Document And Entity Information
Document And Entity Information - shares | 6 Months Ended | |
Mar. 28, 2023 | Apr. 28, 2023 | |
Document Information Line Items | ||
Entity Registrant Name | Good Times Restaurants Inc. | |
Trading Symbol | GTIM | |
Document Type | 10-Q | |
Current Fiscal Year End Date | --09-26 | |
Entity Common Stock, Shares Outstanding | 11,720,963 | |
Amendment Flag | false | |
Entity Central Index Key | 0000825324 | |
Entity Current Reporting Status | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Document Period End Date | Mar. 28, 2023 | |
Document Fiscal Year Focus | 2023 | |
Document Fiscal Period Focus | Q2 | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Entity File Number | 0-18590 | |
Entity Tax Identification Number | 84-1133368 | |
Entity Address, Address Line One | 651 CORPORATE CIRCLE | |
Entity Address, City or Town | GOLDEN | |
Entity Address, State or Province | CO | |
Entity Address, Postal Zip Code | 80401 | |
City Area Code | (303) | |
Local Phone Number | 384-1400 | |
Title of 12(b) Security | Common Stock $.001 par value | |
Entity Incorporation, State or Country Code | NV | |
Security Exchange Name | NASDAQ | |
Entity Interactive Data Current | Yes |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands | Mar. 28, 2023 | Sep. 27, 2022 |
CURRENT ASSETS: | ||
Cash and cash equivalents | $ 5,367 | $ 8,906 |
Receivables | 603 | 694 |
Prepaid expenses and other | 1,745 | 888 |
Inventories | 1,321 | 1,387 |
Total current assets | 9,036 | 11,875 |
PROPERTY AND EQUIPMENT: | ||
Land and building | 4,670 | 4,670 |
Leasehold improvements | 36,492 | 35,906 |
Fixtures and equipment | 31,143 | 30,664 |
Total property and equipment | 72,305 | 71,240 |
Less accumulated depreciation and amortization | (50,461) | (48,989) |
Total net property and equipment | 21,844 | 22,251 |
OTHER ASSETS: | ||
Operating lease right-of-use assets, net | 40,383 | 42,463 |
Deferred tax assets | 10,847 | |
Deposits and other assets | 157 | 166 |
Trademarks | 3,900 | 3,900 |
Other intangibles, net | 16 | 20 |
Goodwill | 5,713 | 5,713 |
Total other assets | 61,016 | 52,262 |
TOTAL ASSETS: | 91,896 | 86,388 |
CURRENT LIABILITIES: | ||
Accounts payable | 2,382 | 628 |
Deferred income | 45 | 48 |
Operating lease liabilities, current | 5,506 | 5,430 |
Other accrued liabilities | 7,437 | 6,791 |
Total current liabilities | 15,370 | 12,897 |
LONG-TERM LIABILITIES: | ||
Operating lease liabilities, net of current portion | 43,063 | 45,544 |
Deferred revenues and other liabilities | 134 | 159 |
Total long-term liabilities | 43,197 | 45,703 |
Good Times Restaurants Inc. shareholders’ equity: | ||
Preferred stock, $.01 par value; 5,000,000 shares authorized, no shares issued and outstanding as of March 28, 2023 and September 27, 2022 | ||
Common stock, $.001 par value; 50,000,000 shares authorized; 12,977,433 issued; and 11,746,350 and 12,274,351 outstanding as of March 28, 2023 and September 27, 2022, respectively | 13 | 13 |
Capital contributed in excess of par value | 56,754 | 59,427 |
Treasury stock, at cost; 1,231,083 and 692,798 shares as of March 28, 2023 and September 27, 2022, respectively | (3,974) | (2,634) |
Accumulated deficit | (19,827) | (30,321) |
Total Good Times Restaurants Inc. shareholders' equity | 32,966 | 26,485 |
Non-controlling interests | 363 | 1,303 |
Total shareholders’ equity | 33,329 | 27,788 |
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY | $ 91,896 | $ 86,388 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Unaudited) (Parentheticals) - $ / shares | Mar. 28, 2023 | Sep. 27, 2022 |
Statement of Financial Position [Abstract] | ||
Preferred stock, par value (in Dollars per share) | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized | 5,000,000 | 5,000,000 |
Preferred stock, outstanding | ||
Preferred stock, issued | ||
Common stock, par value (in Dollars per share) | $ 0.001 | $ 0.001 |
Common stock, shares authorized | 50,000,000 | 50,000,000 |
Common stock, shares issued | 12,977,433 | 12,977,433 |
Common stock, shares outstanding | 11,746,350 | 12,274,351 |
Treasury stock at cost, shares | 1,231,083 | 692,798 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Mar. 28, 2023 | Mar. 29, 2022 | Mar. 28, 2023 | Mar. 29, 2022 | |
NET REVENUES: | ||||
Total net revenues | $ 34,785 | $ 33,597 | $ 68,179 | $ 66,513 |
RESTAURANT OPERATING COSTS: | ||||
Food and packaging costs | 10,655 | 10,457 | 21,262 | 20,683 |
Payroll and other employee benefit costs | 11,989 | 11,555 | 23,537 | 22,732 |
Restaurant occupancy costs | 2,428 | 2,377 | 4,886 | 4,705 |
Other restaurant operating costs | 4,826 | 4,667 | 9,318 | 8,805 |
Preopening costs | 30 | 30 | 50 | |
Depreciation and amortization | 911 | 1,013 | 1,821 | 1,997 |
Total restaurant operating costs | 30,839 | 30,069 | 60,854 | 58,972 |
General and administrative costs | 2,297 | 2,577 | 4,672 | 5,282 |
Advertising costs | 778 | 812 | 1,672 | 1,453 |
Franchise costs | 6 | 3 | 11 | |
Impairment of long-lived assets | 76 | 1,753 | 76 | 1,753 |
Gain on restaurant asset sale and lease termination | (22) | (43) | (22) | (657) |
Litigation contingencies | 332 | 332 | ||
INCOME (LOSS) FROM OPERATIONS: | 817 | (1,909) | 924 | (633) |
Interest and other expense, net | (26) | (11) | (38) | (29) |
NET INCOME (LOSS) BEFORE INCOME TAXES: | 791 | (1,920) | 886 | (662) |
Provision for income taxes | 9,952 | 9,952 | (8) | |
NET INCOME (LOSS): | 10,743 | (1,920) | 10,838 | (670) |
Income attributable to non-controlling interests | (122) | (230) | (344) | (1,150) |
NET INCOME (LOSS) ATTRIBUTABLE TO COMMON SHAREHOLDERS | $ 10,621 | $ (2,150) | $ 10,494 | $ (1,820) |
NET INCOME (LOSS) PER SHARE, ATTRIBUTABLE TO COMMON SHAREHOLDERS: | ||||
Basic (in Dollars per share) | $ 0.9 | $ (0.17) | $ 0.88 | $ (0.15) |
Diluted (in Dollars per share) | $ 0.89 | $ (0.17) | $ 0.88 | $ (0.15) |
WEIGHTED AVERAGE COMMON SHARES OUTSTANDING: | ||||
Basic (in Shares) | 11,818,651 | 12,527,625 | 11,930,140 | 12,525,048 |
Diluted (in Shares) | 11,884,123 | 12,527,625 | 11,985,254 | 12,525,048 |
Restaurant sales | ||||
NET REVENUES: | ||||
Total net revenues | $ 34,568 | $ 33,364 | $ 67,747 | $ 66,040 |
Franchise revenues | ||||
NET REVENUES: | ||||
Total net revenues | $ 217 | $ 233 | $ 432 | $ 473 |
Consolidated Statements of Shar
Consolidated Statements of Shareholders’ Equity (Unaudited) - USD ($) $ in Thousands | Treasury Stock, at cost | Common Stock | Capital Contributed in Excess of Par Value | Non- Controlling Interest In Partnerships | Accumulated Deficit | Total |
BALANCES at Sep. 28, 2021 | $ (1,608) | $ 13 | $ 59,021 | $ 1,124 | $ (27,680) | $ 30,870 |
BALANCES (in Shares) at Sep. 28, 2021 | 376,351 | 12,512,072 | ||||
Stock-based compensation cost | 95 | 95 | ||||
Restricted stock unit vesting | ||||||
Restricted stock unit vesting (in Shares) | 13,366 | |||||
Common stock grants | ||||||
Common stock grants (in Shares) | 9,256 | |||||
Stock Option Exercise | 6 | 6 | ||||
Stock Option Exercise (in Shares) | 5,000 | |||||
Non-controlling interests: | ||||||
Income | 920 | 920 | ||||
Distributions | (632) | (632) | ||||
Net Income attributable to common shareholders and comprehensive income (loss) | 330 | 330 | ||||
BALANCES at Dec. 28, 2021 | $ (1,608) | $ 13 | 59,122 | 1,412 | (27,350) | 31,589 |
BALANCES (in Shares) at Dec. 28, 2021 | 376,351 | 12,539,694 | ||||
BALANCES at Sep. 28, 2021 | $ (1,608) | $ 13 | 59,021 | 1,124 | (27,680) | 30,870 |
BALANCES (in Shares) at Sep. 28, 2021 | 376,351 | 12,512,072 | ||||
Non-controlling interests: | ||||||
Income | 1,150 | |||||
BALANCES at Mar. 29, 2022 | $ (1,939) | $ 13 | 59,258 | 1,530 | (29,500) | 29,362 |
BALANCES (in Shares) at Mar. 29, 2022 | 452,251 | 12,487,591 | ||||
BALANCES at Dec. 28, 2021 | $ (1,608) | $ 13 | 59,122 | 1,412 | (27,350) | 31,589 |
BALANCES (in Shares) at Dec. 28, 2021 | 376,351 | 12,539,694 | ||||
Stock-based compensation cost | 52 | 52 | ||||
Stock Option Exercise | 84 | 84 | ||||
Stock Option Exercise (in Shares) | 23,797 | |||||
Repurchases of common stock | $ (331) | (331) | ||||
Repurchases of common stock (in Shares) | 75,900 | (75,900) | ||||
Non-controlling interests: | ||||||
Income | 230 | 230 | ||||
Distributions | (112) | (112) | ||||
Net Income attributable to common shareholders and comprehensive income (loss) | (2,150) | (2,150) | ||||
