates and laws that will be in effect when the differences are expected to reverse. The Company provides a valuation allowance, if necessary, to reduce deferred tax assets to their estimated realizable value. The deferred tax assets are reviewed periodically for recoverability and valuation allowances are adjusted as necessary.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company has significant net operating loss carry-forwards from prior years and incurred additional net operating losses during the three quarters ended June 25, 2019 and June 26, 2018. These losses resulted in an increase in the related deferred tax assets; however, valuation allowances were provided which reduced these deferred tax assets to zero; therefore, no income tax provision or benefit was recognized for the three quarters ended June 25, 2019 and June 26, 2018 resulting in an effective income tax rate of 0% for both periods.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company is subject to taxation in various jurisdictions within the U.S. The Company continues to remain subject to examination by U.S. federal authorities for the years 2016 through 2018. The Company believes that its income tax filing positions and deductions will be sustained on audit and does not anticipate any adjustments that will result in a material adverse effect on the Company&#8217;s financial condition, results of operations, or cash flows. Therefore, no reserves for uncertain income tax positions have been recorded. The Company&#8217;s practice is to recognize interest and/or penalties related to income tax matters in income tax expense. No accrual for interest and penalties was considered necessary as of June 25, 2019.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 5%; text-align: left; white-space: nowrap"><b>Note 11.</b></td><td style="width: 1%"></td><td style="text-align: justify; width: 94%"><b>Non-controlling Interests</b></td> </tr></table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Non-controlling interests are presented as a separate item in the stockholders&#8217; equity section of the condensed consolidated balance sheet. The amount of consolidated net income or loss attributable to non-controlling interests is presented on the face of the condensed consolidated statement of operations. Changes in a parent&#8217;s ownership interest in a subsidiary that do not result in deconsolidation are equity transactions, while changes in ownership interest that do result in deconsolidation of a subsidiary require gain or loss recognition based on the fair value on the deconsolidation date.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The equity interests of the unrelated limited partners and members are shown on the accompanying consolidated balance sheet in the stockholders&#8217; equity section as a non-controlling interest and is adjusted each period to reflect the limited partners&#8217; and members&#8217; share of the net income or loss as well as any cash contributions or distributions to or from the limited partners and members for the period. The limited partners&#8217; and members&#8217; share of the net income or loss in the subsidiary is shown as non-controlling interest income or expense in the accompanying consolidated statement of operations. All inter-company accounts and transactions are eliminated.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On February 6, 2019, the Company concurrently entered into and closed on a Membership Interest Purchase Agreement with RGWP, LLC (the &#8220;RGWP Repurchase&#8221;), pursuant to which the Company agreed to acquire all of the remaining membership interests of three entities to which the Company is already a party to and already owned a controlling interest: Bad Daddy&#8217;s Burger Bar of Seaboard LLC, Bad Daddy&#8217;s Burger Bar of Cary, LLC, and BDBB of Olive Park NC, LLC. The purchase price was approximately $3.0 million. These entities own and operate three Bad Daddy&#8217;s Burger Bar restaurants in the greater Raleigh, NC market. The purchase agreement contains various representations, warranties, and covenants of the Seller that are customary in transactions of this nature.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The RGWP Repurchase resulted in a $788,000 reduction in non-controlling interests, an increase to non-compete agreements of $50,000 and a $2,171,000 reduction in additional paid in capital.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The following table summarizes the activity in non-controlling interests during the quarter ended June 25, 2019:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 90%; font: 10pt Times New Roman, Times, Serif; margin-left: 20pt"> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; text-align: justify">&#160;</td><td style="font-weight: bold; padding-bottom: 1pt">&#160;</td> <td colspan="2" style="white-space: nowrap; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Bad Daddy&#8217;s</td><td style="padding-bottom: 1pt; font-weight: bold">&#160;</td><td style="font-weight: bold; padding-bottom: 1pt">&#160;</td> <td colspan="2" style="white-space: nowrap; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Good Times</td><td style="padding-bottom: 1pt; font-weight: bold">&#160;</td><td style="font-weight: bold; padding-bottom: 1pt">&#160;</td> <td colspan="2" style="white-space: nowrap; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Total</td><td style="padding-bottom: 1pt; font-weight: bold">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 55%; text-align: justify">Balance at September 25, 2018</td><td style="width: 1%">&#160;</td> <td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right">2,861</td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 1%">&#160;</td> <td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right">377</td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 1%">&#160;</td> <td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right">3,238</td><td style="width: 1%; text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Income attributable to non-controlling interests</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">671</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">241</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">912</td><td style="text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify">Net distributions to unrelated limited partners</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">(953</td><td style="text-align: left">)</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">(280</td><td style="text-align: left">)</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">(1,233</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify; padding-bottom: 1pt">Purchase of non-controlling interest</td><td style="padding-bottom: 1pt">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: right">(788</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: right">-</td><td style="padding-bottom: 1pt; text-align: left">&#160;</td><td style="padding-bottom: 1pt">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: right">(788</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify">Balance at June 25, 2019</td><td>&#160;</td> <td style="text-align: left">$</td><td style="text-align: right">1,791</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">$</td><td style="text-align: right">338</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">$</td><td style="text-align: right">2,129</td><td style="text-align: left">&#160;</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our remaining non-controlling interests consist of one joint venture partnership involving seven Good Times restaurants and five joint venture partnerships involving five Bad Daddy&#8217;s restaurants.</p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><tr style="vertical-align: top; text-align: justify"><td style="width: 5%; text-align: left; white-space: nowrap"><b>Note 13.</b></td><td style="width: 1%"></td><td style="text-align: justify; width: 94%"><b>Subsequent Events</b></td> </tr></table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">None.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 5%; text-align: left; white-space: nowrap"><b>Note 14.</b></td><td style="width: 1%"></td><td style="text-align: justify; width: 94%"><b>Segment Reporting</b></td> </tr></table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">All of our Good Times Burgers and Frozen Custard restaurants (Good Times) compete in the quick-service industry segment while our Bad Daddy&#8217;s Burger Bar restaurants (Bad Daddy&#8217;s) compete in the full-service industry segment. We believe that providing this additional financial information for each of our brands will provide a better understanding of our overall operating results. Income (loss) from operations represents revenues less restaurant operating costs and expenses, directly allocable general and administrative expenses, and other restaurant-level expenses directly associated with each brand including depreciation and amortization, pre-opening costs and losses or gains on disposal of property and equipment. Unallocated corporate capital expenditures are presented below as reconciling items to the amounts presented in the consolidated financial statements.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The following tables present information about our reportable segments for the respective periods:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td style="white-space: nowrap">&#160;</td><td style="font-weight: bold; padding-bottom: 1pt">&#160;</td> <td colspan="6" style="white-space: nowrap; font-weight: bold; text-align: center; border-bottom: Black 1pt solid; border-top: Black 1pt solid">Quarter Ended</td><td style="padding-bottom: 1pt; font-weight: bold">&#160;</td><td style="font-weight: bold; padding-bottom: 1pt">&#160;</td> <td colspan="6" style="white-space: nowrap; font-weight: bold; text-align: center; border-bottom: Black 1pt solid; border-top: Black 1pt solid">Year-to-Date</td><td style="padding-bottom: 1pt; font-weight: bold">&#160;</td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap">&#160;</td><td style="font-weight: bold; padding-bottom: 1pt">&#160;</td> <td colspan="2" style="white-space: nowrap; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">June 25, 2019</td><td style="padding-bottom: 1pt; font-weight: bold">&#160;</td><td style="font-weight: bold; padding-bottom: 1pt">&#160;</td> <td colspan="2" style="white-space: nowrap; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">June 26, 2018</td><td style="padding-bottom: 1pt; font-weight: bold">&#160;</td><td style="font-weight: bold; padding-bottom: 1pt">&#160;</td> <td colspan="2" style="white-space: nowrap; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">June 25, 2019</td><td style="padding-bottom: 1pt; font-weight: bold">&#160;</td><td style="font-weight: bold; padding-bottom: 1pt">&#160;</td> <td colspan="2" style="white-space: nowrap; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">June 26, 2018</td><td style="padding-bottom: 1pt; font-weight: bold">&#160;</td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap">Revenues</td><td>&#160;</td> <td colspan="2" style="white-space: nowrap">&#160;</td><td>&#160;</td><td>&#160;</td> <td colspan="2" style="white-space: nowrap">&#160;</td><td>&#160;</td><td>&#160;</td> <td colspan="2" style="white-space: nowrap">&#160;</td><td>&#160;</td><td>&#160;</td> <td colspan="2" style="white-space: nowrap">&#160;</td><td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 40%; text-align: left; padding-left: 13.5pt">Bad Daddy&#8217;s</td><td style="width: 1%">&#160;</td> <td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right">21,181</td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 1%">&#160;</td> <td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right">17,862</td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 1%">&#160;</td> <td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right">59,996</td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 1%">&#160;</td> <td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right">48,985</td><td style="width: 1%; text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt; padding-left: 13.5pt">Good Times</td><td style="padding-bottom: 1pt">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: right">8,276</td><td style="padding-bottom: 1pt; text-align: left">&#160;</td><td style="padding-bottom: 1pt">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: right">8,401</td><td style="padding-bottom: 1pt; text-align: left">&#160;</td><td style="padding-bottom: 1pt">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: right">22,003</td><td style="padding-bottom: 1pt; text-align: left">&#160;</td><td style="padding-bottom: 1pt">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: right">23,722</td><td style="padding-bottom: 1pt; text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 13.5pt">&#160;</td><td>&#160;</td> <td style="text-align: left">$</td><td style="text-align: right">29,457</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">$</td><td style="text-align: right">26,263</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">$</td><td style="text-align: right">81,999</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">$</td><td style="text-align: right">72,707</td><td style="text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Income (loss) from<br /> &#160;&#160;&#160;operations</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-left: 13.5pt">Bad Daddy&#8217;s</td><td>&#160;</td> <td style="text-align: left">$</td><td style="text-align: right">494</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">$</td><td style="text-align: right">430</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">$</td><td style="text-align: right">300</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">$</td><td style="text-align: right">438</td><td style="text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-left: 13.5pt">Good Times</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">650</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">423</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">505</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">265</td><td style="text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 1pt; padding-left: 13.5pt">Corporate</td><td style="padding-bottom: 1pt">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: right">(68</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: right">(72</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: right">(292</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: right">(290</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-left: 13.5pt">&#160;</td><td>&#160;</td> <td style="text-align: left">$</td><td style="text-align: right">1,076</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">$</td><td style="text-align: right">781</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">$</td><td style="text-align: right">513</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">$</td><td style="text-align: right">413</td><td style="text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Capital expenditures</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-left: 13.5pt">Bad Daddy&#8217;s</td><td>&#160;</td> <td style="text-align: left">$</td><td style="text-align: right">609</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">$</td><td style="text-align: right">2,270</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">$</td><td style="text-align: right">3,727</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">$</td><td style="text-align: right">6,259</td><td style="text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-left: 13.5pt">Good Times</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">301</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">113</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">930</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">290</td><td style="text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 1pt; padding-left: 13.5pt">Corporate</td><td style="padding-bottom: 1pt">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: right">13</td><td style="padding-bottom: 1pt; text-align: left">&#160;</td><td style="padding-bottom: 1pt">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: right">8</td><td style="padding-bottom: 1pt; text-align: left">&#160;</td><td style="padding-bottom: 1pt">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: right">59</td><td style="padding-bottom: 1pt; text-align: left">&#160;</td><td style="padding-bottom: 1pt">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: right">11</td><td style="padding-bottom: 1pt; text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 13.5pt">&#160;</td><td>&#160;</td> <td style="text-align: left">$</td><td style="text-align: right">923</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">$</td><td style="text-align: right">2,391</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">$</td><td style="text-align: right">4,716</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">$</td><td style="text-align: right">6,560</td><td style="text-align: left">&#160;</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 70%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td style="white-space: nowrap">&#160;</td><td style="font-weight: bold; padding-bottom: 1pt">&#160;</td> <td colspan="2" style="white-space: nowrap; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">June 25, 2019</td><td style="padding-bottom: 1pt; font-weight: bold">&#160;</td><td style="font-weight: bold; padding-bottom: 1pt">&#160;</td> <td colspan="2" style="white-space: nowrap; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">September 25, 2018</td><td style="padding-bottom: 1pt; font-weight: bold">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Property and equipment, net</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 58%; text-align: left; padding-left: 13.5pt">Bad Daddy&#8217;s</td><td style="width: 1%">&#160;</td> <td style="width: 1%; text-align: left">$</td><td style="width: 18%; text-align: right">30,829</td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 1%">&#160;</td> <td style="width: 1%; text-align: left">$</td><td style="width: 18%; text-align: right">29,642</td><td style="width: 1%; text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-left: 13.5pt">Good Times</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">5,594</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">5,234</td><td style="text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 1pt; padding-left: 13.5pt">Corporate</td><td style="padding-bottom: 1pt">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: right">243</td><td style="padding-bottom: 1pt; text-align: left">&#160;</td><td style="padding-bottom: 1pt">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: right">369</td><td style="padding-bottom: 1pt; text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td>&#160;</td><td>&#160;</td> <td style="text-align: left">$</td><td style="text-align: right">36,666</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">$</td><td style="text-align: right">35,245</td></tr></table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The following table presents goodwill and intangible assets as of June 25, 2019 and September 25, 2018:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; text-align: justify">&#160;</td><td style="font-weight: bold; padding-bottom: 1pt">&#160;</td> <td colspan="10" style="white-space: nowrap; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">June 25, 2019</td><td style="padding-bottom: 1pt; font-weight: bold">&#160;</td><td style="font-weight: bold; padding-bottom: 1pt">&#160;</td> <td colspan="10" style="white-space: nowrap; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">September 25, 2018</td><td style="padding-bottom: 1pt; font-weight: bold">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify">&#160;</td><td style="font-weight: bold">&#160;</td> <td style="font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold; text-align: center"><font style="font-size: 10pt"><b>Gross<br /> Carrying<br /> <u>Amount</u></b></font></td><td style="font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold">&#160;</td> <td style="font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold; text-align: center"><font style="font-size: 10pt"><b>Accumulated<br /> <u>Amortization</u></b></font></td><td style="font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold">&#160;</td> <td style="font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold; text-align: center"><font style="font-size: 10pt"><b>Net<br /> Carrying<br /> <u>Amount</u></b></font></td><td style="font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold">&#160;</td> <td style="font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold; text-align: center"><font style="font-size: 10pt"><b>Gross<br /> Carrying<br /> <u>Amount</u></b></font></td><td style="font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold">&#160;</td> <td style="font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold; text-align: center"><font style="font-size: 10pt"><b>Accumulated<br /> <u>Amortization</u></b></font></td><td style="font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold">&#160;</td> <td style="font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold; text-align: center"><font style="font-size: 10pt"><b>Net<br /> Carrying<br /> <u>Amount</u></b></font></td><td style="font-weight: bold; text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; white-space: nowrap"><p style="margin-top: 0; margin-bottom: 0">Intangible assets subject to</p> <p style="margin-top: 0; margin-bottom: 0; margin-left: 6pt">amortization</p></td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="width: 28%; text-align: justify; padding-left: 10pt">Franchise rights</td><td style="width: 1%">&#160;</td> <td style="width: 1%; text-align: left">&#160;</td><td style="width: 9%; text-align: right">116</td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 1%">&#160;</td> <td style="width: 1%; text-align: left">&#160;</td><td style="width: 9%; text-align: right">(98</td><td style="width: 1%; text-align: left">)</td><td style="width: 1%">&#160;</td> <td style="width: 1%; text-align: left">&#160;</td><td style="width: 9%; text-align: right">18</td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 1%">&#160;</td> <td style="width: 1%; text-align: left">&#160;</td><td style="width: 9%; text-align: right">116</td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 1%">&#160;</td> <td style="width: 1%; text-align: left">&#160;</td><td style="width: 9%; text-align: right">(81</td><td style="width: 1%; text-align: left">)</td><td style="width: 1%">&#160;</td> <td style="width: 1%; text-align: left">&#160;</td><td style="width: 9%; text-align: right">35</td><td style="width: 1%; text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify; padding-bottom: 1pt; white-space: nowrap; padding-left: 10pt">Non-compete agreements</td><td style="padding-bottom: 1pt">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: right">65</td><td style="padding-bottom: 1pt; text-align: left">&#160;</td><td style="padding-bottom: 1pt">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: right">(23</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: right">42</td><td style="padding-bottom: 1pt; text-align: left">&#160;</td><td style="padding-bottom: 1pt">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: right">15</td><td style="padding-bottom: 1pt; text-align: left">&#160;</td><td style="padding-bottom: 1pt">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: right">(15</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: right">-</td><td style="padding-bottom: 1pt; text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify">&#160;</td><td>&#160;</td> <td