Document_And_Entity_Informatio
Document And Entity Information | 9 Months Ended | |
Aug. 31, 2014 | Oct. 10, 2014 | |
Document and Entity Information [Abstract] | ' | ' |
Entity Registrant Name | 'BAB, INC. | ' |
Document Type | '10-Q | ' |
Current Fiscal Year End Date | '--11-30 | ' |
Entity Common Stock, Shares Outstanding | ' | 7,263,508 |
Amendment Flag | 'false | ' |
Entity Central Index Key | '0001123596 | ' |
Entity Current Reporting Status | 'Yes | ' |
Entity Voluntary Filers | 'No | ' |
Entity Filer Category | 'Smaller Reporting Company | ' |
Entity Well-known Seasoned Issuer | 'No | ' |
Document Period End Date | 31-Aug-14 | ' |
Document Fiscal Year Focus | '2014 | ' |
Document Fiscal Period Focus | 'Q3 | ' |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Aug. 31, 2014 | Nov. 30, 2013 |
Current Assets | ' | ' |
Cash | $630,881 | $683,891 |
Restricted cash | 405,025 | 581,469 |
Trade accounts and notes receivable (net of allowance for doubtful accounts of $29,951 in 2014 and $10,447 in 2013 ) | 226,047 | 137,294 |
Marketing fund contributions receivable from franchisees and stores | 28,471 | 10,017 |
Inventories | 28,859 | 27,544 |
Prepaid expenses and other current assets | 78,400 | 81,532 |
Total Current Assets | 1,397,683 | 1,521,747 |
Property, plant and equipment (net of accumulated depreciation of $145,743 in 2014 and $143,459 in 2013) | 6,750 | 10,102 |
Assets held for sale | ' | 3,783 |
Trademarks | 454,479 | 448,022 |
Goodwill | 1,493,771 | 1,493,771 |
Definite lived intangible assets (net of accumulated amortization of $78,171 in 2014 and $67,887 in 2013) | 38,706 | 47,803 |
Deferred tax asset | 248,000 | 248,000 |
Total Noncurrent Assets | 2,241,706 | 2,251,481 |
Total Assets | 3,639,389 | 3,773,228 |
Current Liabilities | ' | ' |
Current portion of long-term debt | 30,451 | 30,451 |
Accounts payable | 9,713 | 22,543 |
Accrued expenses and other current liabilities | 274,264 | 280,120 |
Unexpended marketing fund contributions | 202,667 | 360,683 |
Deferred franchise fee revenue | 15,000 | 50,000 |
Deferred licensing revenue | 6,667 | 36,667 |
Total Current Liabilities | 538,762 | 780,464 |
Long-term debt (net of current portion) | 65,311 | 65,311 |
Total Liabilities | 604,073 | 845,775 |
Stockholders' Equity | ' | ' |
Common stock -$.001 par value; 15,000,000 shares authorized; 8,466,953 shares issued and 7,263,508 shares outstanding as of August 31, 2014 and November 30, 2013. | 13,508,257 | 13,508,257 |
Additional paid-in capital | 987,034 | 987,034 |
Treasury stock | -222,781 | -222,781 |
Accumulated deficit | -11,237,194 | -11,345,057 |
Total Stockholders' Equity | 3,035,316 | 2,927,453 |
Total Liabilities and Stockholders' Equity | $3,639,389 | $3,773,228 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parentheticals) (USD $) | Aug. 31, 2014 | Nov. 30, 2013 |
Allowance for doubtful accounts (in Dollars) | $29,951 | $10,447 |
Accumulated depreciation, property, plant and equipment (in Dollars) | 145,743 | 143,459 |
Definite lived intangible assets, accumulated amortization (in Dollars) | $78,171 | $67,887 |
Preferred stock, shares authorized | 4,000,000 | 4,000,000 |
Preferred stock, par value (in Dollars per share) | $0.00 | $0.00 |
Preferred stock, shares outstanding | 0 | 0 |
Common stock, par value (in Dollars per share) | $0.00 | $0.00 |
Common stock, shares authorized | 15,000,000 | 15,000,000 |
Common stock, shares issued | 8,466,953 | 8,466,953 |
Common stock, shares outstanding | 7,263,508 | 7,263,508 |
Preferred Class A [Member] | ' | ' |
Preferred stock, shares authorized | 1,000,000 | 1,000,000 |
Preferred stock, par value (in Dollars per share) | $0.00 | $0.00 |
Preferred stock, shares outstanding | 0 | 0 |
Consolidated_Statements_of_Inc
Consolidated Statements of Income (Unaudited) (USD $) | 3 Months Ended | 9 Months Ended | ||
Aug. 31, 2014 | Aug. 31, 2013 | Aug. 31, 2014 | Aug. 31, 2013 | |
REVENUES | ' | ' | ' | ' |
Royalty fees from franchised stores | $458,656 | $446,603 | $1,311,369 | $1,334,047 |
Franchise fees | 37,500 | 35,000 | 272,500 | 45,000 |