BALANCES at Mar. 29, 2022 | $ (1,939) | $ 13 | 59,258 | 1,530 | (29,500) | 29,362 |
BALANCES (in Shares) at Mar. 29, 2022 | 452,251 | 12,487,591 | ||||
BALANCES at Sep. 27, 2022 | $ (2,634) | $ 13 | 59,427 | 1,303 | (30,321) | 27,788 |
BALANCES (in Shares) at Sep. 27, 2022 | 692,798 | 12,274,351 | ||||
Stock-based compensation cost | 46 | 46 | ||||
Restricted stock unit vesting | (92) | (92) | ||||
Restricted stock unit vesting (in Shares) | 8,284 | |||||
Stock Option Exercise | 5 | 5 | ||||
Stock Option Exercise (in Shares) | 2,000 | |||||
Treasury Shares Purchased | $ (873) | (873) | ||||
Treasury Shares Purchased (in Shares) | 371,395 | (371,395) | ||||
Non-controlling interests: | ||||||
Income | 222 | 222 | ||||
Distributions | (172) | (172) | ||||
Contributions | 13 | 13 | ||||
Net Income attributable to common shareholders and comprehensive income (loss) | (127) | (127) | ||||
BALANCES at Dec. 27, 2022 | $ (3,507) | $ 13 | 59,386 | 1,366 | (30,448) | 26,810 |
BALANCES (in Shares) at Dec. 27, 2022 | 1,064,193 | 11,913,240 | ||||
BALANCES at Sep. 27, 2022 | $ (2,634) | $ 13 | 59,427 | 1,303 | (30,321) | 27,788 |
BALANCES (in Shares) at Sep. 27, 2022 | 692,798 | 12,274,351 | ||||
Non-controlling interests: | ||||||
Income | 344 | |||||
BALANCES at Mar. 28, 2023 | $ (3,974) | $ 13 | 56,754 | 363 | (19,827) | 33,329 |
BALANCES (in Shares) at Mar. 28, 2023 | 1,231,083 | 11,746,350 | ||||
BALANCES at Dec. 27, 2022 | $ (3,507) | $ 13 | 59,386 | 1,366 | (30,448) | 26,810 |
BALANCES (in Shares) at Dec. 27, 2022 | 1,064,193 | 11,913,240 | ||||
Stock-based compensation cost | 43 | 43 | ||||
Treasury Shares Purchased | $ (467) | (467) | ||||
Treasury Shares Purchased (in Shares) | 166,890 | (166,890) | ||||
Non-controlling interests: | ||||||
Income | 122 | 122 | ||||
Distributions | (294) | (294) | ||||
Purchase of non-controlling interests | (2,675) | (831) | (3,506) | |||
Net Income attributable to common shareholders and comprehensive income (loss) | 10,621 | 10,621 | ||||
BALANCES at Mar. 28, 2023 | $ (3,974) | $ 13 | $ 56,754 | $ 363 | $ (19,827) | $ 33,329 |
BALANCES (in Shares) at Mar. 28, 2023 | 1,231,083 | 11,746,350 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 6 Months Ended | |
Mar. 28, 2023 | Mar. 29, 2022 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ||
Net income (loss) | $ 10,838 | $ (670) |
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | ||
Depreciation and amortization | 1,859 | 2,114 |
Impairment of long-lived assets | 76 | 1,753 |
Stock-based compensation expense | 89 | 147 |
Gain on lease termination and disposal of assets | 9 | (642) |
Recognition of deferred gain on sale of restaurant building | (31) | (15) |
Provision for income taxes | (9,959) | 8 |
Changes in operating assets and liabilities: | ||
Receivables and other | 135 | (26) |
Pre-paid expense | (857) | (1,172) |
Inventories | 66 | (57) |
Deposits and other | 10 | 33 |
Accounts payable | 1,596 | (370) |
Net change in ROU assets and operating lease liabilities | (325) | (186) |
Accrued and other liabilities | 652 | 395 |
Net cash provided by operating activities | 4,158 | 1,312 |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||
Payments for the purchase of property and equipment | (1,423) | (1,177) |
Acquisition of restaurant from franchisee, net of cash acquired | (728) | |
Purchase of non-controlling interests | (4,394) | |
Net cash used in investing activities | (5,817) | (1,905) |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||
Payment for the purchase of treasury stock | (1,340) | (331) |
Restricted stock vesting settled in cash | (92) | |
Proceeds from stock option exercise | 5 | 90 |
Distributions to non-controlling interests | (466) | (956) |
Contributions from non-controlling interests | 13 | |
Net cash used in financing activities | (1,880) | (1,197) |
NET CHANGE IN CASH AND CASH EQUIVALENTS | (3,539) | (1,790) |
CASH AND CASH EQUIVALENTS, beginning of period | 8,906 | 8,856 |
CASH AND CASH EQUIVALENTS, end of period | 5,367 | 7,066 |
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION: | ||
Cash paid for interest | 5 | 9 |
Change in accounts payable attributable to the purchase of property and equipment | $ 158 | $ (421) |
Basis of Presentation
Basis of Presentation | 6 Months Ended |
Mar. 28, 2023 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Note 1. Basis of Presentation The accompanying unaudited condensed consolidated financial statements include the accounts of Good Times Restaurants Inc. (the “Company”) and its wholly-owned subsidiaries as well as one partnership in which the Company is the general partner, and five limited liability companies in which the Company was the controlling member during the period of time in which unrelated parties owned membership interests in those limited liability companies. All significant intercompany balances and transactions have been eliminated in consolidation. The Company operates and licenses full-service restaurants under the brand Bad Daddy’s Burger Bar The Company operates and franchises drive-thru fast-food hamburger restaurants under the brand Good Times Burgers & Frozen Custard 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 March 28, 2023 and the results of its operations and its cash flows for the fiscal quarters ended March 28, 2023 and March 29, 2022. Operating results for the fiscal quarter ended March 28, 2023 are not necessarily indicative of the results that may be expected for the year ending September 26, 2023. The condensed consolidated balance sheet as of September 27, 2022 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 27, 2022. Fiscal Year Reclassification Advertising Costs Receivables As of March 28, 2023, total receivables were $603,000, which consists of $78,000 in receivables from large box retail partners, retailed receivables, $122,000 in rebate receivables, $312,000 in third party delivery receivables, and $91,000 of franchise and other receivables |
Recent Accounting Pronouncement
Recent Accounting Pronouncements | 6 Months Ended |
Mar. 28, 2023 | |
Recent Accounting Pronouncements [Abstract] | |
Recent Accounting Pronouncements | Note 2. Recent Accounting Pronouncements The Company reviewed all recently issued accounting pronouncements and concluded that they were either not applicable or not expected to have a significant impact on the Company’s consolidated financial statements. |
Revenue
Revenue | 6 Months Ended |
Mar. 28, 2023 | |
Revenue [Abstract] | |
Revenue | Note 3. Revenue Revenue Recognition Revenues consist primarily of sales from restaurant operations; franchise revenue, which includes franchisee contributions to advertising funds. Revenues associated with gift card breakage are immaterial to our financials. The Company recognizes revenue 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. |
Goodwill and Intangible Assets
Goodwill and Intangible Assets | 6 Months Ended |
Mar. 28, 2023 | |
Goodwill and Intangible Assets [Abstract] | |
Goodwill and Intangible Assets | Note 4. Goodwill and Intangible Assets The following table presents goodwill and intangible assets as of March 28, 2023 and September 27, 2022 (in thousands): March 28, 2023 September 27, 2022 Gross Amount Accumulated Amortization Net Amount Gross Amount Accumulated Amortization Net Amount Intangible assets subject to amortization: Non-compete agreements $ 25 $ (9 ) $ 16 $ 25 $ (5 ) $ 20 Indefinite-lived intangible Trademarks 3,900 - 3,900 3,900 - 3,900 Intangible assets, net $ 3,925 $ (9 ) $ 3,916 $ 3,925 $ (5 ) $ 3,920 Goodwill $ 5,713 $ - $ 5,713 $ 5,713 $ - $ 5,713 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. The Company had no goodwill impairment losses in the periods presented in the above table. The aggregate amortization expense related to these intangible assets subject to amortization was $9,000 for the two quarters ended March 28, 2023 and $5,000 for the two quarters ended March 29, 2022.As of both March 28, 2023 and March 29, 2022, the Company had $96,000 of goodwill attributable to the Good Times reporting unit and $5,617,000 of goodwill attributable to its Bad Daddy’s reporting unit. |
Stock-Based Compensation
Stock-Based Compensation | 6 Months Ended |
Mar. 28, 2023 | |
