BBQ (BBQ) 10-Q 13 May 20 2020 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 29, 2020	May 11, 2020
Document and entity information [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Mar. 29, 2020
Entity File Number	001-39053
Entity Registrant Name	BBQ HOLDINGS, INC.
Entity Incorporation, State or Country Code	MN
Entity Tax Identification Number	83-4222776
Entity Address, Address Line One	12701 Whitewater Drive, Suite 290
Entity Address, City or Town	Minnetonka
Entity Address, State or Province	MN
Entity Address, Postal Zip Code	55343
City Area Code	952
Local Phone Number	294-1300
Title of 12(b) Security	Common Stock, $0.01 par value
Trading Symbol	BBQ
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock Shares Outstanding		9,282,105
Current Fiscal Year End Date	--01-03
Document Fiscal Year Focus	2020
Document Period Focus	Q1
Entity Central Index Key	0001021270
Amendment Flag	false

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 29, 2020	Dec. 29, 2019
Current assets:
Cash and cash equivalents	$ 8,013	$ 5,325
Restricted cash	971	761
Accounts receivable, net of allowance for doubtful accounts of $176,000 and $132,000, respectively	5,099	4,379
Inventories	2,434	1,346
Prepaid income taxes and income taxes receivable	264	264
Prepaid expenses and other current assets	1,210	1,356
Assets held for sale	2,842	2,842
Total current assets	20,833	16,273
Property, equipment and leasehold improvements, net	37,466	19,756
Other assets:
Operating lease right-of-use assets	71,930	25,962
Goodwill	690	640
Intangible assets, net	10,458	2,213
Deferred tax asset, net	1,610	6,646
Other assets	1,590	1,591
Total assets	144,577	73,081
Current liabilities:
Accounts payable	7,097	3,967
Current portion of lease liabilities	6,989	4,230
Current portion of long-term debt and financing lease obligations	2,020	616
Accrued compensation and benefits	1,360	2,694
Other current liabilities	8,217	4,975
Total current liabilities	25,683	16,482
Long-term liabilities:
Lease liabilities, less current portion	69,505	26,957
Long-term debt, less current portion	12,922	6,258
Other liabilities	1,245	1,610
Total liabilities	109,355	51,307
Shareholders' equity:
Common stock, $.01 par value, 100,000 shares authorized, 9,282 and 9,272 shares issued and outstanding on March 29, 2020 and December 29, 2019, respectively	93	93
Additional paid-in capital	7,993	7,856
Retained earnings	28,130	14,423
Total shareholders' equity	36,216	22,372
Non-controlling interest	(994)	(598)
Total equity	35,222	21,774
Total liabilities and shareholders' equity	$ 144,577	$ 73,081

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parentheticals) - USD ($) shares in Thousands, $ in Thousands	Mar. 29, 2020	Dec. 29, 2019
Common Stock, Number of Shares, Par Value and Other Disclosures [Abstract]
Accounts receivable, Allowance for doubtful accounts	$ 176	$ 132
Common stock, Par value	$ 0.01	$ 0.01
Common stock, Shares authorized	100,000	100,000
Common stock, Shares issued	9,282	9,272
Common stock, Shares outstanding	9,282	9,272

Consolidated Statements of Oper

Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 29, 2020	Mar. 31, 2019
Revenue:
Revenue	$ 23,470	$ 14,193
Costs and expenses:
Food and beverage costs	6,754	3,360
Labor and benefits costs	7,721	3,957
Operating expenses	6,241	3,169
Depreciation and amortization expenses	1,045	264
General and administrative expenses	3,032	2,517
National advertising fund expenses	282	409
Asset impairment, estimated lease termination charges and other closing costs, net	173	407
Pre-opening expenses	25
(Gain) loss on disposal of property and bargain purchases, net	(477)	(6)
Total costs and expenses	24,796	14,077
(Loss) income from operations	(1,326)	116
Other income (expense):
Interest expense	(210)	(71)
Interest income	134	54
Gain on bargain purchase	14,364
Total other income (expense)	14,288	(17)
Income before income taxes	12,962	99
Income tax benefit (expense)	349	(17)
Net income	13,311	82
Net loss attributable to non-controlling interest	396
Net income attributable to shareholders	$ 13,707	$ 82
Basic net income per share attributable to shareholders	$ 1.50	$ 0.01
Diluted net income per share attributable to shareholders	$ 1.49	$ 0.01
Weighted average shares outstanding - basic	9,121	9,085
Weighted average shares outstanding - diluted	9,202	9,189
Restaurant sales, net
Revenue:
Revenue	$ 20,318	$ 10,314
Franchise royalty and fee revenue
Revenue:
Revenue	2,524	3,204
Franchisee national advertising fund contributions
Revenue:
Revenue	282	409
Licensing and other revenue
Revenue:
Revenue	$ 346	$ 266

Consolidated Statements of Shar

Consolidated Statements of Shareholders' Equity - 3 months ended Mar. 29, 2020 - USD ($) shares in Thousands, $ in Thousands	Common Stock	Additional Paid-in Capital	Retained Earnings	Total Shareholders' Equity	Non-controlling Interest	Total
Balance (in shares) at Dec. 29, 2019	9,272
Balance at Dec. 29, 2019	$ 93	$ 7,856	$ 14,423	$ 22,372	$ (598)	$ 21,774
Issue of restricted common stock (in shares)	10
Issue of restricted common stock	$ 0			0		0
Stock-based compensation		137		137		137
Net income (loss)			13,707	13,707	(396)	13,311
Balance (in shares) at Mar. 29, 2020	9,282
Balance at Mar. 29, 2020	$ 93	$ 7,993	$ 28,130	$ 36,216	$ (994)	$ 35,222

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Mar. 29, 2020	Mar. 31, 2019
Cash flows from operating activities:
Net income	$ 13,311	$ 82
Adjustments to reconcile net income to cash flows provided by operations:
Depreciation and amortization	1,045	264
Stock-based compensation	137	83
Net gain on disposal of property	(477)	(6)
Asset impairment, estimated lease termination charges and other closing costs (gain), net		386
Gain on bargain purchase	(14,364)
Deferred income taxes	(399)
Other non-cash items	(19)	33
Changes in operating assets and liabilities:
Accounts receivable, net	(720)	764
Other assets	781	53
Accounts payable	3,130	(9)
Accrued and other liabilities	(2,687)	(24)
Cash flows provided by operating activities	(262)	1,626
Cash flows from investing activities:
Proceeds from the sale of assets		6
Purchases of property, equipment and leasehold improvements	(949)	(221)
Payments for acquired restaurants	(3,969)	(3,841)
Advances on notes receivable		(150)
Payments received on note receivable	12
Cash flows used for investing activities	(4,906)	(4,206)
Cash flows from financing activities:
Proceeds from long-term debt	8,101
Payments for debt issuance costs	(35)	(15)
Payments on long-term debt and financing lease obligations		(137)
Cash provided by (used for) financing activities	8,066	(152)
Increase (decrease) in cash, cash equivalents and restricted cash	2,898	(2,732)
Cash, cash equivalents and restricted cash, beginning of period	6,086	12,440
Cash, cash equivalents and restricted cash, end of period	8,984	9,708
Supplemental Disclosures
Cash paid for interest, net	(15)	11
Non-cash investing and financing activities:
(Decrease) Increase in accrued property and equipment purchases		$ (35)
Gift card liability assumed pursuant to acquisitions	$ 3,968