Licensing fees and other income | 104,060 | 135,143 | 322,559 | 430,935 |
Total Revenues | 600,216 | 616,746 | 1,906,428 | 1,809,982 |
Selling, general and administrative expenses: | ' | ' | ' | ' |
Payroll and payroll-related expenses | 262,741 | 283,826 | 809,981 | 992,266 |
Occupancy | 44,596 | 41,716 | 136,522 | 125,873 |
Advertising and promotion | 11,223 | 13,309 | 27,394 | 50,129 |
Professional service fees | 31,088 | 37,482 | 131,166 | 127,093 |
Travel | 12,522 | 9,440 | 36,126 | 42,367 |
Employee benefit expense | 24,816 | 24,889 | 77,817 | 77,898 |
Depreciation and amortization | 4,522 | 4,367 | 13,636 | 13,078 |
Other | 47,032 | 74,392 | 192,271 | 191,462 |
Total Operating Expenses | 438,540 | 489,421 | 1,424,913 | 1,620,166 |
Income from operations | 161,676 | 127,325 | 481,515 | 189,816 |
Interest income | 87 | 212 | 353 | 768 |
Interest expense | -1,138 | -1,482 | -3,412 | -4,447 |
Income before provision for income taxes | 160,625 | 126,055 | 478,456 | 186,137 |
Provision (benefit) for income taxes | ' | ' | ' | ' |
Current tax | -7,583 | 17,795 | 7,417 | 17,795 |
Net Income | $168,208 | $108,260 | $471,039 | $168,342 |
Earnings per share - Basic and Diluted (in Dollars per share) | $0.02 | $0.01 | $0.06 | $0.02 |
Weighted average shares outstanding - Basic (in Shares) | 7,263,508 | 7,263,508 | 7,263,508 | 7,263,508 |
Effect of dilutive common stock (in Shares) | ' | 6,172 | ' | 4,372 |
Weighted average shares outstanding - Diluted (in Shares) | 7,263,508 | 7,269,680 | 7,263,508 | 7,267,880 |
Cash distributions declared per share (in Dollars per share) | $0.01 | ' | $0.05 | $0.07 |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (Unaudited) (USD $) | 9 Months Ended | |
Aug. 31, 2014 | Aug. 31, 2013 | |
Operating activities | ' | ' |
Net income | $471,039 | $168,342 |
Depreciation and amortization | 13,636 | 13,078 |
Provision for uncollectible accounts, net of recoveries | 19,504 | -7,975 |
Loss on assets held for sale | 3,783 | ' |
Changes in: | ' | ' |
Trade accounts receivable and notes receivable | -108,257 | -28,908 |
Restricted cash | 176,444 | 7,080 |
Marketing fund contributions receivable | -18,454 | 5,430 |
Inventories | -1,315 | -1,557 |
Prepaid expenses and other | 3,133 | -17,508 |
Accounts payable | -12,830 | 12,282 |
Accrued liabilities | -5,856 | -47,212 |
Unexpended marketing fund contributions | -158,016 | -12,511 |
Deferred revenue | -65,000 | -27,500 |
Net Cash Provided by Operating Activities | 317,811 | 63,041 |
Investing activities | ' | ' |
Capitalization of trademark renewals | -7,644 | -1,950 |
Net Cash Used In Investing Activities | -7,644 | -1,950 |
Financing activities | ' | ' |
Cash distributions/dividends | -363,177 | -508,446 |
Net Cash Used In Financing Activities | -363,177 | -508,446 |
Net Decrease in Cash | -53,010 | -447,355 |
Cash, Beginning of Period | 683,891 | 1,256,257 |
Cash, End of Period | 630,881 | 808,902 |
Interest paid | 0 | 0 |
Income taxes paid | ' | $26,000 |
Note_1_Nature_of_Operations
Note 1 - Nature of Operations | 9 Months Ended |
Aug. 31, 2014 | |
Disclosure Text Block [Abstract] | ' |
Nature of Operations [Text Block] | ' |
Note 1 - Nature of Operations | |
BAB, Inc. (“the Company”) has two wholly owned subsidiaries: BAB Systems, Inc. (“Systems”) and BAB Operations, Inc. (“Operations”). Systems was incorporated on December 2, 1992, and was primarily established to franchise Big Apple Bagels® (“BAB”) specialty bagel retail stores. SweetDuet Frozen Yogurt & Gourmet Muffins® (“SD”) was established in May 2012 to franchise frozen yogurt and gourmet muffin retail stores. Systems includes Big Apple Bagels, My Favorite Muffin and SweetDuet franchises. Operations was formed on August 30, 1995, primarily to operate Company-owned stores of which there are currently none. The assets of Jacobs Bros. Bagels (“Jacobs Bros.”) were acquired on February 1, 1999, and any branded wholesale business uses this trademark. | |