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 2018 fiscal year, which was approved by shareholders on May 24, 2018. Future awards will be issued under the 2018 Plan. On February 8, 2022 the Company’s shareholders approved a proposal to increase the number of shares available for issuance under the 2018 Plan from 900,000 to 1,050,000, which currently represents the maximum number of shares available for issuance 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 income (loss) for the two quarters ended March 28, 2023 and March 29, 2022 includes $89,000 and $147,000, 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 two quarters ended March 28, 2023. Estimates of fair value are not intended to predict actual future events or the value ultimately realized by the employees who receive equity awards. There were 20,000 incentive stock options awarded during the two quarters ended March 28, 2023 to the Company’s Chief Executive Officer from available shares under the 2018 Plan, with an exercise price of $3.00 per share and a per share weighted average fair value of $2.29. During the two quarters ended March 29, 2022, the Company granted 90,000 incentive stock options to its Chief Executive Officer, from available shares under the 2018 Plan, with an exercise price of $2.33 per share and a per share weighted average fair value of $1.24 pursuant to the Chief Executive Officer’s Second Amended and Restated Employment Agreement dated December 24, 2020. 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: Two Quarters Ended March 28, 2023 Two Quarters Ended March 29, 2022 Expected term (years) 7.5 6.5 Expected volatility 60.2% 61.3% Risk-free interest rate 4.21% 1.8% 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 two quarters ended March 28, 2023 under all plans: Shares Weighted Weighted Average Outstanding at beginning of year 470,161 $ 3.97 Options granted 20,000 $ 3.00 Options exercised (2,000 ) $ 2.31 Options Forfeited (12,253 ) $ 3.95 Outstanding March 28, 2023 475,908 $ 3.94 5.5 Exercisable March 28, 2023 334,965 $ 3.67 4.7 As of March 28, 2023, the aggregate intrinsic value of the outstanding and exercisable options was $177,000. Only options whose exercise price is below the current market price of the underlying stock are included in the intrinsic value calculation. As of March 28, 2023, the total remaining unrecognized compensation cost related to non-vested stock options was $164,000 and is expected to be recognized over a weighted average period of approximately 2.0 years. There were 2,000 stock options exercised that resulted in an issuance of 2,000 shares during the two quarters ended March 28, 2023 with proceeds of approximately $5,000. There were 23,797 stock options exercised that resulted in an issuance of 23,797 shares during the two quarters ended March 29, 2022 with proceeds of approximately $90,000. Restricted Stock Units There were 25,750 restricted stock units granted during the two quarters ended March 28, 2023 and there were 28,000 restricted stock units granted during the two quarters ended March 29, 2022. A summary of the status of non-vested restricted stock units as of March 28, 2023 is presented below. Shares Grant Date Fair Non-vested units at beginning of year 73,336 $1.54 to $4.50 Units granted 25,750 $2.29 Units vested (46,336 ) $1.54 Units forfeited (1,000 ) $4.50 Non-vested units at March 28, 2023 51,750 $2.29 to $4.50 As of March 28, 2023, there was $123,000 of total unrecognized compensation cost related to non-vested restricted stock units. This cost is expected to be recognized over a weighted average period of approximately 2.2 years. Restricted and Unrestricted Common Stock Awards No grants of restricted or unrestricted common stock were made during the two quarters ended March 28, 2023. During the two quarters ended March 29, 2022 there were 9,256 unrestricted shares of common stock granted to directors of the Company. These shares had a grant date fair value of $4.35 per share and resulted in the recognition of $40,000 of stock-based compensation expense. |
Gain on Sale of Assets and Leas
Gain on Sale of Assets and Lease Termination | 6 Months Ended |
Mar. 28, 2023 | |
Gain on Sale of Assets and Lease Termination [Abstract] | |
Gain on Sale of Assets and Lease Termination | Note 6. Gain on Sale of Assets and Lease Termination For the two fiscal quarters ended March 28, 2023, the Company had $19,000 of deferred gains on prior sale-leaseback transactions related to certain Good Times restaurants and $3,000 of net gains in the loss and disposal of miscellaneous assets. During the two fiscal quarters ended March 29, 2022 we recognized a $607,000 gain in connection with a landlord’s exercising a lease termination option for one Good Times restaurant and we also recognized $7,000 in deferred gain on prior sale-leaseback transactions related to certain Good Times restaurants. |
Prepaid Expense and Other Curre
Prepaid Expense and Other Current Assets | 6 Months Ended |
Mar. 28, 2023 | |
Prepaid Expense and Other Current Assets [Abstract] | |
Prepaid expense and other current assets | Note 7. Prepaid expense and other current assets Prepaid expenses and other current assets consist of the following as of: March 28, 2023 September 27, 2022 Prepaid Rent $ 769 $ 765 Prepaid Insurance 736 3 Other 240 120 Total $ 1,745 $ 888 |
Other Accrued Liabilities
Other Accrued Liabilities | 6 Months Ended |
Mar. 28, 2023 | |
Other Accrued Liabilities [Abstract] | |
Other Accrued Liabilities | Note 8. Other Accrued Liabilities Other accrued liabilities consist of the following as of: March 28, 2023 September 27, 2022 Wages and other employee benefits $ 2,987 $ 2,773 Taxes, other than income taxes 1,025 1,166 Gift card liability, net of breakage 1,182 985 General expense accrual and other 2,243 1,867 Total $ 7,437 $ 6,791 |
Notes Payable and Long-Term Deb
Notes Payable and Long-Term Debt | 6 Months Ended |
Mar. 28, 2023 | |
Debt Disclosure [Abstract] | |
Notes Payable and Long-Term Debt | Note 9. Notes Payable and Long-Term Debt Cadence Credit Facility The Company maintained a credit agreement with Cadence Bank (“Cadence”) pursuant to which, as amended, Cadence agreed to loan the Company up to $8,000,000, which as of March 28, 2023 had a maturity date of April 30, 2023 (the “Prior Cadence Credit Facility”). The Prior Cadence Credit Facility accrues commitment fees on the daily unused balance of the facility at a rate of 0.25%. As of March 28, 2023, any borrowings under the Prior 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. The Cadence Credit Facility includes provisions for the Administrative Agent of the facility to amend the facility to replace LIBOR with an alternate benchmark rate, which may be (but is not required to be) SOFR, at such point in time when appliable LIBOR rates are no longer available or no longer reliable. On January 24, 2023, the Company and Cadence amended the Prior Cadence Credit Facility to extend its expiration date to April 30, 2023, to provide consent for the Company’s acquisition of certain non-controlling interests in Bad Daddy’s limited liability company partnerships, and to provide pro-forma credit for a portion of the full-year EBITDA, as that term is defined in the Prior Cadence Credit Facility previously attributed to the non-controlling partners in those limited liability company partnerships. During the fiscal quarter ended March 28, 2023, the weighted average interest rate applicable to borrowings under the Prior Cadence Credit Facility was 7.6%. The Prior Cadence Credit Facility contained 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 5.15:1, a minimum pre-distribution fixed charge coverage ratio of 1.25:1, a minimum post-distribution fixed charge coverage ratio of 1.10:1 and minimum liquidity of $2.0 million. As of March 28, 2023, the Company was in compliance with all financial covenants under the Prior Cadence Credit Facility. As a result of entering into the Prior Cadence Credit Facility and the various amendments, the Company paid loan origination costs including professional fees of approximately $308,500 and is amortizing these costs over the term of the credit agreement. The remaining amount to be amortized as of March 28, 2023 is $9,000. The obligations under the Prior Cadence Credit Facility were collateralized by a first-priority lien on