style="text-align: left">$</td><td style="text-align: right">181</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">$</td><td style="text-align: right">(121</td><td style="text-align: left">)</td><td>&#160;</td> <td style="text-align: left">$</td><td style="text-align: right">60</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">$</td><td style="text-align: right">131</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">$</td><td style="text-align: right">(96</td><td style="text-align: left">)</td><td>&#160;</td> <td style="text-align: left">$</td><td style="text-align: right">35</td><td style="text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; white-space: nowrap"><p style="margin-top: 0; margin-bottom: 0">Indefinite-lived intangible</p> <p style="margin-top: 0; margin-bottom: 0; margin-left: 6pt">assets:</p></td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify; padding-bottom: 1pt; padding-left: 10pt">Trademarks</td><td style="padding-bottom: 1pt">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td><td style="border-bottom: Black 1pt solid; text-align: right">3,900</td><td style="padding-bottom: 1pt; text-align: left">&#160;</td><td style="padding-bottom: 1pt">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td><td style="border-bottom: Black 1pt solid; text-align: right">-</td><td style="padding-bottom: 1pt; text-align: left">&#160;</td><td style="padding-bottom: 1pt">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td><td style="border-bottom: Black 1pt solid; text-align: right">3,900</td><td style="padding-bottom: 1pt; text-align: left">&#160;</td><td style="padding-bottom: 1pt">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td><td style="border-bottom: Black 1pt solid; text-align: right">3,900</td><td style="padding-bottom: 1pt; text-align: left">&#160;</td><td style="padding-bottom: 1pt">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td><td style="border-bottom: Black 1pt solid; text-align: right">-</td><td style="padding-bottom: 1pt; text-align: left">&#160;</td><td style="padding-bottom: 1pt">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td><td style="border-bottom: Black 1pt solid; text-align: right">3,900</td><td style="padding-bottom: 1pt; text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify; padding-bottom: 2.5pt; white-space: nowrap; padding-left: 20pt">Intangible assets, net</td><td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">4,081</td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td><td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">(121</td><td style="padding-bottom: 2.5pt; text-align: left">)</td><td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">3,960</td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td><td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">4,031</td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td><td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">(96</td><td style="padding-bottom: 2.5pt; text-align: left">)</td><td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">3,935</td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify; padding-bottom: 2.5pt">&#160;</td><td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: Black 2.5pt double; text-align: left">&#160;</td><td style="border-bottom: Black 2.5pt double; text-align: right">&#160;</td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td><td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: Black 2.5pt double; text-align: left">&#160;</td><td style="border-bottom: Black 2.5pt double; text-align: right">&#160;</td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td><td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: Black 2.5pt double; text-align: left">&#160;</td><td style="border-bottom: Black 2.5pt double; text-align: right">&#160;</td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td><td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: Black 2.5pt double; text-align: left">&#160;</td><td style="border-bottom: Black 2.5pt double; text-align: right">&#160;</td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td><td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: Black 2.5pt double; text-align: left">&#160;</td><td style="border-bottom: Black 2.5pt double; text-align: right">&#160;</td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td><td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: Black 2.5pt double; text-align: left">&#160;</td><td style="border-bottom: Black 2.5pt double; text-align: right">&#160;</td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify; padding-bottom: 2.5pt">Goodwill</td><td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">15,150</td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td><td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">-</td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td><td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">15,150</td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td><td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">15,150</td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td><td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">-</td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td><td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">15,150</td></tr></table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The estimated aggregate future amortization expense as of June 25, 2019 is as follows:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 50%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 1%; text-align: left">&#160;</td><td style="width: 48%; text-align: left"><font style="font-size: 10pt">Remainder of 2019</font></td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 1%">&#160;</td> <td style="width: 1%; text-align: left">$</td><td style="width: 18%; text-align: right">9</td><td style="width: 1%; text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">&#160;</td><td style="text-align: left">2020</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">28</td><td style="text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">&#160;</td><td style="text-align: left">2021</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">17</td><td style="text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 1pt; text-align: left">&#160;</td><td style="padding-bottom: 1pt; text-align: left">2022</td><td style="padding-bottom: 1pt; text-align: left">&#160;</td><td style="padding-bottom: 1pt">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: right">6</td><td style="padding-bottom: 1pt; text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 2.5pt; text-align: left">&#160;</td><td style="padding-bottom: 2.5pt; text-align: right">&#160;</td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td><td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">60</td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td></tr></table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 4.3pt 0pt 0; text-align: justify">In addition to the exercise and grant date prices of the stock option awards, certain weighted average assumptions that were used to estimate the fair value of stock option grants are listed in the following table:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 80%; font: 10pt Times New Roman, Times, Serif; margin-left: 10pt"> <tr style="vertical-align: bottom"> <td style="white-space: nowrap">&#160;</td><td style="font-weight: bold; padding-bottom: 1pt">&#160;</td> <td colspan="6" style="white-space: nowrap; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Year-to-Date</td><td style="padding-bottom: 1pt; font-weight: bold">&#160;</td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap">&#160;</td><td style="font-weight: bold; padding-bottom: 1pt">&#160;</td> <td colspan="2" style="white-space: nowrap; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">June 25, 2019<br /> Incentive and<br /> Non-Qualified<br /> Stock Options</td><td style="padding-bottom: 1pt; font-weight: bold">&#160;</td><td style="font-weight: bold; padding-bottom: 1pt">&#160;</td> <td colspan="2" style="white-space: nowrap; font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><font style="font-size: 10pt"><b>June 26, 2018<br /> Incentive and<u><br /> </u>Non-Qualified<br /> Stock Options</b></font></td><td style="padding-bottom: 1pt; font-weight: bold">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 58%; text-align: left; padding-left: 4.5pt">Expected term (years)</td><td style="width: 1%">&#160;</td> <td style="width: 1%; text-align: left">&#160;</td><td style="width: 18%; text-align: center">7.5</td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 1%">&#160;</td> <td style="width: 1%; text-align: left">&#160;</td><td style="width: 18%; text-align: center">7.5</td><td style="width: 1%; text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-left: 4.5pt">Expected volatility</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: center"><font style="font-size: 10pt">70.65% to 70.80%</font></td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: center"><font style="font-size: 10pt">75.33 % to 75.67%</font></td><td style="text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-left: 4.5pt">Risk-free interest rate</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: center"><font style="font-size: 10pt">3.01% to 3.10%</font></td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: center"><font style="font-size: 10pt">2.17% to 2.35%</font></td><td style="text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-left: 4.5pt">Expected dividends</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: center">-</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: center">-</td><td style="text-align: left">&#160;</td></tr></table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The following table summarizes stock option activity for the three quarters ended June 25, 2019 under all plans:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 90%; font: 10pt Times New Roman, Times, Serif; margin-left: 10pt"> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; text-align: center">&#160;</td><td style="font-weight: bold; padding-bottom: 1pt">&#160;</td> <td colspan="2" style="white-space: nowrap; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Shares</td><td style="padding-bottom: 1pt; font-weight: bold">&#160;</td><td style="font-weight: bold; padding-bottom: 1pt">&#160;</td> <td colspan="2" style="white-space: nowrap; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Weighted<br /> Average<br /> Exercise Price</td><td style="padding-bottom: 1pt; font-weight: bold">&#160;</td><td style="font-weight: bold; padding-bottom: 1pt">&#160;</td> <td colspan="2" style="white-space: nowrap; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Weighted Avg.<br /> Remaining<br /> Contractual Life (Yrs.)</td><td style="padding-bottom: 1pt; font-weight: bold">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 55%; text-align: left">Outstanding-at beginning of year</td><td style="width: 1%">&#160;</td> <td style="width: 1%; text-align: left">&#160;</td><td style="width: 12%; text-align: right">634,647</td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 1%">&#160;</td> <td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right">3.36</td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 1%">&#160;</td> <td style="width: 1%; text-align: left">&#160;</td><td style="width: 12%; text-align: right">&#160;</td><td style="width: 1%; text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Options granted</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">99,832</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">$</td><td style="text-align: right">4.76</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Options exercised</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">(667</td><td style="text-align: left">)</td><td>&#160;</td> <td style="text-align: left">$</td><td style="text-align: right">4.41</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td>Forfeited</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">(10,881</td><td style="text-align: left">)</td><td>&#160;</td> <td style="text-align: left">$</td><td style="text-align: right">3.87</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 1pt">Expired</td><td style="padding-bottom: 1pt">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: right">(17,203</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt">&#160;</td> <td style="padding-bottom: 1pt; text-align: left">$</td><td style="padding-bottom: 1pt; text-align: right">4.41</td><td style="padding-bottom: 1pt; text-align: left">&#160;</td><td style="padding-bottom: 1pt">&#160;</td> <td style="padding-bottom: 1pt; text-align: left">&#160;</td><td style="padding-bottom: 1pt; text-align: right">&#160;</td><td style="padding-bottom: 1pt; text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td>Outstanding June 25, 2019</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">705,728</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">$</td><td style="text-align: right">3.52</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: center">6.3</td><td style="text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Exercisable June 25, 2019</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">436,967</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">$</td><td style="text-align: right">3.23</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: center">4.9</td><td style="text-align: left">&#160;</td></tr></table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">A summary of the status of non-vested restricted stock as of June 25, 2019 is presented below.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 80%; font: 10pt Times New Roman, Times, Serif; margin-left: 20pt"> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; text-align: center">&#160;</td><td style="font-weight: bold; padding-bottom: 1pt">&#160;</td> <td colspan="2" style="white-space: nowrap; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Shares</td><td style="padding-bottom: 1pt; font-weight: bold">&#160;</td><td style="font-weight: bold; padding-bottom: 1pt">&#160;</td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; font-weight: bold; text-align: center">Grant Date Fair<br /> Value Per Share</td><td style="padding-bottom: 1pt; font-weight: bold">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 59%; text-align: left">Non-vested shares at beginning of year</td><td style="width: 1%">&#160;</td> <td style="width: 1%; text-align: left">&#160;</td><td style="width: 18%; text-align: right">149,614</td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 1%">&#160;</td> <td style="width: 18%; text-align: center"><font style="font-size: 10pt">$2.70 to $4.18</font></td><td style="width: 1%; text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td>Granted</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">79,988</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: center">$3.95</td><td style="text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 1pt">Vested</td><td style="padding-bottom: 1pt">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: right">(44,158</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt">&#160;</td> <td style="padding-bottom: 1pt; text-align: center"><font style="font-size: 10pt">$2.70 to $4.18</font></td><td style="padding-bottom: 1pt; text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td>Non-vested shares at June 25, 2019</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">185,444</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: center"><font style="font-size: 10pt">$2.70 to $4.18</font></td><td style="text-align: left">&#160;</td></tr></table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">The following table reconciles basic weighted-average shares outstanding to diluted weighted-average shares outstanding:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td style="white-space: nowrap">&#160;</td><td style="font-weight: bold; padding-bottom: 1pt">&#160;</td> <td colspan="6" style="white-space: nowrap; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Quarter Ended</td><td style="padding-bottom: 1pt; font-weight: bold">&#160;</td><td style="font-weight: bold; padding-bottom: 1pt">&#160;</td> <td colspan="6" style="white-space: nowrap; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Year-to-Date</td><td style="padding-bottom: 1pt; font-weight: bold">&#160;</td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap">&#160;</td><td style="font-weight: bold; padding-bottom: 1pt">&#160;</td> <td colspan="2" style="white-space: nowrap; font-weight: bold; border-bottom: Black 1pt solid; text-align: center">June 25, 2019</td><td style="padding-bottom: 1pt; font-weight: bold">&#160;</td><td style="font-weight: bold; padding-bottom: 1pt">&#160;</td> <td colspan="2" style="white-space: nowrap; font-weight: bold; border-bottom: Black 1pt solid; text-align: center">June 26, 2018</td><td style="padding-bottom: 1pt; font-weight: bold">&#160;</td><td style="font-weight: bold; padding-bottom: 1pt">&#160;</td> <td colspan="2" style="white-space: nowrap; font-weight: bold; border-bottom: Black 1pt solid; text-align: center">June 26, 2019</td><td style="padding-bottom: 1pt; font-weight: bold">&#160;</td><td style="font-weight: bold; padding-bottom: 1pt">&#160;</td> <td colspan="2" style="white-space: nowrap; font-weight: bold; border-bottom: Black 1pt solid; text-align: center">June 26, 2018</td><td style="padding-bottom: 1pt; font-weight: bold">&#160;</td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap">&#160;</td><td>&#160;</td> <td colspan="2" style="white-space: nowrap">&#160;</td><td>&#160;</td><td>&#160;</td> <td colspan="2" style="white-space: nowrap">&#160;</td><td>&#160;</td><td>&#160;</td> <td colspan="2" style="white-space: nowrap">&#160;</td><td>&#160;</td><td>&#160;</td> <td colspan="2" style="white-space: nowrap">&#160;</td><td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 40%">Weighted-average shares outstanding-basic</td><td style="width: 1%">&#160;</td> <td style="width: 1%; text-align: left">&#160;</td><td style="width: 12%; text-align: right">12,522,778</td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 1%">&#160;</td> <td style="width: 1%; text-align: left">&#160;</td><td style="width: 12%; text-align: right">12,468,326</td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 1%">&#160;</td> <td style="width: 1%; text-align: left">&#160;</td><td style="width: 12%; text-align: right">12,516,822</td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 1%">&#160;</td> <td style="width: 1%; text-align: left">&#160;</td><td style="width: 12%; text-align: right">12,460,467</td><td style="width: 1%; text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Effect of potentially dilutive securities:</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-left: 10pt">Stock options</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">15,101</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">102,506</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">0</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">0</td><td style="text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-left: 10pt">Restricted stock units</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">185,444</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">94,340</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">0</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">0</td><td style="text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Weighted-average shares outstanding-diluted</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">12,723,323</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">12,665,172</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">12,516,822</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">12,460,467</td><td style="text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Excluded from diluted weighted-average<br /> shares outstanding:</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt">Antidilutive</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">654,468</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">272,348</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">891,172</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">747,796</td><td style="text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td>&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The following table summarizes the activity in non-controlling interests during the quarter ended June 25, 2019:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 90%; font: 10pt Times New Roman, Times, Serif; margin-left: 20pt"> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; text-align: justify">&#160;</td><td style="font-weight: bold; padding-bottom: 1pt">&#160;</td> <td colspan="2" style="white-space: nowrap; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Bad Daddy&#8217;s</td><td style="padding-bottom: 1pt; font-weight: bold">&#160;</td><td style="font-weight: bold; padding-bottom: 1pt">&#160;</td> <td colspan="2" style="white-space: nowrap; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Good Times</td><td style="padding-bottom: 1pt; font-weight: bold">&#160;</td><td style="font-weight: bold; padding-bottom: 1pt">&#160;</td> <td colspan="2" style="white-space: nowrap; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Total</td><td style="padding-bottom: 1pt; font-weight: bold">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 55%; text-align: justify">Balance at September 25, 2018</td><td style="width: 1%">&#160;</td> <td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right">2,861</td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 1%">&#160;</td> <td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right">377</td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 1%">&#160;</td> <td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right">3,238</td><td style="width: 1%; text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Income attributable to non-controlling interests</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">671</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">241</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">912</td><td style="text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify">Net distributions to unrelated limited partners</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">(953</td><td style="text-align: left">)</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">(280</td><td style="text-align: left">)</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">(1,233</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify; padding-bottom: 1pt">Purchase of non-controlling interest</td><td style="padding-bottom: 1pt">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: right">(788</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: right">-</td><td style="padding-bottom: 1pt; text-align: left">&#160;</td><td style="padding-bottom: 1pt">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: right">(788</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify">Balance at June 25, 2019</td><td>&#160;</td> <td style="text-align: left">$</td><td style="text-align: right">1,791</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">$</td><td style="text-align: right">338</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">$</td><td style="text-align: right">2,129</td><td style="text-align: left">&#160;</td></tr></table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The following tables present information about our reportable segments for the respective periods:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td style="white-space: nowrap">&#160;</td><td style="font-weight: bold; padding-bottom: 1pt">&#160;</td> <td colspan="6" style="white-space: nowrap; font-weight: bold; text-align: center; border-bottom: Black 1pt solid; border-top: Black 1pt solid">Quarter Ended</td><td style="padding-bottom: 1pt; font-weight: bold">&#160;</td><td style="font-weight: bold; padding-bottom: 1pt">&#160;</td> <td colspan="6" style="white-space: nowrap; font-weight: bold; text-align: center; border-bottom: Black 1pt solid; border-top: Black 1pt solid">Year-to-Date</td><td style="padding-bottom: 1pt; font-weight: bold">&#160;</td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap">&#160;</td><td style="font-weight: bold; padding-bottom: 1pt">&#160;</td> <td colspan="2" style="white-space: nowrap; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">June 25, 2019</td><td style="padding-bottom: 1pt; font-weight: bold">&#160;</td><td style="font-weight: bold; padding-bottom: 1pt">&#160;</td> <td colspan="2" style="white-space: nowrap; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">June 26, 2018</td><td style="padding-bottom: 1pt; font-weight: bold">&#160;</td><td style="font-weight: bold; padding-bottom: 1pt">&#160;</td> <td colspan="2" style="white-space: nowrap; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">June 25, 2019</td><td style="padding-bottom: 1pt; font-weight: bold">&#160;</td><td style="font-weight: bold; padding-bottom: 1pt">&#160;</td> <td colspan="2" style="white-space: nowrap; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">June 26, 2018</td><td style="padding-bottom: 1pt; font-weight: bold">&#160;</td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap">Revenues</td><td>&#160;</td> <td colspan="2" style="white-space: nowrap">&#160;</td><td>&#160;</td><td>&#160;</td> <td colspan="2" style="white-space: nowrap">&#160;</td><td>&#160;</td><td>&#160;</td> <td colspan="2" style="white-space: nowrap">&#160;</td><td>&#160;</td><td>&#160;</td> <td colspan="2" style="white-space: nowrap">&#160;</td><td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 40%; text-align: left; padding-left: 13.5pt">Bad Daddy&#8217;s</td><td style="width: 1%">&#160;</td> <td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right">21,181</td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 1%">&#160;</td> <td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right">17,862</td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 1%">&#160;</td> <td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right">59,996</td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 1%">&#160;</td> <td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right">48,985</td><td style="width: 1%; text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt; padding-left: 13.5pt">Good Times</td><td style="padding-bottom: 1pt">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: right">8,276</td><td style="padding-bottom: 1pt; text-align: left">&#160;</td><td style="padding-bottom: 1pt">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: right">8,401</td><td style="padding-bottom: 1pt; text-align: left">&#160;</td><td style="padding-bottom: 1pt">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: right">22,003</td><td style="padding-bottom: 1pt; text-align: left">&#160;</td><td style="padding-bottom: 1pt">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: right">23,722</td><td style="padding-bottom: 1pt; text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 13.5pt">&#160;</td><td>&#160;</td> <td style="text-align: left">$</td><td style="text-align: right">29,457</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">$</td><td style="text-align: right">26,263</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">$</td><td style="text-align: right">81,999</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">$</td><td style="text-align: right">72,707</td><td style="text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Income (loss) from<br /> &#160;&#160;&#160;operations</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-left: 13.5pt">Bad Daddy&#8217;s</td><td>&#160;</td> <td style="text-align: left">$</td><td style="text-align: right">494</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">$</td><td style="text-align: right">430</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">$</td><td style="text-align: right">300</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">$</td><td style="text-align: right">438</td><td style="text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-left: 13.5pt">Good Times</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">650</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">423</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">505</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">265</td><td style="text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 1pt; padding-left: 13.5pt">Corporate</td><td style="padding-bottom: 1pt">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: right">(68</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: right">(72</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: right">(292</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: right">(290</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-left: 13.5pt">&#160;</td><td>&#160;</td> <td style="text-align: left">$</td><td style="text-align: right">1,076</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">$</td><td style="text-align: right">781</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">$</td><td style="text-align: right">513</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">$</td><td style="text-align: right">413</td><td style="text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Capital expenditures</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-left: 13.5pt">Bad Daddy&#8217;s</td><td>&#160;</td> <td style="text-align: left">$</td><td style="text-align: right">609</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">$</td><td style="text-align: right">2,270</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">$</td><td style="text-align: right">3,727</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">$</td><td style="text-align: right">6,259</td><td style="text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-left: 13.5pt">Good Times</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">301</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">113</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">930</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">290</td><td style="text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 1pt; padding-left: 13.5pt">Corporate</td><td style="padding-bottom: 1pt">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: right">13</td><td style="padding-bottom: 1pt; text-align: left">&#160;</td><td style="padding-bottom: 1pt">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: right">8</td><td style="padding-bottom: 1pt; text-align: left">&#160;</td><td style="padding-bottom: 1pt">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: right">59</td><td style="padding-bottom: 1pt; text-align: left">&#160;</td><td style="padding-bottom: 1pt">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: right">11</td><td style="padding-bottom: 1pt; text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 13.5pt">&#160;</td><td>&#160;</td> <td style="text-align: left">$</td><td style="text-align: right">923</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">$</td><td style="text-align: right">2,391</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">$</td><td style="text-align: right">4,716</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">$</td><td style="text-align: right">6,560</td><td style="text-align: left">&#160;</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 70%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td style="white-space: nowrap">&#160;</td><td style="font-weight: bold; padding-bottom: 1pt">&#160;</td> <td colspan="2" style="white-space: nowrap; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">June 25, 2019</td><td style="padding-bottom: 1pt; font-weight: bold">&#160;</td><td style="font-weight: bold; padding-bottom: 1pt">&#160;</td> <td colspan="2" style="white-space: nowrap; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">September 25, 2018</td><td style="padding-bottom: 1pt; font-weight: bold">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Property and equipment, net</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 58%; text-align: left; padding-left: 13.5pt">Bad Daddy&#8217;s</td><td style="width: 1%">&#160;</td> <td style="width: 1%; text-align: left">$</td><td style="width: 18%; text-align: right">30,829</td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 1%">&#160;</td> <td style="width: 1%; text-align: left">$</td><td style="width: 18%; text-align: right">29,642</td><td style="width: 1%; text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-left: 13.5pt">Good Times</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">5,594</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">5,234</td><td style="text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 1pt; padding-left: 13.5pt">Corporate</td><td style="padding-bottom: 1pt">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: right">243</td><td style="padding-bottom: 1pt; text-align: left">&#160;</td><td style="padding-bottom: 1pt">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: right">369</td><td style="padding-bottom: 1pt; text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td>&#160;</td><td>&#160;</td> <td style="text-align: left">$</td><td style="text-align: right">36,666</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">$</td><td style="text-align: right">35,245</td><td style="text-align: left">&#160;</td></tr></table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 5%; text-align: left; white-space: nowrap"><b>Note 12.</b></td><td style="width: 1%; white-space: nowrap"></td><td style="text-align: justify; width: 94%"><b> Recent Accounting Pronouncements</b></td> </tr></table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In May 2014, the FASB issued ASU No. 2014-09, <i>&#8220;Revenue from Contracts with Customers (Topic 606).&#8221;</i> This update was issued to replace the current revenue recognition guidance, creating a more comprehensive five-step model. In March 2016, the FASB issued No. ASU 2016-04, &#8220;Liabilities &#8211; Extinguishments of Liabilities: Recognition of Breakage for Certain Prepaid Stored-Value Products.&#8221; This pronouncement provides guidance for the derecognition of prepaid stored-value product liabilities, consistent with the breakage guidance in Topic 606. These amendments are effective for fiscal years beginning after December 15, 2017 and interim periods within those fiscal years. We adopted these ASUs effective as of September 26, 2018. The adoption of these new standards did not have a material impact to our revenue recognition related to Company-owned restaurant sales, recognition of royalty fees from our franchise agreement, or impact from recognition of gift card breakage. As discussed in Note 2 and further described below, the adoption of this standard did have an impact on the presentation of advertising fund contributions from our franchises. Prior to the adoption of these new standards, we accounted for advertising expenses net of advertising contributions from our franchisees. Subsequently, as described in Notes 1 and 2, we now account for franchisee advertising contributions as a component of franchise revenue. Because advertising expenses are incurred within the respective year in which contributions are recorded, there was no change to the consolidated balance sheet, however for the first three fiscal quarters of 2018 franchise revenues and advertising costs are each $263,000 greater than originally presented, and for the first three fiscal quarters of 2019 franchise revenues and advertising costs are each $240,000 greater than would have been reflected under the former presentation.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In February 2016, the FASB issued ASU No. 2016-02, <i>&#8220;Leases (Topic 842)&#8221;</i>, (ASU 2016-02), which replaces the existing guidance in Accounting Standard Codification 840, Leases. ASU 2016-02 is effective for fiscal years, and interim periods within those years, beginning after December 15, 2018. This pronouncement requires a dual approach for lessee accounting under which a lessee would account for leases as finance leases or operating leases. Both finance leases and operating leases will result in the lessee recognizing a right-of-use asset and a corresponding lease liability. Subsequently FASB has issued several other Accounting Standards Updates, including ASU 2018-11 and ASU 2018-12, which among other things provide for a practical expedient related to the recognition of the cumulative effective on retained earnings resulting from the adoption of the pronouncements. We expect to adopt these ASU&#8217;s effective September 25, 2019 and expect that the adoption of these standards will result in a significant increase in our long-term assets and liabilities given we have a significant number of leases.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In January 2017, the FASB issued ASU No. 2017-04, <i>&#8220;Intangibles &#8211; Goodwill and Other (Topic 350) &#8211; Simplifying the Test for Goodwill Impairment,&#8221;</i> which eliminates Step 2 from the impairment test applied to goodwill. Under the new standard, goodwill impairment tests will compare the fair value of a reporting unit with its carrying amount. An impairment charge will be recognized for the amount by which the carrying amount exceeds the reporting unit&#8217;s fair value, not to exceed the total amount of goodwill. This pronouncement is effective for annual and interim periods beginning after December 15, 2019 and should be applied on a prospective basis. We adopted this ASU effective as of the quarter-end March 26, 2019. The adoption of the new standard did not have a material impact on our financial position or results from operations.</p> EX-101.SCH 6 gtim-20190625.xsd XBRL SCHEMA FILE 00000001 - Document - Document and Entity Information link:presentationLink link:calculationLink link:definitionLink 00000002 - Statement - Condensed Consolidated Balance Sheets (Unaudited) link:presentationLink link:calculationLink link:definitionLink 00000003 - Statement - Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) link:presentationLink link:calculationLink link:definitionLink 00000004 - Statement - Condensed Consolidated Statements of Operations (Unaudited) link:presentationLink link:calculationLink link:definitionLink 00000005 - Statement - Consolidated Statements of Stockholders' Equity (Unaudited) link:presentationLink link:calculationLink link:definitionLink 00000006 - Statement - Condensed Consolidated Statements of Cash Flows (Unaudited) link:presentationLink link:calculationLink link:definitionLink 00000007 - Disclosure - Basis of Presentation link:presentationLink link:calculationLink link:definitionLink 00000008 - Disclosure - Revenue link:presentationLink link:calculationLink link:definitionLink 00000009 - Disclosure - Goodwill and Intangible Assets link:presentationLink link:calculationLink link:definitionLink 00000010 - Disclosure - Common Stock link:presentationLink link:calculationLink link:definitionLink 00000011 - Disclosure - Stock-Based Compensation link:presentationLink link:calculationLink link:definitionLink 00000012 - Disclosure - Notes Payable and Long-Term Debt link:presentationLink link:calculationLink link:definitionLink 00000013 - Disclosure - Net Income (Loss) per Common Share link:presentationLink link:calculationLink link:definitionLink 00000014 - Disclosure - Contingent Liabilities and Liquidity link:presentationLink link:calculationLink link:definitionLink 00000015 - Disclosure - Impairment of Long-Lived Assets and Goodwill link:presentationLink link:calculationLink link:definitionLink 00000016 - Disclosure - Income Taxes link:presentationLink link:calculationLink link:definitionLink 00000017 - Disclosure - Non-controlling Interests link:presentationLink link:calculationLink link:definitionLink 00000018 - Disclosure - Recent Accounting Pronouncements link:presentationLink link:calculationLink link:definitionLink 00000019 - Disclosure - Subsequent Events link:presentationLink link:calculationLink link:definitionLink 00000020 - Disclosure - Segment Reporting link:presentationLink link:calculationLink link:definitionLink 00000021 - Disclosure - Goodwill and Intangible Assets (Tables) link:presentationLink link:calculationLink link:definitionLink 00000022 - Disclosure - Stock-Based Compensation (Tables) link:presentationLink link:calculationLink link:definitionLink 00000023 - Disclosure - Net Income (Loss) per Common Share (Tables) link:presentationLink link:calculationLink link:definitionLink 00000024 - Disclosure - Non-controlling Interests (Tables) link:presentationLink link:calculationLink link:definitionLink 00000025 - Disclosure - Segment Reporting (Tables) link:presentationLink link:calculationLink link:definitionLink 00000026 - Disclosure - Basis of Presentation (Details) link:presentationLink link:calculationLink link:definitionLink 00000027 - Disclosure - Revenue (Details) link:presentationLink link:calculationLink link:definitionLink 00000028 - Disclosure - Goodwill and Intangible Assets (Narrative) (Details) link:presentationLink link:calculationLink link:definitionLink 00000029 - Disclosure - Goodwill and Intangible Assets (Intangible Assets Subject to Amortization) (Details) link:presentationLink link:calculationLink link:definitionLink 00000030 - Disclosure - Goodwill and Intangible Assets (Indefinite-lived Intangible Assets) (Details) link:presentationLink link:calculationLink link:definitionLink 00000031 - Disclosure - Goodwill and Intangible Assets (Schedule of Goodwill and Intangible Assets) (Details) link:presentationLink link:calculationLink link:definitionLink 00000032 - Disclosure - Goodwill and Intangible Assets (Estimated Aggregate Future Amortization Expense) (Details) link:presentationLink link:calculationLink link:definitionLink 00000033 - Disclosure - Common Stock (Details) link:presentationLink link:calculationLink link:definitionLink 00000034 - Disclosure - Stock-Based Compensation (Narrative) (Details) link:presentationLink link:calculationLink link:definitionLink 00000035 - Disclosure - Stock-Based Compensation (Weighted Average Assumptions Used to Estimate Fair Value of Stock Option Grants) (Details) link:presentationLink link:calculationLink link:definitionLink 00000036 - Disclosure - Stock-Based Compensation (Summary of Stock Option Activity under Share Based Compensation Plan) (Details) link:presentationLink link:calculationLink link:definitionLink 00000037 - Disclosure - Stock-Based Compensation (Summary of Non-vested Restricted Stock Activity) (Details) link:presentationLink link:calculationLink link:definitionLink 00000038 - Disclosure - Notes Payable and Long-Term Debt (Details) link:presentationLink link:calculationLink link:definitionLink 00000039 - Disclosure - Net Income (Loss) per Common Share (Schedule of Weighted Average Shares Outstanding) (Details) link:presentationLink link:calculationLink link:definitionLink 00000040 - Disclosure - Impairment of Long-Lived Assets and Goodwill (Details) link:presentationLink link:calculationLink link:definitionLink 00000041 - Disclosure - Income Taxes (Details) link:presentationLink link:calculationLink link:definitionLink 00000042 - Disclosure - Non-controlling Interests (Narrative) (Details) link:presentationLink link:calculationLink link:definitionLink 00000043 - Disclosure - Non-controlling Interests (Schedule of Noncontrolling Interests) (Details) link:presentationLink link:calculationLink link:definitionLink 00000044 - Disclosure - Recent Accounting Pronouncements (Details) link:presentationLink link:calculationLink link:definitionLink 00000045 - Disclosure - Segment Reporting (Details) link:presentationLink link:calculationLink link:definitionLink EX-101.CAL 7 gtim-20190625_cal.xml XBRL CALCULATION FILE EX-101.DEF 8 gtim-20190625_def.xml XBRL DEFINITION FILE EX-101.LAB 9 gtim-20190625_lab.xml XBRL LABEL FILE Finite-Lived Intangible Assets by Major Class [Axis] Franchise rights [Member] Non-compete agreements [Member] Indefinite-lived Intangible Assets [Axis] Trademarks and Trade Names [Member] Segments [Axis] Good Times [Member] Bad Daddys [Member] Corporate Segment [Member] Legal Entity [Axis] Good Times [Member] Bad Daddy's [Member] Award Type [Axis] Restricted Stock [Member] Range [Axis] Minimum [Member] Maximum [Member] Equity Components [Axis] Preferred Stock [Member] Common Stock [Member] Capital Contributed in Excess of Par Value [Member] Non-Controlling Interest In Partnerships [Member] Accumulated Deficit [Member] Product and Service [Axis] Restaurant sales [Member] Franchise revenues [Member] Incentive and Non-Statutory Stock Options [Member] Debt Instrument [Axis] Cadence Credit Facility [Member] Related Party Transactions By Related Party [Axis] Bad Daddy's Franchise Development, LLC [Member] Stock Options [Member] Incentive Stock Option [Member] Three Joint Venture Entities [Member] Business Acquisition [Axis] RGWP [Member] Common Stock Preferred Stock Capital Contributed in Excess of Par Value Non-Controlling Interest In Partnerships Accumulated Deficit Document And Entity Information Entity Registrant Name Entity Central Index Key Document Type Amendment Flag Document Period End Date Current Fiscal Year End Date Document Fiscal Period Focus Document Fiscal Year Focus Entity Filer Category Entity Small Business Entity Emerging Growth Company Entity Shell Company Entity Common Stock, Shares Outstanding Entity Current Reporting Status Entity Interactive Data Current Statement of Financial Position [Abstract] ASSETS CURRENT ASSETS: Cash and cash equivalents Receivables, net of allowance for doubtful accounts of $0 Prepaid expenses and other Inventories Notes receivable Total current assets PROPERTY AND EQUIPMENT: Land and building Leasehold improvements Fixtures and equipment Total property and equipment Less accumulated depreciation and amortization Total net property and equipment OTHER ASSETS: Notes receivable, net of current portion Deposits and other assets Trademarks Other intangibles, net Goodwill Total other assets TOTAL ASSETS: LIABILITIES AND STOCKHOLDERS' EQUITY CURRENT LIABILITIES: Current maturities of long-term debt and capital lease obligations Accounts payable Deferred income Other accrued liabilities Total current liabilities LONG-TERM LIABILITIES: Maturities of long-term debt and capital lease obligations due after one year Deferred and other liabilities Total long-term liabilities STOCKHOLDERS' EQUITY: Good Times Restaurants Inc. stockholders' equity: Preferred stock, $.01 par value; 5,000,000 shares authorized, no shares issued and outstanding as of 06/25/19 and 09/25/18 Common stock, $.001 par value; 50,000,000 shares authorized, 12,522,778 and 12,481,162 shares issued and outstanding as of 06/25/19 and 09/25/18, respectively Capital contributed in excess of par value Accumulated deficit Total Good Times Restaurants Inc. stockholders' equity Non-controlling interests Total stockholders' equity TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY Receivables, allowance for doubtful accounts Preferred stock, par value Preferred stock, shares authorized Preferred stock, issued Preferred stock, outstanding Preferred stock, liquidation preference Common stock, par value Common stock, shares authorized Common stock, shares issued Common stock, shares outstanding Statement [Table] Statement [Line Items] NET REVENUES: Total net revenues RESTAURANT OPERATING COSTS: Food and packaging costs Payroll and other employee benefit costs Restaurant occupancy costs Other restaurant operating costs Preopening costs Depreciation and amortization Total restaurant operating costs General and administrative costs Advertising costs Franchise costs Asset impairment costs Loss (gain) on restaurant asset sale INCOME (LOSS) FROM OPERATIONS Other Expenses: Interest expense, net Other expense Total other expenses, net NET