The Company was incorporated under the laws of the State of Delaware on July 12, 2000. The Company currently franchises and licenses bagel and muffin retail units and frozen yogurt retail units under the BAB, MFM and SD trade names. At August 31, 2014, the Company had 90 franchise units and 5 licensed units in operation in 26 states. The Company additionally derives income from the sale of its trademarked bagels, muffins and coffee through nontraditional channels of distribution including under licensing agreements with Kohr Bros. Frozen Custard, Kaleidoscoops and Green Beans Coffee. Also, included in licensing fees and other income is Operations Sign Shop results. For franchise consistency and convenience, the Sign Shop provides the majority of signage to franchisees, including but not limited to, posters, menu panels, outside window stickers and counter signs. | |
The BAB franchised brand consists of units operating as “Big Apple Bagels®,” featuring daily baked bagels, flavored cream cheeses, premium coffee, gourmet bagel sandwiches and other related products. Licensed BAB units serve the Company's frozen bagel and related products baked daily. BAB units are primarily concentrated in the Midwest and Western United States. The MFM brand consists of units operating as "My Favorite Muffin®," featuring a large variety of freshly baked muffins, premium coffee and related products, and units operating as "My Favorite Muffin and Bagel Cafe," featuring these products as well as a variety of specialty bagel sandwiches and related products. The SweetDuet Frozen Yogurt & Gourmet Muffins® brand is a fusion concept, pairing self-serve frozen yogurt with MFM’s exclusive line of My Favorite Muffin gourmet muffins, broadening the shop’s offering and therefore differentiating itself from the numerous frozen yogurt outlets already populating the market. Although the Company doesn't actively market Brewster's stand-alone franchises, Brewster's coffee products are sold in most franchised units. | |
The Company has grown significantly since its initial public offering through growth in franchise units and the development of alternative distribution channels for its branded products. An International Master Franchise Agreement was signed with a UAE franchisee in 2014. According to the terms of the Agreement, BAB will receive franchise royalties from all stores that open under the Agreement. The Company is leveraging on the natural synergy of distributing muffin products in BAB and SD units and, alternatively, bagel products and Brewster's Coffee in existing MFM units. The Company expects to continue to realize efficiencies in servicing the combined base of BAB, MFM and SD franchisees. | |
The accompanying condensed consolidated financial statements are unaudited. These financial statements have been prepared in accordance with the rules and regulations of the Securities and Exchange Commission. Certain information and footnote disclosures normally included in financial statements prepared in accordance with U.S. generally accepted accounting principles have been omitted pursuant to such SEC rules and regulations; nevertheless, the Company believes that the disclosures are adequate to make the information presented not misleading. These financial statements and the notes hereto should be read in conjunction with the financial statements and notes thereto included in the Company's Annual Report on Form 10-K for the year ended November 30, 2013 which was filed February 26, 2014. In the opinion of the Company's management, the condensed consolidated financial statements for the unaudited interim periods presented include all adjustments, including normal recurring adjustments, necessary to fairly present the results of such interim periods and the financial position as of the end of said period. The results of operations for the interim period are not necessarily indicative of the results for the full year. |
Note_2_Units_Open_and_Under_De
Note 2 - Units Open and Under Development | 9 Months Ended | ||||||||
Aug. 31, 2014 | |||||||||
Units Open And Under Development [Text Block] [Abstract] | ' | ||||||||