substantially all of the Company’s assets. Prior to entered into the Company’s new credit facility as described below, there were no outstanding borrowings against the Prior Cadence Credit Facility. Availability of the Prior Cadence Credit Facility for borrowings was reduced by the outstanding face value of any letters of credit issued under the facility. Prior to entering into the Company’s new credit facility as described below, there were no outstanding letters of credit issued under the facility. On April 20, 2023, subsequent to the end of the fiscal quarter ended March 28, 2023, the Company and each of its wholly-owned subsidiaries, as guarantors (the “Subsidiary Guarantors”), entered into an Amended and Restated Credit Agreement (the “Senior Credit Facility”) with Cadence Bank, as administrative agent and sole lender (“Cadence”). The Senior Credit Facility provides for an $8.0 million senior revolving loan (the “Revolver”) and amends and restates the Prior Cadence Credit Facility in its entirety. Proceeds from the Senior Credit Facility, if and when drawn, will be used (i) to fund new restaurant development, (ii) to finance the buyout of non-controlling joint venture partners in certain restaurants, (iii) to finance the redemption, purchase or other acquisition of equity interests in the Company and (iv) for working capital and other general corporate purposes. The Revolver will be available until April 20, 2028. The loans may from time to time consist of a mixture of SOFR Rate Loans and Base Rate Loans with differing interest rates based upon varying additions to the Federal Funds Rate, the Cadence prime rate or Term SOFR. The Senior Credit Facility also carries an upfront fee of 0.25% of the aggregate principal amount of the Revolver commitment and a commitment fee of 0.25% per annum on the unused portion of the Revolver commitment. The Senior Credit Facility includes customary affirmative and negative covenants and events of default. The Senior Credit Facility also requires the Company to maintain various financial condition ratios, including minimum liquidity, an amended maximum leverage ratio and an amended minimum fixed charge coverage ratio. In addition, to the extent the aggregate outstandings under the Revolver exceed $4.0 million, the Company is required to meet a new specified leverage ratio, on a pro forma basis, before making further borrowings as well as certain restricted payments, investments and growth capital expenditures. |
Net Income (Loss) per Common Sh
Net Income (Loss) per Common Share | 6 Months Ended |
Mar. 28, 2023 | |
Net Income (Loss) per Common Share [Abstract] | |
Net Income (Loss) per Common Share | Note 10. 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 March 28, 2023 March 29, 2022 March 28, 2023 March 29, 2022 Weighted-average shares 11,818,651 12,527,625 11,930,140 12,525,048 Effect of potentially dilutive Stock options 13,722 - 3,364 - Restricted stock units 51,750 - 51,750 - Weighted-average shares 11,884,123 12,527,625 11,985,254 12,525,048 Excluded from diluted weighted Antidilutive 372,575 406,515 385,908 386,101 |
Contingent Liabilities and Liqu
Contingent Liabilities and Liquidity | 6 Months Ended |
Mar. 28, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
Contingent Liabilities and Liquidity | Note 11. Contingent Liabilities and Liquidity The failure of banks where we maintain deposits in excess of the limits insured by FDIC or other government or quasi-government agencies could materially affect our financial position and operating results. The Company maintains deposits with certain banks in excess of the maximum insured limits by the FDIC. The significant interest rate increases by the Federal Reserve have caused recent bank failures. Although in certain of those cases, depositors have been protected from loss by government intervention, no assurances can be made in the case of any failure of a bank in which the Company has uninsured deposits, that the Company would be similarly protected against loss of such uninsured deposits. 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 regularly 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, subject to our disclosure immediately below, it is management’s opinion that any reasonably possible losses associated with such contingencies would be immaterial to our financial statements. The Company is the defendant in a lawsuit styled as White Winston Select Asset Funds, LLC and GT Acquisition Group, Inc. v. Good Times Restaurants, Inc., arising from the failed negotiations between plaintiffs and the Company for the sale of the Good Times Drive Thru subsidiary to plaintiffs. The lawsuit was initially filed on September 24, 2019 in Delaware Chancery Court, and Company removed the case to federal court in the US District Court for the District of Delaware on November 5, 2019. On July 30, 2021, the plaintiffs moved the Court for leave to amend their complaint and add new causes of action and a claim for $18 million in damages. On April 11, 2022, the Court heard the parties’ respective motions for summary judgment on the plaintiffs’ claims. The Court verbally ruled that it was dismissing all of the plaintiffs’ claims except for their claim for breach of an express and implied obligation to negotiate in good faith under the parties’ letter of intent. The Court also indicated its intent to dismiss Good Times’s counterclaim against the plaintiffs for breach of a covenant not to sue over the failed negotiations. On May 5, 2022, the Court issued a written order confirming this ruling. On May 25, 2022, the Court issued an order that the plaintiffs are only entitled to reliance damages should they prevail on their claim for breaches of the express and implied obligations to negotiate in good faith. The parties conducted a bench trial on the plaintiffs’ claims. The parties concluded post-trial briefing on October 24, 2022. On January 25, 2023, the Court rendered judgment dismissing the plaintiffs’ claims in their entirety and denying all of the requested relief. The plaintiffs filed a notice of appeal of the Court’s January 25, 2023 decisions. Good Times, in turn, filed a notice of appeal of the Court’s previous dismissal of its counterclaim against the plaintiffs. The deadline for the plaintiffs’ opening appellate brief is May 10, 2023. Good Times’s deadline to file a response to the plaintiffs’ opening brief and Good Times’s own opening brief on its appeal is June 9, 2023. The Company previously recorded an accrual for contingent litigation expense in the fiscal quarter ended March 28, 2022 in the amount of $332,000. This amount represented the Company’s best estimate of the likely amount of plaintiffs’ damage recovery. While the Company was successful at trial, in light of plaintiff’s appeal, the Company has determined to maintain the accrual and will continue to evaluate this matter based on new information as it becomes available. The ultimate resolution of the case could result in losses less than or in excess of amounts accrued. Any additional liability in excess of the accrual could have a material impact on the Company’s results of operations, liquidity or financial condition for the annual or interim period during which any such additional liability is accrued. The Company will continue to vigorously pursue a full defense of this matter on the merits. |
Leases
Leases | 6 Months Ended |
Mar. 28, 2023 | |
Leases [Abstract] | |