INCOME (LOSS) Income attributable to non-controlling interests NET INCOME (LOSS) ATTRIBUTABLE TO COMMON SHAREHOLDERS BASIC AND DILUTED LOSS PER SHARE: Net income (loss) attributable to Common Shareholders WEIGHTED AVERAGE COMMON SHARES OUTSTANDING Basic Diluted BALANCES BALANCES, shares Stock-based compensation cost Restricted stock unit vesting Restricted stock grant vesting, shares Stock option exercise Stock option exercise, shares Income attributable to non-controlling interests Distributions to unrelated limited partners Purchase of non-controlling interest Contributions from unrelated limited partners Net loss attributable to Good Times Restaurants Inc and comprehensive loss BALANCES BALANCES, shares Statement of Cash Flows [Abstract] CASH FLOWS FROM OPERATING ACTIVITIES: Net income (loss) Adjustments to reconcile net income (loss) to net cash provided by operating activities: Depreciation and amortization Accretion of deferred rent Amortization of lease incentive obligation Stock-based compensation expense Recognition of deferred gain on sale of restaurant building Loss on disposal of restaurant assets Changes in operating assets and liabilities: Change in: Receivables and other Inventories Deposits and other Change in: Accounts payable Deferred liabilities Accrued and other liabilities Net cash provided by operating activities CASH FLOWS FROM INVESTING ACTIVITIES: Payments for the purchase of property and equipment Payments for the purchase of non-controlling interests Proceeds from sale leaseback transaction Proceeds from sale of fixed assets Payments received from franchisees and others Net cash used in investing activities CASH FLOWS FROM FINANCING ACTIVITIES: Borrowings on notes payable and long-term debt Principal payments on notes payable and long-term debt Proceeds from stock option exercise Net distributions paid to non-controlling interests Net cash provided by (used in) financing activities NET CHANGE IN CASH AND CASH EQUIVALENTS CASH AND CASH EQUIVALENTS, beginning of period CASH AND CASH EQUIVALENTS, end of period SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION: Cash paid for interest Change in accounts payable attributable to the purchase of property and equipment Increase in accrued liabilities attributable to the purchase of Non-controlling interest Organization, Consolidation and Presentation of Financial Statements [Abstract] Basis of Presentation Revenue from Contract with Customer [Abstract] Revenue Goodwill and Intangible Assets Disclosure [Abstract] Goodwill and Intangible Assets Stockholders' Equity Note [Abstract] Common Stock Share-based Payment Arrangement [Abstract] Stock-Based Compensation Debt Disclosure [Abstract] Notes Payable and Long-Term Debt Earnings Per Share [Abstract] Net Income (Loss) per Common Share Commitments and Contingencies Disclosure [Abstract] Contingent Liabilities and Liquidity Goodwill and Intangible Asset Impairment [Abstract] Impairment of Long-Lived Assets and Goodwill Income Tax Disclosure [Abstract] Income Taxes Noncontrolling Interest [Abstract] Non-controlling Interests Accounting Changes and Error Corrections [Abstract] Recent Accounting Pronouncements Subsequent Events [Abstract] Subsequent Events Segment Reporting [Abstract] Segment Reporting Schedule of Goodwill and Intangible Assets Schedule of Estimated Aggregate Future Amortization Expense For Finite-Lived Intangible Assets Weighted Average Assumptions Used to Estimate Fair Value of Stock Option Grants Summary of Stock Option Activity under Share Based Compensation Plan Schedule of Non-vested Restricted Stock Activity Net Income Loss Per Common Share Schedule of Net Loss per Common Share Schedule of Noncontrolling Interest Schedule of Reportable Segments Advertising Costs Schedule of Finite-Lived Intangible Assets [Table] Finite-Lived Intangible Assets [Line Items] Related Party [Axis] Amortization of Intangible Assets Increase to non-compete agreements Gross Carrying Amount Accumulated Amortization Net Carrying Amount Indefinite-Lived Intangible Assets (Excluding Goodwill) Intangible assets, gross carrying amount Intangible Assets, net carrying amount Goodwill, gross carrying amount Goodwill, Accumulated Amortization Goodwill, net carrying amount Finite-Lived Intangible Assets, Amortization Expense, Next Twelve Months Remainder of 2019 2020 2021 2022 2023 Thereafter Aggregate amount of stock value authorized by SEC to be issued Aggregate amount of stock shares authorized by SEC to be issued Aggregate amount of stock value issued under S-3 Number of shares issued Price per share issued Proceeds from shares issued Schedule of Share-based Compensation Arrangements by Share-based Payment Award [Table] Share-based Compensation Arrangement by Share-based Payment Award [Line Items] Statistical Measurement [Axis] Stock based compensation expense Stock options granted, shares Stock options granted, exercise price Stock options granted, per-share weighted average fair value Aggregate Intrinsic Value, Outstanding Aggregate Intrinsic Value, Exercisable Restricted stock granted, shares Restricted stock granted, weighted average grant date fair value per share Vesting period Remaining total unrecognized compensation cost related to unvested stock-based arrangements Employee service share-based compensation, nonvested awards, total compensation cost not yet recognized, period for recognition Stock options exercised, shares Proceeds from stock option exercises Expected term (years) Expected volatility Expected volatility, minimum Expected volatility, maximum Risk-free interest rate Risk-free interest rate, minimum Risk-free interest rate, maximum Expected dividends Shares Outstanding-at beginning of year Options granted Options exercised Forfeited Expired Outstanding June 25, 2019 Exercisable June 25, 2019 Weighted Average Exercise Price Outstanding-at beginning of year Options granted Options exercised Forfeited Expired Outstanding June 25, 2019 Exercisable June 25, 2019 Weighted Avg. Remaining Contractual Life (Yrs.) Outstanding June 25, 2019 Exercisable June 25, 2019 Shares Non-vested shares at beginning of year Granted Forfeited Vested Non-vested shares at June 25, 2019 Grant Date Fair Value Per Share Non-vested shares at beginning of year Granted Forfeited Vested Non-vested shares at June 25, 2019 Schedule of Long-term Debt Instruments [Table] Debt Instrument [Line Items] Loan Agreement, amount Loan Agreement, amount outstanding Loan agreement, increase amount Interest rate Weighted average interest rate Interest expense Interest rate description Payment of debt issuance costs Maturity date Minimum liquidity amount Letters of credit outstanding, amount Debt incurrence test on new borrowings Letters of credit outstanding face value Weighted-average shares outstanding-basic Effect of potentially dilutive securities Stock options Restricted stock units Weighted-average shares outstanding-diluted Excluded from diluted weighted-average shares outstanding: Antidilutive Schedule of Impaired Long-Lived Assets Held and Used [Table] Impaired Long-Lived Assets Held and Used [Line Items] Subsequent Event Type [Axis] Number of restaurants impaired Non-cash impairment charge Loss from disposal of assets Rent expense Income Tax Examination [Table] Income Tax Examination [Line Items] Deferred tax assets Income tax provision or benefit Effective income tax rate Years subject to income tax examination Reserves for uncertain tax positions Accrual for interest and penalties Noncontrolling Interest [Table] Noncontrolling Interest [Line Items] Purchase price Purchase price paid at closing Purchase price paid subsequent Increase decrease in additional paid in capital Non-controlling interests Balance at September 25, 2018 Income attributable to non-controlling interests Net distributions to unrelated limited partners Balance at June 25, 2019 Number of restaurants Schedule of Segment Reporting Information, by Segment [Table] Segment Reporting Information [Line Items] Revenues Income (loss) from operations Capital expenditures Property and equipment, net The aggregate number of shares authorized by the SEC to be issued by the registration statement. The aggregate amount of stock value authorized by the SEC to be issued by the S-3 shelf registration statement. Aggregate amount of stock value issued under S Three [Member] Amortization of lease incentive obligation. Bad Daddy's Burger Bar Restaurant [Member]. Bad Daddy''s Franchise Development, LLC [Member] Bad Daddy''s International, LLC [Member] Cadence Credit Facility [Member] Change in accounts payable attributable to the purchase of property and equipment. Debt incurrence test on new borrowings. Deferred Rent And Other Long Term Liabilities Noncurrent Noncurrent Deposits And Other Assets. Net carrying amount after accumulated amortization as of the balance sheet date for the rights acquired through registration of a trademark to gain or protect exclusive use of a business name, symbol or other device or style for a specified period of time. Costs incurred and are directly related to generating franchise revenues. Good Times Burgers And Frozen Custard Restaurants [Member]. Good Times Drive Thru Inc. [Member]. Incentive and Non Statutory Stock Options [Member] Incentive Stock Option [Member] Increase (Decrease) In Intangible Assets, Deposits And Other Additional shares included in the calculation of diluted EPS as a result of the potentially dilutive effect of restricted stock units. Carrying amount as of the balance sheet date of real estate and buildings held for productive use. This excludes land and buildings held for sale. Net contributions (distributions) received by (paid to) non-controlling interests. Non Statutory Stock Options [Member]. The tabular disclosure for information for non-controlling interests. Number Of Restaurants Impaired Net carrying amount after accumulated amortization as of the balance sheet date of intangible assets not otherwise specified in the taxonomy having a reasonably expected period of economic benefit. Payments received from franchisees and others. Promissory Note [Member]. Share-based Compensation Arrangement by Share-based Payment Award, Options, Weighted Average Remaining Contractual Term [Abstract] Weighted Average Number Basic And Diluted, Shares Outstanding [Abstract] Increase in accrued liabilities attributable to the purchase of Non-controlling interest. Three Joint Venture Entities [Member] RGWP [Member] Good Times Drive Thru Inc. [Member] Assets, Current Property, Plant and Equipment, Gross Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment Property, Plant and Equipment, Net Other Assets, Noncurrent Assets Liabilities, Current Liabilities, Noncurrent Stockholders' Equity Attributable to Parent Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest Liabilities and Equity Cost of Revenue Gain (Loss) on Disposition of Assets Nonoperating Income (Expense) Income (Loss) from Continuing Operations, Net of Tax, Attributable to Noncontrolling Interest Net Income (Loss) Available to Common Stockholders, Basic Shares, Outstanding Noncontrolling Interest, Decrease from Distributions to Noncontrolling Interest Holders Depreciation, Depletion and Amortization, Nonproduction AmortizationOfLeaseIncentiveObligation Gain (Loss) on Disposition of Property Plant Equipment Increase (Decrease) in Accounts Receivable and Other Operating Assets Increase (Decrease) in Inventories IncreaseDecreaseInIntangibleAssetsDepositsAndOther Increase (Decrease) in Accounts Payable Net Cash Provided by (Used in) Operating Activities Payments to Acquire Property, Plant, and Equipment Payments to Acquire Interest in Subsidiaries and Affiliates Net Cash Provided by (Used in) Investing Activities Repayments of Long-term Debt Net Cash Provided by (Used in) Financing Activities Cash and Cash Equivalents, Period Increase (Decrease) Finite-Lived Intangible Assets, Accumulated Amortization Finite-Lived Intangible Assets, Net Intangible Assets, Net (Excluding Goodwill) Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number Share-based Compensation Arrangement by Share-based Payment Award, Options, Forfeitures in Period Share-based Compensation Arrangement by Share-based Payment Award, Options, Expirations in Period Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Number Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Exercise Price Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeited in Period Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeitures, Weighted Average Grant Date Fair Value Net Income (Loss) Attributable to Noncontrolling Interest Number of Restaurants EX-101.PRE 10 gtim-20190625_pre.xml XBRL PRESENTATION FILE GRAPHIC 11 bhoback_sig.jpg GRAPHIC begin 644 bhoback_sig.jpg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end GRAPHIC 12 gtim_logo.jpg GRAPHIC begin 644 gtim_logo.jpg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end GRAPHIC 13 rzink_sig.jpg GRAPHIC begin 644 rzink_sig.jpg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end XML 14 R1.htm IDEA: XBRL DOCUMENT v3.19.2
Document and Entity Information - shares
 9 Months Ended
Jun. 25, 2019
Aug. 09, 2019
Document And Entity Information    
Entity Registrant Name Good Times Restaurants Inc.  
Entity Central Index Key 0000825324  
Document Type 10-Q  
Amendment Flag false  
Document Period End Date Jun. 25, 2019  
Current Fiscal Year End Date --09-24  
Document Fiscal Period Focus Q3  
Document Fiscal Year Focus 2019  
Entity Filer Category Non-accelerated Filer  
Entity Small Business true  
Entity Emerging Growth Company false  
Entity Shell Company false  
Entity Common Stock, Shares Outstanding   12,541,082
Entity Current Reporting Status Yes  
Entity Interactive Data Current Yes  
XML 15 R2.htm IDEA: XBRL DOCUMENT v3.19.2
Condensed Consolidated Balance Sheets (Unaudited) - USD ($)
$ in Thousands
Jun. 25, 2019
Sep. 25, 2018
CURRENT ASSETS:    
Cash and cash equivalents $ 2,619 $ 3,477
Receivables, net of allowance for doubtful accounts of $0 353 1,735
Prepaid expenses and other 451 151
Inventories 1,124 1,004
Notes receivable 13 14
Total current assets 4,560 6,381
PROPERTY AND EQUIPMENT:    
Land and building 4,787 5,002
Leasehold improvements 30,740 27,844
Fixtures and equipment 26,316 24,948
Total property and equipment 61,843 57,794
Less accumulated depreciation and amortization (25,177) (22,549)
Total net property and equipment 36,666 35,245
OTHER ASSETS:    
Notes receivable, net of current portion 16 32
Deposits and other assets 204 207
Trademarks 3,900 3,900
Other intangibles, net 60 35
Goodwill 15,150 15,150
Total other assets 19,330 19,324
TOTAL ASSETS: 60,556 60,950
CURRENT LIABILITIES:    
Current maturities of long-term debt and capital lease obligations 17
Accounts payable 4,253 3,774
Deferred income 72 92
Other accrued liabilities 3,476 4,452
Total current liabilities 7,801 8,335
LONG-TERM LIABILITIES:    
Maturities of long-term debt and capital lease obligations due after one year 11,150 7,472
Deferred and other liabilities 8,290 7,922
Total long-term liabilities 19,440 15,394
Good Times Restaurants Inc. stockholders' equity:    
Preferred stock, $.01 par value; 5,000,000 shares authorized, no shares issued and outstanding as of 06/25/19 and 09/25/18
Common stock, $.001 par value; 50,000,000 shares authorized, 12,522,778 and 12,481,162 shares issued and outstanding as of 06/25/19 and 09/25/18, respectively 13 12
Capital contributed in excess of par value 57,548 59,385
Accumulated deficit (26,375) (25,414)
Total Good Times Restaurants Inc. stockholders' equity 31,186 33,983
Non-controlling interests 2,129 3,238
Total stockholders' equity 33,315 37,221
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 60,556 $ 60,950
XML 16 R3.htm IDEA: XBRL DOCUMENT v3.19.2
Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($)
$ in Thousands
Jun. 25, 2019
Sep. 25, 2018
Statement of Financial Position [Abstract]    
Receivables, allowance for doubtful accounts $ 0 $ 0
Preferred stock, par value $ 0.01 $ 0.01
Preferred stock, shares authorized 5,000,000 5,000,000
Preferred stock, issued
Preferred stock, outstanding
Common stock, par value $ 0.001 $ 0.001
Common stock, shares authorized 50,000,000 50,000,000
Common stock, shares issued 12,522,778 12,481,162
Common stock, shares outstanding 12,522,778 12,481,162
XML 17 R4.htm IDEA: XBRL DOCUMENT v3.19.2
Condensed Consolidated Statements of Operations (Unaudited) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Jun. 25, 2019
Jun. 26, 2018
Jun. 25, 2019
Jun. 26, 2018
NET REVENUES:        
Total net revenues $ 29,457 $ 26,263 $ 81,999 $ 72,707
RESTAURANT OPERATING COSTS:        
Food and packaging costs 8,529 7,833 23,955 22,154
Payroll and other employee benefit costs 10,677 9,155 30,458 26,076
Restaurant occupancy costs 2,091 1,850 6,221 5,278
Other restaurant operating costs 2,989 2,373 8,401 6,626
Preopening costs 129 610 949 1,683
Depreciation and amortization 1,104 937 3,227 2,665
Total restaurant operating costs 25,519 22,758 73,211 64,482
General and administrative costs 2,144 2,069 6,398 5,884
Advertising costs 666 653 1,841 1,850
Franchise costs 8 11 31 32
Asset impairment costs 72
Loss (gain) on restaurant asset sale 44 (9) 5 (26)
INCOME (LOSS) FROM OPERATIONS 1,076 781 513 413
Other Expenses:        
Interest expense, net (202) (96) (561) (270)
Other expense (1) (1)
Total other expenses, net (203) (96) (562) (270)
NET INCOME (LOSS) 873 685 (49) 143
Income attributable to non-controlling interests (333) (381) (912) (853)
NET INCOME (LOSS) ATTRIBUTABLE TO COMMON SHAREHOLDERS $ 540 $ 304 $ (961) $ (710)
BASIC AND DILUTED LOSS PER SHARE:        
Net income (loss) attributable to Common Shareholders $ 0.04 $ 0.02 $ (0.08) $ (0.06)
WEIGHTED AVERAGE COMMON SHARES OUTSTANDING        
Basic 12,522,778 12,468,326 12,516,822 12,460,467
Diluted 12,723,323 12,665,172 12,516,822 12,460,467
Restaurant sales [Member]        
NET REVENUES:        
Total net revenues $ 29,180 $ 25,990 $ 81,281 $ 71,929
Franchise revenues [Member]        
NET REVENUES:        
Total net revenues $ 277 $ 273 $ 718 $ 778
XML 18 R5.htm IDEA: XBRL DOCUMENT v3.19.2
Consolidated Statements of Stockholders' Equity (Unaudited) - USD ($)
$ in Thousands
Common Stock [Member]
Preferred Stock [Member]
Capital Contributed in Excess of Par Value [Member]
Non-Controlling Interest In Partnerships [Member]
Accumulated Deficit [Member]
Total
BALANCES at Sep. 26, 2017 $ 12 $ 58,939 $ 2,713 $ (24,380) $ 37,284
BALANCES, shares at Sep. 26, 2017 12,427,280        
Stock-based compensation cost     118     118
Restricted stock unit vesting   $ 41,046      
Income attributable to non-controlling interests       173   173
Distributions to unrelated limited partners       (256)   (256)
Net loss attributable to Good Times Restaurants Inc and comprehensive loss         (583) (583)
BALANCES at Dec. 26, 2017 $ 12 59,057 2,630 (24,963) 36,736
BALANCES, shares at Dec. 26, 2017 12,468,326        
Stock-based compensation cost     97     97
Income attributable to non-controlling interests       299   299
Distributions to unrelated limited partners       (242)   (242)
Contributions from unrelated limited partners       17   17
Net loss attributable to Good Times Restaurants Inc and comprehensive loss         (431) (431)
BALANCES at Mar. 27, 2018 $ 12 59,154 2,704 (25,394) 36,476
BALANCES, shares at Mar. 27, 2018 12,468,326        
Stock-based compensation cost     88     88
Income attributable to non-controlling interests       381   381
Distributions to unrelated limited partners       (492)   (492)
Contributions from unrelated limited partners       561   561
Net loss attributable to Good Times Restaurants Inc and comprehensive loss         304 304
BALANCES at Jun. 26, 2018 $ 12 59,242 3,154 (25,090) 37,318
BALANCES, shares at Jun. 26, 2018 12,468,326        
BALANCES at Sep. 25, 2018 $ 12 59,385 3,238 (25,414) 37,221
BALANCES, shares at Sep. 25, 2018 12,481,162        
Stock-based compensation cost     112     112
Restricted stock unit vesting   $ 1       1
Restricted stock grant vesting, shares   40,949        
Stock option exercise     3     3
Stock option exercise, shares   667        
Income attributable to non-controlling interests       309   309
Distributions to unrelated limited partners       (478)   (478)
Net loss attributable to Good Times Restaurants Inc and comprehensive loss         (1,051) (1,051)
BALANCES at Dec. 25, 2018 $ 13 59,500 3,069 (26,465) 36,117
BALANCES, shares at Dec. 25, 2018 12,522,778        
BALANCES at Sep. 25, 2018 $ 12 59,385 3,238 (25,414) $ 37,221
BALANCES, shares at Sep. 25, 2018 12,481,162        
Stock option exercise, shares           667
Distributions to unrelated limited partners           $ (1,233)
Purchase of non-controlling interest           (788)
BALANCES at Jun. 25, 2019 $ 13 57,548 2,129 (26,375) 33,315
BALANCES, shares at Jun. 25, 2019 12,522,778        
BALANCES at Dec. 25, 2018 $ 13 59,500 3,069 (26,465) 36,117
BALANCES, shares at Dec. 25, 2018 12,522,778        
Stock-based compensation cost     109     109
Income attributable to non-controlling interests       270   270
Distributions to unrelated limited partners       (408)   (408)
Purchase of non-controlling interest     (2,171) (788)   (2,959)
Net loss attributable to Good Times Restaurants Inc and comprehensive loss         (450) (450)
BALANCES at Mar. 25, 2019 $ 13 57,438 2,143 (26,915) 32,679
BALANCES, shares at Mar. 25, 2019 12,522,778        
BALANCES at Mar. 26, 2019 $ 13 57,438 2,143 (26,915) 32,679
BALANCES, shares at Mar. 26, 2019 12,522,778        
Stock-based compensation cost     110     110
Income attributable to non-controlling interests       333   333
Distributions to unrelated limited partners       (367)   (367)
Contributions from unrelated limited partners       20   20
Net loss attributable to Good Times Restaurants Inc and comprehensive loss         540 540
BALANCES at Jun. 25, 2019 $ 13 $ 57,548 $ 2,129 $ (26,375) $ 33,315
BALANCES, shares at Jun. 25, 2019 12,522,778        
XML 19 R6.htm IDEA: XBRL DOCUMENT v3.19.2
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
 9 Months Ended
Jun. 25, 2019
Jun. 26, 2018
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net income (loss) $ (49) $ 143
Adjustments to reconcile net income (loss) to net cash provided by operating activities:    
Depreciation and amortization 3,417 2,849
Accretion of deferred rent 429 414
Amortization of lease incentive obligation (374) (313)
Asset impairment costs 72
Stock-based compensation expense 331 303
Recognition of deferred gain on sale of restaurant building (27) (26)
Loss on disposal of restaurant assets 58
Change in:    
Receivables and other 1,381 (128)
Inventories (120) (59)
Deposits and other (356) (59)
Change in:    
Accounts payable 367 194
Deferred liabilities 368 1,258
Accrued and other liabilities (1,023) (21)
Net cash provided by operating activities 4,402 4,627
CASH FLOWS FROM INVESTING ACTIVITIES:    
Payments for the purchase of property and equipment (4,716) (6,560)
Payments for the purchase of non-controlling interests (3,009)
Proceeds from sale leaseback transaction 1,397
Proceeds from sale of fixed assets 8
Payments received from franchisees and others 17 10
Net cash used in investing activities (7,700) (5,153)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Borrowings on notes payable and long-term debt 6,150 1,400
Principal payments on notes payable and long-term debt (2,480) (1,613)
Proceeds from stock option exercise 3
Net distributions paid to non-controlling interests (1,233) (412)
Net cash provided by (used in) financing activities 2,440 (625)
NET CHANGE IN CASH AND CASH EQUIVALENTS (858) (1,151)
CASH AND CASH EQUIVALENTS, beginning of period 3,477 4,337
CASH AND CASH EQUIVALENTS, end of period 2,619 3,186
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION:    
Cash paid for interest 496 276
Change in accounts payable attributable to the purchase of property and equipment $ 112 $ 942
XML 20 R7.htm IDEA: XBRL DOCUMENT v3.19.2
Basis of Presentation
 9 Months Ended
Jun. 25, 2019
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Basis of Presentation

