Contract Liabilities:

3 Months Ended

Mar. 27, 2021

Contract Liabilities:

Contract Liabilities:

4. Contract Liabilities:

The Company’s contract liabilities for its franchise revenues consist of deferred revenue associated with franchise fees and software license fees. The table below presents the activity of the current and noncurrent deferred franchise revenue during the first three months of 2021 and 2020, respectively:

	March 27, 2021		March 28, 2020
Balance at beginning of period	$	8,708,300	$	9,575,500
Franchise and software license fees collected from franchisees, excluding amount earned as revenue during the period		355,700		372,500
Fees earned that were included in the balance at the beginning of the period		(440,600)		(468,000)
Balance at end of period	$	8,623,400	$	9,480,000

The following table illustrates future estimated revenue to be recognized for the remainder of 2021 and full fiscal years thereafter related to performance obligations that are unsatisfied (or partially unsatisfied) as of March 27, 2021.

Contract Liabilities expected to be recognized in	Amount
2021	$	1,220,200
2022		1,537,400
2023		1,366,200
2024		1,168,400
2025		952,100
Thereafter		2,379,100
	$	8,623,400