Leases | Note 12. Leases The Company determines if a contract contains a lease at inception. The Company's material long-term operating lease agreements are for the land and buildings for our restaurants as well as our corporate office. The initial lease terms range from 10 years to 20 years, most of which include renewal options of 10 to 15 years. The lease term is generally the minimum of the non-cancelable period or the lease term including the renewal options which are reasonably certain of being exercised up to a term of approximately 20 years. The Company reassesses the number of remaining renewal options to include in a lease term for a specific lease when it exercises an option to extend such lease. Operating lease assets and liabilities are recognized at the lease commencement date for material leases with a term of greater than 12 months. Operating lease liabilities represent the present value of future minimum lease payments. Since our leases do not provide an implicit rate, our operating lease liabilities are calculated using our estimated incremental borrowing rate based on a collateralized borrowing over the term of each individual lease. Minimum lease payments include only fixed lease components of the agreement, as well as variable rate payments that depend on an index, initially measured using the index at the lease commencement date. Operating lease assets represent our right to use an underlying asset and are based upon the operating lease liabilities adjusted for prepaid or accrued lease payments, initial direct costs and lease incentives. Lease incentives are recognized when earned and reduce our operating lease asset related to the lease. They are amortized through the operating lease assets as reductions of rent expense over the lease term. Operating lease expense is recognized on a straight-line basis over the lease term. Certain of the Company’s operating leases contain clauses that provide for contingent rent based on a percentage of sales greater than certain specified target amounts. Variable lease payments that do not depend on a rate or index, escalation in the index subsequent to the initial measurement, payments associated with non-lease components such as common area maintenance, real estate taxes and insurance, and short-term lease payments (leases with a term with 12 months or less) are expensed as incurred or when the achievement of the specified target that triggers the contingent rent is considered probable. Some of the leases provide for base rent, plus additional rent based on gross sales, as defined in each lease agreement. The Company is also generally obligated to pay certain real estate taxes, insurance and common area maintenance charges, and various other expenses related to properties, which are expensed as incurred. Components of operating lease costs are as follows for the fiscal quarters ended March 28, 2023 and March 29, 2022: Lease cost Classification March 28, 2023 March 29, 2022 Operating lease cost Occupancy, Other restaurant operating costs and General and administrative expenses, net $ 1,853 $ 1,830 Variable lease cost Occupancy - 59 Sublease income Occupancy (143 ) (136 ) $ 1,710 $ 1,753 Weighted average lease term and discount rate are as follows: March 28, 2023 March 29, 2022 Weighted average remaining lease term (in years) 8.24 9.06 Weighted average discount rate 5.0 % 5.0 % Supplemental cash flow disclosures for the two fiscal quarters ended March 28, 2023: March 28, 2023 March 29, 2022 Cash paid for operating lease liabilities $ 3,734 $ 3,621 Non-cash operating lease assets obtained in exchange for $ 184 $ 872 Supplemental balance sheet disclosures: March 28, 2023 September 27, 2022 Right-of-use assets Operating lease assets $ 40,383 $ 42,463 Current lease liabilities Operating lease liability $ 5,506 $ 5,430 Non-current lease liabilities Operating lease liability, less current portion 43,063 45,544 Total lease liabilities $ 48,569 $ 50,974 Future minimum rent payments for our operating leases for each of the next five years as of March 28, 2023 are as follows: Fiscal year ending: Total Remainder of 2023 $ 3,901 2024 7,762 2025 7,829 2026 7,378 2027 7,079 Thereafter 25,718 Total minimum lease payments 59,667 Less: imputed interest (11,098 ) Present value of lease liabilities $ 48,569 The above future minimum rental amounts exclude the amortization of deferred lease incentives, renewal options that are not reasonably assured of renewal, and contingent rent. The Company generally has escalating rents over the term of the leases and records rent expense on a straight-line basis. |
Impairment of Long-Lived Assets
Impairment of Long-Lived Assets and Trademarks | 6 Months Ended |
Mar. 28, 2023 | |
Impairment Of Long Lived Assets And Goodwill [Abstract] | |
Impairment of Long-Lived Assets and Trademarks | Note 13. Impairment of Long-Lived Assets and Trademarks Long-Lived Assets. There were $76,000 of asset impairments in the two quarters ended March 28, 2023, related primarily to new assets deployed in restaurants where impairment was previously assessed, and the Company’s current analysis indicated impairment of assets associated with those restaurants. During the two quarters ended March 29, 2022, we recognized $1,753,000 in total asset impairments for three restaurants. Of this amount, $487,000 was related to two Good Times restaurants and $1,266,000 was related to one Bad Daddy’s restaurant. Trademarks. |
Income Taxes
Income Taxes | 6 Months Ended |
Mar. 28, 2023 | |
IncomeTax [Abstract] | |
Income Taxes | Note 14. 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’s effective income tax rate for the three months ended March 28, 2023 was (1,487%), a decrease from an effective income tax rate of 2.0% for the three months ended March 29, 2022. The decrease is due to the release of the Company’s valuation allowance previously recorded to reduce the deferred tax assets to zero. The Company’s effective income tax rate for the six months ended March 28, 2023 was (1,836%), a decrease from an effective income tax rate of 2.0% for the six months ended March 29, 2022. The decrease is also attributed to the release of the Company’s valuation allowance that occurred during the second quarter. During the current quarter, the Company entered into a transaction in which it purchased the non-controlling interests in several joint ventures that have historically collectively generated significant income. Due to this transaction and a recent history of cumulative earnings, management believes the Company is now in a position to realize its tax benefits beginning in the current year, as well as in future years, and as such, has released the full valuation allowance recorded to reduce its deferred tax assets. 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 2019 through 2022. The Company believes that its income tax filing positions and deductions will be sustained upon 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 March 28, 2023. |
Non-controlling Interests
Non-controlling Interests | 6 Months Ended |
Mar. 28, 2023 | |
Noncontrolling Interest [Abstract] | |
Non-controlling Interests | Note 15. Non-controlling Interests Non-controlling interests are presented as a separate item in the shareholders’ 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 non-controlling members are shown on the accompanying consolidated balance sheet in the shareholders’ equity section as a non-controlling interest and is adjusted each period to reflect the limited partners’ and non-controlling members’ share of the net income or loss as well as any cash contributions or distributions to or from the limited partners and non-controlling members for the period. The limited partners’ and members’ share of the net income or loss in the subsidiary is shown as income or expense attributable to non-controlling interests in the accompanying consolidated statement of operations. All inter-company accounts and transactions are eliminated. The following table summarizes the activity in non-controlling interests during the two quarters ended March 28, 2023 (in thousands): Bad Daddy’s Good Times Total Balance at September 27, 2022 $ 1,041 $ 262 $ 1,303 Income 219 125 344 Purchase of Non-controlling Interests (831 ) - (831 ) Distributions (442 ) (24 ) (466 ) Contribution 13 - 13 Balance at March 28, 2023 0 363 363 Non-controlling interests at the end of the quarter consisted of one limited liability partnership, currently involving six Good Times restaurants, of which the Company is the general partner. During the fiscal quarter ended March 28, 2023, the Company acquired all of the non-controlling membership interests in all outstanding limited liability companies, which included five total Bad Daddy’s restaurants. The aggregate purchase price paid to the sellers was $4,394,000. |
Segment Reporting
Segment Reporting | 6 Months Ended |
Mar. 28, 2023 | |
Segment Reporting [Abstract] | |