Note 1.Basis of Presentation

 

The accompanying unaudited condensed consolidated financial statements include the accounts of Good Times Restaurants Inc. and its wholly-owned subsidiaries, Bad Daddy’s International, LLC (“BDI”), BD of Colorado, LLC (“BD of Colo”), Bad Daddy’s Franchise Development, LLC (“BDFD”), and Good Times Drive Thru, Inc. (“Drive Thru”), (together referred to as the “Company”, “we” or “us”). All significant intercompany balances and transactions have been eliminated in consolidation.

 

BD of Colo was formed by Good Times Restaurants Inc. in 2013 to develop Bad Daddy’s Burger Bar restaurants in the state of Colorado. Subsequently, BDI and BDFD were acquired by Good Times Restaurants Inc. on May 7, 2015. Combined, these entities compose our Bad Daddy’s operating segment, which as of June 25, 2019, operates twenty-eight company-owned and five joint venture full-service upscale casual dining restaurants under the name Bad Daddy’s Burger Bar, primarily located in Colorado and in the Southeast region of the United States, franchises one restaurant in South Carolina, and licenses the Bad Daddy’s brand for use at an airport Bad Daddy’s restaurant under third-party operations and ownership.

 

Drive Thru commenced operations in 1986 and as of June 25, 2019, operates nineteen Company-owned and seven joint venture drive-thru fast food hamburger restaurants in Colorado under the name Good Times Burgers & Frozen Custard. In addition, Drive Thru has eight franchisee-owned restaurants, with six operating in Colorado and two in Wyoming.

 

The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with generally accepted accounting principles and practices of the United States of America (“GAAP”) for interim financial information. In the opinion of management, the accompanying unaudited condensed consolidated financial statements contain all of the normal recurring adjustments necessary to present fairly the financial position of the Company as of June 25, 2019 and the results of its operations and its cash flows for the three fiscal quarters ended June 25, 2019 and June 26, 2018. Operating results for the three fiscal quarters ended June 25, 2019 are not necessarily indicative of the results that may be expected for the year ending September 24, 2019. The condensed consolidated balance sheet as of September 25, 2018 is derived from the audited financial statements but does not include all disclosures required by generally accepted accounting principles. As a result, these condensed consolidated financial statements should be read in conjunction with the Company's Form 10-K for the fiscal year ended September 25, 2018.

 

Fiscal Year – The Company’s fiscal year is a 52/53-week year ending on the last Tuesday of September. In a 52-week fiscal year, each of the Company’s quarterly periods consist of 13 weeks. The additional week in a 53-week fiscal year is added to the first quarter, making such quarter consist of 14 weeks. Neither 2018 or 2019 had a quarter with 14 weeks.

 

Advertising Costs – We utilize Advertising Funds to administer certain advertising programs for both the Bad Daddy’s and Good Times brands that benefit both us and our franchisees.   We and our franchisees are required to contribute a percentage of gross sales to the fund.  As the contributions to these funds are designated and segregated for advertising. We consolidate the Advertising Funds into our financial statements whereby contributions from franchisees, when received, are recorded and included as a component of franchise revenues.  As we intend to utilize all of the advertising contributions towards advertising expenditures, we recognize costs equal to franchisee contributions to the advertising funds on a quarterly basis. Contributions to the Advertising Funds from our franchisees were $240,000 and $263,000 for the first three quarters of 2019 and 2018, respectively.
XML 21 R8.htm IDEA: XBRL DOCUMENT v3.19.2
Revenue
 9 Months Ended
Jun. 25, 2019
Revenue from Contract with Customer [Abstract]  
Revenue

Note 2.Revenue

 

In May 2014, the Financial Accounting Standards Board issued Revenue from Contracts with Customers (“Topic 606), which was subsequently amended by several Accounting Standards Updates. These new or updated standards expanded the disclosure requirements related to revenue and revenue recognition. The Company adopted Topic 606 in the first quarter of its 2019 fiscal year and applied the guidance retrospectively to the prior periods presented. Topic 606 primarily impacts the accounting presentation of the Company’s advertising contribution funds. Because advertising expenses are incurred within the respective year in which contributions are recorded, there was no change to the consolidated balance sheet, however for the first three fiscal quarters of 2018 franchise revenues and advertising costs are each $263,000 greater than originally presented, and for the first three fiscal quarters of 2019 franchise revenues and advertising costs are each $240,000 greater than would have been reflected under the former presentation.

 

Revenue Recognition

 

Revenues consist primarily of sales from restaurant operations and franchise revenue, which includes franchisee royalties and contributions to advertising funds. Revenues associated with gift card breakage are immaterial to our financials. The Company recognizes revenue, pursuant to the new and updated standards, when it satisfies a performance obligation by transferring control over a product or service to a customer, typically a restaurant customer or a franchisee/licensee.

 

The Company recognizes revenues in the form of restaurant sales at the time of the sale when payment is made by the customer, as the Company has completed its performance obligation, namely the provision of food and beverage, and the accompanying customer service, during the customer’s visit to the restaurant. The Company sells gift cards to customers and recognizes revenue from gift cards primarily in the form of restaurant revenue. Gift Card breakage, which is recognized when the likelihood of a gift card being redeemed is remote, is determined based upon the Company’s historic redemption patterns, and is immaterial to our overall financial statements.

 

Revenues we receive from our franchise and license agreements include sales-based royalties, and from our franchise agreements also may include advertising fund contributions, area development fees, and franchisee fees. We recognize sales-based royalties from franchisees and licensees as the underlying sales occur. We similarly recognize advertising fund contributions from franchisees as the underlying sales occur. The Company also provides its franchisees with services associated with opening new restaurants and operating them under franchise and development agreements in exchange for area development and franchise fees. The Company would capitalize these fees upon receipt from the franchisee and then would amortize those over the contracted franchise term as the services comprising the performance obligations are satisfied. We have not received material development or franchise fees in the years presented, and the primary performance obligations under existing franchise and development agreements have been satisfied prior to the earliest period presented in our financial statements.
XML 22 R9.htm IDEA: XBRL DOCUMENT v3.19.2
Goodwill and Intangible Assets
 9 Months Ended
Jun. 25, 2019
Goodwill and Intangible Assets Disclosure [Abstract]  
Goodwill and Intangible Assets

Note 3.Goodwill and Intangible Assets

 

The following table presents goodwill and intangible assets as of June 25, 2019 and September 25, 2018:

 

   June 25, 2019   September 25, 2018 
    Gross
Carrying
Amount		    Accumulated
Amortization		    Net
Carrying
Amount		    Gross
Carrying
Amount		    Accumulated
Amortization		    Net
Carrying
Amount		 

Intangible assets subject to

amortization

                              
Franchise rights   116    (98)   18    116    (81)   35 
Non-compete agreements   65    (23)   42    15    (15)   - 
   $181   $(121)  $60   $131   $(96)  $35 

Indefinite-lived intangible

assets:

                              
Trademarks  $3,900   $-   $3,900   $3,900   $-   $3,900 
Intangible assets, net  $4,081   $(121)  $3,960   $4,031   $(96)  $3,935 
                               
Goodwill  $15,150   $-   $15,150   $15,150   $-   $15,150 

 

The Company had no goodwill impairment losses in the periods presented in the above table or any prior periods.

 

In February 2019 the Company acquired all of the membership interests of three joint venture entities to which the Company was already a party to and the transaction resulted in an increase to non-compete agreements of $50,000, see Note 11.

 

There were no impairments to intangible assets during the three quarters ended June 25, 2019 and June 26, 2018. The aggregate amortization expense related to these intangible assets subject to amortization was approximately $25,000 for the three quarters ended June 25, 2019.

 

The estimated aggregate future amortization expense as of June 25, 2019 is as follows:

 

 Remainder of 2019   $9 
 2020    28 
 2021    17 
 2022    6 
     $60 
XML 23 R10.htm IDEA: XBRL DOCUMENT v3.19.2
Common Stock
 9 Months Ended
Jun. 25, 2019
Stockholders' Equity Note [Abstract]  
Common Stock
Note 4.Common Stock

 

On January 26, 2015, the Company filed a shelf registration statement on Form S-3 with the Securities and Exchange Commission ("SEC") which was declared effective by the SEC on March 25, 2015. The registration statement allows the Company to issue common stock from time to time up to an aggregate amount of $75 million, of which $22,688,052 has been issued.
XML 24 R11.htm IDEA: XBRL DOCUMENT v3.19.2
Stock-Based Compensation
 9 Months Ended
Jun. 25, 2019
Share-based Payment Arrangement [Abstract]  
Stock-Based Compensation

Note 5.Stock-Based Compensation

 

The Company has traditionally maintained incentive compensation plans that include provision for the issuance of equity-based awards. The Company established the 2008 Omnibus Equity Incentive Compensation Plan in 2008 (the “2008 Plan”) and has outstanding awards that were issued under the 2008 Plan. Subsequently, the 2008 Plan expired in 2018 and the Company established a new plan, the 2018 Omnibus Equity Incentive Plan (the “2018 Plan”) during the third fiscal quarter of 2018, pursuant to shareholder approval. Future awards will be issued under the 2018 plan.

 

Stock-based compensation is measured at the grant date, based on the calculated fair value of the award, and is recognized as an expense over the requisite service period (generally the vesting period of the grant). The company recognizes the impact of forfeitures as forfeitures occur.

 

Our net loss for the three quarters ended June 25, 2019 and June 26, 2018 includes $331,000 and $303,000, respectively, of compensation costs related to our stock-based compensation arrangements.

 

Stock Option awards

 

The Company measures the compensation cost associated with stock option awards by estimating the fair value of the award as of the grant date using the Black-Scholes pricing model. The Company believes that the valuation technique and the approach utilized to develop the underlying assumptions are appropriate in calculating the fair values of the Company’s stock options and stock awards granted during the three quarters ended June 25, 2019. Estimates of fair value are not intended to predict actual future events or the value ultimately realized by the employees who receive equity awards.

 

During the three quarters ended June 25, 2019, the Company granted a total of 99,832 incentive stock options, from available shares under its 2018 Plan, with exercise prices between $4.66 and $5.00 and per-share weighted average fair values between $2.68 and $3.16.

 

During the three quarters ended June 26, 2018, the Company granted a total of 18,274 incentive stock options, from available shares under its 2008 Plan, as amended, with an exercise prices between $2.70 and $2.73 and per-share weighted average fair values between $1.65 and $1.95.

 

In addition to the exercise and grant date prices of the stock option awards, certain weighted average assumptions that were used to estimate the fair value of stock option grants are listed in the following table:

 

   Year-to-Date 
   June 25, 2019
Incentive and
Non-Qualified
Stock Options		   June 26, 2018
Incentive and
Non-Qualified
Stock Options		 
Expected term (years)   7.5    7.5 
Expected volatility   70.65% to 70.80%    75.33 % to 75.67% 
Risk-free interest rate   3.01% to 3.10%    2.17% to 2.35% 
Expected dividends   -    - 

 

We estimate expected volatility based on historical weekly price changes of our common stock for a period equal to the current expected term of the options. The risk-free interest rate is based on the United States treasury yields in effect at the time of grant corresponding with the expected term of the options. The expected option term is the number of years we estimate that options will be outstanding prior to exercise considering vesting schedules and our historical exercise patterns.

 

The following table summarizes stock option activity for the three quarters ended June 25, 2019 under all plans:

 

   Shares   Weighted
Average
Exercise Price		   Weighted Avg.
Remaining
Contractual Life (Yrs.)		 
Outstanding-at beginning of year   634,647   $3.36      
Options granted   99,832   $4.76      
Options exercised   (667)  $4.41      
Forfeited   (10,881)  $3.87      
Expired   (17,203)  $4.41      
Outstanding June 25, 2019   705,728   $3.52    6.3 
Exercisable June 25, 2019   436,967   $3.23    4.9 

 

As of June 25, 2019, the aggregate intrinsic value of the outstanding and exercisable options was approximately $17,000 and $17,000, respectively. Only options whose exercise price is below the current market price of the underlying stock are included in the intrinsic value calculation.

 

As of June 25, 2019, the total remaining unrecognized compensation cost related to non-vested stock options was $570,000 and is expected to be recognized over a weighted average period of approximately 2.3 years.

 

There were 667 stock options exercised during the three quarters ended June 25, 2019 with proceeds of approximately $3,000. There were no stock options exercised during the three quarters ended June 26, 2018.

 

Restricted Stock Units

 

During the three quarters ended June 25, 2019, the Company granted a total of 79,988 restricted stock units from available shares under its 2018 Plan. The shares were issued with a grant date fair market value of $3.95 which is equal to the closing price of the stock on the date of the grant. The restricted stock units vest over three years following the grant date.

 

During the three quarters ended June 26, 2018, the Company granted a total of 37,037 shares of restricted stock from available shares under its 2008 Plan, as amended. The shares were issued with a grant date fair market value of $2.70 which is equal to the closing price of the stock on the date of the grant. The restricted stock grant vests over three years following the grant date.

 

A summary of the status of non-vested restricted stock as of June 25, 2019 is presented below.

 

   Shares   Grant Date Fair
Value Per Share		 
Non-vested shares at beginning of year   149,614   $2.70 to $4.18 
Granted   79,988   $3.95 
Vested   (44,158)  $2.70 to $4.18 
Non-vested shares at June 25, 2019   185,444   $2.70 to $4.18 

 

As of June 25, 2019, there was approximately $452,000 of total unrecognized compensation cost related to non-vested restricted stock. This cost is expected to be recognized over a weighted average period of approximately 1.4 years.
XML 25 R12.htm IDEA: XBRL DOCUMENT v3.19.2
Notes Payable and Long-Term Debt
 9 Months Ended
Jun. 25, 2019
Debt Disclosure [Abstract]  
Notes Payable and Long-Term Debt

Note 6.Notes Payable and Long-Term Debt

 

Cadence Credit Facility

 

The Company maintains a credit agreement with Cadence Bank (“Cadence”) pursuant to which, as amended, Cadence agreed to loan the Company up to $17,000,000 with a maturity date of December 31, 2021 (the “Cadence Credit Facility”). On February 21, 2019 the Cadence Credit Facility was amended, in connection with the RGWP Repurchase (see note 11), to retroactively attribute EBITDA previously attributed to non-controlling interests to the Company for purposes of certain financial covenants. As amended by the various amendments, the Cadence Credit Facility accrues commitment fees on the daily unused balance of the facility at a rate of 0.25%. All borrowings under the Cadence Credit Facility, as amended, bear interest at a variable rate based upon the Company’s election of (i) 2.5% plus the base rate, which is the highest of the (a) Federal Funds Rate plus 0.5%, (b) the Cadence bank publicly-announced prime rate, and (c) LIBOR plus 1.0%, or (ii) LIBOR, with a 0.250% floor, plus 3.5%. Interest is due at the end of each calendar quarter if the Company selects to pay interest based on the base rate and at the end of each LIBOR period if it selects to pay interest based on LIBOR. As of June 25, 2019, the weighted average interest rate applicable to borrowings under the Cadence Credit Facility was 5.9228%.