Units Open And Under Development [Text Block] | ' | ||||||||
2. Units Open and Under Development | |||||||||
Units which are open or under development at August 31, 2014 are as follows: | |||||||||
Stores open: | |||||||||
Franchise owned stores | 90 | ||||||||
Licensed units | 5 | ||||||||
Unopened stores with franchise Agreements | 2 | ||||||||
Total operating units and units with Franchise Agreements | 97 | ||||||||
Note_3_Earnings_Per_Share
Note 3 - Earnings Per Share | 9 Months Ended | ||||||||||||||||
Aug. 31, 2014 | |||||||||||||||||
Earnings Per Share [Abstract] | ' | ||||||||||||||||
Earnings Per Share [Text Block] | ' | ||||||||||||||||
3. Earnings per Share | |||||||||||||||||
The following table sets forth the computation of basic and diluted earnings per share: | |||||||||||||||||
For the 3 months ended August 31, | For the 9 months ended August 31, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Numerator: | |||||||||||||||||
Net income available to common shareholders | $ | 168,208 | $ | 108,260 | $ | 471,039 | $ | 168,342 | |||||||||
Denominator: | |||||||||||||||||
Weighted average outstanding shares | |||||||||||||||||
Basic | 7,263,508 | 7,263,508 | 7,263,508 | 7,263,508 | |||||||||||||
Earnings per Share - Basic | $ | 0.02 | $ | 0.01 | $ | 0.06 | $ | 0.02 | |||||||||
Effect of dilutive common stock | - | 6,172 | - | 4,372 | |||||||||||||
Weighted average outstanding shares | |||||||||||||||||
Diluted | 7,263,508 | 7,269,680 | 7,263,508 | 7,267,880 | |||||||||||||
Earnings per share - Diluted | $ | 0.02 | $ | 0.01 | $ | 0.06 | $ | 0.02 | |||||||||
The Company excluded 314,400 and 350,400 potential shares attributable to outstanding stock options from the calculation of diluted earnings per share for the three and nine months ended August 31, 2014 and 2013, respectively because their inclusion would have been anti-dilutive. |
Note_4_LongTerm_Debt
Note 4 - Long-Term Debt | 9 Months Ended |
Aug. 31, 2014 | |
Disclosure Text Block [Abstract] | ' |
Long-term Debt [Text Block] | ' |
4. Long-Term Debt | |
The total debt balance of $95,762 represents a note payable to a former shareholder that requires an annual payment of $35,000, including interest at 4.75%, due October 1 and running through 2016. |
Note_5_Stock_Options
Note 5 - Stock Options | 9 Months Ended | |||||||||||||||||||||||||||
Aug. 31, 2014 | ||||||||||||||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | |||||||||||||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Text Block] | ' | |||||||||||||||||||||||||||
5. Stock Options | ||||||||||||||||||||||||||||
In May 2001, the Company approved a Long-Term Incentive and Stock Option Plan (Plan). The Plan reserved and has issued 1,400,000 shares of common stock for grant. As of August 31, 2014, there were 1,085,600 stock options exercised or forfeited under the Plan. | ||||||||||||||||||||||||||||
For the 9 months ended August 31, | ||||||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||||||
Options | Options | |||||||||||||||||||||||||||
Options outstanding at beginning of period | 368,373 | 368,373 | ||||||||||||||||||||||||||
Granted | - | - | ||||||||||||||||||||||||||
Forfeited or Expired | (53,973 | ) | - | |||||||||||||||||||||||||
Exercised | - | - | ||||||||||||||||||||||||||
Outstanding at end of period | 314,400 | 368,373 | ||||||||||||||||||||||||||
All compensation cost arising from share-based payment arrangements in payroll-related expenses was expensed as of November 30, 2011. | ||||||||||||||||||||||||||||
To value option grants and other awards for stock-based compensation, the Company uses the Black-Scholes option valuation model. When the measurement date is certain, the fair value of each option grant is estimated on the date of grant and is based on the assumptions used for the expected stock price volatility, expected term, risk-free interest rates and future dividend payments. | ||||||||||||||||||||||||||||
The Company’s stock option terms expire in 10 years and vary in vesting from immediate to a vesting period of five years. | ||||||||||||||||||||||||||||