Segment Reporting | Note 16. Segment Reporting All of our Bad Daddy’s Burger Bar restaurants (Bad Daddy’s) compete in the full-service segment of the restaurant industry while our Good Times Burgers and Frozen Custard restaurants (Good Times) compete in the quick-service segment of the dining industry. 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 (in thousands): Quarter Ended Year-to-Date March 28, 2023 March 29, 2022 March 28, 2023 March 29, 2022 Revenues Bad Daddy’s $ 26,408 $ 25,524 $ 51,634 $ 50,196 Good Times 8,377 8,073 16,545 16,317 $ 34,785 $ 33,597 $ 68,179 $ 66,513 Income (Loss) from Bad Daddy’s $ 678 $ (807 ) $ 668 $ (499 ) Good Times $ 139 $ (1,102 ) $ 256 $ (134 ) $ 817 $ (1,909 ) $ 924 $ (633 ) Capital expenditures Bad Daddy’s $ 448 $ 636 $ 606 $ 828 Good Times 249 62 975 107 $ 697 $ 698 $ 1,581 $ 935 March 28, 2023 September 27, 2022 Property and equipment, net Bad Daddy’s $ 18,551 $ 19,575 Good Times 3,293 2,676 $ 21,844 $ 22,251 |
Subsequent Events
Subsequent Events | 6 Months Ended |
Mar. 28, 2023 | |
Subsequent Events [Abstract] | |
Subsequent Events | Note 17. Subsequent Events As discussed more specifically in Note 9 above, on April 20, 2023, subsequent to the end of the fiscal quarter ended March 28, 2023, the Company and each of its wholly-owned subsidiaries, as guarantors, entered into an Amended and Restated Credit Agreement with Cadence Bank, as administrative agent and sole lender (“Cadence”). The Senior Credit Facility provides for an $8.0 million senior revolving loan and amends and restates the Company’s prior Cadence Credit Facility with Cadence in its entirety. |
Goodwill and Intangible Assets
Goodwill and Intangible Assets (Tables) | 6 Months Ended |
Mar. 28, 2023 | |
Goodwill and Intangible Assets [Abstract] | |
Schedule of goodwill and intangible assets | March 28, 2023 September 27, 2022 Gross Amount Accumulated Amortization Net Amount Gross Amount Accumulated Amortization Net Amount Intangible assets subject to amortization: Non-compete agreements $ 25 $ (9 ) $ 16 $ 25 $ (5 ) $ 20 Indefinite-lived intangible Trademarks 3,900 - 3,900 3,900 - 3,900 Intangible assets, net $ 3,925 $ (9 ) $ 3,916 $ 3,925 $ (5 ) $ 3,920 Goodwill $ 5,713 $ - $ 5,713 $ 5,713 $ - $ 5,713 |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 6 Months Ended |
Mar. 28, 2023 | |
Share-Based Payment Arrangement [Abstract] | |
Schedule of estimate fair value of stock option grants | Two Quarters Ended March 28, 2023 Two Quarters Ended March 29, 2022 Expected term (years) 7.5 6.5 Expected volatility 60.2% 61.3% Risk-free interest rate 4.21% 1.8% Expected dividends - - |
Schedule of stock option activity | Shares Weighted Weighted Average Outstanding at beginning of year 470,161 $ 3.97 Options granted 20,000 $ 3.00 Options exercised (2,000 ) $ 2.31 Options Forfeited (12,253 ) $ 3.95 Outstanding March 28, 2023 475,908 $ 3.94 5.5 Exercisable March 28, 2023 334,965 $ 3.67 4.7 |
Schedule of non-vested restricted stock | Shares Grant Date Fair Non-vested units at beginning of year 73,336 $1.54 to $4.50 Units granted 25,750 $2.29 Units vested (46,336 ) $1.54 Units forfeited (1,000 ) $4.50 Non-vested units at March 28, 2023 51,750 $2.29 to $4.50 |
Prepaid Expense and Other Cur_2
Prepaid Expense and Other Current Assets (Tables) | 6 Months Ended |
Mar. 28, 2023 | |
Prepaid Expense and Other Current Assets [Abstract] | |
Schedule of prepaid expenses and other current assets | March 28, 2023 September 27, 2022 Prepaid Rent $ 769 $ 765 Prepaid Insurance 736 3 Other 240 120 Total $ 1,745 $ 888 |
Other Accrued Liabilities (Tabl
Other Accrued Liabilities (Tables) | 6 Months Ended |
Mar. 28, 2023 | |
Other Accrued Liabilities [Abstract] | |
Schedule of other accrued liabilities | March 28, 2023 September 27, 2022 Wages and other employee benefits $ 2,987 $ 2,773 Taxes, other than income taxes 1,025 1,166 Gift card liability, net of breakage 1,182 985 General expense accrual and other 2,243 1,867 Total $ 7,437 $ 6,791 |
Net Income (Loss) per Common _2
Net Income (Loss) per Common Share (Tables) | 6 Months Ended |
Mar. 28, 2023 | |
Net Income (Loss) per Common Share [Abstract] | |
Schedule of reconciles basic weighted-average shares outstanding to diluted weighted-average shares outstanding | Quarter Ended Year-to-Date March 28, 2023 March 29, 2022 March 28, 2023 March 29, 2022 Weighted-average shares 11,818,651 12,527,625 11,930,140 12,525,048 Effect of potentially dilutive Stock options 13,722 - 3,364 - Restricted stock units 51,750 - 51,750 - Weighted-average shares 11,884,123 12,527,625 11,985,254 12,525,048 Excluded from diluted weighted Antidilutive 372,575 406,515 385,908 386,101 |
Leases (Tables)
Leases (Tables) | 6 Months Ended |
Mar. 28, 2023 | |
Leases [Abstract] | |
Schedule of components of operating lease costs | Lease cost Classification March 28, 2023 March 29, 2022 Operating lease cost Occupancy, Other restaurant operating costs and General and administrative expenses, net $ 1,853 $ 1,830 Variable lease cost Occupancy - 59 Sublease income Occupancy (143 ) (136 ) $ 1,710 $ 1,753 |
Schedule of weighted average lease term and discount rate | March 28, 2023 March 29, 2022 Weighted average remaining lease term (in years) 8.24 9.06 Weighted average discount rate 5.0 % 5.0 % |
Schedule of supplemental cash flow disclosures | March 28, 2023 March 29, 2022 Cash paid for operating lease liabilities $ 3,734 $ 3,621 Non-cash operating lease assets obtained in exchange for $ 184 $ 872 |
Schedule of supplemental balance sheet | March 28, 2023 September 27, 2022 Right-of-use assets Operating lease assets $ 40,383 $ 42,463 Current lease liabilities Operating lease liability $ 5,506 $ 5,430 Non-current lease liabilities Operating lease liability, less current portion 43,063 45,544 Total lease liabilities $ 48,569 $ 50,974 |
Schedule of future minimum rent payments for our operating leases | Fiscal year ending: Total Remainder of 2023 $ 3,901 2024 7,762 2025 7,829 2026 7,378 2027 7,079 Thereafter 25,718 Total minimum lease payments 59,667 Less: imputed interest (11,098 ) Present value of lease liabilities $ 48,569 |
Non-controlling Interests (Tabl
Non-controlling Interests (Tables) | 6 Months Ended |
Mar. 28, 2023 | |
Noncontrolling Interest [Abstract] | |
Schedule of summarizes the activity in non-controlling interests | Bad Daddy’s Good Times Total Balance at September 27, 2022 $ 1,041 $ 262 $ 1,303 Income 219 125 344 Purchase of Non-controlling Interests (831 ) - (831 ) Distributions (442 ) (24 ) (466 ) Contribution 13 - 13 Balance at March 28, 2023 0 363 363 |
Segment Reporting (Tables)
Segment Reporting (Tables) | 6 Months Ended |
Mar. 28, 2023 | |
Segment Reporting [Abstract] | |
Schedule of reportable segments | Quarter Ended Year-to-Date March 28, 2023 March 29, 2022 March 28, 2023 March 29, 2022 Revenues Bad Daddy’s $ 26,408 $ 25,524 $ 51,634 $ 50,196 Good Times 8,377 8,073 16,545 16,317 $ 34,785 $ 33,597 $ 68,179 $ 66,513 Income (Loss) from Bad Daddy’s $ 678 $ (807 ) $ 668 $ (499 ) Good Times $ 139 $ (1,102 ) $ 256 $ (134 ) $ 817 $ (1,909 ) $ 924 $ (633 ) Capital expenditures Bad Daddy’s $ 448 $ 636 $ 606 $ 828 Good Times 249 62 975 107 $ 697 $ 698 $ 1,581 $ 935 March 28, 2023 September 27, 2022 Property and equipment, net Bad Daddy’s $ 18,551 $ 19,575 Good Times 3,293 2,676 $ 21,844 $ 22,251 |
Basis of Presentation (Details)
Basis of Presentation (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Mar. 28, 2023 | Mar. 29, 2022 | |
Basis of Presentation (Details) [Line Items] | ||
Advertising funds from franchisees | $ 129,000 | $ 136,000 |
Total receivables | 603,000 | |
Receivables | 78,000 | |
Rebate receivables | 122,000 | |
Third party delivery receivables | 312,000 | |
Franchise other receivables | 91,000 | |
Receivable from this quarter | $ 1,239,000 | |
Consisting lease amount | 745,000 | |
Receivables [Member] | ||
Basis of Presentation (Details) [Line Items] | ||
Franchise other receivables | $ 494,000 |
Goodwill and Intangible Asset_2
Goodwill and Intangible Assets (Details) - USD ($) | 6 Months Ended | |
Mar. 28, 2023 | Mar. 29, 2022 | |
Goodwill and Intangible Assets [Abstract] | ||
Amortization expense | $ 9,000,000 | $ 5,000,000 |
Goodwill attributable | $ 96,000 | $ 5,617,000 |
Goodwill and Intangible Asset_3
Goodwill and Intangible Assets (Details) - Schedule of goodwill and intangible assets - USD ($) $ in Thousands | Mar. 28, 2023 | Sep. 27, 2022 |
Intangible assets subject to amortization: | ||
Intangible assets net, Gross Carrying Amount | $ 3,925 | $ 3,925 |