 

The Cadence Credit Facility, as amended, contains certain affirmative and negative covenants and events of default that the Company considers customary for an agreement of this type, including covenants setting a maximum leverage ratio of 5.35:1, a minimum fixed charge coverage ratio of 1.25:1 and minimum liquidity of $2,000,000. As of June 25, 2019, the Company was in compliance with the covenants under the Cadence Credit Facility.

 

As a result of entering into the Cadence Credit Facility and the various amendments, the Company paid loan origination costs including professional fees of approximately $232,000 and is amortizing these costs over the term of the credit agreement.

 

The obligations under the Cadence Credit Facility are collateralized by a first-priority lien on substantially all of the Company’s assets.

 

As of June 25, 2019, the outstanding balance on borrowings against the facility was $11,150,000. Availability of the Cadence Credit Facility for borrowings is reduced by the outstanding face value of any letters of credit issued under the facility. As of June 25, 2019, the outstanding face value of such letters of credit was $157,500.
XML 26 R13.htm IDEA: XBRL DOCUMENT v3.19.2
Net Income (Loss) per Common Share
 9 Months Ended
Jun. 25, 2019
Earnings Per Share [Abstract]  
Net Income (Loss) per Common Share
Note 7.Net Income (Loss) per Common Share

 

Our basic earnings per share calculation is computed based on the weighted-average number of common shares outstanding. Our diluted earnings per share calculation is computed based on the weighted-average number of common shares outstanding adjusted by the number of additional shares that would have been outstanding had the potentially dilutive common shares been issued. Potentially dilutive securities for this calculation consist of in-the-money outstanding stock options, restricted stock units and warrants (which were assumed to have been exercised at the average market price of the common shares during the reporting period). The treasury stock method is used to measure the dilutive impact of in-the-money stock options.

 

 

The following table reconciles basic weighted-average shares outstanding to diluted weighted-average shares outstanding:

 

   Quarter Ended   Year-to-Date 
   June 25, 2019   June 26, 2018   June 26, 2019   June 26, 2018 
                 
Weighted-average shares outstanding-basic   12,522,778    12,468,326    12,516,822    12,460,467 
Effect of potentially dilutive securities:                    
Stock options   15,101    102,506    0    0 
Restricted stock units   185,444    94,340    0    0 
Weighted-average shares outstanding-diluted   12,723,323    12,665,172    12,516,822    12,460,467 
Excluded from diluted weighted-average
shares outstanding:		                    
Antidilutive   654,468    272,348    891,172    747,796
XML 27 R14.htm IDEA: XBRL DOCUMENT v3.19.2
Contingent Liabilities and Liquidity
 9 Months Ended
Jun. 25, 2019
Commitments and Contingencies Disclosure [Abstract]  
Contingent Liabilities and Liquidity
Note 8.Contingent Liabilities and Liquidity

 

We remain contingently liable on various leases underlying restaurants that were previously sold to franchisees. We have never experienced any losses related to these contingent lease liabilities, however if a franchisee defaults on the payments under the leases, we would be liable for the lease payments as the assignor or sub-lessor of the lease. Currently we have not been notified nor are we aware of any leases in default by the franchisees, however there can be no assurance that there will not be in the future which could have a material effect on our future operating results.

 

Additionally, in the normal course of business, there may be various claims in process, matters in litigation, and other contingencies brought against the company by employees, vendors, customers, franchisees, or other parties. Evaluating these contingencies is a complex process that may involve substantial judgment on the potential outcome of such matters, and the ultimate outcome of such contingencies may differ from our current analysis. We review the adequacy of accruals and disclosures related to such contingent liabilities in consultation with legal counsel. While it is not possible to predict the outcome of these claims with certainty, it is management’s opinion that potential losses associated with such contingencies would be immaterial to our financial statements.
XML 28 R15.htm IDEA: XBRL DOCUMENT v3.19.2
Impairment of Long-Lived Assets and Goodwill
 9 Months Ended
Jun. 25, 2019
Goodwill and Intangible Asset Impairment [Abstract]  
Impairment of Long-Lived Assets and Goodwill
Note 9.Impairment of Long-Lived Assets and Goodwill

 

Long-Lived Assets. We review our long-lived assets for impairment, including land, property and equipment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Recoverability of assets to be held and used is measured by a comparison of the capitalized costs of the assets to the future undiscounted net cash flows expected to be generated by the assets and the expected cash flows are based on recent historical cash flows at the restaurant level (the lowest level that cash flows can be determined).

 

On January 30, 2018 the Company closed one Good Times restaurant in Aurora, Colorado. A non-cash impairment charge of $219,000 related to this restaurant was previously taken in the fiscal year ended September 26, 2017 and no additional loss from disposal of assets has been subsequently recognized in the current year, nor is any additional loss expected. We recorded accretion expense recognized as non-cash rent of approximately $48,000 in the fiscal year ended September 25, 2018, and approximately $73,000 in the three quarters ended June 25, 2019, reflecting the expected fair value of future lease costs, net of sublease income, associated with the closing of this restaurant. Subsequent to the end of the fiscal third quarter of 2019, the Company entered into a sublease agreement whereby the Company, upon lease commencement subject to due diligence provisions, will receive sublease income substantially equal to its cash lease costs associated with this location.

 

Given the results of our analysis at March 27, 2018, we identified one restaurant where the expected future cash flows would not be sufficient to recover the carrying value of the associated assets. This restaurant, an additional Good Times restaurant in Aurora, Colorado, was closed on April 22, 2018. We recorded a non-cash charge of $72,000 related to the impairment of this restaurant during the quarter ending March 27, 2018. No additional loss from disposal of assets is expected associated with this property. Prior to its closure, on April 6, 2018, the Company entered into a sublease of this property, the terms of which will provide sublease income substantially equal to the lease costs over the approximate 5 remaining years of the lease.

 

Trademarks. Trademarks have been determined to have an indefinite life. We evaluate our trademarks for impairment annually and on an interim basis as events and circumstances warrant by comparing the fair value of the trademarks with their carrying amount. There was no impairment required to the acquired trademarks as of June 25, 2019 and June 26, 2018.

 

Goodwill. Goodwill represents the excess of cost over fair value of the assets of businesses the Company acquired. Goodwill is not amortized, but rather, the Company is required to test goodwill for impairment on an annual basis or whenever indications of impairment arise. The Company considers its operations to be comprised of two reporting units: (1) Good Times restaurants and (2) Bad Daddy’s restaurants. As of June 25, 2019, the Company had $96,000 of goodwill attributable to the Good Times reporting unit and $15,054,000 of goodwill attributable to its Bad Daddy’s reporting unit. No goodwill impairment charges were recognized as of June 25, 2019 and June 26, 2018.
XML 29 R16.htm IDEA: XBRL DOCUMENT v3.19.2
Income Taxes
 9 Months Ended
Jun. 25, 2019
Income Tax Disclosure [Abstract]  
Income Taxes
Note 10.Income Taxes

 

We account for income taxes using the liability method, whereby deferred tax asset and liability account balances are determined based on differences between the financial reporting and tax bases of assets and liabilities and are measured using the enacted tax rates and laws that will be in effect when the differences are expected to reverse. The Company provides a valuation allowance, if necessary, to reduce deferred tax assets to their estimated realizable value. The deferred tax assets are reviewed periodically for recoverability and valuation allowances are adjusted as necessary.

 

The Company has significant net operating loss carry-forwards from prior years and incurred additional net operating losses during the three quarters ended June 25, 2019 and June 26, 2018. These losses resulted in an increase in the related deferred tax assets; however, valuation allowances were provided which reduced these deferred tax assets to zero; therefore, no income tax provision or benefit was recognized for the three quarters ended June 25, 2019 and June 26, 2018 resulting in an effective income tax rate of 0% for both periods.

 

The Company is subject to taxation in various jurisdictions within the U.S. The Company continues to remain subject to examination by U.S. federal authorities for the years 2016 through 2018. The Company believes that its income tax filing positions and deductions will be sustained on audit and does not anticipate any adjustments that will result in a material adverse effect on the Company’s financial condition, results of operations, or cash flows. Therefore, no reserves for uncertain income tax positions have been recorded. The Company’s practice is to recognize interest and/or penalties related to income tax matters in income tax expense. No accrual for interest and penalties was considered necessary as of June 25, 2019.
XML 30 R17.htm IDEA: XBRL DOCUMENT v3.19.2
Non-controlling Interests
 9 Months Ended
Jun. 25, 2019
Noncontrolling Interest [Abstract]  
Non-controlling Interests

Note 11.Non-controlling Interests

 

Non-controlling interests are presented as a separate item in the stockholders’ equity section of the condensed consolidated balance sheet. The amount of consolidated net income or loss attributable to non-controlling interests is presented on the face of the condensed consolidated statement of operations. Changes in a parent’s ownership interest in a subsidiary that do not result in deconsolidation are equity transactions, while changes in ownership interest that do result in deconsolidation of a subsidiary require gain or loss recognition based on the fair value on the deconsolidation date.

 

The equity interests of the unrelated limited partners and members are shown on the accompanying consolidated balance sheet in the stockholders’ equity section as a non-controlling interest and is adjusted each period to reflect the limited partners’ and members’ share of the net income or loss as well as any cash contributions or distributions to or from the limited partners and members for the period. The limited partners’ and members’ share of the net income or loss in the subsidiary is shown as non-controlling interest income or expense in the accompanying consolidated statement of operations. All inter-company accounts and transactions are eliminated.

 

On February 6, 2019, the Company concurrently entered into and closed on a Membership Interest Purchase Agreement with RGWP, LLC (the “RGWP Repurchase”), pursuant to which the Company agreed to acquire all of the remaining membership interests of three entities to which the Company is already a party to and already owned a controlling interest: Bad Daddy’s Burger Bar of Seaboard LLC, Bad Daddy’s Burger Bar of Cary, LLC, and BDBB of Olive Park NC, LLC. The purchase price was approximately $3.0 million. These entities own and operate three Bad Daddy’s Burger Bar restaurants in the greater Raleigh, NC market. The purchase agreement contains various representations, warranties, and covenants of the Seller that are customary in transactions of this nature.

 

The RGWP Repurchase resulted in a $788,000 reduction in non-controlling interests, an increase to non-compete agreements of $50,000 and a $2,171,000 reduction in additional paid in capital.

 

The following table summarizes the activity in non-controlling interests during the quarter ended June 25, 2019:

 

   Bad Daddy’s   Good Times   Total 
Balance at September 25, 2018  $2,861   $377   $3,238 
Income attributable to non-controlling interests   671    241    912 
Net distributions to unrelated limited partners   (953)   (280)   (1,233)
Purchase of non-controlling interest   (788)   -    (788)
Balance at June 25, 2019  $1,791   $338   $2,129 

 

Our remaining non-controlling interests consist of one joint venture partnership involving seven Good Times restaurants and five joint venture partnerships involving five Bad Daddy’s restaurants.
XML 31 R18.htm IDEA: XBRL DOCUMENT v3.19.2
Recent Accounting Pronouncements
 9 Months Ended
Jun. 25, 2019
Accounting Changes and Error Corrections [Abstract]  
Recent Accounting Pronouncements

Note 12. Recent Accounting Pronouncements

 

In May 2014, the FASB issued ASU No. 2014-09, “Revenue from Contracts with Customers (Topic 606).” This update was issued to replace the current revenue recognition guidance, creating a more comprehensive five-step model. In March 2016, the FASB issued No. ASU 2016-04, “Liabilities – Extinguishments of Liabilities: Recognition of Breakage for Certain Prepaid Stored-Value Products.” This pronouncement provides guidance for the derecognition of prepaid stored-value product liabilities, consistent with the breakage guidance in Topic 606. These amendments are effective for fiscal years beginning after December 15, 2017 and interim periods within those fiscal years. We adopted these ASUs effective as of September 26, 2018. The adoption of these new standards did not have a material impact to our revenue recognition related to Company-owned restaurant sales, recognition of royalty fees from our franchise agreement, or impact from recognition of gift card breakage. As discussed in Note 2 and further described below, the adoption of this standard did have an impact on the presentation of advertising fund contributions from our franchises. Prior to the adoption of these new standards, we accounted for advertising expenses net of advertising contributions from our franchisees. Subsequently, as described in Notes 1 and 2, we now account for franchisee advertising contributions as a component of franchise revenue. Because advertising expenses are incurred within the respective year in which contributions are recorded, there was no change to the consolidated balance sheet, however for the first three fiscal quarters of 2018 franchise revenues and advertising costs are each $263,000 greater than originally presented, and for the first three fiscal quarters of 2019 franchise revenues and advertising costs are each $240,000 greater than would have been reflected under the former presentation.

 

In February 2016, the FASB issued ASU No. 2016-02, “Leases (Topic 842)”, (ASU 2016-02), which replaces the existing guidance in Accounting Standard Codification 840, Leases. ASU 2016-02 is effective for fiscal years, and interim periods within those years, beginning after December 15, 2018. This pronouncement requires a dual approach for lessee accounting under which a lessee would account for leases as finance leases or operating leases. Both finance leases and operating leases will result in the lessee recognizing a right-of-use asset and a corresponding lease liability. Subsequently FASB has issued several other Accounting Standards Updates, including ASU 2018-11 and ASU 2018-12, which among other things provide for a practical expedient related to the recognition of the cumulative effective on retained earnings resulting from the adoption of the pronouncements. We expect to adopt these ASU’s effective September 25, 2019 and expect that the adoption of these standards will result in a significant increase in our long-term assets and liabilities given we have a significant number of leases.

 

In January 2017, the FASB issued ASU No. 2017-04, “Intangibles – Goodwill and Other (Topic 350) – Simplifying the Test for Goodwill Impairment,” which eliminates Step 2 from the impairment test applied to goodwill. Under the new standard, goodwill impairment tests will compare the fair value of a reporting unit with its carrying amount. An impairment charge will be recognized for the amount by which the carrying amount exceeds the reporting unit’s fair value, not to exceed the total amount of goodwill. This pronouncement is effective for annual and interim periods beginning after December 15, 2019 and should be applied on a prospective basis. We adopted this ASU effective as of the quarter-end March 26, 2019. The adoption of the new standard did not have a material impact on our financial position or results from operations.
XML 32 R19.htm IDEA: XBRL DOCUMENT v3.19.2
Subsequent Events
 9 Months Ended
Jun. 25, 2019
Subsequent Events [Abstract]  
Subsequent Events
Note 13.Subsequent Events

 

None.
XML 33 R20.htm IDEA: XBRL DOCUMENT v3.19.2
Segment Reporting
 9 Months Ended
Jun. 25, 2019
Segment Reporting [Abstract]  
Segment Reporting

Note 14.Segment Reporting

 

All of our Good Times Burgers and Frozen Custard restaurants (Good Times) compete in the quick-service industry segment while our Bad Daddy’s Burger Bar restaurants (Bad Daddy’s) compete in the full-service industry segment. We believe that providing this additional financial information for each of our brands will provide a better understanding of our overall operating results. Income (loss) from operations represents revenues less restaurant operating costs and expenses, directly allocable general and administrative expenses, and other restaurant-level expenses directly associated with each brand including depreciation and amortization, pre-opening costs and losses or gains on disposal of property and equipment. Unallocated corporate capital expenditures are presented below as reconciling items to the amounts presented in the consolidated financial statements.

 

The following tables present information about our reportable segments for the respective periods:

 

   Quarter Ended   Year-to-Date 
   June 25, 2019   June 26, 2018   June 25, 2019   June 26, 2018 
Revenues                
Bad Daddy’s  $21,181   $17,862   $59,996   $48,985 
Good Times   8,276    8,401    22,003    23,722 
   $29,457   $26,263   $81,999   $72,707 
Income (loss) from
   operations		                    
Bad Daddy’s  $494   $430   $300   $438 
Good Times   650    423    505    265 
Corporate   (68)   (72)   (292)   (290)
   $1,076   $781   $513   $413 
Capital expenditures                    
Bad Daddy’s  $609   $2,270   $3,727   $6,259 
Good Times   301    113    930    290 
Corporate   13    8    59    11 
   $923   $2,391   $4,716   $6,560 

 

   June 25, 2019   September 25, 2018 
Property and equipment, net          
Bad Daddy’s  $30,829   $29,642 
Good Times   5,594    5,234 
Corporate   243    369 
   $36,666   $35,245
XML 34 R21.htm IDEA: XBRL DOCUMENT v3.19.2
Goodwill and Intangible Assets (Tables)
 9 Months Ended
Jun. 25, 2019
Goodwill and Intangible Assets Disclosure [Abstract]  
Schedule of Goodwill and Intangible Assets

The following table presents goodwill and intangible assets as of June 25, 2019 and September 25, 2018:

 

   June 25, 2019   September 25, 2018 
    Gross
Carrying
Amount		    Accumulated
Amortization		    Net
Carrying
Amount		    Gross
Carrying
Amount		    Accumulated
Amortization		    Net
Carrying
Amount		 

Intangible assets subject to

amortization

                              
Franchise rights   116    (98)   18    116    (81)   35 
Non-compete agreements   65    (23)   42    15    (15)   - 
   $181   $(121)  $60   $131   $(96)  $35 

Indefinite-lived intangible

assets:

                              
Trademarks  $3,900   $-   $3,900   $3,900   $-   $3,900 
Intangible assets, net  $4,081   $(121)  $3,960   $4,031   $(96)  $3,935 
                               
Goodwill  $15,150   $-   $15,150   $15,150   $-   $15,150
Schedule of Estimated Aggregate Future Amortization Expense For Finite-Lived Intangible Assets

The estimated aggregate future amortization expense as of June 25, 2019 is as follows:

 

 Remainder of 2019   $9 
 2020    28 
 2021    17 
 2022    6 
     $60 
XML 35 R22.htm IDEA: XBRL DOCUMENT v3.19.2
Stock-Based Compensation (Tables)
 9 Months Ended
Jun. 25, 2019
Share-based Payment Arrangement [Abstract]  
Weighted Average Assumptions Used to Estimate Fair Value of Stock Option Grants

In addition to the exercise and grant date prices of the stock option awards, certain weighted average assumptions that were used to estimate the fair value of stock option grants are listed in the following table:

 

   Year-to-Date 
   June 25, 2019
Incentive and
Non-Qualified
Stock Options		   June 26, 2018
Incentive and
Non-Qualified
Stock Options		 
Expected term (years)   7.5    7.5 
Expected volatility   70.65% to 70.80%    75.33 % to 75.67% 
Risk-free interest rate   3.01% to 3.10%    2.17% to 2.35% 
Expected dividends   -    - 
Summary of Stock Option Activity under Share Based Compensation Plan

The following table summarizes stock option activity for the three quarters ended June 25, 2019 under all plans:

 

   Shares   Weighted
Average
Exercise Price		   Weighted Avg.
Remaining
Contractual Life (Yrs.)		 
Outstanding-at beginning of year   634,647   $3.36      
Options granted   99,832   $4.76      
Options exercised   (667)  $4.41      
Forfeited   (10,881)  $3.87      
Expired   (17,203)  $4.41      
Outstanding June 25, 2019   705,728   $3.52    6.3 
Exercisable June 25, 2019   436,967   $3.23    4.9 
Schedule of Non-vested Restricted Stock Activity

A summary of the status of non-vested restricted stock as of June 25, 2019 is presented below.