BASIS OF PRESENTATION

BASIS OF PRESENTATION	3 Months Ended
	Mar. 29, 2020
Basis of Presentation
Organization, Consolidation, Basis of Presentation, Business Description and Accounting Policies [Text Block]	(1) Basis of Presentation Basis of Presentation On September 17, 2019 a holding company reorganization was completed in which Famous Dave’s of America, Inc. (“FDA”) became a wholly owned subsidiary of the new parent holding company named BBQ Holdings, Inc. (“BBQ Holdings”). As used in this Form 10-Q, “Company”, “we” and “our” refer to BBQ Holdings and its wholly owned subsidiaries. BBQ Holdings was incorporated on March 29, 2019 under the laws of the State of Minnesota, while FDA was incorporated in Minnesota on March 14, 1994. The Company develops, owns and operates restaurants under the name “Famous Dave’s”, “Clark Crew BBQ”, “Granite City Food & Brewery” and “Real Urban Barbecue.” Additionally, we franchise restaurants under the name “Famous Dave’s”. As of March 29, 2020, there were 124 Famous Dave’s restaurants operating in 31 states, Canada, and the United Arab Emirates, including 30 Company-owned restaurants and 94 franchise-operated restaurants. The first Clark Crew BBQ restaurant opened in December 2019 in Oklahoma City, Oklahoma. On March 9, 2020, we purchased 18 Granite City Food & Brewery restaurants (“Granite City Acquisition”) in connection with a Chapter 11 bankruptcy filing. On March 16, 2020, we purchased one Real Urban Barbecue restaurant located in Vernon Hills, Illinois. These accompanying financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and Securities and Exchange Commission (“SEC”) Rules and Regulations. The information furnished in these condensed consolidated financial statements include normal recurring adjustments and reflect all adjustments, which are, in the opinion of management, necessary for a fair presentation. Certain information and footnote disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted. These unaudited financial statements represent the condensed consolidated financial statements of the Company and its subsidiaries as of March 29, 2020 and December 29, 2019, and for the three months ended March 29, 2020 and March 31, 2019. The results for the three months ended March 29, 2020 are not necessarily indicative of the results to be expected for the full fiscal year or any other interim period. These condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto included in BBQ Holding, Inc.’s Annual Report on Form 10-K for the fiscal year ended December 29, 2019 as filed with the SEC on March 27, 2020. In March 2020, the World Health Organization declared the outbreak of a novel coronavirus (“COVID-19”) as a pandemic. As a result, public health measures were taken to minimize exposure to the virus. These measures, some of which are government-mandated, have been implemented globally resulting in a dramatic decrease in economic activity. “Stay-at-home” orders with the exception of conducting certain essential functions, quarantines, travel restrictions and other governmental restrictions to reduce the spread of COVID-19 have had an adverse impact on the Company’s business. All of the Company's restaurants have been operating on a take-away, mobile pick-up and delivery basis only in order to protect its employees and customers from the spread of the COVID-19 pandemic and to comply with the government mandates. The full impact of the COVID-19 outbreak continues to evolve as of the date of this report. Management has delayed making certain rent payments on its leased properties and is currently negotiating rent abatement and/or deferment with its landlords. For the Company's franchisees, the Company is deferring their March and April royalties. On April 30, 2020, two of the Company’s wholly-owned operating subsidiaries received funding in connection with “Small Business Loans” under the federal Paycheck Protection Program provided in Section 7(a) of the Small Business Act of 1953, as amended by the Coronavirus Aid, Relief and Economic Security Act, as amended from time to time (the “Paycheck Protection Program”). Pursuant to the terms of the Business Loan Agreements and Promissory Notes the Company borrowed approximately $13.0 million in the aggregate (see Note 17). The duration of the disruption on global, national, and local economies cannot be reasonably estimated at this time. However, should the existence of the COVID-19 pandemic continue for an extended period, our future business operations, including the results of operations, cash flows and financial position will be significantly affected. We continue to monitor the economic impact of the COVID-19 pandemic, as well as mitigating emergency assistance programs, such as the Coronavirus Aid, Relief, and Economic Security Act, on us, our customers, and our vendors. Remote work arrangements have been established for our employees to the extent possible in order to maintain financial reporting systems. Due to the rapid development and fluidity of this situation, the Company cannot determine the ultimate impact that the COVID-19 pandemic will have on the Company’s consolidated financial condition, liquidity, and future results of operations, and therefore any prediction as to the ultimate material adverse impact on the Company’s consolidated financial condition, liquidity, and future results of operations is uncertain. ​ Reclassifications Certain prior period amounts have been reclassified to conform to the current period’s presentation. These reclassifications did not have an impact on the reported net income for any of the periods presented. Income Taxes The Company maintains a federal deferred tax asset (“DTA”) in the amount of $1.6 million and $6.6 million as of March 29, 2020 and December 29, 2019, respectively. The primary cause of the change in the balance was due to the tax effect on the bargain purchase gain related to the Granite City Acquisition March 2020. The Company evaluates the DTA on a quarterly basis to determine whether current facts and circumstances indicate that the DTA may not be fully realizable. As of March 29, 2020, the Company concluded that the DTA is fully realizable and that no further valuation allowance was necessary; however, the Company will continue to evaluate the DTA on a quarterly basis until the DTA has been fully utilized. The following table presents the Company’s effective tax rates for the periods presented: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ ​ March 29, 2020 March 31, 2019 ​ Effective tax rate % ​ (2.7) % ​ 17.2 % ​ The Company provides for income taxes based on its estimate of federal and state income tax liabilities. These estimates include, among other items, effective rates for state and local income taxes, allowable tax credits for items such as taxes paid on reported tip income, estimates related to depreciation and amortization expense allowable for tax purposes, and the tax deductibility of certain other items. The Company’s estimates are based on the information available at the time that the Company prepares the income tax provision. The Company generally files its annual income tax returns several months after its fiscal year-end. Income tax returns are subject to audit by federal, state, and local governments, generally years after the tax returns are filed. These returns could be subject to material adjustments due to differing interpretations of the tax laws. Restricted cash and marketing fund The Company has a system-wide Marketing Development Fund, to which most Company-owned restaurants, in addition to the majority of franchise-operated restaurants, contribute a percentage of net sales, currently for use in public relations and marketing development efforts. The funds held in this account are used in part to reimburse the Company for its marketing and digital services activities on behalf of the Famous Dave’s brand. As the assets held by this fund are considered to be restricted, the Company reflects the cash related to this fund within restricted cash and reflect the liability within accounts payable on its condensed consolidated balance sheets. The Company had approximately $971,000 and $761,000 in this fund as of March 29, 2020 and December 29, 2019, respectively. Assets Held for Sale As of March 29, 2020, the Company had assets held for sale of approximately $2.8 million related to an owned property for which the Company entered into an agreement to sell the property for a contract purchase price of $3.6 million. Concentrations of Credit Risk Net income per common share Basic net income per common share (“EPS”) is computed by dividing net income by the weighted average number of common shares outstanding for the reporting period. Diluted EPS equals net income divided by the sum of the weighted average number of shares of common stock outstanding plus all additional common stock equivalents, such as stock options and restricted stock units, when dilutive. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ (in thousands, except per share data) March 29, 2020 March 31, 2019 ​ Net income per share – basic: ​ ​ ​ ​ Net income attributable to shareholders ​ $ 13,707 ​ $ 82 ​ Weighted average shares outstanding - basic ​ 9,121 ​ 9,085 ​ Basic net income per share attributable to shareholders ​ $ 1.50 ​ $ 0.01 ​ ​ ​ ​ ​ ​ ​ ​ ​ Net income per share – diluted: ​ ​ ​ Net income attributable to shareholders ​ $ 13,707 ​ $ 82 ​ Weighted average shares outstanding - diluted ​ 9,202 ​ 9,189 ​ Diluted net income per share attributable to shareholders ​ $ 1.49 ​ $ 0.01 ​ ​ There were approximately 228,197 and 179,000 stock options as of March 29, 2020 and March 31, 2019, respectively that were not included in the computation of diluted EPS because they were anti-dilutive.