The following table summarizes the stock options outstanding and exercisable at August 31, 2014: | ||||||||||||||||||||||||||||
Options Outstanding | Options Exercisable | |||||||||||||||||||||||||||
Outstanding | Wghtd. Avg. | Wghtd. Avg. | Aggregate | Exercisable | Wghtd. Avg. | Aggregate | ||||||||||||||||||||||
at 8/31/2014 | Remaining Life | Exercise Price | Intrinsic Value | 8/31/14 | Exercise Price | Intrinsic Value | ||||||||||||||||||||||
314,400 | 1.85 | $ | 1.19 | $ | - | 314,400 | $ | 1.19 | $ | - | ||||||||||||||||||
There is no computation for the aggregate intrinsic value in the table above because the outstanding options weighted average exercise price was greater than the Company’s closing stock price of $0.75 as of the last business day of the period ended August 31, 2014. There were 53,973 unexercised options that expired and no options exercised during the nine month period ended August 31, 2014. |
Note_6_Goodwill_and_Other_Inta
Note 6 - Goodwill and Other Intangible Assets | 9 Months Ended |
Aug. 31, 2014 | |
Goodwill and Intangible Assets Disclosure [Abstract] | ' |
Goodwill and Intangible Assets Disclosure [Text Block] | ' |
6. Goodwill and Other Intangible Assets | |
Accounting Standard Codification (“ASC”) 350 “Goodwill and Other Intangible Assets” requires that assets with indefinite lives no longer be amortized, but instead be subject to annual impairment tests. The Company follows this guidance. | |
The Company tests goodwill that is not subject to amortization for impairment annually or more frequently if events or circumstances indicate that impairment is possible. Goodwill was tested at the end of the first quarter, February 28, 2014 and it was found that the carrying value of goodwill and intangible assets were not impaired. | |
The impairment test performed February 28, 2014 was based on a discounted cash flow model using management’s business plan projected for expected cash flows. Based on the computation it was determined that no impairment has occurred. |
Note_7_Recent_Accounting_Prono
Note 7 - Recent Accounting Pronouncements | 9 Months Ended |
Aug. 31, 2014 | |
Disclosure Text Block [Abstract] | ' |
Description of New Accounting Pronouncements Not yet Adopted [Text Block] | ' |
7. Recent Accounting Pronouncements | |
In May 2014, the FASB issued Accounting Standards Update No. 2014-09, Revenue from Contracts with Customers (ASU 2014-09), which supersedes nearly all existing revenue recognition guidance under U.S. GAAP. The core principle of ASU 2014-09 is to recognize revenues when promised goods or services are transferred to customers in an amount that reflects the consideration to which an entity expects to be entitled for those goods or services. ASU 2014-09 defines a five step process to achieve this core principle and, in doing so, more judgment and estimates may be required within the revenue recognition process than are required under existing U.S. GAAP. | |
The standard is effective for annual periods beginning after December 15, 2016, and interim periods therein, using either of the following transition methods: (i) a full retrospective approach reflecting the application of the standard in each prior reporting period with the option to elect certain practical expedients, or (ii) a retrospective approach with the cumulative effect of initially adopting ASU 2014-09 recognized at the date of adoption (which includes additional footnote disclosures). We are currently evaluating the impact of our pending adoption of ASU 2014-09 on our consolidated financial statements and have not yet determined the method by which we will adopt the standard in 2017. | |
Management does not believe that there are any other recently issued and effective, or not yet effective, pronouncements as of August 31, 2014 that would have, or are expected to have, any significant effect on the Company’s consolidated financial position, cash flows or results of operations. |
Note_8_Equity
Note 8 - Equity | 9 Months Ended |
Aug. 31, 2014 | |
