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

Note 1 - The accompanying unaudited interim condensed consolidated financial statements, included herein, have been prepared by the Company pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”). Certain information and footnote disclosures normally included in financial statements prepared in accordance with generally accepted accounting principles have been condensed or omitted pursuant to such rules and regulations. These condensed consolidated statements have been prepared in accordance with the Company’s accounting policies described in the Company’s Annual Report on Form 10-K for the year ended December 31, 2019, as supplemented by this Form 10-Q for the three months ended September 30, 2020 and should be read in conjunction with the audited consolidated financial statements and the notes thereto included in that report. Unless the context indicates otherwise, references to the “Company” mean Noble Roman’s, Inc. and its subsidiaries.

Significant Accounting Policies

On April 25, 2020,February 5, 2021, the Company borrowed $715,000$940,734 under the Paycheck Protection Program (the “PPP”). The funds, according to the provision of the Coronavirus Aid, Relief, and Economic SecuritiesSecurity Act (the “CARES Act”), may be used for payroll costs including payroll benefits, interest on mortgage obligations, incurred before February 14, 2020, rent under lease agreements in force before February 15, 2020 and utilities for which service began before February 15, 2020.utilities. Since the Company met all of the eligibility requirements to participate in the PPP and it was probable from the beginning that the Company’s PPP borrowing will be forgiven, the Company’s participation in the PPP program was accounted for as a government grant. Since the entire amount of the PPP participation was used to pay qualified expenses prior to June 30, 2020,March 31, 2021, the qualifying expenses are presented herein as a reduction of those related expenses in the quarter ended June 30, 2020. The Company has filed its application for forgiveness of the full amount of the PPP participation.

There have been no other significant changes in the Company'sCompany’s accounting policies from those disclosed in its Annual Report on Form 10-K.

In the opinion of the management of the Company, the information contained herein reflects all adjustments necessary for a fair presentation of the results of operations and cash flows for the interim periods presented and the financial condition as of the dates indicated, which adjustments are of a normal recurring nature. The results for the three-month and nine-month periods ended September 30, 20202021 are not necessarily indicative of the results to be expected for the full year ending December 31, 2020,2021, especially in light of recent volatility and uncertainty resulting from the coronavirus (“COVID-19) pandemic, and the governmental response and the government assistance in the form of a PPP grant in the amount of $715,000 benefitting the Company’s results in the three months ended June 30, 2020 and the nine months ended September 30, 2020.

Note 4 - Other assets as of September 30, 2020, include security deposits of $16,000, cash surrender value of life insurance in the amount of $199,000 and long-term franchisee receivables in the amount of $4.9 million which is net after a $4.8 million valuation allowance.

Many other states and municipalities in the United States have also temporarily restricted travel and suspended the operation of dine-in restaurants and other businesses in light of COVID-19, which has negatively affected our franchised operations. Host facilities for ourthe Company’s non-traditional franchises havewere also beenaffected by labor shortages which adversely impacted by these developments.those developments and in turn slowed the sale of franchises. The uncertainty and disruption in the U.S. economy caused by the pandemic are likely to continue to adversely impact the volume and resources of potential franchisees for both ourthe Company's Craft Pizza & Pub and non-traditional venues.

In 2020, in light of the additional uncertainty created as a result of the COVID-19 pandemic, the Company created an allowance for uncollectability on all long-term franchisee receivables. The Company will continue to pursue collection where circumstances are appropriate and all collections of these receivables in the future will result in additional royalty income at the time received.

On April 25, 2020, the Company received a loan of $715,000 under the PPP and, inPPP.  In accordance with the applicable accounting policy adopted, is beingthe Company accounted for the loan as a government grant and  is presented it in the Condensed Consolidated Statement of Operations as a reduction of thosecertain qualifying expenses since the amount was entirely usedincurred during the three-month period ended June 30, 2020.