Intangible assets net, Accumulated Amortization | (9) | (5) |
Intangible assets net, Net Carrying Amount | 3,916 | 3,920 |
Goodwill, Gross Carrying Amount | 5,713 | 5,713 |
Goodwill, Accumulated Amortization | ||
Goodwill, Net Carrying Amount | 5,713 | 5,713 |
Non-compete agreements [Member] | ||
Intangible assets subject to amortization: | ||
Intangible assets net, Gross Carrying Amount | 25 | 25 |
Intangible assets net, Accumulated Amortization | (9) | (5) |
Intangible assets net, Net Carrying Amount | 16 | 20 |
Trademarks [Member] | ||
Intangible assets subject to amortization: | ||
Intangible assets net, Gross Carrying Amount | 3,900 | 3,900 |
Intangible assets net, Accumulated Amortization | ||
Intangible assets net, Net Carrying Amount | $ 3,900 | $ 3,900 |
Stock-Based Compensation (Detai
Stock-Based Compensation (Details) - USD ($) $ / shares in Units, $ in Thousands | 6 Months Ended | ||||
Dec. 24, 2020 | Mar. 29, 2023 | Mar. 28, 2023 | Mar. 29, 2022 | Feb. 08, 2022 | |
Stock-Based Compensation (Details) [Line Items] | |||||
Compensation costs (in Dollars) | $ 89,000 | $ 147,000 | |||
Stock options awarded | 20,000 | ||||
Exercise price (in Dollars per share) | $ 2.33 | ||||
Fair value per share (in Dollars per share) | $ 2.29 | ||||
Stock options incentive granted | 90,000 | ||||
Fair value per share (in Dollars per share) | $ 1.24 | ||||
Aggregate intrinsic value (in Dollars) | $ 177,000 | ||||
Stock option exercised | 2,000 | 23,797 | |||
Issuance of shares | 2,000 | 23,797 | |||
Proceeds from stock option (in Dollars) | $ 5,000 | ||||
Proceeds amount approximately (in Dollars) | $ 90,000 | ||||
Restricted stock units granted | 25,750 | 28,000 | |||
Unrestricted shares | 20,000 | ||||
Stock Option Awards [Member] | |||||
Stock-Based Compensation (Details) [Line Items] | |||||
Exercise price (in Dollars per share) | $ 3 | ||||
Fair value per share (in Dollars per share) | $ 2.29 | ||||
Unrecognized compensation cost (in Dollars) | $ 164,000 | ||||
Minimum [Member] | |||||
Stock-Based Compensation (Details) [Line Items] | |||||
Shares available for issuance | 900,000 | ||||
Maximum [Member] | |||||
Stock-Based Compensation (Details) [Line Items] | |||||
Shares available for issuance | 1,050,000 | ||||
Share-Based Payment Arrangement, Option [Member] | |||||
Stock-Based Compensation (Details) [Line Items] | |||||
Weighted average period | 2 years | ||||
Restricted Stock [Member] | |||||
Stock-Based Compensation (Details) [Line Items] | |||||
Unrecognized compensation cost (in Dollars) | $ 123,000 | ||||
Weighted average period | 2 years 2 months 12 days | ||||
Restricted and Unrestricted Common Stock Awards [Member] | |||||
Stock-Based Compensation (Details) [Line Items] | |||||
Stock based compensation expense (in Dollars) | $ 40,000 | ||||
Restricted and Unrestricted Common Stock Awards [Member] | Director [Member] | |||||
Stock-Based Compensation (Details) [Line Items] | |||||
Fair value per share (in Dollars per share) | $ 4.35 | ||||
Unrestricted shares | 9,256 |
Stock-Based Compensation (Det_2
Stock-Based Compensation (Details) - Schedule of estimate fair value of stock option grants - Incentive and Non-Qualified Stock Options [Member] | 6 Months Ended | |
Mar. 28, 2023 | Mar. 29, 2022 | |
Stock-Based Compensation (Details) - Schedule of estimate fair value of stock option grants [Line Items] | ||
Expected term (years) | 7 years 6 months | 6 years 6 months |
Expected volatility | 60.20% | 61.30% |
Risk-free interest rate | 4.21% | 1.80% |
Expected dividends |
Stock-Based Compensation (Det_3
Stock-Based Compensation (Details) - Schedule of stock option activity | 6 Months Ended |
Mar. 28, 2023 $ / shares shares | |
Schedule Of Stock Option Activity Abstract | |
Outstanding at beginning of year, Shares | shares | 470,161 |
Outstanding at beginning of year, Weighted Average Exercise Price | $ / shares | $ 3.97 |
Outstanding at beginning of year, Weighted Average Remaining Contractual Life | |
Options granted, Shares | shares | 20,000 |
Options granted, Weighted Average Exercise Price | $ / shares | $ 3 |
Options granted, Weighted Average Remaining Contractual Life | |
Options exercised, Shares | shares | (2,000) |
Options exercised, Weighted Average Exercise Price | $ / shares | $ 2.31 |
Options exercised, Weighted Average Remaining Contractual Life | |
Options Forfeited, Shares | shares | (12,253) |
Options Forfeited, Weighted Average Exercise Price | $ / shares | $ 3.95 |
Options Forfeited, Weighted Average Remaining Contractual Life | |
Outstanding ending balance, Shares | shares | 475,908 |
Outstanding ending balance, Weighted Average Exercise Price | $ / shares | $ 3.94 |
Outstanding ending balance, Weighted Average Remaining Contractual Life | 5 years 6 months |
Exercisable, Shares | shares | 334,965 |
Exercisable, Weighted Average Exercise Price | $ / shares | $ 3.67 |
Exercisable, Weighted Average Remaining Contractual Life | 4 years 8 months 12 days |
Stock-Based Compensation (Det_4
Stock-Based Compensation (Details) - Schedule of non-vested restricted stock | 6 Months Ended |
Mar. 28, 2023 $ / shares shares | |
Stock-Based Compensation (Details) - Schedule of non-vested restricted stock [Line Items] | |
Non-vested units at beginning of year, Shares (in Shares) | shares | 73,336 |
Units granted during the quarter, Shares (in Shares) | shares | 25,750 |
Units granted during the quarter, Grant Date Fair Value Per Share | $ 2.29 |
Units vested during the quarter, Shares (in Shares) | shares | (46,336) |
Units vested during the quarter, Grant Date Fair Value Per Share | $ 1.54 |
Units forfeited during the quarter, Shares (in Shares) | shares | (1,000) |
Units forfeited during the quarter, Grant Date Fair Value Per Share | $ 4.5 |
Non-vested units ending, Shares (in Shares) | shares | 51,750 |
Minimum [Member] | |
Stock-Based Compensation (Details) - Schedule of non-vested restricted stock [Line Items] | |
Non-vested units at beginning of year, Grant Date Fair Value Per Share | $ 1.54 |
Non-vested units ending, Grant Date Fair Value Per Share | 2.29 |
Maximum [Member] | |
Stock-Based Compensation (Details) - Schedule of non-vested restricted stock [Line Items] | |
Non-vested units at beginning of year, Grant Date Fair Value Per Share | 4.5 |
Non-vested units ending, Grant Date Fair Value Per Share | $ 4.5 |
Gain on Sale of Assets and Le_2
Gain on Sale of Assets and Lease Termination (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Mar. 29, 2022 | Mar. 28, 2023 | |
Gain on Sale of Assets and Lease Termination [Abstract] | ||
Deferred gains on prior sale-leaseback transactions | $ 7,000 | $ 19,000 |
Disposal of miscellaneous assets | $ 3,000 | |
Gain in lease termination | $ 607,000 |
Prepaid Expense and Other Cur_3
Prepaid Expense and Other Current Assets (Details) - Schedule of prepaid expenses and other current assets - USD ($) $ in Thousands | Mar. 28, 2023 | Sep. 27, 2022 |
Schedule of Prepaid Expenses and Other Current Assets [Abstract] | ||
Prepaid Rent | $ 769 | $ 765 |
Prepaid Insurance | 736 | 3 |
Other | 240 | 120 |
Total | $ 1,745 | $ 888 |
Other Accrued Liabilities (Deta
Other Accrued Liabilities (Details) - Schedule of other accrued liabilities - USD ($) $ in Thousands | Mar. 28, 2023 | Sep. 27, 2022 |
Schedule of Other Accrued Liabilities [Abstract] | ||
Wages and other employee benefits | $ 2,987 | $ 2,773 |
Taxes, other than income taxes | 1,025 | 1,166 |
Gift card liability, net of breakage | 1,182 | 985 |
General expense accrual and other | 2,243 | 1,867 |
Total | $ 7,437 | $ 6,791 |
Notes Payable and Long-Term D_2
Notes Payable and Long-Term Debt (Details) - USD ($) $ in Thousands | 6 Months Ended | ||
Apr. 20, 2023 | Mar. 28, 2023 | Dec. 27, 2022 | |
Notes Payable and Long-Term Debt (Details) [Line Items] | |||
Interest rate | 0.25% | ||
Description of interest at a variable rate | As of March 28, 2023, any borrowings under the Prior 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%. | ||
Borrowings credit facility | 7.60% | ||
Description of cadence credit facility | The Prior Cadence Credit Facility contained 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 5.15:1, a minimum pre-distribution fixed charge coverage ratio of 1.25:1, a minimum post-distribution fixed charge coverage ratio of 1.10:1 and minimum liquidity of $2.0 million. As of March 28, 2023, the Company was in compliance with all financial covenants under the Prior Cadence Credit Facility. | ||