Stockholders' Equity Note [Abstract] | ' |
Stockholders' Equity Note Disclosure [Text Block] | ' |
8. Equity | |
On September 2, 2014 the Board of Directions declared a cash dividend/distribution of $0.01 per share to be paid October 6, 2014 to shareholders of record as of September 18, 2014. | |
On May 6, 2013 BAB, Inc. adopted a Preferred Shares Rights Agreement (“Rights Plan”) and declared a dividend distribution of one right (equivalent to one one-thousandth of a preferred share), for each outstanding share of common stock. The Rights Plan is intended to protect BAB and its stockholders from efforts to obtain control of BAB that the Board of Directors determines are not in the best interest of BAB and its stockholders. BAB issued one right for each current share of stock outstanding at the close of business on May 13, 2013. In general, the rights will not be exercisable unless a person or group acquires 15% (20% institutional investors) or more of BAB’s common stock (“trigger event”). Should a trigger event occur, each right entitles the registered holder to purchase from the Company one one-thousandth of a share of the Series A Participating Preferred Stock of the Company at an exercise price of $0.90 per one-thousandth of a Preferred Share, subject to adjustment. The rights will expire in three years from the date of declaration. | |
On June 18, 2014 an amendment to the Preferred Shares Rights Agreement was filed appointing American Stock Transfer Company LLC as successor to Illinois Stock Transfer Company. All original rights and provisions remain unchanged. |
Note_9_Contingency
Note 9 - Contingency | 9 Months Ended |
Aug. 31, 2014 | |
Loss Contingency [Abstract] | ' |
Contingencies Disclosure [Text Block] | ' |
9. Contingency | |
We are subject to various legal proceedings and claims, either asserted or unasserted, which arise in the ordinary course of business. While the outcome of such proceedings or claims cannot be predicted with certainty, management does not believe that the outcome of any of such proceedings or claims will have a material effect on our financial position. Except as stated below, we know of no pending or threatened proceeding or claim to which we are or will be a party. | |
On July 8, 2013, a judgment was entered in the Circuit Court of Cook County in the amount of $84,000 against BAB Operations, Inc. (“Operations”), a wholly owned subsidiary of the Company, and in favor of a former landlord of Operations, Alecta Real Estate USA, LLC. Operations, the subsidiary which owned Company stores, had been a tenant operating a Big Apple Bagels store in Glenview, Illinois from 1999 to 2001 when it sold the store and assigned the lease to a franchisee. The store was sold and the lease was assigned three more times over the next 10 years. In 2011, the final owner of the store closed it and defaulted on the lease. Operations, which no longer owns any Company stores, was sued for a continuing guaranty in connection with the original assignment of the lease in 2001. Operations contended that it bore no liability because of language in one of the subsequent assignments releasing it from any further liability. | |
On August 15, 2013, an additional judgment of $70,030 was entered in the Circuit Court of Cook County for this same matter for plaintiff’s attorney’s fees bringing the total judgment to $154,030. In September 2013 the Company filed an appeal. A bond was required and posted by BAB, Inc. for an amount equal to 150% of the judgment. | |
The appeal has been fully briefed by both sides. It is anticipated that the oral argument, if allowed, would be sometime in November of 2014. | |
The Company and its trial and appellate counsel believe that we will prevail on appeal and that it is only reasonably possible that the Court’s ruling will be upheld as it is contrary to applicable Illinois precedent. The Company believes there will be zero damages assessed based on prior favorable rulings in similar cases; accordingly, no amounts have been accrued for any potential losses in this matter. |