RESTAURANT ACQUISITIONS

RESTAURANT ACQUISITIONS	3 Months Ended
	Mar. 29, 2020
Restaurant Acquisitions
Restaurant Acquisitions	(2) Restaurant Acquisitions On March 16, 2020, the Company completed the acquisition of the assets and operations of a Real Urban Barbeque restaurant in Vernon Hills, Illinois from Real Urban Barbeque VH LLC. The contract purchase price of the restaurant was approximately $45,000 , exclusive of closing costs plus the assumption of the lease, gift card and certain other liabilities. The assets acquired and the liabilities assumed were considered to be immaterial and were provisionally recorded at estimated fair values based on information available, including an ROU asset and offsetting liability of approximately $714,000 . On February 11, 2020, the Company entered into an Asset Purchase Agreement with Granite City Food & Brewery Ltd. (“Granite City”) to acquire certain assets associated with Granite City restaurants in connection with the Chapter 11 filing of Granite City. The Granite City Acquisition was approved by the Bankruptcy Court at a hearing on February 21, 2020. The purchase price for the assets purchased was $3,650,000 plus certain assumed liabilities including gift card liability and cure costs. On March 9, 2020, the Company closed the Granite City Acquisition with cash on hand and borrowing under its existing loan agreement with Choice Bank. The Granite City Acquisition was accounted for using the purchase method of accounting in accordance with ASC 805 “Business Combinations” and, accordingly, the condensed consolidated statements of operations include the results of these operations from the date of acquisition. The assets acquired and the liabilities assumed were provisionally recorded at estimated fair values based on information available as of the end of the first quarter of fiscal 2020. The following table presents the provisional allocation of assets acquired and liabilities assumed for the Granite City Acquisition: ​ ​ ​ ​ ​ ​ ​ ​ (in thousands) ​ ​ ​ ​ ​ ​ Assets acquired: ​ ​ ​ ​ ​ ​ Cash and cash equivalents ​ ​ ​ ​ $ 128 Inventory ​ ​ ​ ​ ​ 980 Property, plant, equipment and leasehold improvements, net ​ ​ ​ ​ ​ 17,818 Lease right-of-use asset, net of unfavorable lease value ​ ​ ​ ​ ​ 50,968 Identifiable intangible assets, net ​ ​ ​ ​ ​ 8,329 Total identifiable assets acquired ​ ​ ​ ​ ​ 78,223 Liabilities assumed: ​ ​ ​ ​ ​ ​ Gift card liability ​ ​ ​ ​ ​ (3,923) Lease liability ​ ​ ​ ​ ​ (50,968) Deferred tax liability ​ ​ ​ ​ ​ (4,985) Net assets acquired ​ ​ ​ ​ ​ 18,346 Gain on bargain purchase ​ ​ ​ ​ ​ 14,364 Total cash consideration ​ ​ ​ ​ $ 3,982 ​ Unaudited pro forma results of operations for the three months ended March 29, 2020 and March 31, 2019, as if the Company had acquired the Granite City operations at the beginning of each period presented is as follows. The pro forma results include estimates and assumptions which management believes are reasonable. However, pro forma results are not necessarily indicative of the results that would have occurred if the business combination had been in effect on the dates indicated, or which may result in the future. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ ​ March 29, 2020 ​ March 31, 2019 (in thousands) ​ ​ ​ ​ Pro forma revenues ​ $ 35,874 ​ $ 31,617 Pro forma net income attributable to shareholders ​ $ 13,602 ​ $ 391 Basic pro forma net income per share attributable to shareholders ​ $ 1.50 ​ $ 0.04 Diluted pro forma net income per share attributable to shareholders ​ $ 1.48 ​ $ 0.04 ​

PREPAID EXPENSES AND OTHER CURR

PREPAID EXPENSES AND OTHER CURRENT ASSETS	3 Months Ended
	Mar. 29, 2020
Deferred Costs, Capitalized, Prepaid, And Other Assets Disclosure
Prepaid Expenses and Other Current Assets [Text Block]	(3) Prepaid Expenses and Other Current Assets Prepaid expenses and other current assets consisted of the following at: ​ ​ ​ ​ ​ ​ ​ ​ (in thousands) March 29, 2020 December 29, 2019 Prepaid expenses and deferred costs $ 495 $ 405 Prepaid insurance ​ ​ 715 ​ ​ 951 Prepaid expenses and other assets $ 1,210 $ 1,356 ​

PROPERTY, EQUIPMENT, AND LEASEH

PROPERTY, EQUIPMENT, AND LEASEHOLD IMPROVEMENTS, NET	3 Months Ended
	Mar. 29, 2020
Property, Equipment, And Leasehold Improvements, Net
Property, Equipment, And Leasehold Improvements, Net	(4) Property, Equipment and Leasehold Improvements, net The increase in property, equipment and leasehold improvements was primarily due to the Granite City Acquisition described in Note 2. Property, equipment and leasehold improvements, net, consisted of the following: ​ ​ ​ ​ ​ ​ ​ ​ (in thousands) ​ March 29, 2020 ​ December 29, 2019 Land, buildings, and improvements ​ $ 23,959 ​ $ 28,185 Furniture, fixtures, equipment and software ​ 40,843 ​ 17,880 Décor ​ 586 ​ 584 Construction in progress ​ 351 ​ 483 Accumulated depreciation and amortization ​ (28,273) ​ (27,376) Property, equipment and leasehold improvements, net ​ $ 37,466 ​ $ 19,756 ​

INTANGIBLE ASSETS, NET

INTANGIBLE ASSETS, NET	3 Months Ended
	Mar. 29, 2020
Intangible Assets, net
Intangible Assets, net	(5) Intangible Assets, net The Company has intangible assets that consist of liquor licenses, database, trademarks and patents, and reacquired franchise rights, net. The liquor licenses and trademarks/logos are indefinite-lived assets and are not subject to amortization. Reacquired franchise rights are amortized to depreciation and amortization expense on a straight-line basis over the remaining life of the reacquired franchise agreement. The database is amortized over three years. ​ ​ ​ The increase in intangible assets was due to the Granite City Acquisition described in Note 2. Intangible assets consisted of the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (in thousands) ​ ​ ​ March 29, 2020 December 29, 2019 Reacquired franchise rights, net ​ ​ ​ ​ 1,683 ​ ​ 1,788 Goodwill ​ ​ ​ ​ 690 ​ ​ 640 Liquor licenses ​ ​ ​ ​ 837 ​ ​ 425 Trademark/Logos/Patents ​ ​ ​ ​ 7,688 ​ ​ - Database ​ ​ ​ ​ 250 ​ ​ - Intangible assets, net ​ ​ ​ $ 11,148 ​ $ 2,853 ​

OTHER CURRENT LIABILITIES

OTHER CURRENT LIABILITIES	3 Months Ended
	Mar. 29, 2020
Other Current Liabilities
Other Current Liabilities	(6) Other Current Liabilities Other current liabilities consisted of the following at: ​ ​ ​ ​ ​ ​ ​ ​ (in thousands) March 29, 2020 ​ December 29, 2019 Gift cards payable ​ $ 5,828 ​ $ 2,360 Accrued expenses ​ 1,321 ​ 1,874 Asset retirement obligations and lease reserves ​ ​ 6 ​ ​ 6 Sales tax payable ​ 911 ​ 584 Deferred franchise fees ​ 151 ​ 151 Other current liabilities ​ $ 8,217 ​ $ 4,975 ​

OTHER LIABILITIES

OTHER LIABILITIES	3 Months Ended
	Mar. 29, 2020
Other Liabilities
Other Liabilities	(7) Other Liabilities Other liabilities consisted of the following at: ​ ​ ​ ​ ​ ​ ​ ​ (in thousands) March 29, 2020 ​ December 29, 2019 Deferred rent ​ $ 30 ​ $ — Deferred franchise fees ​ ​ 817 ​ ​ 1,165 Miscellaneous other liabilities ​ 169 ​ 216 Asset retirement obligations ​ 3 ​ 3 Accrual for uncertain tax position ​ ​ 6 ​ ​ 6 Long-term lease reserve ​ — ​ — Long-term deferred compensation ​ 220 ​ 220 Other liabilities ​ $ 1,245 ​ $ 1,610 ​

LONG-TERM DEBT AND FINANCING LE

LONG-TERM DEBT AND FINANCING LEASE OBLIGATIONS	3 Months Ended
	Mar. 29, 2020
Long-term Debt and Financing Lease Obligations
Long-term Debt and Financing Lease Obligations	(8) Long-Term Debt and Financing Lease Obligations On June 20, 2019, the Company entered into a Loan Agreement among the Company and Choice Financial Group. The Loan Agreement provides for a term loan in the principal amount of up to $24.0 million and is evidenced by a promissory note. The note has a maturity date of June 20, 2025. The first year of the note provides for payments of interest only, with the remaining five years requiring payments of interest and principal based on a 60 month amortization period. Interest shall be payable in an amount equal to the Wall Street Journal Prime Rate, but in no circumstances shall the rate of interest be less than 5.00%. The Note may be prepaid, partially or in full, at any time and for no prepayment penalty. Debt outstanding under the above referenced promissory note consisted of the following as of the periods presented: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (in thousands) March 29, 2020 ​ December 29, 2019 Term Loan ​ $ 15,025 $ 6,924 Less: deferred financing costs ​ (83) (50) Less: current portion of long-term debt ​ (2,020) (616) Long-term debt, less current portion ​ $ 12,922 $ 6,258 ​ The weighted-average interest rate of long-term debt outstanding as of March 29, 2020 and December 29, 2019 was 5.0%. The Company is subject to various financial and non-financial covenants on this debt, including a debt-service coverage ratio. As of March 29, 2020, the Company was compliant with all of its covenants.