 

   Shares   Grant Date Fair
Value Per Share		 
Non-vested shares at beginning of year   149,614   $2.70 to $4.18 
Granted   79,988   $3.95 
Vested   (44,158)  $2.70 to $4.18 
Non-vested shares at June 25, 2019   185,444   $2.70 to $4.18 
XML 36 R23.htm IDEA: XBRL DOCUMENT v3.19.2
Net Income (Loss) per Common Share (Tables)
 9 Months Ended
Jun. 25, 2019
Net Income Loss Per Common Share  
Schedule of Net Loss per Common Share

The following table reconciles basic weighted-average shares outstanding to diluted weighted-average shares outstanding:

 

   Quarter Ended   Year-to-Date 
   June 25, 2019   June 26, 2018   June 26, 2019   June 26, 2018 
                 
Weighted-average shares outstanding-basic   12,522,778    12,468,326    12,516,822    12,460,467 
Effect of potentially dilutive securities:                    
Stock options   15,101    102,506    0    0 
Restricted stock units   185,444    94,340    0    0 
Weighted-average shares outstanding-diluted   12,723,323    12,665,172    12,516,822    12,460,467 
Excluded from diluted weighted-average
shares outstanding:		                    
Antidilutive   654,468    272,348    891,172    747,796 
                     

 

 
XML 37 R24.htm IDEA: XBRL DOCUMENT v3.19.2
Non-controlling Interests (Tables)
 9 Months Ended
Jun. 25, 2019
Noncontrolling Interest [Abstract]  
Schedule of Noncontrolling Interest

The following table summarizes the activity in non-controlling interests during the quarter ended June 25, 2019:

 

   Bad Daddy’s   Good Times   Total 
Balance at September 25, 2018  $2,861   $377   $3,238 
Income attributable to non-controlling interests   671    241    912 
Net distributions to unrelated limited partners   (953)   (280)   (1,233)
Purchase of non-controlling interest   (788)   -    (788)
Balance at June 25, 2019  $1,791   $338   $2,129 
XML 38 R25.htm IDEA: XBRL DOCUMENT v3.19.2
Segment Reporting (Tables)
 9 Months Ended
Jun. 25, 2019
Segment Reporting [Abstract]  
Schedule of Reportable Segments

The following tables present information about our reportable segments for the respective periods:

 

   Quarter Ended   Year-to-Date 
   June 25, 2019   June 26, 2018   June 25, 2019   June 26, 2018 
Revenues                
Bad Daddy’s  $21,181   $17,862   $59,996   $48,985 
Good Times   8,276    8,401    22,003    23,722 
   $29,457   $26,263   $81,999   $72,707 
Income (loss) from
   operations		                    
Bad Daddy’s  $494   $430   $300   $438 
Good Times   650    423    505    265 
Corporate   (68)   (72)   (292)   (290)
   $1,076   $781   $513   $413 
Capital expenditures                    
Bad Daddy’s  $609   $2,270   $3,727   $6,259 
Good Times   301    113    930    290 
Corporate   13    8    59    11 
   $923   $2,391   $4,716   $6,560 

 