Note_2_Units_Open_and_Under_De1
Note 2 - Units Open and Under Development (Tables) | 9 Months Ended | ||||||||
Aug. 31, 2014 | |||||||||
Units Open And Under Development [Text Block] [Abstract] | ' | ||||||||
Schedule of Franchisor Disclosure [Table Text Block] | ' | ||||||||
Stores open: | |||||||||
Franchise owned stores | 90 | ||||||||
Licensed units | 5 | ||||||||
Unopened stores with franchise Agreements | 2 | ||||||||
Total operating units and units with Franchise Agreements | 97 |
Note_3_Earnings_Per_Share_Tabl
Note 3 - Earnings Per Share (Tables) | 9 Months Ended | ||||||||||||||||
Aug. 31, 2014 | |||||||||||||||||
Earnings Per Share [Abstract] | ' | ||||||||||||||||
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | ' | ||||||||||||||||
For the 3 months ended August 31, | For the 9 months ended August 31, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Numerator: | |||||||||||||||||
Net income available to common shareholders | $ | 168,208 | $ | 108,260 | $ | 471,039 | $ | 168,342 | |||||||||
Denominator: | |||||||||||||||||
Weighted average outstanding shares | |||||||||||||||||
Basic | 7,263,508 | 7,263,508 | 7,263,508 | 7,263,508 | |||||||||||||
Earnings per Share - Basic | $ | 0.02 | $ | 0.01 | $ | 0.06 | $ | 0.02 | |||||||||
Effect of dilutive common stock | - | 6,172 | - | 4,372 | |||||||||||||
Weighted average outstanding shares | |||||||||||||||||
Diluted | 7,263,508 | 7,269,680 | 7,263,508 | 7,267,880 | |||||||||||||
Earnings per share - Diluted | $ | 0.02 | $ | 0.01 | $ | 0.06 | $ | 0.02 |
Note_5_Stock_Options_Tables
Note 5 - Stock Options (Tables) | 9 Months Ended | |||||||||||||||||||||||||||
Aug. 31, 2014 | ||||||||||||||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | |||||||||||||||||||||||||||
Schedule of Share-based Compensation, Stock Options, Activity [Table Text Block] | ' | |||||||||||||||||||||||||||
For the 9 months ended August 31, | ||||||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||||||
Options | Options | |||||||||||||||||||||||||||
Options outstanding at beginning of period | 368,373 | 368,373 | ||||||||||||||||||||||||||
Granted | - | - | ||||||||||||||||||||||||||
Forfeited or Expired | (53,973 | ) | - | |||||||||||||||||||||||||
Exercised | - | - | ||||||||||||||||||||||||||
Outstanding at end of period | 314,400 | 368,373 | ||||||||||||||||||||||||||
Schedule of Share-based Compensation, Shares Authorized under Stock Option Plans, by Exercise Price Range [Table Text Block] | ' | |||||||||||||||||||||||||||
Options Outstanding | Options Exercisable | |||||||||||||||||||||||||||
Outstanding | Wghtd. Avg. | Wghtd. Avg. | Aggregate | Exercisable | Wghtd. Avg. | Aggregate | ||||||||||||||||||||||
at 8/31/2014 | Remaining Life | Exercise Price | Intrinsic Value | 8/31/14 | Exercise Price | Intrinsic Value | ||||||||||||||||||||||
314,400 | 1.85 | $ | 1.19 | $ | - | 314,400 | $ | 1.19 | $ | - |
Note_2_Units_Open_and_Under_De2
Note 2 - Units Open and Under Development (Details) - Operating Units | Aug. 31, 2014 |
Franchisor Disclosure [Line Items] | ' |
Operating Units | 97 |
Franchised Units [Member] | ' |
Franchisor Disclosure [Line Items] | ' |
Operating Units | 90 |
Entity Operated Units [Member] | ' |
Franchisor Disclosure [Line Items] | ' |
Operating Units | 5 |
Unopened Store [Member] | ' |
Franchisor Disclosure [Line Items] | ' |
Operating Units | 2 |
Note_3_Earnings_Per_Share_Deta
Note 3 - Earnings Per Share (Details) | 3 Months Ended | 9 Months Ended | ||
Aug. 31, 2014 | Aug. 31, 2013 | Aug. 31, 2014 | Aug. 31, 2013 | |
Earnings Per Share [Abstract] | ' | ' | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 314,400 | 350,400 | 314,400 | 350,400 |
Note_3_Earnings_Per_Share_Deta1
Note 3 - Earnings Per Share (Details) - Computation of Earnings Per Share (USD $) | 3 Months Ended | 9 Months Ended | ||
Aug. 31, 2014 | Aug. 31, 2013 | Aug. 31, 2014 | Aug. 31, 2013 | |
Numerator: | ' | ' | ' | ' |
Net income available to common shareholders (in Dollars) | $168,208 | $108,260 | $471,039 | $168,342 |