Amortization | $ 9,000 | ||
Percentage of aggregate principal amount | 0.25% | ||
Percentage of commitment fee | 0.25% | ||
Aggregate principal amount | $ 4,000 | ||
Subsequent Event [Member] | |||
Notes Payable and Long-Term Debt (Details) [Line Items] | |||
Senior credit facility | $ 8,000 | ||
Cadence Credit Facility [Member] | |||
Notes Payable and Long-Term Debt (Details) [Line Items] | |||
Cadence agreed loan | $ 8,000,000 | ||
Maturity date | April 30, 2023 | ||
Professional fees | $ 308,500 |
Net Income (Loss) per Common _3
Net Income (Loss) per Common Share (Details) - Schedule of reconciles basic weighted-average shares outstanding to diluted weighted-average shares outstanding - shares | 3 Months Ended | 6 Months Ended | ||
Mar. 28, 2023 | Mar. 29, 2022 | Mar. 28, 2023 | Mar. 29, 2022 | |
Schedule of Reconciles Basic and Diluted Weighted Average Shares Outstanding [Abstract] | ||||
Weighted-average shares outstanding basic | 11,818,651 | 12,527,625 | 11,930,140 | 12,525,048 |
Effect of potentially dilutive securities: | ||||
Stock options | 13,722 | 3,364 | ||
Restricted stock units | 51,750 | 51,750 | ||
Weighted-average shares outstanding diluted | 11,884,123 | 12,527,625 | 11,985,254 | 12,525,048 |
Excluded from diluted weighted average shares outstanding: | ||||
Antidilutive | 372,575 | 406,515 | 385,908 | 386,101 |
Contingent Liabilities and Li_2
Contingent Liabilities and Liquidity (Details) - USD ($) | 6 Months Ended | |
Mar. 28, 2022 | Jul. 30, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | ||
Other commitment amount | $ 18,000,000 | |
Previous amount | $ 332,000 |
Leases (Details)
Leases (Details) | 6 Months Ended |
Mar. 28, 2023 | |
Leases (Details) [Line Items] | |
Remaining lease term | 20 years |
Minimum [Member] | |
Leases (Details) [Line Items] | |
Initial lease term | 10 years |
Lease renewal term | 10 years |
Maximum [Member] | |
Leases (Details) [Line Items] | |
Initial lease term | 20 years |
Lease renewal term | 15 years |
Leases (Details) - Schedule of
Leases (Details) - Schedule of components of operating lease costs - USD ($) $ in Thousands | 6 Months Ended | |
Mar. 28, 2023 | Mar. 29, 2022 | |
Schedule of Components of Operating Lease Costs [Abstract] | ||
Operating lease cost, Classification | Occupancy, Other restaurant operating costs and General and administrative expenses, net | |
Operating lease cost | $ 1,853 | $ 1,830 |
Variable lease cost, Classification | Occupancy | |
Variable lease cost | 59 | |
Sublease income, Classification | Occupancy | |
Sublease income | $ (143) | (136) |
Lease cost, total | $ 1,710 | $ 1,753 |
Leases (Details) - Schedule o_2
Leases (Details) - Schedule of weighted average lease term and discount rate | Mar. 28, 2023 | Mar. 29, 2022 |
Schedule of Weighted Average Lease Term and Discount Rate [Abstract] | ||
Weighted average remaining lease term (in years) | 8 years 2 months 26 days | 9 years 21 days |
Weighted average discount rate | 5% | 5% |
Leases (Details) - Schedule o_3
Leases (Details) - Schedule of supplemental cash flow disclosures - USD ($) $ in Thousands | 6 Months Ended | |
Mar. 28, 2023 | Mar. 29, 2022 | |
Schedule of Supplemental Cash Flow Disclosures [Abstract] | ||
Cash paid for operating lease liabilities | $ 3,734 | $ 3,621 |
Non-cash operating lease assets obtained in exchange for operating lease liabilities | $ 184 | $ 872 |
Leases (Details) - Schedule o_4
Leases (Details) - Schedule of supplemental balance sheet - USD ($) $ in Thousands | Mar. 28, 2023 | Sep. 27, 2022 |
Schedule of Supplemental Balance Sheet [Abstract] | ||
Right-of-use assets | $ 40,383 | $ 42,463 |
Current lease liabilities | 5,506 | 5,430 |
Non-current lease liabilities | 43,063 | 45,544 |
Total lease liabilities | 48,569 | 50,974 |
Operating lease assets [Member] | ||
Schedule of Supplemental Balance Sheet [Abstract] | ||
Right-of-use assets | 40,383 | 42,463 |
Current lease liabilities | $ 5,506 | $ 5,430 |
Leases (Details) - Schedule o_5
Leases (Details) - Schedule of future minimum rent payments for our operating leases $ in Thousands | Mar. 28, 2023 USD ($) |
Schedule of Future Minimum Rent Payments For Our Operating Leases [Abstract] | |
Remainder of 2023 | $ 3,901 |
2024 | 7,762 |
2025 | 7,829 |
2026 | 7,378 |
2027 | 7,079 |
Thereafter | 25,718 |
Total minimum lease payments | 59,667 |
Less: imputed interest | (11,098) |
Present value of lease liabilities | $ 48,569 |
Impairment of Long-Lived Asse_2
Impairment of Long-Lived Assets and Trademarks (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Mar. 28, 2023 | Mar. 29, 2022 | |
Impairment of Long-Lived Assets and Trademarks (Details) [Line Items] | ||
Asset impairments | $ 76,000 | |
Total asset impairments | $ 1,753,000 | |
Good Times Restaurants [Member] | ||
Impairment of Long-Lived Assets and Trademarks (Details) [Line Items] | ||
Long-lived assets | 487,000 | |
Bad Daddy’s Restaurants [Member] | ||
Impairment of Long-Lived Assets and Trademarks (Details) [Line Items] | ||
Long-lived assets | $ 1,266,000 |
Income Taxes (Details)
Income Taxes (Details) - USD ($) | 3 Months Ended | 4 Months Ended | 6 Months Ended | |
Mar. 28, 2023 | Mar. 29, 2022 | Mar. 28, 2023 | Mar. 29, 2022 | |
Income Tax [Abstract] | ||||
Effective income tax rate amount | $ 1,487 | $ 1,836 | ||
Effective income tax rate | 2% | 2% | ||
Deferred tax assets | $ 0 | $ 0 |
Non-controlling Interests (Deta
Non-controlling Interests (Details) | Mar. 28, 2023 USD ($) |
Noncontrolling Interest [Abstract] | |
Aggregate purchase price | $ 4,394,000 |
Non-controlling Interests (De_2
Non-controlling Interests (Details) - Schedule of summarizes the activity in non-controlling interests $ in Thousands | 6 Months Ended |
Mar. 28, 2023 USD ($) | |
Non-controlling Interests (Details) - Schedule of summarizes the activity in non-controlling interests [Line Items] | |
Balance at September 27, 2022 | $ 1,303 |
Income | 344 |
Purchase of Non-controlling Interests | (831) |
Distributions | (466) |
Contribution | 13 |
Balance at March 28, 2023 | 363 |
Bad Daddy’s [Member] | |
Non-controlling Interests (Details) - Schedule of summarizes the activity in non-controlling interests [Line Items] | |
Balance at September 27, 2022 | 1,041 |
Income | 219 |
Purchase of Non-controlling Interests | (831) |
Distributions | (442) |
Contribution | 13 |
Balance at March 28, 2023 | 0 |
Good Times [Member] | |
Non-controlling Interests (Details) - Schedule of summarizes the activity in non-controlling interests [Line Items] | |
Balance at September 27, 2022 | 262 |
Income | 125 |
Purchase of Non-controlling Interests | |
Distributions | (24) |
Contribution | |
Balance at March 28, 2023 | $ 363 |
Segment Reporting (Details) - S
Segment Reporting (Details) - Schedule of reportable segments - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Mar. 28, 2023 | Mar. 29, 2022 | Mar. 28, 2023 | Mar. 29, 2022 | Sep. 27, 2022 | |
Revenues | |||||
Total Revenues | $ 34,785 | $ 33,597 | $ 68,179 | $ 66,513 | |
Income (Loss) from operations | |||||
Total Income (Loss) from operations | 817 | (1,909) | 924 | (633) | |
Capital expenditures | |||||
Total Capital expenditures | 697 | 698 | 1,581 | 935 | |
Total Property and equipment, net | 21,844 | 21,844 | $ 22,251 | ||
Bad Daddy’s [Member] | |||||
Revenues | |||||
Total Revenues | 26,408 | 25,524 | 51,634 | 50,196 | |
Income (Loss) from operations | |||||
Total Income (Loss) from operations | 678 | (807) | 668 | (499) | |
Capital expenditures | |||||
Total Capital expenditures | 448 | 636 | 606 | 828 | |
Total Property and equipment, net | 18,551 | 18,551 | 19,575 | ||
Good Times [Member] | |||||
Revenues | |||||
Total Revenues | 8,377 | 8,073 | 16,545 | 16,317 | |
Income (Loss) from operations | |||||
Total Income (Loss) from operations | 139 | (1,102) | 256 | (134) | |
Capital expenditures | |||||
Total Capital expenditures | 249 | $ 62 | 975 | $ 107 | |
Total Property and equipment, net | $ 3,293 | $ 3,293 | $ 2,676 |
Subsequent Events (Details)
Subsequent Events (Details) $ in Millions | Apr. 20, 2023 USD ($) |
Subsequent Event [Member] | |
Subsequent Events (Details) [Line Items] | |
Senior credit facility | $ 8 |