LEASES

LEASES	3 Months Ended
	Mar. 29, 2020
Leases [Abstract]
Lessee Operating And Finance Leases [Text Block]	(9) Leases The Company leases the property for its corporate headquarters, most of its Company-owned stores, and certain office and restaurant equipment. The Company determines if an arrangement is a lease at inception. Operating leases are included in operating lease right-of use (“ROU”) assets, current portion of operating lease liabilities, and operating lease liabilities in its consolidated balance sheets. Lease expense for lease payments is recognized on a straight-line basis over the lease term. The components of lease expense for the period presented is as follows: ​ ​ ​ ​ ​ ​ ​ Three Months Ended (in thousands) ​ March 29, 2020 Operating lease cost ​ $ 1,596 Short-term lease cost ​ ​ 31 Total lease cost ​ $ 1,627 Supplemental cash flow information related to leases for the period presented is as follows: ​ ​ ​ ​ ​ ​ ​ Three Months Ended (in thousands) ​ March 29, 2020 Cash paid for amounts included in the measurement of lease liabilities: ​ ​ ​ Operating cash flows from operating leases ​ $ 1,791 Right-of-use assets obtained in exchange for new operating lease liabilities ​ ​ 51,682 Weighted-average remaining lease term of operating leases (in years) ​ ​ 11 Weighted-average discount rate of operating leases ​ ​ 5.26 ​

REVENUE RECOGNITION

REVENUE RECOGNITION	3 Months Ended
	Mar. 29, 2020
Revenue from Contract with Customer [Abstract]
Revenue Recognition	(10) Revenue Recognition Deferred revenue liabilities consist primarily of franchise fees which are recognized straight-line over the life of the agreements, and area development fees which are deferred until a new restaurant is opened pursuant to the agreement. The following table illustrates estimated revenues expected to be recognized in the future related to unsatisfied performance obligations as March 29, 2020: ​ ​ ​ ​ ​ (in thousands) ​ Fiscal Year ​ 2020 ​ $ 83 2021 ​ 109 2022 ​ 107 2023 ​ 102 2024 ​ 93 Thereafter ​ 474 Total ​ $ 968 ​ The following table reflects the change in contract liabilities between March 29, 2020 and December 29, 2019: ​ ​ ​ ​ ​ (in thousands) ​ ​ ​ Balance, December 29, 2019 ​ $ 1,318 Revenue recognized ​ ​ (350) Balance, March 29, 2020 ​ $ 968 ​

STOCK-BASED COMPENSATION

STOCK-BASED COMPENSATION	3 Months Ended
	Mar. 29, 2020
Stock-based Compensation
Stock-Based Compensation	(11) Stock-based Compensation Effective May 5, 2015, the Company adopted the 2015 Equity Plan (the “2015 Plan”), pursuant to which it may grant stock options, stock appreciation rights, restricted stock, restricted stock units, performance shares, performance stock units and other stock and cash awards to eligible participants. The Company also maintains an Amended and Restated 2005 Stock Incentive Plan (the “2005 Plan”). The 2005 Plan prohibits the granting of options pursuant to the 2005 plan after May 12, 2015, the tenth anniversary of the date the 2005 Plan was approved by the Company’s shareholders. Nonetheless, the 2005 Plan will remain in effect until all outstanding incentives granted thereunder have either been satisfied or terminated. As of March 29, 2020, there were 89,661 shares available for grant pursuant to the 2015 Plan. Stock options granted to employees and directors generally vest over two The Company utilizes the Black-Scholes option pricing model when determining the compensation cost associated with stock options issued using the following significant assumptions: ● Stock price – Published trading market values of the Company’s common stock as of the date of grant. ● Exercise price – The stated exercise price of the stock option. ● Expected life – The simplified method as outlined in ASC 718. ● Expected dividend – The rate of dividends that the Company expects to pay over the term of the stock option. ● Volatility – Actual volatility over the most recent historical period equivalent to the expected life of the option. ● Risk-free interest rate – The daily United States Treasury yield curve rate. The Company recognized stock-based compensation expense in its consolidated statements of operations for the three months ended March 29, 2020 and March 31, 2019, respectively, as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ (in thousands) March 29, 2020 March 31, 2019 ​ Stock options ​ $ 72 ​ $ 60 ​ Restricted stock ​ 65 ​ 23 ​ ​ ​ $ 137 ​ $ 83 ​ ​ Information regarding the Company’s stock options is summarized below: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted ​ ​ ​ ​ ​ ​ ​ Average ​ ​ ​ ​ ​ ​ ​ Remaining ​ ​ Number of ​ Weighted Average ​ Contractual (number of options in thousands) Options Exercise Price Life in Years Options outstanding at December 29, 2019 452 ​ $ 6.71 ​ ​ Granted 120 ​ 4.27 ​ ​ Forfeited or expired ​ (22) ​ ​ 5.01 ​ ​ Options outstanding at March 29, 2020 550 ​ $ 6.24 ​ 5.9 ​ Information regarding the Company’s restricted stock is summarized below: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted ​ ​ ​ ​ ​ ​ ​ Average ​ ​ ​ ​ ​ ​ ​ Remaining ​ ​ Number of ​ Weighted Average ​ Contractual (number of awards in thousands) Awards Award Date Fair Value Life in Years Unvested at December 29, 2019 143 ​ $ 5.00 ​ ​ Granted 10 ​ 3.40 ​ ​ Vested, outstanding ​ (14) ​ ​ 4.71 ​ ​ Unvested at March 29, 2020 139 ​ $ 4.91 ​ 2.9 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ ​ March 29, 2020 ​ March 31, 2019 ​ Weighted-average fair value of options granted during the period ​ $ 1.86 ​ $ 2.33 ​ Expected life (in years) ​ 4.7 ​ 5.5 ​ Expected dividend ​ $ — ​ $ — ​ Expected stock volatility ​ 51.21 % 50.31 % Risk-free interest rate ​ 1.6 % 2.5 % ​

ASSET IMPAIRMENT AND ESTIMATED

ASSET IMPAIRMENT AND ESTIMATED LEASE TERMINATION AND OTHER CLOSING COSTS	3 Months Ended
	Mar. 29, 2020
Asset Impairment and Estimated Lease Termination and Other Closing Costs
Asset Impairment and Estimated Lease Termination and Other Closing Costs	(12) Asset Impairment, Estimated Lease Termination and Other Closing Costs The following is a summary of asset impairment, estimated lease termination and other closing costs for the three months ended March 29, 2020 and March 31, 2019. These costs are included in asset impairment, estimated lease termination and other closing costs in the consolidated statements of operations. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended (dollars in thousands) March 29, 2020 March 31, 2019 Asset impairments, net ​ $ — ​ $ 348 Lease termination charges and related costs ​ ​ 117 ​ ​ 20 Restaurant closure expenses ​ ​ 56 ​ ​ 39 Asset impairment, estimated lease termination charges and other closing costs ​ $ 173 ​ $ 407 ​

FAIR VALUE MEASUREMENTS

FAIR VALUE MEASUREMENTS	3 Months Ended
	Mar. 29, 2020
Fair Value Measurements
Fair Value Measurements	(13) Fair Value Measurements Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The carrying amounts of cash and cash equivalents reported in the consolidated balance sheets approximates fair value based on current interest rates and short-term maturities. The carrying amount of accounts receivable approximates fair value due to the short-term nature of accounts receivable. The Company believes that the carrying amount of long-term debt approximates fair value due to the variable interest rate on the Company’s long-term debt, as well as that there has been no significant change in the credit risk or credit markets since origination. The Company had no assets measured at fair value in its condensed consolidated balance sheets as of March 29, 2020 and December 29, 2019, except for the assets recorded at fair value in conjunction with restaurant acquisitions. See Note 2 – Restaurant Acquisition

VARIABLE INTEREST ENTITIES

VARIABLE INTEREST ENTITIES	3 Months Ended
	Mar. 29, 2020
Variable Interest Entities
Variable Interest Entities	(14) Variable Interest Entities A variable interest holder is considered to be the primary beneficiary of a variable interest entity (“VIE”) if it has the power to direct the activities of a VIE that most significantly impact the entity’s economic performance and has the obligation to absorb losses of, or the right to receive benefits from, the entity that could potentially be significant to the VIE. Once an entity is determined to be a VIE, the primary beneficiary is required to consolidate the entity. The Company has an installment agreement with one of its franchisees as the result of refranchising its Lincoln, Nebraska restaurant. This franchisee is a VIE; however, the owners of the franchise operations are the primary beneficiaries of the entities, not the Company. Therefore, the franchise operations are not required to be consolidated in the Company’s consolidated financial statements. On November 1, 2017, the Company sold its Frederick, Maryland restaurant. Pursuant to the terms of the Frederick Agreement, the Company remained the primary obligor of the lease. As of March 29, 2020, the amount of future lease payments for which the Company would be liable in the event of a default are approximately $348,000. The present value of future minimum lease payments net of expected sublease receipts was recorded as an asset impairment in fiscal year 2019. On July 18, 2018, the Company and Clark Championship Products LLC (“Clark”), an entity owned by Travis Clark, became members of Mercury BBQ LLC (“Mercury”) for the purposes of building out and operating the inaugural Clark Crew BBQ restaurant in Oklahoma City, Oklahoma (the “Restaurant”). Clark will own 80% of the units outstanding of Mercury and the Company will own 20% of the units outstanding of Mercury. Mercury shall be governed by three managers, two of which will be appointed by the Company and one of which will be appointed by Clark. Also in July 2019, the Company entered into a secured promissory note with Mercury which was amended in October 2019. This promissory note as amended (the “Loan”) was in the amount of $3.9 million, the proceeds of which are required to be used for the build out of the Restaurant. The Loan bears interest at a rate of 8% per annum and requires payments of 100% of the excess monthly cash flows until the Loan and all interest accrued thereon is repaid. The Loan requires a balloon payment of unpaid principal and accrued interest on July 15, 2025 and may be prepaid at any time. Also on July 18, 2018, the Company and Clark entered into an intellectual property license agreement (the “License Agreement”) pursuant to which Clark granted to the Company an exclusive license to use and sublicense the patents, trademarks, trade names, service marks, logos and designs related to Clark Crew BBQ restaurants and products. The term of the License Agreement is indefinite and may only be terminated by mutual written consent, unless the Company breached the License Agreement . Because the Company has provided more than half of the subordinated financial support of Mercury and control Mercury via its representation on the board of managers, the Company has concluded that Mercury is a VIE, of which the Company is the primary beneficiary and must consolidate Mercury. Mercury generated a net loss of approximately $496,000 during the first quarter of 2020, of which $396,000 was recorded as non-controlling interest on our consolidated financial statements. As of March 29, 2020, Mercury’s assets included approximately $3.1 million of property, equipment and leasehold improvements, a $2.0 million ROU asset and $62,000 of inventory. The liabilities recognized as a result of consolidating Mercury BBQ’s results of operations do not represent additional claims on the general assets of BBQ Holdings, Inc.; rather, they represent claims against the specific assets of the Mercury BBQ’s. Conversely, assets recognized as a result of consolidating the Mercury BBQ’s results of operations do not represent additional assets that could be used to satisfy claims against the general assets of BBQ Holdings.

LITIGATION

LITIGATION	3 Months Ended
	Mar. 29, 2020
Litigation [Abstract]
Litigation Disclosure [Text Block]	(15) Litigation In the normal course of business, the Company is involved in a number of litigation matters that are incidental to the operation of the business. These matters generally include, among other things, matters with regard to employment and general business-related issues. The Company currently believes that the resolution of any of these pending matters will not have a material adverse effect on its financial position or liquidity, but an adverse decision in more than one of the matters could be material to its consolidated results of operations.

RELATED PARTY TRANSACTIONS

RELATED PARTY TRANSACTIONS	3 Months Ended
	Mar. 29, 2020
Related Party Transactions
Related Party Transactions	(16) Related Party Transactions Anand D. Gala Charles Davidson is a franchisee of the Company and is the beneficial owner of approximately 18.2% of the Company’s common stock as of the date that these financial statements were available to be issued, by virtue of his ownership interest in Wexford Capital. The following table outlines amounts received from related parties during the three months ended March 29, 2020, and March 31, 2019: ​ ​ ​ ​ ​ ​ ​ Three Months Ended (in thousands) March 29, 2020 March 31, 2019 Revenues and NAF contributions - Anand Gala $ 344 ​ $ 388 Revenues and NAF contributions - Charles Davidson ​ 166 ​ ​ 77 The following table outlines accounts receivable from related parties as of March 29, 2020 and December 29, 2019: ​ ​ ​ ​ ​ ​ ​ (in thousands) ​ March 29, 2020 December 29, 2019 Accounts receivable, net - Anand Gala ​ $ 344 ​ $ 290 Accounts receivable, net - Charles Davidson ​ ​ 111 ​ ​ 77 ​

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	3 Months Ended
	Mar. 29, 2020
Subsequent Events
Subsequent Events	(17) Subsequent Events On April 30, 2020, FDA and Granite City, Inc. (“GC”), wholly-owned operating subsidiaries of the Company received funding in connection with “Small Business Loans” under the Paycheck Protection Program. Pursuant to the terms of the Promissory Notes dated as of April 30, 2020, by FDA and GC in favor of Choice Financial Group, a bank operating out of the state of North Dakota, FDA borrowed $7,225,200 original principal amount, which was funded on May 1, 2020 whereas GC borrowed $5,810,800 original principal amount, which was funded on May 1, 2020 (“PPP Loans”). The PPP Loans bear interest at 1% per annum and mature in two years from the date of disbursement of funds under the PPP Loans respectively. Interest and principal payments under the PPP Loans will be deferred for a period of six months. Under certain circumstances, all or a portion of the PPP Loans may be forgiven, however, there can be no assurance that any portion of the PPP Loans will be forgiven and that FDA or GC would not be required to repay the PPP Loans in full. The PPP Loans contain certain covenants which, among other things, restrict the borrower’s use of the proceeds of the PPP Loans to the payment of payroll costs, interest on mortgage obligations, rent obligations and utility expenses, require compliance with all other loans or other agreements with any creditor of the borrower, to the extent that a default under any loan or other agreement would materially affect the borrower’s ability to repay the PPP Loans and limit the ability of the borrower to make certain changes to its ownership structure. The COVID-19 pandemic has caused a disruption to our business. The full impact of the COVID-19 outbreak continues to evolve as of the date of this report, and due to the rapid development and fluidity of the situation, we are not able to determine the ultimate impact it will have on our financial condition. Same store sales at our Famous Dave’s restaurants decreased 29% while same store sales at our Granite City restaurants decreased 83% during the four weeks ended April 25, 2020. While some states and municipalities have allowed restaurants to begin opening dining rooms, restrictions limiting the number of guests continues to limit the amount of revenue generated. It is uncertain when additional locals will allow in-restaurant dining to resume and at what capacity. We have taken measures to mitigate our downturn in sales, including reducing labor and renegotiating rents on our restaurant properties. ​ ​

BASIS OF PRESENTATION (Tables)

BASIS OF PRESENTATION (Tables)	3 Months Ended
	Mar. 29, 2020
Basis of Presentation
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block]	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ ​ March 29, 2020 March 31, 2019 ​ Effective tax rate % ​ (2.7) % ​ 17.2 %
Schedule of reconciliation of basic and diluted net (loss) income per common share	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ (in thousands, except per share data) March 29, 2020 March 31, 2019 ​ Net income per share – basic: ​ ​ ​ ​ Net income attributable to shareholders ​ $ 13,707 ​ $ 82 ​ Weighted average shares outstanding - basic ​ 9,121 ​ 9,085 ​ Basic net income per share attributable to shareholders ​ $ 1.50 ​ $ 0.01 ​ ​ ​ ​ ​ ​ ​ ​ ​ Net income per share – diluted: ​ ​ ​ Net income attributable to shareholders ​ $ 13,707 ​ $ 82 ​ Weighted average shares outstanding - diluted ​ 9,202 ​ 9,189 ​ Diluted net income per share attributable to shareholders ​ $ 1.49 ​ $ 0.01 ​

RESTAURANT ACQUISITIONS (Tables

RESTAURANT ACQUISITIONS (Tables)	3 Months Ended
	Mar. 29, 2020
Business Acquisition [Line Items]
Schedule of pro forma information	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ ​ March 29, 2020 ​ March 31, 2019 (in thousands) ​ ​ ​ ​ Pro forma revenues ​ $ 35,874 ​ $ 31,617 Pro forma net income attributable to shareholders ​ $ 13,602 ​ $ 391 Basic pro forma net income per share attributable to shareholders ​ $ 1.50 ​ $ 0.04 Diluted pro forma net income per share attributable to shareholders ​ $ 1.48 ​ $ 0.04
Granite City
Business Acquisition [Line Items]
Schedule of allocation of assets acquired and liabilities assumed	​ ​ ​ ​ ​ ​ ​ ​ (in thousands) ​ ​ ​ ​ ​ ​ Assets acquired: ​ ​ ​ ​ ​ ​ Cash and cash equivalents ​ ​ ​ ​ $ 128 Inventory ​ ​ ​ ​ ​ 980 Property, plant, equipment and leasehold improvements, net ​ ​ ​ ​ ​ 17,818 Lease right-of-use asset, net of unfavorable lease value ​ ​ ​ ​ ​ 50,968 Identifiable intangible assets, net ​ ​ ​ ​ ​ 8,329 Total identifiable assets acquired ​ ​ ​ ​ ​ 78,223 Liabilities assumed: ​ ​ ​ ​ ​ ​ Gift card liability ​ ​ ​ ​ ​ (3,923) Lease liability ​ ​ ​ ​ ​ (50,968) Deferred tax liability ​ ​ ​ ​ ​ (4,985) Net assets acquired ​ ​ ​ ​ ​ 18,346 Gain on bargain purchase ​ ​ ​ ​ ​ 14,364 Total cash consideration ​ ​ ​ ​ $ 3,982