   June 25, 2019   September 25, 2018 
Property and equipment, net          
Bad Daddy’s  $30,829   $29,642 
Good Times   5,594    5,234 
Corporate   243    369 
   $36,666   $35,245 
XML 39 R26.htm IDEA: XBRL DOCUMENT v3.19.2
Basis of Presentation (Details) - USD ($)
$ in Thousands
 9 Months Ended
Jun. 25, 2019
Jun. 26, 2018
Organization, Consolidation and Presentation of Financial Statements [Abstract]    
Advertising Costs $ 240 $ 263
XML 40 R27.htm IDEA: XBRL DOCUMENT v3.19.2
Revenue (Details) - USD ($)
$ in Thousands
 9 Months Ended
Jun. 25, 2019
Jun. 26, 2018
Revenue from Contract with Customer [Abstract]    
Advertising Costs $ 240 $ 263
XML 41 R28.htm IDEA: XBRL DOCUMENT v3.19.2
Goodwill and Intangible Assets (Narrative) (Details) - USD ($)
$ in Thousands
 1 Months Ended 9 Months Ended
Feb. 28, 2019
Jun. 25, 2019
Finite-Lived Intangible Assets [Line Items]    
Amortization of Intangible Assets   $ 25
Three Joint Venture Entities [Member]    
Finite-Lived Intangible Assets [Line Items]    
Increase to non-compete agreements $ 50  
XML 42 R29.htm IDEA: XBRL DOCUMENT v3.19.2
Goodwill and Intangible Assets (Intangible Assets Subject to Amortization) (Details) - USD ($)
$ in Thousands
Jun. 25, 2019
Sep. 25, 2018
Finite-Lived Intangible Assets [Line Items]    
Gross Carrying Amount $ 181 $ 131
Accumulated Amortization (121) (96)
Net Carrying Amount 60 35
Franchise rights [Member]    
Finite-Lived Intangible Assets [Line Items]    
Gross Carrying Amount 116 116
Accumulated Amortization (98) (81)
Net Carrying Amount 18 35
Non-compete agreements [Member]    
Finite-Lived Intangible Assets [Line Items]    
Gross Carrying Amount 65 15
Accumulated Amortization (23) (15)
Net Carrying Amount $ 42
XML 43 R30.htm IDEA: XBRL DOCUMENT v3.19.2
Goodwill and Intangible Assets (Indefinite-lived Intangible Assets) (Details) - USD ($)
$ in Thousands
Jun. 25, 2019
Sep. 25, 2018
Trademarks and Trade Names [Member]    
Finite-Lived Intangible Assets [Line Items]    
Indefinite-Lived Intangible Assets (Excluding Goodwill) $ 3,900 $ 3,900
XML 44 R31.htm IDEA: XBRL DOCUMENT v3.19.2
Goodwill and Intangible Assets (Schedule of Goodwill and Intangible Assets) (Details) - USD ($)
$ in Thousands
Jun. 25, 2019
Sep. 25, 2018
Goodwill and Intangible Assets Disclosure [Abstract]    
Intangible assets, gross carrying amount $ 4,081 $ 4,031
Accumulated Amortization (121) (96)
Intangible Assets, net carrying amount 3,960 3,935
Goodwill, gross carrying amount 15,150 15,150
Goodwill, Accumulated Amortization
Goodwill, net carrying amount $ 15,150 $ 15,150
XML 45 R32.htm IDEA: XBRL DOCUMENT v3.19.2
Goodwill and Intangible Assets (Estimated Aggregate Future Amortization Expense) (Details) - USD ($)
$ in Thousands
Jun. 25, 2019
Sep. 25, 2018
Goodwill and Intangible Assets Disclosure [Abstract]    
Remainder of 2019 $ 9  
2020 28  
2021 17  
2022 6  
Net Carrying Amount $ 60 $ 35
XML 46 R33.htm IDEA: XBRL DOCUMENT v3.19.2
Common Stock (Details)
Mar. 25, 2015
USD ($)
Stockholders' Equity Note [Abstract]  
Aggregate amount of stock value authorized by SEC to be issued $ 75,000,000
Aggregate amount of stock value issued under S-3 $ 22,688,052
XML 47 R34.htm IDEA: XBRL DOCUMENT v3.19.2
Stock-Based Compensation (Narrative) (Details) - USD ($)
$ / shares in Units, $ in Thousands
 9 Months Ended
Jun. 25, 2019
Jun. 26, 2018
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Stock based compensation expense $ 331 $ 303
Stock options granted, shares 99,832  
Stock options granted, exercise price $ 4.76  
Stock options exercised, shares 667  
Proceeds from stock option exercises $ 3
Stock Options [Member]    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Aggregate Intrinsic Value, Outstanding 17  
Aggregate Intrinsic Value, Exercisable 17  
Remaining total unrecognized compensation cost related to unvested stock-based arrangements $ 570  
Employee service share-based compensation, nonvested awards, total compensation cost not yet recognized, period for recognition 2 years 3 months 19 days  
Restricted Stock [Member]    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Restricted stock granted, shares 79,988 37,037
Restricted stock granted, weighted average grant date fair value per share $ 3.95 $ 2.70
Vesting period 3 years 3 years
Remaining total unrecognized compensation cost related to unvested stock-based arrangements $ 452  
Employee service share-based compensation, nonvested awards, total compensation cost not yet recognized, period for recognition 1 year 4 months 24 days  
Incentive Stock Option [Member]    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Stock options granted, shares 99,832 18,274
Incentive Stock Option [Member] | Minimum [Member]    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Stock options granted, exercise price $ 4.66 $ 2.70
Stock options granted, per-share weighted average fair value 2.68 1.65
Incentive Stock Option [Member] | Maximum [Member]    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Stock options granted, exercise price 5.00 2.73
Stock options granted, per-share weighted average fair value $ 3.16 $ 1.95
XML 48 R35.htm IDEA: XBRL DOCUMENT v3.19.2
Stock-Based Compensation (Weighted Average Assumptions Used to Estimate Fair Value of Stock Option Grants) (Details) - Incentive and Non-Statutory Stock Options [Member] - USD ($)
 9 Months Ended
Jun. 25, 2019
Jun. 26, 2018
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Expected term (years) 7 years 6 months 7 years 6 months
Expected volatility, minimum 70.65% 75.33%
Expected volatility, maximum 70.80% 75.67%
Risk-free interest rate, minimum 3.01% 2.17%
Risk-free interest rate, maximum 3.10% 2.35%
Expected dividends
XML 49 R36.htm IDEA: XBRL DOCUMENT v3.19.2
Stock-Based Compensation (Summary of Stock Option Activity under Share Based Compensation Plan) (Details)
 9 Months Ended
Jun. 25, 2019
$ / shares
shares
Shares  
Outstanding-at beginning of year | shares 634,647
Options granted | shares 99,832
Options exercised | shares (667)
Forfeited | shares (10,881)
Expired | shares (17,203)
Outstanding June 25, 2019 | shares 705,728
Exercisable June 25, 2019 | shares 436,967
Weighted Average Exercise Price  
Outstanding-at beginning of year | $ / shares $ 3.36
Options granted | $ / shares 4.76
Options exercised | $ / shares 4.41
Forfeited | $ / shares 3.87
Expired | $ / shares 4.41
Outstanding June 25, 2019 | $ / shares 3.52
Exercisable June 25, 2019 | $ / shares $ 3.23
Weighted Avg. Remaining Contractual Life (Yrs.)  
Outstanding June 25, 2019 6 years 3 months 19 days
Exercisable June 25, 2019 4 years 10 months 25 days
XML 50 R37.htm IDEA: XBRL DOCUMENT v3.19.2
Stock-Based Compensation (Summary of Non-vested Restricted Stock Activity) (Details) - Restricted Stock [Member] - $ / shares
 9 Months Ended
Jun. 25, 2019
Jun. 26, 2018
Shares    
Non-vested shares at beginning of year 149,614  
Granted 79,988 37,037
Vested (44,158)  
Non-vested shares at June 25, 2019 185,444  
Grant Date Fair Value Per Share    
Granted $ 3.95 $ 2.70
Minimum [Member]    
Grant Date Fair Value Per Share    
Non-vested shares at beginning of year 2.70  
Vested 2.70  
Non-vested shares at June 25, 2019 2.70  
Maximum [Member]    
Grant Date Fair Value Per Share    
Non-vested shares at beginning of year 4.18  
Vested 4.18  
Non-vested shares at June 25, 2019 $ 4.18  
XML 51 R38.htm IDEA: XBRL DOCUMENT v3.19.2
Notes Payable and Long-Term Debt (Details) - Cadence Credit Facility [Member]
 9 Months Ended
Jun. 25, 2019
USD ($)
Debt Instrument [Line Items]  
Loan agreement, increase amount $ 17,000,000
Interest rate 0.25%
Weighted average interest rate 5.9228%
Interest rate description All borrowings under the Cadence Credit Facility, as amended, bear interest at a variable rate based upon the Company's election of (i) 2.5% plus the base rate, which is the highest of the (a) Federal Funds Rate plus 0.5%, (b) the Cadence bank publicly-announced prime rate, and (c) LIBOR plus 1.0%, or (ii) LIBOR, with a 0.250% floor, plus 3.5%. Interest is due at the end of each calendar quarter if the Company selects to pay interest based on the base rate and at the end of each LIBOR period if it selects to pay interest based on LIBOR.
Payment of debt issuance costs $ 232,000
Maturity date Dec. 31, 2021
Minimum liquidity amount $ 2,000,000
Letters of credit outstanding, amount 11,150,000
Letters of credit outstanding face value $ 157,500
XML 52 R39.htm IDEA: XBRL DOCUMENT v3.19.2
Net Income (Loss) per Common Share (Schedule of Weighted Average Shares Outstanding) (Details) - shares
 3 Months Ended 9 Months Ended
Jun. 25, 2019
Jun. 26, 2018
Jun. 25, 2019
Jun. 26, 2018
Earnings Per Share [Abstract]        
Weighted-average shares outstanding-basic 12,522,778 12,468,326 12,516,822 12,460,467
Effect of potentially dilutive securities        
Stock options 15,101 102,506 0 0
Restricted stock units 185,444 94,340 0 0
Weighted-average shares outstanding-diluted 12,723,323 12,665,172 12,516,822 12,460,467
Excluded from diluted weighted-average shares outstanding:        
Antidilutive 654,468 272,348 891,172 747,796
XML 53 R40.htm IDEA: XBRL DOCUMENT v3.19.2
Impairment of Long-Lived Assets and Goodwill (Details)
$ in Thousands
 1 Months Ended 3 Months Ended 9 Months Ended
Apr. 22, 2018
USD ($)
Jan. 30, 2018
USD ($)
Jun. 25, 2019
USD ($)
Jun. 26, 2018
USD ($)
Jun. 25, 2019
USD ($)
restaurants
Jun. 26, 2018
USD ($)
Sep. 25, 2018
USD ($)
Impaired Long-Lived Assets Held and Used [Line Items]              
Number of restaurants impaired | restaurants         2    
Goodwill     $ 15,150   $ 15,150   $ 15,150
Non-cash impairment charge $ 72 $ 219 $ 72  
Loss from disposal of assets          
Rent expense   $ 48     73    
Good Times [Member]              
Impaired Long-Lived Assets Held and Used [Line Items]              
Goodwill     96   96    
Bad Daddy's Franchise Development, LLC [Member]              
Impaired Long-Lived Assets Held and Used [Line Items]              
Goodwill     $ 15,054   $ 15,054    
XML 54 R41.htm IDEA: XBRL DOCUMENT v3.19.2
Income Taxes (Details) - USD ($)
$ in Thousands
 9 Months Ended
Jun. 25, 2019
Jun. 26, 2018
Income Tax Examination [Line Items]    
Deferred tax assets $ 0  
Income tax provision or benefit $ 0 $ 0
Effective income tax rate 0.00% 0.00%
Reserves for uncertain tax positions $ 0  
Accrual for interest and penalties $ 0  
Minimum [Member]    
Income Tax Examination [Line Items]    
Years subject to income tax examination 2016  
Maximum [Member]    
Income Tax Examination [Line Items]    
Years subject to income tax examination 2018  
XML 55 R42.htm IDEA: XBRL DOCUMENT v3.19.2
Non-controlling Interests (Narrative) (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Feb. 06, 2019
Mar. 25, 2019
Jun. 25, 2019
Noncontrolling Interest [Line Items]      
Non-controlling interests   $ (2,959) $ (788)
Bad Daddy's [Member]      
Noncontrolling Interest [Line Items]      
Purchase price     $ 3,000
RGWP [Member]      
Noncontrolling Interest [Line Items]      
Increase to non-compete agreements $ 50    
Increase decrease in additional paid in capital 2,171    
Non-controlling interests $ 788    
XML 56 R43.htm IDEA: XBRL DOCUMENT v3.19.2
Non-controlling Interests (Schedule of Noncontrolling Interests) (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Jun. 25, 2019
Mar. 25, 2019
Dec. 25, 2018
Jun. 26, 2018
Mar. 27, 2018
Dec. 26, 2017
Jun. 25, 2019
Noncontrolling Interest [Line Items]              
Balance at September 25, 2018     $ 3,238       $ 3,238
Income attributable to non-controlling interests             912
Net distributions to unrelated limited partners $ (367) $ (408) (478) $ (492) $ (242) $ (256) (1,233)
Purchase of non-controlling interest   $ (2,959)         (788)
Balance at June 25, 2019 2,129           2,129
Bad Daddy's [Member]              
Noncontrolling Interest [Line Items]              
Balance at September 25, 2018     2,861       2,861
Income attributable to non-controlling interests             671
Net distributions to unrelated limited partners             (953)
Purchase of non-controlling interest             (788)
Balance at June 25, 2019 1,791           1,791
Good Times [Member]              
Noncontrolling Interest [Line Items]              
Balance at September 25, 2018     $ 377       377
Income attributable to non-controlling interests             241
Net distributions to unrelated limited partners             (280)
Purchase of non-controlling interest            
Balance at June 25, 2019 $ 338           $ 338
XML 57 R44.htm IDEA: XBRL DOCUMENT v3.19.2
Recent Accounting Pronouncements (Details) - USD ($)
$ in Thousands
 9 Months Ended
Jun. 25, 2019
Jun. 26, 2018
Accounting Changes and Error Corrections [Abstract]    
Advertising Costs $ 240 $ 263
XML 58 R45.htm IDEA: XBRL DOCUMENT v3.19.2
Segment Reporting (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Jun. 25, 2019
Jun. 26, 2018
Jun. 25, 2019
Jun. 26, 2018
Sep. 25, 2018
Segment Reporting Information [Line Items]          
Revenues $ 29,457 $ 26,263 $ 81,999 $ 72,707  
Income (loss) from operations 1,076 781 513 413  
Capital expenditures 923 2,391 4,716 6,560  
Property and equipment, net 36,666   36,666   $ 35,245
Bad Daddys [Member]          
Segment Reporting Information [Line Items]          
Revenues 21,181 17,862 59,996 48,985  
Income (loss) from operations 494 430 300 438  
Capital expenditures 609 2,270 3,727 6,259  
Property and equipment, net 30,829   30,829   29,642
Good Times [Member]          
Segment Reporting Information [Line Items]          
Revenues 8,276 8,401 22,003 23,722  
Income (loss) from operations 650 423 505 265  
Capital expenditures 301 113 930 290  
Property and equipment, net 5,594   5,594   5,234
Corporate Segment [Member]          
Segment Reporting Information [Line Items]          
Income (loss) from operations (68) (72) (292) (290)  
Capital expenditures 13 $ 8 59 $ 11  
Property and equipment, net $ 243   $ 243   $ 369
EXCEL 59 Financial_Report.xlsx IDEA: XBRL DOCUMENT begin 644 Financial_Report.xlsx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how.js IDEA: XBRL DOCUMENT // Edgar(tm) Renderer was created by staff of the U.S. Securities and Exchange Commission. Data and content created by government employees within the scope of their employment are not subject to domestic copyright protection. 17 U.S.C. 105. var Show={};Show.LastAR=null,Show.showAR=function(a,r,w){if(Show.LastAR)Show.hideAR();var e=a;while(e&&e.nodeName!='TABLE')e=e.nextSibling;if(!e||e.nodeName!='TABLE'){var ref=((window)?w.document:document).getElementById(r);if(ref){e=ref.cloneNode(!0); e.removeAttribute('id');a.parentNode.appendChild(e)}} if(e)e.style.display='block';Show.LastAR=e};Show.hideAR=function(){Show.LastAR.style.display='none'};Show.toggleNext=function(a){var e=a;while(e.nodeName!='DIV')e=e.nextSibling;if(!e.style){}else if(!e.style.display){}else{var d,p_;if(e.style.display=='none'){d='block';p='-'}else{d='none';p='+'} e.style.display=d;if(a.textContent){a.textContent=p+a.textContent.substring(1)}else{a.innerText=p+a.innerText.substring(1)}}} XML 61 report.css IDEA: XBRL DOCUMENT /* Updated 2009-11-04 */ /* v2.2.0.24 */ /* DefRef Styles */ ..report table.authRefData{ background-color: #def; border: 2px solid #2F4497; font-size: 1em; position: absolute; } ..report table.authRefData a { display: block; font-weight: bold; } ..report table.authRefData p { margin-top: 0px; } ..report table.authRefData .hide { background-color: #2F4497; padding: 1px 3px 0px 0px; text-align: right; } ..report table.authRefData .hide a:hover { background-color: #2F4497; } ..report table.authRefData .body { height: 150px; overflow: auto; width: 400px; } ..report table.authRefData table{ font-size: 1em; } /* Report Styles */ ..pl a, .pl a:visited { color: black; text-decoration: none; } /* table */ ..report { background-color: white; border: 2px solid #acf; clear: both; color: black; font: normal 8pt Helvetica, Arial, san-serif; margin-bottom: 2em; } ..report hr { border: 1px solid #acf; } /* Top labels */ ..report th { background-color: #acf; color: black; font-weight: bold; text-align: center; } ..report th.void { background-color: transparent; color: #000000; font: bold 10pt Helvetica, Arial, san-serif; text-align: left; } ..report .pl { text-align: left; vertical-align: top; white-space: normal; width: 200px; white-space: normal; /* word-wrap: break-word; */ } ..report td.pl a.a { cursor: pointer; display: block; width: 200px; overflow: hidden; } ..report td.pl div.a { width: 200px; } ..report td.pl a:hover { background-color: #ffc; } /* Header rows... */ ..report tr.rh { background-color: #acf; color: black; font-weight: bold; } /* Calendars... */ ..report .rc { background-color: #f0f0f0; } /* Even rows... */ ..report .re, .report .reu { background-color: #def; } ..report .reu td { border-bottom: 1px solid black; } /* Odd rows... */ ..report .ro, .report .rou { background-color: white; } ..report .rou td { border-bottom: 1px solid black; } ..report .rou table td, .report .reu table td { border-bottom: 0px solid black; } /* styles for footnote marker */ ..report .fn { white-space: nowrap; } /* styles for numeric types */ ..report .num, .report .nump { text-align: right; white-space: nowrap; } ..report .nump { padding-left: 2em; } ..report .nump { padding: 0px 0.4em 0px 2em; } /* styles for text types */ ..report .text { text-align: left; white-space: normal; } ..report .text .big { margin-bottom: 1em; width: 17em; } ..report .text .more { display: none; } ..report .text .note { font-style: italic; font-weight: bold; } ..report .text .small { width: 10em; } ..report sup { font-style: italic; } ..report .outerFootnotes { font-size: 1em; } XML 62 FilingSummary.xml IDEA: XBRL DOCUMENT 3.19.2 html 154 299 1 false 27 0 false 5 false false R1.htm 00000001 - Document - Document and Entity Information Sheet http://goodtimesburgers.com/role/DocumentAndEntityInformation Document and Entity Information Cover 1 false false R2.htm 00000002 - Statement - Condensed Consolidated Balance Sheets (Unaudited) Sheet http://goodtimesburgers.com/role/BalanceSheets Condensed Consolidated Balance Sheets (Unaudited) Statements 2 false false R3.htm 00000003 - Statement - Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) Sheet http://goodtimesburgers.com/role/BalanceSheetsParenthetical Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) Statements 3 false false R4.htm 00000004 - Statement - Condensed Consolidated Statements of Operations (Unaudited) Sheet http://goodtimesburgers.com/role/StatementsOfOperations Condensed Consolidated Statements of Operations (Unaudited) Statements 4 false false R5.htm 00000005 - Statement - Consolidated Statements of Stockholders' Equity (Unaudited) Sheet http://goodtimesburgers.com/role/StatementsOfStockholdersEquity Consolidated Statements of Stockholders' Equity (Unaudited) Statements 5 false false R6.htm 00000006 - Statement - Condensed Consolidated Statements of Cash Flows (Unaudited) Sheet http://goodtimesburgers.com/role/StatementsOfCashFlows Condensed Consolidated Statements of Cash Flows (Unaudited) Statements 6 false false R7.htm 00000007 - Disclosure - Basis of Presentation Sheet http://goodtimesburgers.com/role/BasisOfPresentation Basis of Presentation Notes 7 false false R8.htm 00000008 - Disclosure - Revenue Sheet http://goodtimesburgers.com/role/Revenue Revenue Notes 8 false false R9.htm 00000009 - Disclosure - Goodwill and Intangible Assets Sheet http://goodtimesburgers.com/role/GoodwillAndIntangibleAssets Goodwill and Intangible Assets Notes 9 false false R10.htm 00000010 - Disclosure - Common Stock Sheet http://goodtimesburgers.com/role/CommonStock Common Stock Notes 10 false false R11.htm 00000011 - Disclosure - Stock-Based Compensation Sheet http://goodtimesburgers.com/role/Stock-basedCompensation Stock-Based Compensation Notes 11 false false R12.htm 00000012 - Disclosure - Notes Payable and Long-Term Debt Notes http://goodtimesburgers.com/role/NotesPayableAndLong-termDebt Notes Payable and Long-Term Debt Notes 12 false false R13.htm 00000013 - Disclosure - Net Income (Loss) per Common Share Sheet http://goodtimesburgers.com/role/NetIncomeLossPerCommonShare Net Income (Loss) per Common Share Notes 13 false false R14.htm 00000014 - Disclosure - Contingent Liabilities and Liquidity Sheet http://goodtimesburgers.com/role/ContingentLiabilitiesAndLiquidity Contingent Liabilities and Liquidity Notes 14 false false R15.htm 00000015 - Disclosure - Impairment of Long-Lived Assets and Goodwill Sheet http://goodtimesburgers.com/role/ImpairmentOfLong-livedAssetsAndGoodwill Impairment of Long-Lived Assets and Goodwill Notes 15 false false R16.htm 00000016 - Disclosure - Income Taxes Sheet http://goodtimesburgers.com/role/IncomeTaxes Income Taxes Notes 16 false false R17.htm 00000017 - Disclosure - Non-controlling Interests Sheet http://goodtimesburgers.com/role/Non-controllingInterests Non-controlling Interests Notes 17 false false R18.htm 00000018 - Disclosure - Recent Accounting Pronouncements Sheet http://goodtimesburgers.com/role/RecentAccountingPronouncements Recent Accounting Pronouncements Notes 18 false false R19.htm 00000019 - Disclosure - Subsequent Events Sheet http://goodtimesburgers.com/role/SubsequentEvents Subsequent Events Notes 19 false false R20.htm 00000020 - Disclosure - Segment Reporting Sheet http://goodtimesburgers.com/role/SegmentReporting Segment Reporting Notes 20 false false R21.htm 00000021 - Disclosure - Goodwill and Intangible Assets (Tables) Sheet http://goodtimesburgers.com/role/GoodwillAndIntangibleAssetsTables Goodwill and Intangible Assets (Tables) Tables http://goodtimesburgers.com/role/GoodwillAndIntangibleAssets 21 false false R22.htm 00000022 - Disclosure - Stock-Based Compensation (Tables) Sheet http://goodtimesburgers.com/role/Stock-basedCompensationTables Stock-Based Compensation (Tables) Tables http://goodtimesburgers.com/role/Stock-basedCompensation 22 false false R23.htm 00000023 - Disclosure - Net Income (Loss) per Common Share (Tables) Sheet http://goodtimesburgers.com/role/NetIncomeLossPerCommonShareTables Net Income (Loss) per Common Share (Tables) Tables http://goodtimesburgers.com/role/NetIncomeLossPerCommonShare 23 false false R24.htm 00000024 - Disclosure - Non-controlling Interests (Tables) Sheet http://goodtimesburgers.com/role/Non-controllingInterestsTables Non-controlling Interests (Tables) Tables http://goodtimesburgers.com/role/Non-controllingInterests 24 false false R25.htm 00000025 - Disclosure - Segment Reporting (Tables) Sheet http://goodtimesburgers.com/role/SegmentReportingTables Segment Reporting (Tables) Tables http://goodtimesburgers.com/role/SegmentReporting 25 false false R26.htm 00000026 - Disclosure - Basis of Presentation (Details) Sheet http://goodtimesburgers.com/role/BasisOfPresentationDetails Basis of Presentation (Details) Details http://goodtimesburgers.com/role/BasisOfPresentation 26 false false R27.htm 00000027 - Disclosure - Revenue (Details) Sheet http://goodtimesburgers.com/role/RevenueDetails Revenue (Details) Details http://goodtimesburgers.com/role/Revenue 27 false false R28.htm 00000028 - Disclosure - Goodwill and Intangible Assets (Narrative) (Details) Sheet http://goodtimesburgers.com/role/Disclosure-GoodwillandIntangibleAssetsNarrativeDetails Goodwill and Intangible Assets (Narrative) (Details) Details http://goodtimesburgers.com/role/GoodwillAndIntangibleAssetsTables 28 false false R29.htm 00000029 - Disclosure - Goodwill and Intangible Assets (Intangible Assets Subject to Amortization) (Details) Sheet http://goodtimesburgers.com/role/GoodwillAndIntangibleAssetsIntangibleAssetsSubjectToAmortizationDetails Goodwill and Intangible Assets (Intangible Assets Subject to Amortization) (Details) Details http://goodtimesburgers.com/role/GoodwillAndIntangibleAssetsTables 29 false false R30.htm 00000030 - Disclosure - Goodwill and Intangible Assets (Indefinite-lived Intangible Assets) (Details) Sheet http://goodtimesburgers.com/role/GoodwillAndIntangibleAssetsIndefinite-livedIntangibleAssetsDetails Goodwill and Intangible Assets (Indefinite-lived Intangible Assets) (Details) Details http://goodtimesburgers.com/role/GoodwillAndIntangibleAssetsTables 30 false false R31.htm 00000031 - Disclosure - Goodwill and Intangible Assets (Schedule of Goodwill and Intangible Assets) (Details) Sheet http://goodtimesburgers.com/role/Disclosure-GoodwillandIntangibleAssetsScheduleofGoodwillandIntangibleAssets Goodwill and Intangible Assets (Schedule of Goodwill and Intangible Assets) (Details) Details http://goodtimesburgers.com/role/GoodwillAndIntangibleAssetsTables 31 false false R32.htm 00000032 - Disclosure - Goodwill and Intangible Assets (Estimated Aggregate Future Amortization Expense) (Details) Sheet http://goodtimesburgers.com/role/GoodwillAndIntangibleAssetsEstimatedAggregateFutureAmortizationExpenseDetails Goodwill and Intangible Assets (Estimated Aggregate Future Amortization Expense) (Details) Details http://goodtimesburgers.com/role/GoodwillAndIntangibleAssetsTables 32 false false R33.htm 00000033 - Disclosure - Common Stock (Details) Sheet http://goodtimesburgers.com/role/CommonStockDetails Common Stock (Details) Details http://goodtimesburgers.com/role/CommonStock 33 false false R34.htm 00000034 - Disclosure - Stock-Based Compensation (Narrative) (Details) Sheet http://goodtimesburgers.com/role/Stock-basedCompensationNarrativeDetails Stock-Based Compensation (Narrative) (Details) Details http://goodtimesburgers.com/role/Stock-basedCompensationTables 34 false false R35.htm 00000035 - Disclosure - Stock-Based Compensation (Weighted Average Assumptions Used to Estimate Fair Value of Stock Option Grants) (Details) Sheet http://goodtimesburgers.com/role/Stock-basedCompensationWeightedAverageAssumptionsUsedToEstimateFairValueOfStockOptionGrantsDetails Stock-Based Compensation (Weighted Average Assumptions Used to Estimate Fair Value of Stock Option Grants) (Details) Details http://goodtimesburgers.com/role/Stock-basedCompensationTables 35 false false R36.htm 00000036 - Disclosure - Stock-Based Compensation (Summary of Stock Option Activity under Share Based Compensation Plan) (Details) Sheet http://goodtimesburgers.com/role/Stock-basedCompensationSummaryOfStockOptionActivityUnderShareBasedCompensationPlanDetails Stock-Based Compensation (Summary of Stock Option Activity under Share Based Compensation Plan) (Details) Details http://goodtimesburgers.com/role/Stock-basedCompensationTables 36 false false R37.htm 00000037 - Disclosure - Stock-Based Compensation (Summary of Non-vested Restricted Stock Activity) (Details) Sheet http://goodtimesburgers.com/role/Stock-basedCompensationSummaryOfNon-vestedRestrictedStockActivityDetails Stock-Based Compensation (Summary of Non-vested Restricted Stock Activity) (Details) Details http://goodtimesburgers.com/role/Stock-basedCompensationTables 37 false false R38.htm 00000038 - Disclosure - Notes Payable and Long-Term Debt (Details) Notes http://goodtimesburgers.com/role/NotesPayableAndLong-termDebtDetails Notes Payable and Long-Term Debt (Details) Details http://goodtimesburgers.com/role/NotesPayableAndLong-termDebt 38 false false R39.htm 00000039 - Disclosure - Net Income (Loss) per Common Share (Schedule of Weighted Average Shares Outstanding) (Details) Sheet http://goodtimesburgers.com/role/gtim-nilpcsd Net Income (Loss) per Common Share (Schedule of Weighted Average Shares Outstanding) (Details) Details http://goodtimesburgers.com/role/NetIncomeLossPerCommonShareTables 39 false false R40.htm 00000040 - Disclosure - Impairment of Long-Lived Assets and Goodwill (Details) Sheet http://goodtimesburgers.com/role/ImpairmentOfLong-livedAssetsAndGoodwillDetails Impairment of Long-Lived Assets and Goodwill (Details) Details http://goodtimesburgers.com/role/ImpairmentOfLong-livedAssetsAndGoodwill 40 false false R41.htm 00000041 - Disclosure - Income Taxes (Details) Sheet http://goodtimesburgers.com/role/IncomeTaxesDetails Income Taxes (Details) Details http://goodtimesburgers.com/role/IncomeTaxes 41 false false R42.htm 00000042 - Disclosure - Non-controlling Interests (Narrative) (Details) Sheet http://goodtimesburgers.com/role/Non-controllingInterestsNarrativeDetails Non-controlling Interests (Narrative) (Details) Details http://goodtimesburgers.com/role/Non-controllingInterestsTables 42 false false R43.htm 00000043 - Disclosure - Non-controlling Interests (Schedule of Noncontrolling Interests) (Details) Sheet http://goodtimesburgers.com/role/Non-controllingInterestsDetails Non-controlling Interests (Schedule of Noncontrolling Interests) (Details) Details http://goodtimesburgers.com/role/Non-controllingInterestsTables 43 false false R44.htm 00000044 - Disclosure - Recent Accounting Pronouncements (Details) Sheet http://goodtimesburgers.com/role/RecentAccountingPronouncementsDetails Recent Accounting Pronouncements (Details) Details 44 false false R45.htm 00000045 - Disclosure - Segment Reporting (Details) Sheet http://goodtimesburgers.com/role/SegmentReportingDetails Segment Reporting (Details) Details http://goodtimesburgers.com/role/SegmentReportingTables 45 false false All Reports Book All Reports gtim-20190625.xml gtim-20190625.xsd gtim-20190625_cal.xml gtim-20190625_def.xml gtim-20190625_lab.xml gtim-20190625_pre.xml http://fasb.org/srt/2019-01-31 http://xbrl.sec.gov/dei/2019-01-31 http://fasb.org/us-gaap/2019-01-31 true true ZIP 64 0001214659-19-005111-xbrl.zip IDEA: XBRL DOCUMENT begin 644 0001214659-19-005111-xbrl.zip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end