Denominator: | ' | ' | ' | ' |
Basic | 7,263,508 | 7,263,508 | 7,263,508 | 7,263,508 |
Earnings per Share - Basic (in Dollars per share) | $0.02 | $0.01 | $0.06 | $0.02 |
Effect of dilutive common stock | ' | 6,172 | ' | 4,372 |
Diluted | 7,263,508 | 7,269,680 | 7,263,508 | 7,267,880 |
Earnings per share - Diluted (in Dollars per share) | $0.02 | $0.01 | $0.06 | $0.02 |
Note_4_LongTerm_Debt_Details
Note 4 - Long-Term Debt (Details) (USD $) | 9 Months Ended |
Aug. 31, 2014 | |
Disclosure Text Block [Abstract] | ' |
Notes Payable, Noncurrent | $95,762 |
Debt Instrument, Periodic Payment | $35,000 |
Debt Instrument, Interest Rate, Stated Percentage | 4.75% |
Note_5_Stock_Options_Details
Note 5 - Stock Options (Details) (USD $) | 9 Months Ended | 160 Months Ended |
Aug. 31, 2014 | Aug. 31, 2014 | |
Note 5 - Stock Options (Details) [Line Items] | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Net of Forfeitures | ' | 1,400,000 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises and Forfeitures in Period | ' | 1,085,600 |
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period | ' | '10 years |
Share Price (in Dollars per share) | $0.75 | $0.75 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period | 0 | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Expirations in Period | 53,973 | ' |
Maximum [Member] | ' | ' |
Note 5 - Stock Options (Details) [Line Items] | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | ' | '5 years |
Note_5_Stock_Options_Details_S
Note 5 - Stock Options (Details) - Stock Option Activity | 9 Months Ended | |
Aug. 31, 2014 | Aug. 31, 2013 | |
Stock Option Activity [Abstract] | ' | ' |
Options outstanding at beginning of period | 368,373 | 368,373 |
Forfeited or Expired | -53,973 | 0 |
Outstanding at end of period | 314,400 | 368,373 |
Note_5_Stock_Options_Details_S1
Note 5 - Stock Options (Details) - Summary of Stock Options Outstanding and Exercisable (USD $) | 9 Months Ended | |||
Aug. 31, 2014 | Nov. 30, 2013 | Aug. 31, 2013 | Nov. 30, 2012 | |
Summary of Stock Options Outstanding and Exercisable [Abstract] | ' | ' | ' | ' |
314,400 | 368,373 | 368,373 | 368,373 | |
'1 year 310 days | ' | ' | ' | |
$1.19 | ' | ' | ' | |
$0 | ' | ' | ' | |
314,400 | ' | ' | ' | |
$1.19 | ' | ' | ' | |
$0 | ' | ' | ' |
Note_8_Equity_Details
Note 8 - Equity (Details) (USD $) | 0 Months Ended | 3 Months Ended | 9 Months Ended | 0 Months Ended | |||
13-May-13 | 6-May-13 | Aug. 31, 2014 | Aug. 31, 2014 | Aug. 31, 2013 | 13-May-13 | Sep. 02, 2014 | |
Subsequent Event [Member] | |||||||
Note 8 - Equity (Details) [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Common Stock, Dividends, Per Share, Declared | ' | ' | $0.01 | $0.05 | $0.07 | ' | $0.01 |
Preferred Stock Dividends, Number of Rights, Declared | ' | 1 | ' | ' | ' | ' | ' |
Preferred Stock Dividends, Number of Rights, Issued | 1 | ' | ' | ' | ' | ' | ' |
Preferred Stock Dividends, Number of Rights, Minimum Percent of Common Stock that Must Be Acquired to Make Rights Exercisable, Non-institutional Investors | ' | ' | ' | ' | ' | 15.00% | ' |
Preferred Stock Dividends, Number of Rights, Minimum Percent of Common Stock that Must Be Acquired to Make Rights Exercisable, Institutional Investors | ' | ' | ' | ' | ' | 20.00% | ' |
Preferred Stock Dividends, Rights, Exercise Price | ' | ' | ' | ' | ' | $0.90 | ' |
Preferred Stock Dividends, Rights, Expiration Term | '3 years | ' | ' | ' | ' | ' | ' |
Note_9_Contingency_Details
Note 9 - Contingency (Details) (USD $) | 0 Months Ended | 14 Months Ended | ||
Aug. 15, 2013 | Jul. 08, 2013 | Aug. 31, 2014 | Sep. 30, 2013 | |
Note 9 - Contingency (Details) [Line Items] | ' | ' | ' | ' |
Estimated Litigation Liability | ' | ' | $0 | ' |
Loss Contingency Accrual | ' | ' | 0 | ' |
Alecta Real Estate USA, LLC. [Member] | ' | ' | ' | ' |
Note 9 - Contingency (Details) [Line Items] | ' | ' | ' | ' |
Loss Contingency, Damages Sought, Value | $70,030 | $84,000 | $154,030 | ' |
Restricted Cash and Cash Equivalents, Account Balance, Percent of Legal Judgment | ' | ' | ' | 150.00% |