PREPAID EXPENSES AND OTHER CU_2

PREPAID EXPENSES AND OTHER CURRENT ASSETS (Tables)	3 Months Ended
	Mar. 29, 2020
Deferred Costs, Capitalized, Prepaid, And Other Assets Disclosure
Prepaid Expenses and Other Current Assets [Table Text Block]	​ ​ ​ ​ ​ ​ ​ ​ (in thousands) March 29, 2020 December 29, 2019 Prepaid expenses and deferred costs $ 495 $ 405 Prepaid insurance ​ ​ 715 ​ ​ 951 Prepaid expenses and other assets $ 1,210 $ 1,356

PROPERTY, EQUIPMENT, AND LEAS_2

PROPERTY, EQUIPMENT, AND LEASEHOLD IMPROVEMENTS, NET (Tables)	3 Months Ended
	Mar. 29, 2020
Property, Equipment, And Leasehold Improvements, Net
Schedule of property, equipment, and leasehold improvements, net	​ ​ ​ ​ ​ ​ ​ ​ (in thousands) ​ March 29, 2020 ​ December 29, 2019 Land, buildings, and improvements ​ $ 23,959 ​ $ 28,185 Furniture, fixtures, equipment and software ​ 40,843 ​ 17,880 Décor ​ 586 ​ 584 Construction in progress ​ 351 ​ 483 Accumulated depreciation and amortization ​ (28,273) ​ (27,376) Property, equipment and leasehold improvements, net ​ $ 37,466 ​ $ 19,756

INTANGIBLE ASSETS, NET (Tables)

INTANGIBLE ASSETS, NET (Tables)	3 Months Ended
	Mar. 29, 2020
Intangible Assets, net
Schedule of intangible assets	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (in thousands) ​ ​ ​ March 29, 2020 December 29, 2019 Reacquired franchise rights, net ​ ​ ​ ​ 1,683 ​ ​ 1,788 Goodwill ​ ​ ​ ​ 690 ​ ​ 640 Liquor licenses ​ ​ ​ ​ 837 ​ ​ 425 Trademark/Logos/Patents ​ ​ ​ ​ 7,688 ​ ​ - Database ​ ​ ​ ​ 250 ​ ​ - Intangible assets, net ​ ​ ​ $ 11,148 ​ $ 2,853

OTHER CURRENT LIABILITIES (Tabl

OTHER CURRENT LIABILITIES (Tables)	3 Months Ended
	Mar. 29, 2020
Other Current Liabilities
Schedule of other current liabilities	​ ​ ​ ​ ​ ​ ​ ​ (in thousands) March 29, 2020 ​ December 29, 2019 Gift cards payable ​ $ 5,828 ​ $ 2,360 Accrued expenses ​ 1,321 ​ 1,874 Asset retirement obligations and lease reserves ​ ​ 6 ​ ​ 6 Sales tax payable ​ 911 ​ 584 Deferred franchise fees ​ 151 ​ 151 Other current liabilities ​ $ 8,217 ​ $ 4,975

OTHER LIABILITIES (Tables)

OTHER LIABILITIES (Tables)	3 Months Ended
	Mar. 29, 2020
Other Liabilities
Schedule of other noncurrent liabilities	​ ​ ​ ​ ​ ​ ​ ​ (in thousands) March 29, 2020 ​ December 29, 2019 Deferred rent ​ $ 30 ​ $ — Deferred franchise fees ​ ​ 817 ​ ​ 1,165 Miscellaneous other liabilities ​ 169 ​ 216 Asset retirement obligations ​ 3 ​ 3 Accrual for uncertain tax position ​ ​ 6 ​ ​ 6 Long-term lease reserve ​ — ​ — Long-term deferred compensation ​ 220 ​ 220 Other liabilities ​ $ 1,245 ​ $ 1,610

LONG-TERM DEBT AND FINANCING _2

LONG-TERM DEBT AND FINANCING LEASE OBLIGATIONS (Tables)	3 Months Ended
	Mar. 29, 2020
Long-term Debt and Financing Lease Obligations
Schedule of long-term debt	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (in thousands) March 29, 2020 ​ December 29, 2019 Term Loan ​ $ 15,025 $ 6,924 Less: deferred financing costs ​ (83) (50) Less: current portion of long-term debt ​ (2,020) (616) Long-term debt, less current portion ​ $ 12,922 $ 6,258

LEASES (Tables)

LEASES (Tables)	3 Months Ended
	Mar. 29, 2020
Leases [Abstract]
Schedule of lease cost	​ ​ ​ ​ ​ ​ ​ Three Months Ended (in thousands) ​ March 29, 2020 Operating lease cost ​ $ 1,596 Short-term lease cost ​ ​ 31 Total lease cost ​ $ 1,627
Schedule of Supplemental Cash Flow Information Of Leases	​ ​ ​ ​ ​ ​ ​ Three Months Ended (in thousands) ​ March 29, 2020 Cash paid for amounts included in the measurement of lease liabilities: ​ ​ ​ Operating cash flows from operating leases ​ $ 1,791 Right-of-use assets obtained in exchange for new operating lease liabilities ​ ​ 51,682 Weighted-average remaining lease term of operating leases (in years) ​ ​ 11 Weighted-average discount rate of operating leases ​ ​ 5.26

REVENUE RECOGNITION (Tables)

REVENUE RECOGNITION (Tables)	3 Months Ended
	Mar. 29, 2020
Revenue from Contract with Customer [Abstract]
Schedule of estimated revenues expected to be recognized in the future related to unsatisfied performance obligations	​ ​ ​ ​ ​ (in thousands) ​ Fiscal Year ​ 2020 ​ $ 83 2021 ​ 109 2022 ​ 107 2023 ​ 102 2024 ​ 93 Thereafter ​ 474 Total ​ $ 968
Schedule of change in contract liabilities	​ ​ ​ ​ ​ (in thousands) ​ ​ ​ Balance, December 29, 2019 ​ $ 1,318 Revenue recognized ​ ​ (350) Balance, March 29, 2020 ​ $ 968

STOCK-BASED COMPENSATION (Table

STOCK-BASED COMPENSATION (Tables)	3 Months Ended
	Mar. 29, 2020
Stock-based Compensation
Schedule of recognized stock-based compensation expense	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ (in thousands) March 29, 2020 March 31, 2019 ​ Stock options ​ $ 72 ​ $ 60 ​ Restricted stock ​ 65 ​ 23 ​ ​ ​ $ 137 ​ $ 83 ​
Schedule of stock option activity	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted ​ ​ ​ ​ ​ ​ ​ Average ​ ​ ​ ​ ​ ​ ​ Remaining ​ ​ Number of ​ Weighted Average ​ Contractual (number of options in thousands) Options Exercise Price Life in Years Options outstanding at December 29, 2019 452 ​ $ 6.71 ​ ​ Granted 120 ​ 4.27 ​ ​ Forfeited or expired ​ (22) ​ ​ 5.01 ​ ​ Options outstanding at March 29, 2020 550 ​ $ 6.24 ​ 5.9
Schedule of unvested restricted stock activity	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted ​ ​ ​ ​ ​ ​ ​ Average ​ ​ ​ ​ ​ ​ ​ Remaining ​ ​ Number of ​ Weighted Average ​ Contractual (number of awards in thousands) Awards Award Date Fair Value Life in Years Unvested at December 29, 2019 143 ​ $ 5.00 ​ ​ Granted 10 ​ 3.40 ​ ​ Vested, outstanding ​ (14) ​ ​ 4.71 ​ ​ Unvested at March 29, 2020 139 ​ $ 4.91 ​ 2.9
Schedule of stock option valuation assumptions	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ ​ March 29, 2020 ​ March 31, 2019 ​ Weighted-average fair value of options granted during the period ​ $ 1.86 ​ $ 2.33 ​ Expected life (in years) ​ 4.7 ​ 5.5 ​ Expected dividend ​ $ — ​ $ — ​ Expected stock volatility ​ 51.21 % 50.31 % Risk-free interest rate ​ 1.6 % 2.5 %

ASSET IMPAIRMENT AND ESTIMATE_2

ASSET IMPAIRMENT AND ESTIMATED LEASE TERMINATION AND OTHER CLOSING COSTS (Tables)	3 Months Ended
	Mar. 29, 2020
Asset Impairment and Estimated Lease Termination and Other Closing Costs
Schedule of asset impairment, estimated lease termination and other closing costs	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended (dollars in thousands) March 29, 2020 March 31, 2019 Asset impairments, net ​ $ — ​ $ 348 Lease termination charges and related costs ​ ​ 117 ​ ​ 20 Restaurant closure expenses ​ ​ 56 ​ ​ 39 Asset impairment, estimated lease termination charges and other closing costs ​ $ 173 ​ $ 407

RELATED PARTY TRANSACTIONS (Tab

RELATED PARTY TRANSACTIONS (Tables)	3 Months Ended
	Mar. 29, 2020
Related Party Transactions
Schedules of related party transactions	The following table outlines amounts received from related parties during the three months ended March 29, 2020, and March 31, 2019: ​ ​ ​ ​ ​ ​ ​ Three Months Ended (in thousands) March 29, 2020 March 31, 2019 Revenues and NAF contributions - Anand Gala $ 344 ​ $ 388 Revenues and NAF contributions - Charles Davidson ​ 166 ​ ​ 77 The following table outlines accounts receivable from related parties as of March 29, 2020 and December 29, 2019: ​ ​ ​ ​ ​ ​ ​ (in thousands) ​ March 29, 2020 December 29, 2019 Accounts receivable, net - Anand Gala ​ $ 344 ​ $ 290 Accounts receivable, net - Charles Davidson ​ ​ 111 ​ ​ 77

BASIS OF PRESENTATION (Details)

BASIS OF PRESENTATION (Details) $ in Thousands	Apr. 30, 2020USD ($)subsidiary	Mar. 16, 2020restaurant	Mar. 29, 2020USD ($)restaurantcountry	Mar. 31, 2019	Dec. 29, 2019USD ($)
Business information
Number of restaurants | restaurant			124
Number of states in which entity operates | country			31
Deferred tax asset, net			$ 1,600		$ 6,600
Effective tax rate			(2.70%)	17.20%
Restricted cash and marketing fund
Restricted cash			$ 971		761
Assets held for sale
Assets held for sale			2,842		2,842
Contract sale price for assets held for sale			3,600
Concentrations of risk
Accounts receivable, net			5,099		$ 4,379
Customer Concentration Risk | Franchisee One
Concentrations of risk
Accounts receivable, net			653
Customer Concentration Risk | Franchisee Two
Concentrations of risk
Accounts receivable, net			$ 485
COVID 19 | PPP Loans
Unusual and infrequent items
Number of wholly owned subsidiaries receiving PPP loans | subsidiary	2
Loan amount	$ 13,000
Entity Operated Units
Business information
Number of restaurants | restaurant			30
Franchised Units
Business information
Number of restaurants | restaurant			94
Real Urban Barbecue
Business information
Number of restaurants acquired | restaurant		1

BASIS OF PRESENTATION - Net Inc

BASIS OF PRESENTATION - Net Income Per Common Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 29, 2020	Mar. 31, 2019
Net income (loss) per common share
Net income attributable to shareholders	$ 13,707	$ 82
Weighted average shares outstanding - basic	9,121,000	9,085,000
Basic net income per share attributable to shareholders	$ 1.50	$ 0.01
Weighted average shares outstanding - diluted	9,202,000	9,189,000
Diluted net income per share attributable to shareholders	$ 1.49	$ 0.01
Anti-dilutive shares excluded from computation of diluted net income per share	228,197	179,000

RESTAURANT ACQUISITIONS - 2020

RESTAURANT ACQUISITIONS - 2020 Acquisitions (Details) - USD ($) $ in Thousands	Mar. 09, 2020	Mar. 29, 2020	Mar. 16, 2020	Dec. 29, 2019
Acquisitions
Lease right of use assets		$ 71,930		$ 25,962
Gain on bargain purchase		$ 14,364
Real Urban Barbecue
Acquisitions
Contract purchase price of an acquisition net of related costs			$ 45
Lease right of use assets			714
Operating lease liability			$ 714
Granite City
Acquisitions
Contract purchase price of an acquisition net of related costs	$ 3,650
Cash and cash equivalents	128
Inventory	980
Property, plant, equipment and leasehold improvements, net	17,818
Lease right-of-use asset, net of unfavorable lease value	50,968
Identifiable intangible assets, net	8,329
Total identifiable assets acquired	78,223
Gift card liability	(3,923)
Lease liability	(50,968)
Deferred tax liability	(4,985)
Net assets acquired	18,346
Gain on bargain purchase	14,364
Total consideration transferred	$ 3,982

RESTAURANT ACQUISITIONS - Pro F

RESTAURANT ACQUISITIONS - Pro Forma (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 29, 2020	Mar. 31, 2019
Pro Forma
Pro forma revenues	$ 35,874	$ 31,617
Pro forma net income	$ 13,602	$ 391
Basic pro forma net income per share attributable to shareholders	$ 1.50	$ 0.04
Diluted pro forma net income per share attributable to shareholders	$ 1.48	$ 0.04

PREPAID EXPENSES AND OTHER CU_3

PREPAID EXPENSES AND OTHER CURRENT ASSETS (Details) - USD ($) $ in Thousands	Mar. 29, 2020	Dec. 29, 2019
Prepaid expenses and other current assets
Prepaid expenses and deferred costs	$ 495	$ 405
Prepaid insurance	715	951
Prepaid expenses and other assets	$ 1,210	$ 1,356

PROPERTY, EQUIPMENT, AND LEAS_3

PROPERTY, EQUIPMENT, AND LEASEHOLD IMPROVEMENTS, NET (Details) - USD ($) $ in Thousands	Mar. 29, 2020	Dec. 29, 2019
Property, Equipment, And Leasehold Improvements, Net
Land, buildings, and improvements	$ 23,959	$ 28,185
Furniture, fixtures, equipment and software	40,843	17,880
Decor	586	584
Construction in progress	351	483
Accumulated depreciation and amortization	(28,273)	(27,376)
Property, equipment and leasehold improvements, net	$ 37,466	$ 19,756

INTANGIBLE ASSETS, NET - Carryi

INTANGIBLE ASSETS, NET - Carrying Amounts (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 29, 2020	Dec. 29, 2019
Intangible assets
Goodwill	$ 690	$ 640
Intangible assets, net	11,148	2,853
Liquor licenses
Intangible assets
Indefinite-lived intangible assets	837	425
Trademark, Logos, and Patents
Intangible assets
Indefinite-lived intangible assets	7,688
Franchise rights
Intangible assets
Finite lived intangible assets, net	$ 1,683	$ 1,788
Database
Intangible assets
Estimated useful life	3 years
Finite lived intangible assets, net	$ 250

OTHER CURRENT LIABILITIES (Deta

OTHER CURRENT LIABILITIES (Details) - USD ($) $ in Thousands	Mar. 29, 2020	Dec. 29, 2019
Other current liabilities
Gift cards payable	$ 5,828	$ 2,360
Accrued expenses	1,321	1,874
Asset retirement obligations and lease reserves	6	6
Sales tax payable	911	584
Deferred franchise fees	151	151
Other current liabilities	$ 8,217	$ 4,975

OTHER LIABILITIES (Details)

OTHER LIABILITIES (Details) - USD ($) $ in Thousands	Mar. 29, 2020	Dec. 29, 2019
Other Liabilities
Deferred rent	$ 30
Deferred franchise fees	817	$ 1,165
Miscellaneous other liabilities	169	216
Asset retirement obligations	3	3
Accrual for uncertain tax position	6	6
Long-term deferred compensation	220	220
Other liabilities	$ 1,245	$ 1,610

LONG-TERM DEBT AND FINANCING _3

LONG-TERM DEBT AND FINANCING LEASE OBLIGATIONS - Narrative (Details) - USD ($) $ in Thousands	Jun. 20, 2019	Mar. 29, 2020	Dec. 29, 2019
Long-term debt
Weighted average interest rate		5.00%	5.00%
Term Loan
Long-term debt
Maximum borrowing capacity	$ 24,000
Period of time, after the first year of the draw period, during which both principal and interest payments are due	5 years
Debt principal amortization period	60 months
Outstanding balance		$ 15,025	$ 6,924
Prepayment penalty	$ 0
Term Loan | Minimum | Prime Rate
Long-term debt
Rate of interest	5.00%

LONG-TERM DEBT AND FINANCING _4

LONG-TERM DEBT AND FINANCING LEASE OBLIGATIONS - Long-Term Debt and Financing Lease (Details) - USD ($) $ in Thousands	Mar. 29, 2020	Dec. 29, 2019
Less: deferred financing costs	$ (83)	$ (50)
Less: current portion of long-term debt	(2,020)	(616)
Long-term debt, less current portion	12,922	6,258
Term Loan
Debt Instrument Carrying Amount	$ 15,025	$ 6,924

LEASES - Lease Expense (Details

LEASES - Lease Expense (Details) $ in Thousands	3 Months Ended
	Mar. 29, 2020USD ($)
Lease expense
Operating lease cost	$ 1,596
Short-term lease cost	31
Total lease cost	$ 1,627

LEASES - Supplemental Cash Flow

LEASES - Supplemental Cash Flow Information (Details) $ in Thousands	3 Months Ended
	Mar. 29, 2020USD ($)
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$ 1,791
Right-of-use assets obtained in exchange for new operating lease liabilities	$ 51,682
Weighted-average remaining lease term of operating leases (in years)	11 years
Weighted-average discount rate of operating leases	5.26%

REVENUE RECOGNITION - Estimated

REVENUE RECOGNITION - Estimated Revenues Expected And Change In Contract Liabilities Default (Details) $ in Thousands	3 Months Ended
	Mar. 29, 2020USD ($)
Estimated future revenues expected to be recognized for performance obligations
Revenue expected to be recognized	$ 968
Change in contract liabilities
Beginning balance	1,318
Revenue recognized	(350)
Ending balance	968
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2020-03-30
Estimated future revenues expected to be recognized for performance obligations
Revenue expected to be recognized	$ 83
Revenue, remaining performance obligation, expected timing of satisfaction, period	9 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-01-04
Estimated future revenues expected to be recognized for performance obligations
Revenue expected to be recognized	$ 109
Revenue, remaining performance obligation, expected timing of satisfaction, period	12 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-01-03
Estimated future revenues expected to be recognized for performance obligations
Revenue expected to be recognized	$ 107
Revenue, remaining performance obligation, expected timing of satisfaction, period	12 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-01-02
Estimated future revenues expected to be recognized for performance obligations
Revenue expected to be recognized	$ 102
Revenue, remaining performance obligation, expected timing of satisfaction, period	12 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-01-01
Estimated future revenues expected to be recognized for performance obligations
Revenue expected to be recognized	$ 93
Revenue, remaining performance obligation, expected timing of satisfaction, period	12 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-12-30
Estimated future revenues expected to be recognized for performance obligations
Revenue expected to be recognized	$ 474
Revenue, remaining performance obligation, expected timing of satisfaction, period

STOCK-BASED COMPENSATION (Detai

STOCK-BASED COMPENSATION (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 29, 2020	Mar. 31, 2019
Stock-based compensation
Shares available for grant	89,661
Stock-based compensation expense	$ 137	$ 83
Stock Options
Stock-based compensation
Stock-based compensation expense	72	60
Restricted Stock
Stock-based compensation
Stock-based compensation expense	$ 65	$ 23
Employees and Directors | Stock Options
Stock-based compensation
Expiration period	10 years
Employees and Directors | Minimum | Stock Options
Stock-based compensation
Vesting period	2 years
Employees and Directors | Maximum | Stock Options
Stock-based compensation
Vesting period	5 years

STOCK-BASED COMPENSATION - Stoc

STOCK-BASED COMPENSATION - Stock Options (Details) shares in Thousands	3 Months Ended
	Mar. 29, 2020$ / sharesshares
Number of Options
Options outstanding at beginning of period | shares	452
Granted | shares	120
Forfeited or expired | shares	(22)
Options outstanding at end of period | shares	550
Weighted Average Exercise Price
Options outstanding at beginning of period | $ / shares	$ 6.71
Granted | $ / shares	4.27
Forfeited or expired | $ / shares	5.01
Options outstanding at end of period | $ / shares	$ 6.24
Weighted Average Remaining Contractual Life
Options outstanding	5 years 10 months 24 days

STOCK-BASED COMPENSATION - Rest

STOCK-BASED COMPENSATION - Restricted Stock (Details) - Restricted Stock shares in Thousands	3 Months Ended
	Mar. 29, 2020$ / sharesshares
Number of Awards
Unvested at beginning of period | shares	143
Granted | shares	10
Vested | shares	(14)
Unvested at end of period | shares	139
Weighted Average Award Date Fair Value
Unvested at beginning of period | $ / shares	$ 5
Granted | $ / shares	3.40
Vested | $ / shares	4.71
Unvested at end of period | $ / shares	$ 4.91
Weighted Average Remaining Contractual Life
Unvested at end of period	2 years 10 months 24 days

STOCK-BASED COMPENSATION - Valu

STOCK-BASED COMPENSATION - Valuation Assumptions (Details) - $ / shares	3 Months Ended
	Mar. 29, 2020	Mar. 31, 2019
Valuation Assumptions
Weighted-average fair value of options granted during the period	$ 1.86	$ 2.33
Expected life (in years)	4 years 8 months 12 days	5 years 6 months
Expected dividend	0.00%	0.00%
Expected stock volatility	51.21%	50.31%
Risk-free interest rate	1.60%	2.50%

ASSET IMPAIRMENT, ESTIMATED LEA

ASSET IMPAIRMENT, ESTIMATED LEASE TERMINATION AND OTHER CLOSING COSTS (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 29, 2020	Mar. 31, 2019
Asset Impairments and Business Exit Costs
Asset impairments, net		$ 348
Asset impairment, estimated lease termination and other closing costs	$ 173	407
Lease Termination Charges
Asset Impairments and Business Exit Costs
Business exit costs	117	20
Restaurant Closure Expenses
Asset Impairments and Business Exit Costs
Business exit costs	$ 56	$ 39

FAIR VALUE MEASUREMENTS (Detail

FAIR VALUE MEASUREMENTS (Details) - USD ($) $ in Thousands	Sep. 29, 2019	Dec. 30, 2018
Fair Value Measurements
Assets measured at fair value	$ 0	$ 0

VARIABLE INTEREST ENTITY (Detai

VARIABLE INTEREST ENTITY (Details) - USD ($) $ in Thousands	Jul. 18, 2018	Oct. 27, 2019	Mar. 29, 2020	Mar. 31, 2019	Dec. 29, 2019
Variable Interest Entities
Net income (loss)			$ 13,311	$ 82
Non-controlling interest			994		$ 598
Property, equipment and leasehold improvements			37,466		19,756
Operating lease right-of-use assets			71,930		25,962
Inventory			2,434		$ 1,346
Variable Interest Entity, Primary Beneficiary | Reportable Legal Entities
Variable Interest Entities
Non-controlling interest			396
Frederick, Maryland Restaurant
Variable Interest Entities
Maximum loss exposure			348
Mercury BBQ
Variable Interest Entities
Promissory note		$ 3,900
Interest rate on promissory note		8.00%
Percentage of excess cash flows to be used to repay note receivable		100.00%
Mercury BBQ
Variable Interest Entities
Ownership percentage	20.00%
Clark Championship Products | Mercury BBQ
Variable Interest Entities
Ownership percentage	80.00%
Mercury BBQ
Variable Interest Entities
Net income (loss)			496
Property, equipment and leasehold improvements			3,100
Operating lease right-of-use assets			2,000
Inventory			62
Non-controlling Interest
Variable Interest Entities
Net income (loss)			$ (396)

RELATED PARTY TRANSACTIONS (Det

RELATED PARTY TRANSACTIONS (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 29, 2020	Mar. 31, 2019	Dec. 29, 2019
Director
Related Party Transactions
Revenues and NAF contributions	$ 344	$ 388
Accounts receivable from related parties	344		$ 290
Beneficial Owner
Related Party Transactions
Revenues and NAF contributions	166	$ 77
Accounts receivable from related parties	$ 111		$ 77
Beneficial ownership percentage	18.20%

SUBSEQUENT EVENTS (Details)

SUBSEQUENT EVENTS (Details) - COVID 19 - USD ($)	Apr. 30, 2020	Apr. 25, 2020
PPP Loans
Subsequent events
Loan amount	$ 13,000,000
Subsequent Event | PPP Loans
Subsequent events
Rate of interest	1.00%
Loan term	2 years
Period of time that payments of principal and interest will be deferred	6 months
Subsequent Event | FDA
Subsequent events
Percentage decrease in same store sales		29.00%
Subsequent Event | FDA | PPP Loans
Subsequent events
Loan amount	$ 7,225,200
Subsequent Event | GC
Subsequent events
Percentage decrease in same store sales		83.00%
Subsequent Event | GC | PPP Loans
Subsequent events
Loan amount	$ 5,810,800