Noble Roman’s, Inc., an Indiana corporation incorporated in 1972, sells and services pizza-focused foodservice franchises and licenses and operates Company-owned foodservice locations for stand-alone restaurants and non-traditional foodservice operations under the trade namenames “Noble Roman’s Craft Pizza & Pub,” “Noble Roman’s Pizza,” “Noble Roman’s Take-N-Bake,” and “Tuscano’s Italian Style Subs”. It also currently operates one Company-owned non-traditional Noble Roman's Pizza and Tuscano’s Italian Style Subs location in a hospital and six Company-owned Craft Pizza & Pub restaurants with a seventh under construction and scheduled to open in late November 2020. The Company's concepts’ feature high quality fresh pizza, pasta and salads along with other related menu items, simple operating systems, fast service times, attractive food costs and overall affordability.

The Noble Roman’s Craft Pizza & Pub is designedutilizes many of the basic elements first introduced in 1972 but in a modern atmosphere with up-to-date systems and equipment to harken back tomaximize speed, enhance quality and perpetuate the Company’s early history when it was known simply as “Pizza Pub.” Like then,taste customers love and like the new full-service pizza concepts today, ordering takes place at the counter and food runners deliver orders to the dining room for dine-in guests. Currently the Company has transitioned to waiter/waitress service in the evening and on weekends to be able to better maintain social distancing in an effort to reduce the spread of COVID-19. expect from a Noble Roman’s.

The Company believes that Noble Roman’s Craft Pizza & Pub features many enhancements over the current competitive landscape. The restaurant features two styles of hand-crafted, made-from-scratch pizzas withprovides for a selection of over 40 different toppings, cheeses and sauces from which to choose. Beer and wine also are featured, with 16 different beers on tap including both national and local craft selections. Wines include 16 high quality, affordably priced options by the bottle or glass in a range of varietals. Beer and wine service is provided at the bar and throughout the dining room.

The pizza offerings feature Noble Roman’s traditional hand-crafted thinner crust as well as its signature deep-dish Sicilian crust. After extensive research and development,Company designed the system has been designed to enable fast cook times, with oven speeds running approximately 2.5 minutes for traditional piespizzas and 5.75 minutes for Sicilian pies.pizzas. Traditional pizza favorites such as pepperoni are options on the menu but also offered is a selection of Craft Pizza & Pub original creations like “She’s No Sour Grape” and "Pizza Margherita".specialty pizza creations.  The menu also features a selection of contemporary and fresh, made-to-order salads and fresh-cooked pasta.  In addition, theThe menu includesalso incorporates baked subs,sub sandwiches, hand-sauced wings and a selection of desserts, as well as Noble Roman’s famous Breadsticks with Spicy Cheese Sauce.

Additional enhancements include a glass enclosed “Dough Room” where Noble Roman’s Dough Masters hand-makehand make all pizza and breadstick dough from scratch in customer view. Also in the dining room, though currently not utilized during the pandemic, is a “Dust & Drizzle Station” where guests can customize their pizzas after they are baked with a variety of condiments and drizzles, such as rosemary-infused olive oil, honey and Italian spices.  Kids and adults enjoy Noble Roman’s self-serve root beer tap, which is also part of a special menu for customers 12 and younger. Throughout the dining room and the bar area there are a large number ofmany giant screen television monitors for sports and the nostalgic black and white shorts historically featured in Noble Roman’s earlier days.

In 1997, the Company started franchising non-traditional locations are designed to bring high-quality, pizza-focused foodservice into underlying establishments(a Noble Roman’s pizza operation within some other business or activity that have a captive audience or high customer counts associated with their business. Examples of these venues includehas existing traffic) such as entertainment facilities, hospitals, convenience stores hospitals, entertainment facilities, military bases, bowling centers and other similartypes of facilities. Noble Roman's for non-traditionalThese locations range in scope from relatively small operations focused on quick mealsutilize the two pizza styles the Company started with, along with its great tasting, high quality ingredients and impulse food purchases to elaborate, full-scale restaurant operations depending on the facility and the goals of the individual franchisee or licensee.

The hallmark of Noble Roman’s Pizza for non-traditional locations is “Superior quality that our customers can taste.” Every ingredient and process has been designed with a view to produce superior results.

The initial franchise fees are as follows: