iPic Entertainment (IPIC) 10-Q 9 Aug 18 2018 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2018	Aug. 01, 2018
Entity Registrant Name	iPic Entertainment Inc.
Entity Central Index Key	1,720,201
Amendment Flag	false
Trading Symbol	IPIC
Current Fiscal Year End Date	--12-31
Document Type	10-Q
Document Period End Date	Jun. 30, 2018
Document Fiscal Period Focus	Q2
Document Fiscal Year Focus	2,018
Entity Filer Category	Smaller Reporting Company
Class A Common Stock
Entity Common Stock, Shares Outstanding		7,112,974
Class B Common Stock
Entity Common Stock, Shares Outstanding		4,323,755

Unaudited Condensed Consolidate

Unaudited Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2018	Dec. 31, 2017
Assets
Cash and cash equivalents	$ 6,642	$ 10,505
Accounts receivable	3,409	5,313
Inventories	1,205	1,198
Prepaid expenses	1,997	3,423
Total current assets	13,253	20,439
Property and equipment, net	138,134	141,166
Deposits	241	218
Convertible note receivable	250	250
Total assets	151,878	162,073
Liabilities, Redeemable Non-controlling Interests and Stockholders'/ Members' Equity (Deficit)
Accounts payable	10,450	11,759
Accrued expenses	2,351	2,709
Accrued interest		7,078
Accrued payroll	5,513	5,361
Accrued insurance	585	1,214
Taxes payable	1,047	1,232
Deferred revenue	5,068	8,144
Total current liabilities	25,014	37,497
Long-term debt - related party	168,379	142,603
Notes payable to related parties		50,242
Deferred rent	50,162	50,826
Accrued interest - long-term	798	5,130
Other long-term liabilities	1,325
Total liabilities	245,678	286,298
Commitments and Contingencies (Note 7)
Redeemable non-controlling interests	79,315
Members' deficit		(124,225)
Additional paid-in capital	(170,096)
Accumulated deficit	(3,020)
Total stockholders' / members' equity (deficit)	(173,115)	(124,225)
Total Liabilities, Redeemable Non-controlling Interests and Stockholders' / Members' Equity (Deficit)	151,878	162,073
Class A Common Stock
Liabilities, Redeemable Non-controlling Interests and Stockholders'/ Members' Equity (Deficit)
Common stock value
Total stockholders' / members' equity (deficit)
Class B Common Stock
Liabilities, Redeemable Non-controlling Interests and Stockholders'/ Members' Equity (Deficit)
Common stock value	1
Total stockholders' / members' equity (deficit)	$ 1

Unaudited Condensed Consolidat3

Unaudited Condensed Consolidated Balance Sheets (Parenthetical)	Jun. 30, 2018$ / sharesshares
Class A Common Stock
Common stock, par value | $ / shares	$ 0.0001
Common stock, shares authorized	100,000,000
Common stock, shares issued	1,510,108
Common stock, shares outstanding	1,510,108
Class B Common Stock
Common stock, par value | $ / shares	$ 0.0001
Common stock, shares authorized	25,000,000
Common stock, shares issued	9,926,621
Common stock, shares outstanding	9,926,621

Unaudited Condensed Consolidat4

Unaudited Condensed Consolidated Statements of Operations - USD ($) $ in Thousands		3 Months Ended		6 Months Ended
		Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Revenues
Food and beverage		$ 20,260	$ 18,498	$ 40,252	$ 37,701
Theater		16,462	14,967	32,773	30,780
Other		797	336	1,755	893
Total revenues		37,519	33,801	74,780	69,374
Operating expenses
Cost of food and beverage		5,231	5,073	10,718	10,307
Cost of theater		6,476	5,948	12,721	12,283
Operating payroll and benefits		9,020	9,309	19,598	18,906
Occupancy expenses		4,632	4,388	9,308	8,766
Other operating expenses		7,443	5,727	15,051	12,532
General and administrative expenses		4,812	2,727	9,359	6,639
Equity-based compensation		269		8,837
Depreciation and amortization expense		4,278	4,859	9,118	9,577
Pre-opening expenses			1,000		1,632
Impairment of property and equipment			3,332		3,332
Loss on abandonment of lease				1,839
Operating expenses		42,161	42,363	96,549	83,974
Operating loss		(4,642)	(8,562)	(21,769)	(14,600)
Other expense
Interest expense, net		(3,897)	(4,011)	(8,512)	(7,783)
Total other expense		(3,897)	(4,011)	(8,512)	(7,783)
Net loss before income tax expense		(8,539)	(12,573)	(30,281)	(22,383)
Income tax expense		22	22	43	43
Net loss		(8,561)	(12,595)	(30,324)	(22,426)
Less: Net loss attributable to non-controlling interests		(7,534)		(22,862)
Net loss attributable to iPic Entertainment Inc.		$ (1,027)	$ (12,595)	$ (7,462)	$ (22,426)
Net loss per Class A common share (Note 11)
Basic	[1]	$ (0.59)		$ (2.10)
Diluted	[1]	$ (0.59)		$ (2.10)
Weighted-average number of Class A common shares outstanding (Note 11)
Basic	[1]	1,733,031		1,435,885
Diluted	[1]	1,733,031		1,435,885
[1]	Basic and diluted net loss per Class A common share is applicable only for periods after the Company's IPO. See Note 11 "Net Loss per Share".

Unaudited Condensed Consolidat5

Unaudited Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017
Statement of Cash Flows [Abstract]
Cash used in operating activities	$ (14,412)	$ (13,333)
Cash flows from investing activities:
Purchases of property and equipment	(6,078)	(11,395)
Investment in convertible note receivable		(250)
Net cash used in investing activities	(6,078)	(11,645)
Cash flows from financing activities:
Members' contributions	2,500	12,057
Proceeds from issuance of common stock sold in initial public offering, net of offering costs	12,325
Repayment of notes payable to related parties	(15,000)	(208)
Repayment of short-term borrowings	(1,198)
Borrowings on long-term debt - related party	18,000	12,371
Net cash provided by financing activities	16,627	24,220
Net (decrease) in cash and cash equivalents	(3,863)	(758)
Cash and cash equivalents at the beginning of period	10,505	4,653
Cash and cash equivalents at the end of period	6,642	3,895
Supplemental disclosures of cash flow information:
Cash paid for interest, net of amounts capitalized	9,561	7,552
Cash paid for income taxes	87	87
Supplemental disclosures of non-cash activity:
Property and equipment financed through liabilities	730	949
Insurance premiums financed through short term borrowings	1,198
Interest payment-in-kind	7,776
Conversion of notes payable to related parties to equity	37,157
Non-cash capital distributions		$ (2,270)

Unaudited CC Statements of Chan

Unaudited CC Statements of Changes in Redeemable Non-controlling Interests and Stockholders' / Members' Equity (Deficit) - 6 months ended Jun. 30, 2018 - USD ($) $ in Thousands	Members' Equity (Deficit)	Additional Paid In Capital	Accumulated Deficit	Class A Common Stock	Class B Common Stock	Total	Redeemable Non-controlling Interests
Equity (Deficit) - Beginning at Dec. 31, 2017	$ (124,225)					$ (124,225)
Equity (Deficit) - Beginning (Shares) at Dec. 31, 2017
Activity prior to the initial public offering and related organizational transactions:
Net loss	(4,442)					(4,442)
Members' contributions	2,500					2,500
Equity-based compensation	95					95
Effects of the initial public offering and related organizational transactions:
Issuance of Class A common stock in the IPO, net of underwriting discount and offering costs		1,375				1,375	10,948
Issuance of Class A common stock in the IPO, net of underwriting discount and offering costs (Shares)				818,429
Issuance of common stock					$ 1	1
Issuance of common stock (Shares)				429,730	9,926,621
Conversion of notes payable and accrued interest		4,151				4,151	33,006
Allocation of equity to non-controlling interests in iPic-Gold Class Holdings, LLC	126,072	(14,083)				111,989	(111,989)
Activity subsequent to the initial public offering and related organizational transactions:
Net loss			(3,020)			(7,462)	(22,862)
Equity-based compensation		1,154				1,154	7,588
Issuance of Class A common stock		(69)				(69)
Issuance of Class A common stock (Shares)				261,949
Remeasurement of redeemable non-controlling interests		(162,624)				(162,624)	162,624
Equity (Deficit) - Ending at Jun. 30, 2018		$ (170,096)	$ (3,020)		$ 1	$ (173,115)	$ 79,315
Equity (Deficit) - Ending (Shares) at Jun. 30, 2018				1,510,108	9,926,621

Organization and Summary of Sig

Organization and Summary of Significant Accounting Policies	6 Months Ended
	Jun. 30, 2018
Organization, Consolidation and Presentation of Financial Statements [Abstract]
ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	NOTE 1 — Organization and Summary of Significant Accounting Policies Organization iPic Entertainment Inc. (“iPic”) was formed as a Delaware corporation on October 18, 2017. iPic was formed for the purpose of completing an initial public offering (“IPO”) and related transactions in order to carry on the business of iPic-Gold Class Entertainment, LLC (“iPic-Gold Class”) and its subsidiaries. The IPO occurred on February 1, 2018; refer to Note 2 “Initial Public Offering” for details of the IPO and the related transactions. Additionally, iPic-Gold Class Holdings LLC (“Holdings”) was formed as a Delaware limited liability company on December 22, 2017, to hold the equity interests in iPic-Gold Class. As of the completion of the IPO and related transactions, iPic is the sole managing member of Holdings, and Holdings is the sole managing member of iPic-Gold Class and its subsidiaries. iPic-Gold Class and its subsidiaries continue to conduct the business conducted by these subsidiaries prior to the IPO and related transactions. Prior to the consummation of the IPO, iPic had no operations or activities. Holdings is considered a variable interest entity (“VIE”) of iPic Entertainment Inc. iPic is the primary beneficiary due to the following factors: it has an economic interest in Holdings, it is the sole managing member, and it has decision-making authority that significantly affects the economic performance of the entity, while the non-controlling interest holders have no substantive kick-out or participating rights. As a result, Holdings is consolidated as part of iPic. The assets and liabilities of Holdings represent all of our consolidated assets and liabilities. As a result of the IPO and the related transactions on February 1, 2018, iPic consolidates the financial results of Holdings and iPic-Gold Class and its subsidiaries with its financial results and reports non-controlling interests to reflect the interests of Common Units (as defined below in Note 2 “Initial Public Offering”) of Holdings held by parties other than iPic. iPic-Gold Class has been determined to be the predecessor for accounting purposes and, accordingly, the unaudited condensed consolidated financial statements for periods prior to the IPO and Organizational Transactions (as defined below in Note 2 “Initial Public Offering”) have been adjusted to combine the previously separate entities for presentation purposes. Amounts as of December 31, 2017, for the period from January 1, 2018 to January 31, 2018, and for the three and six months ended June 30, 2017 presented in the unaudited condensed consolidated financial statements and notes to unaudited condensed consolidated financial statements herein represent the historical operations of iPic-Gold Class. The amounts for the period from February 1, 2018 through June 30, 2018 reflect the consolidated operations of the Company. iPic and its subsidiaries are collectively referred to throughout the unaudited condensed consolidated financial statements and related notes as the “Company”, “we”, “our” or “us”. Principles of Consolidation The accompanying (a) unaudited condensed consolidated balance sheet as of December 31, 2017, which has been derived from audited financial statements that included explanatory going concern language in the independent registered public accounting firm’s report accompanying those statements, and (b) the unaudited interim condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and in accordance with the instructions to Form 10–Q. Accordingly, they do not include all of the information and footnotes required by GAAP for complete consolidated financial statements. In the opinion of management, the accompanying unaudited interim condensed consolidated financial statements reflect all normal and recurring adjustments that are necessary for the fair presentation of the financial position of the Company as of June 30, 2018, the results of operations for the three and six month periods ended June 30, 2018 and 2017 and the cash flows for the six month periods ended June 30, 2018 and 2017, and should be read in conjunction with the Company’s Annual Report on Form 10–K for the year ended December 31, 2017. All significant intercompany balances and transactions have been eliminated in consolidation. Due to the seasonal nature of the Company’s business, results for the periods presented are not necessarily indicative of the results to be expected for a full year. The accompanying unaudited condensed consolidated financial statements have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission. Certain information and note disclosures normally included in annual financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to those rules and regulations, although the Company believes that the disclosures made are adequate to make the information not misleading. Seasonality Our revenues are dependent upon the timing and popularity of film releases by distributors. The most marketable films are usually released during the summer and the calendar year-end holiday season. Therefore, our business is subject to significant seasonal fluctuations, with higher attendance and revenues generally occurring during the summer months and year-end holiday season. As a result, our results of operations may vary significantly from quarter to quarter and from year to year. Use of Estimates The preparation of the unaudited condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the unaudited condensed consolidated financial statements and the reported amounts of revenues and expenses during the reporting periods. These estimates include assessing the collectability of accounts receivable, breakage on gift cards and the useful life and impairment of long-lived assets. Although these estimates are based on management’s knowledge of current events and actions it may undertake in the future, they may ultimately differ from actual results. During the three months ended June 30, 2018, the Company recorded a reversal of a prior bonus accrual of $1,265 which is included in operating payroll and benefits in the unaudited condensed consolidated statements of operations. Locations At June 30, 2018 and 2017, the Company operated a total of fifteen and sixteen cinemas, respectively, in the following locations throughout the United States: ● Glendale, Wisconsin 1 ● Scottsdale, Arizona ● Pasadena, California ● Bolingbrook, Illinois ● Austin, Texas ● South Barrington, Illinois ● Fairview, Texas ● Los Angeles, California ● Boca Raton, Florida ● Houston, Texas ● Bethesda, Maryland ● Fort Lee, New Jersey ● North Miami, Florida ● New York, New York ● Redmond, Washington ● Dobbs Ferry, New York 2 1 2 Fair Value of Financial Instruments The fair value of accounts receivable and accounts payable approximate their respective carrying values due to the short-term nature of those instruments. The Company believes it is not practicable to determine the fair value of its debt without incurring excessive costs because interest rates and other terms for similar debt are not readily available. New Accounting Pronouncements As an emerging growth company, the Company has elected the option to defer the effective date for adoption of new or revised accounting guidance. This option allows the Company to adopt new guidance on the effective date for entities that are not public business entities. In May 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2014-09, Revenue from Contracts with Customers In 2016, the FASB issued various amendments to ASU No. 2014-09, including ASU No. 2016-08, Revenue from Contracts with Customers (Topic 606): Principal versus Agent Considerations (Reporting Revenues Gross versus Net) Revenue from Contracts with Customers (Topic 606): Identifying Performance Obligations and Licensing, Revenue from Contracts with Customers (Topic 606): Narrow-Scope Improvements and Practical Expedients Revenue from Contracts with Customers (Topic 606): Technical Corrections and Improvements In February 2016, the FASB codified Accounting Standards Codification (“ASC”) Topic No. 842, Leases Leases In August 2016, the FASB issued ASU No. 2016-15, Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments In January 2017, the FASB issued ASU No. 2017-01, Business Combinations (Topic 805): Clarifying the Definition of a Business. In May 2017, the FASB issued ASU No. 2017-09, Compensation – Stock Compensation (Topic 718), In July 2017, the FASB issued ASU No. 2017-11, Earnings Per Share (Topic 260), Distinguishing Liabilities From Equity (Topic 480) And Derivatives And Hedging (Topic 815). Earnings Per Share Debt-Debt with Conversion and Other Options Earnings Per Share (Topic 260), Distinguishing Liabilities From Equity (Topic 480) And Derivatives And Hedging (Topic 815) In June 2018, FASB issued ASU No. 2018-07, Compensation—Stock Compensation (Topic 718) In July 2018, the FASB issued ASU No. 2018-09, Codification Improvements

Initial Public Offering

Initial Public Offering	6 Months Ended
	Jun. 30, 2018
Initial Public Offering [Abstract]
INITIAL PUBLIC OFFERING	Note 2 — Initial public offering Initial Public Offering On February 1, 2018, iPic Entertainment Inc. completed its IPO of 818,429 shares of Class A Common Stock at a price of $18.50 per share. iPic Entertainment Inc. received approximately $13,600 in proceeds, net of underwriting discounts and commission, but before offering expenses of approximately $1,500. iPic Entertainment Inc. used the proceeds to purchase 7.32% of newly issued common units of iPic-Gold Class Holdings LLC (“Common Units”), which became the sole managing member of iPic-Gold Class in a series of related transactions that occurred concurrently with the IPO, at a price per Common Unit equal to the IPO price per share of Class A Common Stock, less underwriting discounts and commissions. As a result of the IPO, the continuing owners of iPic-Gold Class Holdings LLC control approximately 92.68% of the combined voting power of all classes of iPic Entertainment Inc.’s common stock as a result of their ownership of 429,730 shares of iPic Entertainment Inc.’s Class A Common Stock and all of the outstanding shares of iPic Entertainment Inc.’s Class B Common Stock, each share of which is entitled to one vote on all matters submitted to a vote of iPic Entertainment Inc.’s stockholders. Subsequent to the IPO and the Organizational Transactions (as defined below) our sole asset is Common Units of Holdings. Organizational Transactions Immediately prior to or in connection with the closing of our IPO on February 1, 2018, we and the pre-IPO owners of iPic-Gold Class (the “Original iPic Equity Owners ”) consummated the following organizational transactions (the “Organizational Transactions”): ● All of the membership interests in iPic-Gold Class were contributed by the Original iPic Equity Owners to Holdings in exchange for all of the membership interests in Holdings (the “LLC Interests”), following which iPic-Gold Class became 100% owned and controlled by Holdings; ● We amended and restated the limited liability company agreement of Holdings (the “Holdings LLC Agreement”), to, among other things, provide for the organizational structure described below under “Organizational Structure Following the IPO”; ● We amended and restated the limited liability company agreement of iPic-Gold Class to appoint Holdings as the sole managing member of iPic-Gold Class and to reflect iPic-Gold Class’s status as a wholly-owned subsidiary of Holdings; ● Certain of the Original iPic Equity Owners transferred the LLC Interests that they held in Holdings to certain direct or indirect members of such Original iPic Equity Owners. The recipients of these LLC Interests, together with the Original iPic Equity Owners that did not transfer any of the LLC Interests that they held in Holdings, are collectively referred to herein as the “Continuing iPic Equity Owners”; ● We amended and restated iPic’s Certificate of Incorporation to, among other things, (i) provide for Class A Common Stock and Class B Common Stock and (ii) issue shares of Class B Common Stock to the Continuing iPic Equity Owners, on a one-to-one basis with the number of LLC Interests they owned, for nominal consideration; ● We issued 818,429 shares of our Class A Common Stock to the purchasers in the IPO in exchange for net proceeds of approximately $13,600 at $18.50 per share, after deducting selling agents’ discounts and commissions but before offering expenses payable by us.; ● We used all of the net proceeds from the IPO to purchase newly-issued LLC Interests from Holdings at a purchase price per interest equal to the net proceeds, before expenses, to us per share of Class A Common Stock, collectively representing 7.32% of Holdings’ outstanding LLC Interests; and ● We issued 429,730 shares of our Class A Common Stock to certain Continuing iPic Equity Owners in exchange for an equivalent number our Class B Common Stock and LLC Interests they owned. Organizational Structure Following the IPO Immediately following the completion of the IPO: ● iPic is the sole manager of Holdings, and Holdings is the sole managing member of iPic-Gold Class. iPic, therefore, directly or indirectly controls the business and affairs of, and conducts its day-to-day business through, iPic-Gold Class and its subsidiaries; ● iPic’s Amended and Restated Certificate of Incorporation and the Holdings LLC Agreement require that (i) we at all times maintain a ratio of one LLC Interest owned by us for each share of Class A Common Stock issued by us (subject to certain exceptions for treasury shares and shares underlying certain convertible or exchangeable securities), and (ii) Holdings at all times maintain (x) a one-to-one ratio between the number of shares of Class A Common Stock issued by us and the number of LLC Interests owned by us and (y) a one-to-one ratio between the number of shares of Class B Common Stock owned by the Continuing iPic Equity Owners and the number of LLC Interests owned by the Continuing iPic Equity Owners; ● Class A Common Stockholders own 1,248,159 shares of Class A Common Stock, representing approximately 11.17% of the combined voting power of our Class A and Class B Common Stock, and participate in approximately 11.17% of the economic interest in Holdings; and ● The Continuing iPic Equity Owners own (i) LLC Interests, representing 88.83% of the economic interest in Holdings, and (ii) through their ownership of Class A and Class B Common Stock, approximately 92.68% of the combined voting power of our Class A and Class B Common Stock. Following the IPO, each LLC Interest held by the Continuing iPic Equity Owners is redeemable, at the election of such members, for, at our option, newly-issued shares of Class A Common Stock on a one-for-one basis or a cash payment equal to a volume weighted average market price of one share of Class A Common Stock for each LLC Interest redeemed (subject to customary adjustments, including for stock splits, stock dividends and reclassifications). In the event of such election by a Continuing iPic Equity Owner, we may, at our option, instead effect a direct exchange of cash or Class A Common Stock for such LLC Interests in lieu of such a redemption. Any such redemption or exchange is required to be in accordance with the terms of the Holdings LLC Agreement. When a Continuing iPic Equity Owner’s LLC Interests are redeemed or exchanged, we will cancel the number of shares of Class B Common Stock held by such Continuing iPic Equity Owner equal to the number of LLC Interests of such Continuing iPic Equity Owner that were redeemed or exchanged. The decisions made by us are made by our board of directors, which currently includes directors who hold LLC Interests or are affiliated with holders of LLC Interests and may include additional directors with similar affiliations in the future. Although we own a minority economic interest in Holdings, we have the sole voting interest in, and control the management of Holdings and, indirectly, iPic-Gold Class. As a result, we consolidated on February 1, 2018 both Holdings and iPic-Gold Class in our unaudited condensed consolidated financial statements and will report non-controlling interests related to the LLC Interests held by the Continuing iPic Equity Owners on our unaudited condensed consolidated financial statements. Issuance of Warrants On February 1, 2018, upon the closing of the IPO, the Company issued certain warrants to the selling agents (the “Selling Agents’ Warrants”) to purchase a number of shares of the Common Stock equal to 2.2% of the total shares of the Common Stock sold in the IPO. This equated to a total of 18,005 shares. The Selling Agents’ Warrants are exercisable commencing approximately 13 months after the date of the applicable closing, and be exercisable for three and a half years after such date. The Selling Agents’ Warrants are not redeemable by the Company. The exercise price for the Selling Agents’ Warrants is $23.125 which equals 125% of the public offering price of $18.50. The fair value of the warrants of $90 was offset against the proceeds received from the IPO.

Variable Interest Entities

Variable Interest Entities	6 Months Ended
	Jun. 30, 2018
Variable Interest Entities [Abstract]
VARIABLE INTEREST ENTITIES	Note 3 — VARIABLE INTEREST ENTITIES In May 2017, certain members of the Company established a limited liability company, iPic-Delray Investment, LLC (“Delray”) which has a 50% ownership in a joint venture, Delray Beach 4th and 5th Avenue Developer, LLC (Developer”). Developer owns 8% of a limited liability company, Delray Beach 4th and 5th Avenue Holdings, LLC (“4th and 5th Avenue Holdings”) that is developing an area in Delray Beach, Florida to include a theater complex, office space, retail shops and parking garages. The Company will be the lessee of the theater and a portion of the office space, which will serve as the Company’s new headquarters. In total, the Company will lease approximately 65% of the available property. In May 2017, the Company distributed construction in progress with a cost basis of approximately $2,300, primarily consisting of pre-development costs that had been incurred to date, to certain of its members (the owners of Delray). Those members in turn contributed those assets to Delray in exchange for their ownership interest. Delray then contributed those assets to Developer and 4th and 5th Avenue Holdings in exchange for its ownership interests in those entities. These capital contributions were determined to have an estimated fair value of approximately $6,400. As the fair value exceeded the contribution required to acquire Delray’s ownership in Developer and 4th and 5th Avenue Holdings, cash totaling approximately $4,000 was paid by the 92% owners of 4th and 5th Avenue Holdings to Developer as an initial distribution upon formation of the respective entities. Of this amount, approximately $3,400 was distributed by Developer to Delray, which Delray distributed to its owners. Delray’s owners then contributed this cash back to the Company. The distribution of assets was accounted for by the Company at carryover basis with a resulting increase in equity resulting from the difference between the cash received from its members and the cost basis of the assets distributed. Delray is not a business and was established to participate in the development of the theater and office space. The Company has a shared services agreement with Delray to provide Delray with employees, technical services, administrative and support services. Under this agreement the Company agreed to assume operating responsibility for Developer under the ultimate supervision and control of Delray pursuant to a development management agreement that Developer has with 4th and 5th Avenue Holdings to provide these services. These agreements will end upon completion of the development of the project, which is anticipated to occur in January 2019. The Company will be paid an annual fee for these services under the shared services agreement that equates to 50% of the fee paid to Developer under the development management agreement. The other 50% will be paid to the other 50% owner of Developer. In addition, the Company is obligated to cover certain losses or additional capital calls that may arise related to a completion guaranty on the development project. The Company has also signed an indemnification agreement, along with an affiliate of the other 50% owner of Developer, to indemnify 4th and 5th Avenue Holdings for certain conditions and to maintain a minimum aggregate net worth, on a combined basis, of $15,000 which shall include $1,650, on a combined basis, of liquid assets through the completion of the development of the project. Should the combined net worth of the Company and the affiliate of the other 50% owner in Developer fall below $15,000, the parties must provide additional collateral to 4th and 5th Avenue Holdings subject to their review and consent. Delray was determined to be a VIE because its total equity at risk is not sufficient to finance its activities without additional subordinated financial support from any entities. Based on the Company’s qualitative analysis, the Company made the determination that while it has the obligation to absorb losses of Delray that may be significant pursuant to the completion guaranty, it does not have the power to direct the activities of Delray that most significantly impact its economic performance. Therefore, consolidation of Delray by the Company is not required because the Company is not the primary beneficiary of Delray. Developer and 4th and 5th Avenue Holdings were also determined by the Company to be VIE’s because their total equity at risk is not sufficient to finance their activities without additional subordinated financial support from any entities. The Company’s involvement with these entities consists of assisting in the formation and financing of the entities, providing recourse and/or liquidity support if necessary, and receiving fees for services provided under the shared services agreement through the development management agreement. Based on the Company’s qualitative analysis, including consideration of the related party nature of the entities involved, the Company is not required to consolidate Developer because power is shared 50/50 under the terms of the joint venture agreement. In addition, based on the Company’s qualitative analysis, the Company is not required to consolidate 4th and 5th Avenue Holdings because the nature of the Company’s involvement with the activities of 4th and 5th Avenue Holdings does not give it the power over decisions that most significantly impact 4th and 5th Avenue Holdings’ economic performance. The Company’s largest exposure to any single unconsolidated VIE is its responsibility to act under the completion guaranty whereby the Company is obligated to cover certain losses or additional capital calls required by Delray until the completion of the development of the project related to its ownership in Developer. Of this amount, the Company would be responsible for half with the other half being guaranteed by an affiliate of the other 50% owner of Developer. As of June 30, 2018 and December 31, 2017, the value of this potential guarantee was determined to be nominal, as the probability of the Company’s requirement to act under the guarantee was determined to be remote. The Company did not hold any assets or liabilities in any of the unconsolidated VIEs as of June 30, 2018 and December 31, 2017. The Company will continue to evaluate its relationships to these VIEs on an ongoing basis.

Property and Equipment

Property and Equipment	6 Months Ended
	Jun. 30, 2018
Property, Plant and Equipment [Abstract]
PROPERTY AND EQUIPMENT	Note 4 — Property And Equipment Property and equipment, net consists of the following: June 30, December 31, Leasehold improvements $ 138,630 $ 137,675 Furniture, fixtures and office equipment 57,912 53,888 Construction in progress (site development) 2,580 2,124 Projection equipment and screens 12,705 12,330 Computer hardware and software 7,260 6,983 219,087 213,000 Less: accumulated depreciation and amortization (80,953 ) (71,834 ) Total $ 138,134 $ 141,166 After a detailed review of all seven locations with Generation I auditoriums, the Company decided against reinvestment at its Glendale, Wisconsin location, where the Bayshore Mall was placed into receivership. The Company instead announced the closing of this location effective March 8, 2018. The decision to close the location was made during an all-hands conference call on March 5, 2018. The events giving rise to that decision include the mall entering receivership during the last quarter of 2017 and the underperformance of the site during the first quarter of 2018. The Company evaluated the long-lived assets at its Glendale location at December 31, 2017 and determined that the long-lived assets with a carrying value of $428 were no longer recoverable. Consequently, the assets were written down to $0. The remaining minimum lease obligation at the date of closure was approximately $4,100 over the next seven years. The Company has established a liability of $1,839 for the remaining lease obligation associated with the Glendale location in the accompanying unaudited condensed consolidated balance sheets. The current portion of the lease liability is included with “Accrued expenses” and the long-term portion is included in “Other long-term liabilities”. As of June 30, 2018, the future lease obligation was recorded at present value and discounted at an annual rate of 13%. Sublease payments were anticipated to be received 24 months from the abandonment date. The sublease payments were estimated to be 50% less than the Company’s lease payment obligation through the remainder of the lease. The Company capitalizes interest costs on borrowings incurred during the new construction or upgrade of qualifying assets. During the six months ended June 30, 2018 and 2017, the Company incurred interest costs totaling $8,512 and $7,977 respectively, of which $0 and $195 was capitalized, respectively. For the three months ended June 31, 2018 and 2017, the Company incurred interest costs totaling $3,897 and $4,070, respectively, of which $0 and $59 was capitalized, respectively.

Borrowings

Borrowings	6 Months Ended
	Jun. 30, 2018
Debt Disclosure [Abstract]
BORROWINGS	NOTE 5 — BORROWINGS Notes Payable to Related Parties Notes payable to related parties consist of the following: June 30, December 31, 5.00% VR iPic Finance, LLC notes $ -- $ 16,125 5.00% VR iPic Finance, LLC demand notes -- 14,461 10.50% Village Roadshow Attractions USA, Inc. notes -- 15,000 5.00% Village Roadshow Attractions USA, Inc. notes -- 1,071 5.00% iPic Holdings, LLC notes -- 547 5.00% Regal/Atom Holdings, LLC note -- 3,038 Total $ -- $ 50,242 On February 1, 2018, the 5% notes plus accrued interest totaling $37,157 were converted to equity to satisfy the holders’ capital call in accordance with the iPic-Gold Class LLC Agreement prior to the IPO. The 10.50% Village Roadshow Attractions USA, Inc note for $15,000 plus the minimum interest payable of $3,000 was refinanced through additional borrowings under the Non-revolving Credit Facility. Long-Term Debt — Related Party The Company has a $225,828 non-revolving credit facility (the “Non-revolving Credit Facility”) with the Teachers’ Retirement System of Alabama (the “TRSA”) and The Employees’ Retirement System of Alabama (the “ERSA”) (the TRSA and the ERSA are known collectively as the “RSA”). The terms of the facility provide that the Company can borrow under the facility for a thirteen-year period commencing September 30, 2010 in three tranches (hereinafter, “Tranche 1”, “Tranche 2”, and “Tranche 3”). Proceeds of the loans were initially to be used for up to 80% of eligible construction costs. As a condition to any advance, the Company was required to provide funding for the applicable project costs in an amount equal to 25% of such advance, with the proceeds of either (x) contributions to the Company from certain shareholders (other than RSA) or (y) subordinated loans to the Company from certain shareholders (other than RSA) (the “Matching Requirement”). In addition, the remaining availability required the Company to achieve certain operating targets to continue borrowing (the “Operating Target Requirement”). On June 22, 2018 the Non-revolving Credit Facility was modified to permit us to borrow up to $17,923 on five planned remodeling projects. An amount equal to eighty percent (80%) of the total costs to develop each project constitutes a “Project Tranche”. Any changes to the amount of a Project Tranche (either increases or decreases) are subject to prior written consent from the lender. On June 29, 2018 the Non-revolving Credit Facility was further modified to permit us to borrow funds up to $8,233 for working capital expenses (including, among other things, accrued interest on the Non-revolving Credit Facility, which may be paid in kind), in addition to the borrowing for planned 2018 remodeling projects. On June 22, 2018, the Non-revolving Credit Facility was amended to remove the Matching Requirement, on June 29, 2018 to remove the Operating Target Requirement for planned remodeling and working capital advances. The Tranche 1 and Tranche 2 commitment amounts of $15,828 and $24,000 respectively, were fully borrowed against as of June 30, 2018 and December 31, 2017. Of the total commitment amounts of $186,000 available in Tranche 3, $128,551 and $102,775 were borrowed as of June 30, 2018 and December 31, 2017, respectively. The effective interest rate on Tranche 1 and Tranche 2 borrowings is approximately 6.95% per annum. The cumulative difference between the interest computed using the stated interest rates (8.00% at June 30, 2018 and December 31, 2017) and the effective interest rate of 6.95% is $798 and $976 at June 30, 2018 and December 31, 2017, respectively, and is recorded in “Accrued interest - long-term” in the accompanying unaudited condensed consolidated balance sheets. The interest rate on Tranche 3 borrowings is fixed at 10.50% per annum. Accrued interest of $7,776 was not paid to the RSA on June 30, 2018, but treated as payment-in-kind interest and added to Tranche 3. Short-Term Financing The Company periodically enters into short-term financing arrangements to finance the costs of its property and casualty insurance premiums. The loans are due in equal monthly installments of principal and interest, generally paid over a period of less than one year. Interest accrues on the unpaid principal at 3.63% per annum. At June 30, 2018 and December 31, 2017, the Company’s obligation under premium financing arrangements was $585 and $1,214, respectively, and is included in accrued insurance in the accompanying unaudited condensed consolidated balance sheets.

Equity

Equity	6 Months Ended
	Jun. 30, 2018
Equity [Abstract]
EQUITY	NOTE 6 — EQUITY Redeemable Non-controlling Interests Immediately following the IPO, each LLC Interest held by the Continuing iPic Equity Owners is redeemable, at the election of such members, for, at the option of the majority of the Company’s Board of Directors, newly-issued shares of Class A Common Stock on a one-for-one basis or a cash payment equal to a volume weighted average market price of one share of Class A Common Stock for each LLC Interest redeemed (subject to customary adjustments, including for stock splits, stock dividends and reclassifications). If iPic decides to make a cash payment, the Continuing iPic Equity Owners have the option to rescind the redemption request within a specified time period. Upon the exercise of the redemption right, the redeeming member will surrender its LLC Interests to Holdings for cancellation. If iPic does not make an election between share or cash settlement within a prescribed period, then it is deemed to have elected share settlement. Holders of the Class B Common Stock are not entitled to distributions or dividends, whether cash or stock, and have no economic interest in iPic Entertainment Inc. Holders of Class B Common Stock are entitled to cast one vote per share, with the number of shares of Class B Common Stock held by each Continuing iPic Equity Owner equivalent to the number of LLC Interests held by such Continuing iPic Equity Owner. As of June 30, 2018, the non-controlling interests were considered to be redeemable, and therefore as of the balance sheet date, the Company adjusted the value of the interests to the full redemption amount. As noted in the Holdings LLC agreement, the redemption amount is based on the volume weighted average market price (“VWAMP”) of the Class A shares of iPic Entertainment Inc. for the last five days of the period prior to redemption. At June 30, 2018, the VWAMP was approximately $7.99 resulting in a redemption amount of approximately $79,315. The Company has recorded the difference between the carrying amount of non-controlling interests and the current redeemable value, $162,624, as an increase to redeemable non-controlling interests and a corresponding decrease to additional paid-in capital. Private Placement On February 1, 2018, the Company closed a private placement of $2,500 from an affiliate of one of its existing investors, Regal Cinemas, which had previously invested $12,000 in April 2017. 2017 Equity Incentive Plan In connection with the IPO and related transactions, the iPic-Gold Class Entertainment, LLC 2017 Equity Incentive Plan (or the “2017 Equity Incentive Plan”), was migrated to iPic Entertainment Inc. and any awards granted under the 2017 Equity Incentive Plan were converted into options to acquire Class A Common Stock of iPic. Under the plan, equity awards may be made in respect of 1,600,000 iPic shares, and the number of authorized shares is subject to automatic increases which begin in fiscal year 2019. Under the 2017 Equity Incentive Plan, awards may be granted in the form of options, restricted stock, restricted stock units, stock appreciation rights, performance awards, dividend equivalent rights and share awards. As of June 30, 2018, iPic Entertainment Inc had granted 955,300 Non-Qualified Options with an exercise price of $18.13 per share. The migration of the 2017 Equity Incentive Plan did not result in any changes to the terms and conditions, therefore no modification was deemed to have occurred. Each Incentive Option and Non-Qualified Option (as defined by Section 422 of the Internal Revenue Code of 1986, collectively “Options”) contains the following material terms: (i) the exercise price, which shall be determined by the Committee at the time of grant, shall not be less than the greater of (i) the par value of the stock and (ii) 100% of the Fair Market Value (defined as the closing price at the close of the primary trading session of the units on the date immediately prior to the date of the grant on the principal national security exchange on which the common stock is listed or quoted, as applicable) of the common stock of the Company, provided (ii) the term of each Option shall be fixed by the Committee, provided provided further (iii) subject to acceleration in the event of a Change of Control of the Company (as further described in the Plan), the period during which the Options vest shall be designated by the Committee; (iv) no Option is transferable and each is exercisable only by the recipient of such Option except in the event of the death of the recipient; (v) to the extent that the aggregate Fair Market Value of Incentive Options granted under the Plan are exercisable by a participant for the first time during any calendar year exceeds $100, such Incentive Options shall be treated as Non-Qualified Options; and (vi) with respect to Options granted to a director, the aggregate number of shares that may be issued under the Plan in any calendar year to an individual Director may not exceed that number of shares representing a Fair Market Value equal to the positive difference, if any, between $300, and the aggregate value of any annual cash retainer paid to the director. Incentive stock options The following is a summary of the Company’s Non-Qualified Options (as defined by Section 422 of the Internal Revenue Code of 1986, “Options”) activity: Options Weighted Average Grant Date Fair Value Per Option Weighted Average Exercise Price per Option Outstanding - December 31, 2017 955,300 $ 4.58 $ 18.13 Exercisable - December 31, 2017 - $ - $ - Granted - - - Exercised - - - Forfeited/Cancelled - - - Outstanding – June 30, 2018 955,300 $ 4.58 $ 18.13 Exercisable – June 30, 2018 10,300 $ 4.58 $ 18.13 As at June 30, 2018, the weighted average remaining contractual term of Options outstanding was 9.75 years. At June 30, 2018, the total intrinsic value of the Options outstanding was $0. A total of 10,300 Options were vested as of June 30, 2018. The Company recognized an aggregate of $602 and $0 in compensation expense during the six months ended June 30, 2018 and 2017, respectively, related to the Options. For the three months ended June 30, 2018 and 2017 the Company recognized an aggregate of $269 and $0 in compensation expense, respectively, related to the Option awards. At June 30, 2018, unrecognized stock-based compensation was $3,794 for the Options. The fair value of the Options issued during the year ended December 31, 2017 were estimated using a Black-Scholes Options Pricing Model. For clarity, the Company does not have sufficient historical exercise data to provide a reasonable basis upon which to estimate expected term due to the limited period of time its equity shares have been publicly traded and therefore the expected option term is calculated based on the simplified method, which results in an expected term based on the midpoint between the vesting date and the contractual term of the option. Restricted stock units On December 6, 2017 iPic granted 483,864 Restricted Stock Units (“RSUs”) to our named executive officers and certain other employees. The awards contained no future service requirement and fully vested when the IPO occurred. Therefore, on February 1, 2018, the Company recognized compensation expense related to these RSUs of approximately $8,235. The average grant date fair value of the RSUs was $17.02. At June 30, 2018 there was no unrecognized compensation costs related to the RSUs. The RSUs will remain outstanding until the issuance of Class A shares on the different settlement dates. On May 15, 2018 247,755 of the RSUs were exchanged for Class A shares. On June 29, 2018 14,770 of the RSUs were exchanged for Class A shares. The remaining 221,339 RSUs will be exchanged for Class A shares on May 15, 2019. Stock issuance On June 29, 2018, the Company issued 45,849 unrestricted Class A common stock to the independent directors for director fees. The fair value of the award was $370, of which 50% of this amount has been recognized as director fees for the past 6 months of service. The remaining deferred portion will be recognized over the next six months of the year.

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 30, 2018
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	NOTE 7 — COMMITMENTS AND CONTINGENCIES Operating Leases At June 30, 2018, future minimum payments under non-cancelable operating leases are as follows. 2018 – 2019 $ 20,176 2019 – 2020 22,330 2020 – 2021 23,035 2021 – 2022 23,570 2022 – 2023 23,790 Thereafter 251,973 $ 364,874 Certain operating leases require contingent rental payments based on a percentage of sales in excess of stipulated amounts. Rent expense during the six months ended June 30 was as follows: 2018 2017 Minimum rentals $ 8,187 $ 7,130 Contingent rentals -- (44 ) $ 8,187 $ 7,086 Rent expense during the three months ended June 30 was as follows: 2018 2017 Minimum rentals $ 4,051 $ 3,389 Contingent rentals - (25 ) $ 4,051 $ 3,364 Litigation The Company is exposed to litigation in the normal course of business. From time to time, the Company may become involved in various lawsuits and legal proceedings which arise in the ordinary course of business. However, litigation is subject to inherent uncertainties, and an adverse result in these or other matters may arise from time to time that may harm the Company’s business. The Company currently is a defendant in a class action lawsuit captioned Mary Ryan and Johanna Nielson v. iPic-Gold Class Entertainment, LLC, Case # BC 688633, which was filed in Superior Court of the State of California, County of Los Angeles, on December 29, 2017. This lawsuit asserts failure to pay minimum wage, pay overtime wages, provide meal breaks and rest periods, and provide accurate itemized wage statements with respect to certain workers. The Company reserves for costs related to contingencies when a loss is probable and the amount is reasonably estimable. As of this date, the Company has not made a provision for the claim described above, due to the fact that it is currently not probable nor reasonably estimable. However, the outcome of the legal proceeding described above is uncertain, and depending upon what the facts reveal once the Company has had a chance to investigate the claim, it may choose to contest the suit or settle this claim. In either scenario, the Company could be subject to paying an amount that could have a material adverse impact on its results of operations in any given future reporting period. Other than the lawsuit described above, where it is premature to determine what effect the claim will have on the business, the Company is currently not aware of any such legal proceedings or claims that it believes will have, individually or in the aggregate, a material adverse effect on the business, financial condition, operating results or cash flows. However, lawsuits or any other legal or administrative proceeding, regardless of the outcome, may result in diversion of resources, including management’s time and attention.

Income Taxes

Income Taxes	6 Months Ended
	Jun. 30, 2018
Income Tax Disclosure [Abstract]
INCOME TAXES	NOTE 8 — INCOME TAXES Six Months Ended 2018 2017 Pre-tax book loss $ (30,281 ) $ (22,383 ) Less: net loss prior to the Organizational Transactions 4,442 — Less: net loss attributable to non-controlling interests 22,862 — Net loss attributable to iPic before income taxes $ (2,977 ) $ (22,383 ) Income taxes at U.S. federal statutory rate $ (717 ) $ (7,834 ) State and local income taxes, net of federal benefit (161 ) (787 ) Increase in valuation allowance 921 — LLC flow-through structure — 8,664 Income tax expense $ 43 $ 43 Three Months Ended 2018 2017 Pre-tax book loss $ (8,539 ) $ (12,573 ) Less: net loss prior to the Organizational Transactions — — Less: net loss attributable to non-controlling interests 7,534 — Net loss attributable to iPic before income taxes $ (1,005 ) $ (12,573 ) Income taxes at U.S. federal statutory rate $ (211 ) $ (4,401 ) State and local income taxes, net of federal benefit (31 ) (444 ) Increase in valuation allowance 264 — LLC flow-through structure — 4,867 Income tax expense $ 22 $ 22 We file U.S federal and state income tax returns in jurisdictions with varying statutes of limitations. As of June 30, 2018, the 2014 through 2016 tax years generally remain subject to examination by federal and most state tax authorities. The use of net operating losses generated in tax years prior to 2013 may also subject returns for those years to examination. The Company currently does not have any income tax audits in process. Upon completion of the IPO on February 1, 2018, iPic Entertainment Inc. is subject to U.S. federal income taxes, as well as state and local taxes, which will be an allocable share of any net taxable income of Holdings (the sole managing member of iPic-Gold Class and 100% economic owner). Prior to this date, and as noted in Note 1 “Organization and Summary of Significant Accounting Policies”, iPic-Gold Class was a limited liability company. Accordingly, pursuant to its election under Section 701 of the Internal Revenue Code, each item of income, gain, loss, deduction or credit of iPic-Gold Class was ultimately reportable by its members in their individual tax returns, except in certain states and local jurisdictions where iPic-Gold Class was subject to income taxes.

Management's Plan Regarding Fut

Management's Plan Regarding Future Operations	6 Months Ended
	Jun. 30, 2018
Management's Plan Regarding Future Operations [Abstract]
MANAGEMENT'S PLAN REGARDING FUTURE OPERATIONS	NOTE 9 — MANAGEMENT’S PLAN REGARDING FUTURE OPERATIONS The Company incurred a net loss for the six months ended June 30, 2018 of $30,324. In addition, the Company’s liabilities exceeded its assets by $93,800 and the Company had a working capital deficit of $11,761 at June 30, 2018. The Company had cash and cash equivalents of $6,642 at June 30, 2018 and used approximately $14,412 in cash for operating activities for the six months ended June 30, 2018. The Company’s ability to continue as a going-concern is dependent on its ability to generate sufficient cash from operating activities, which is subject to achieving its operating plans, and the continued availability of funding sources. The main sources of funding are expected to be the RSA Non-revolving Credit Facility and equity financing. Management considers the continued availability of the Non-revolving Credit Facility to be a significant condition to meeting its payment obligations related to remodeling projects and our new build project in Delray Beach, Florida. Management believes that growth into new locations is critical to the Company’s ability to receive funding.”). On June 22, 2018, the Non-revolving Credit Facility was amended to remove the Matching Requirement and the Operating Target Requirement. On June 22, 2018 the Non-revolving Credit Facility was modified to permit us to borrow up to $17,923 on five planned remodeling projects. An amount equal to eighty percent (80%) of the total costs to develop each project constitutes a “Project Tranche”. Any changes to the amount of a Project Tranche (either increases or decreases) are subject to prior written consent from the lender. On June 29, 2018 the Non-revolving Credit Facility was further modified to permit us to borrow funds up to $8,233 for working capital expenses, in addition to the borrowing for planned 2018 remodeling projects. Additionally, we are required to comply with Securities and Exchange Commission and NASDAQ rules and requirements when raising capital, which may make it more difficult for us to raise significant amounts of capital. If we cannot raise needed funds, we might be forced to make substantial reductions in our operating expenses, which could adversely affect our ability to implement our business plan and ultimately our viability as a company. These unaudited condensed consolidated financial statements do not include any adjustments relating to the recoverability and classification of recorded asset amounts or amounts and classification of liabilities that might result from this uncertainty. Consequently, due to the continued operating losses, negative working capital, negative cash flows from operating activities and limited access to additional funding through debt or equity infusions, management has determined that these matters raise substantial doubt about the Company’s ability to continue as a going concern. To meet our capital and operating needs, the Company is considering multiple alternatives, including, but not limited to, equity financings, debt financings and other funding transactions, as well as operational changes to increase revenues. No assurance can be given that any future financing or funding transaction will be available or, if available, that it will be on terms that are satisfactory to the Company. Even if the Company is able to obtain additional financing, it may contain undue restrictions on operations, in the case of debt financing or cause substantial dilution for stockholders, in the case of equity financing.

Non-Controlling Interests

Non-Controlling Interests	6 Months Ended
	Jun. 30, 2018
Noncontrolling Interest [Abstract]
NON-CONTROLLING INTERESTS	NOTE 10 — NON-CONTROLLING INTERESTS As of June 30, 2018, 13.2% of Holdings’ ownership interests was held by iPic Entertainment Inc. The non-controlling interests represent the Holdings’ ownership interests not held by iPic Entertainment Inc. The ownership is summarized as follows: June 30, 2018 Units Ownership % iPic Entertainment Inc.’s ownership of common units 1,510,108 13.20 % Non-controlling interest holders’ ownership of common units 9,926,621 86.80 % Total common units 11,436,729 100.00 % The Company uses the weighted-average ownership percentages during the period to calculate the pretax income or loss attributable to iPic Entertainment Inc. and the non-controlling interest holders of Holdings.

Net Loss Per Share

Net Loss Per Share	6 Months Ended
	Jun. 30, 2018
Earnings Per Share [Abstract]
NET LOSS PER SHARE	NOTE 11 — NET LOSS PER SHARE The Company computed net loss per share only for the period our common stock was outstanding during 2018, referred to as the “Post-IPO Period”. We have defined the Post-IPO Period as February 1, 2018, the date our shares began trading on the NASDAQ, through June 30, 2018, or 150 days of activity for the reporting period ended June 30, 2018. Basic net loss per share is computed by dividing the net loss attributable to Class A Common Stockholders for the Post-IPO Period by the weighted-average number of shares of Class A Common Stock outstanding during the Post-IPO Period. The weighted average number of Restricted Stock Units to be settled in shares of Class A Common Stock became fully vested on the IPO date. On May 15, 2018 247,755 of the RSUs were exchanged for Class A shares. On June 29, 2018 14,770 of the RSUs were exchanged for Class A shares. The remaining 221,339 RSUs will be exchanged for Class A shares on May 15, 2019. Prior to the IPO, the iPic-Gold Class membership structure included membership units. The Company analyzed the calculation of earnings per unit for periods prior to the IPO and determined that it resulted in values that would not be meaningful to the users of these unaudited condensed consolidated financial statements. Therefore, earnings per unit information has not been presented for periods prior to the IPO on February 1, 2018. Diluted net loss per share is computed by adjusting the net loss available to Class A Common Stockholders and the weighted-average number of shares of Class A Common Stock outstanding to give effect to potentially dilutive securities. Shares of Class B Common Stock issued do not participate in earnings of the Company. As a result, the shares of Class B Common Stock are not considered participating securities and are not included in the weighted-average shares outstanding for purposes of computing net loss per share. Class B Common Stockholders have the option to exchange an equivalent number of LLC Interests of Holdings for Class A Common Stock of iPic Entertainment Inc. maintaining a one-to-one ratio. Therefore, the equivalent number of shares of Class A Common Stock could be issuable in exchange for the Class B Common Stockholders’ LLC Interests of Holdings. Basic and diluted loss per share/unit for the period ended June 30, 2018: February 1, 2018 Three Months June 30, June 30, Numerator: Net loss attributable to iPic Entertainment Inc. – Actual Dollars $ (3,019,965 ) $ (1,026,864 ) Denominator: Class A Common Stock 1,087,335 (1) 1,353,475 Restricted Stock Units 348,550 (2) 379,556 Weighted-average Class A common shares outstanding for the period ended June 30, 2018 1,435,885 1,733,031 Net loss per Class A common share — basic and diluted $ (2.10 ) $ (0.59 ) (1) 1,248,159 issued on February 1, 2018 and 1,510,108 outstanding at June 30, 2018 (150 days outstanding/181 days in the period) (2) 483,864 at February 1, 2018 and 267,764 outstanding at June 30, 2018 (150 days outstanding/181 days in the period) The Company has issued potentially dilutive instruments in the form of our Non-Qualified Options granted to our employees and directors. In addition, warrants were issued to selling agents upon completion of the IPO for services rendered. The Company did not include any of these instruments in its calculation of diluted net loss per share during the period because to include them would be anti-dilutive due to the Company’s loss from operations during the period. The following table summarizes the types of potentially dilutive securities outstanding as of June 30, 2018: June 30, LLC Interests 9,926,621 Non-Qualified Options 955,300 Selling Agents’ Warrants 18,005 Total 10,899,926

Subsequent Events

Subsequent Events	6 Months Ended
	Jun. 30, 2018
Subsequent Events [Abstract]
Subsequent Events	NOTE 12 — SUBSEQUENT EVENTS In accordance with the Holdings LLC Agreement, on July 12, 2018, each of Village Roadshow Attractions USA, Inc. (“Village Roadshow”), Teachers’ Retirement System of Alabama and Employees’ Retirement System of Alabama has assigned 100% of its respective membership units of Holdings to iPic in exchange for a corresponding number of shares of iPic’s Class A Common Stock (2,801,433 shares, 1,876,960 shares and 924,473 shares of Class A Common Stock, respectively) (the “Exchange”). As part of the Exchange and in accordance with iPic’s amended and restated certificate of incorporation, each such investor’s Class B common stock has been canceled.

Organization and Summary of S19

Organization and Summary of Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2018
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Principles of Consolidation	Principles of Consolidation The accompanying (a) unaudited condensed consolidated balance sheet as of December 31, 2017, which has been derived from audited financial statements that included explanatory going concern language in the independent registered public accounting firm’s report accompanying those statements, and (b) the unaudited interim condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and in accordance with the instructions to Form 10–Q. Accordingly, they do not include all of the information and footnotes required by GAAP for complete consolidated financial statements. In the opinion of management, the accompanying unaudited interim condensed consolidated financial statements reflect all normal and recurring adjustments that are necessary for the fair presentation of the financial position of the Company as of June 30, 2018, the results of operations for the three and six month periods ended June 30, 2018 and 2017 and the cash flows for the six month periods ended June 30, 2018 and 2017, and should be read in conjunction with the Company’s Annual Report on Form 10–K for the year ended December 31, 2017. All significant intercompany balances and transactions have been eliminated in consolidation. Due to the seasonal nature of the Company’s business, results for the periods presented are not necessarily indicative of the results to be expected for a full year. The accompanying unaudited condensed consolidated financial statements have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission. Certain information and note disclosures normally included in annual financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to those rules and regulations, although the Company believes that the disclosures made are adequate to make the information not misleading.
Seasonality	Seasonality Our revenues are dependent upon the timing and popularity of film releases by distributors. The most marketable films are usually released during the summer and the calendar year-end holiday season. Therefore, our business is subject to significant seasonal fluctuations, with higher attendance and revenues generally occurring during the summer months and year-end holiday season. As a result, our results of operations may vary significantly from quarter to quarter and from year to year.
Use of Estimates	Use of Estimates The preparation of the unaudited condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the unaudited condensed consolidated financial statements and the reported amounts of revenues and expenses during the reporting periods. These estimates include assessing the collectability of accounts receivable, breakage on gift cards and the useful life and impairment of long-lived assets. Although these estimates are based on management’s knowledge of current events and actions it may undertake in the future, they may ultimately differ from actual results.
Locations	Locations At June 30, 2018 and 2017, the Company operated a total of fifteen and sixteen cinemas, respectively, in the following locations throughout the United States: ● Glendale, Wisconsin 1 ● Scottsdale, Arizona ● Pasadena, California ● Bolingbrook, Illinois ● Austin, Texas ● South Barrington, Illinois ● Fairview, Texas ● Los Angeles, California ● Boca Raton, Florida ● Houston, Texas ● Bethesda, Maryland ● Fort Lee, New Jersey ● North Miami, Florida ● New York, New York ● Redmond, Washington ● Dobbs Ferry, New York 2 1 2
Fair Value of Financial Instruments	Fair Value of Financial Instruments The fair value of accounts receivable and accounts payable approximate their respective carrying values due to the short-term nature of those instruments. The Company believes it is not practicable to determine the fair value of its debt without incurring excessive costs because interest rates and other terms for similar debt are not readily available.
New Accounting Pronouncements	New Accounting Pronouncements As an emerging growth company, the Company has elected the option to defer the effective date for adoption of new or revised accounting guidance. This option allows the Company to adopt new guidance on the effective date for entities that are not public business entities. In May 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2014-09, Revenue from Contracts with Customers In 2016, the FASB issued various amendments to ASU No. 2014-09, including ASU No. 2016-08, Revenue from Contracts with Customers (Topic 606): Principal versus Agent Considerations (Reporting Revenues Gross versus Net) Revenue from Contracts with Customers (Topic 606): Identifying Performance Obligations and Licensing, Revenue from Contracts with Customers (Topic 606): Narrow-Scope Improvements and Practical Expedients Revenue from Contracts with Customers (Topic 606): Technical Corrections and Improvements In February 2016, the FASB codified Accounting Standards Codification (“ASC”) Topic No. 842, Leases Leases In August 2016, the FASB issued ASU No. 2016-15, Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments In January 2017, the FASB issued ASU No. 2017-01, Business Combinations (Topic 805): Clarifying the Definition of a Business. In May 2017, the FASB issued ASU No. 2017-09, Compensation – Stock Compensation (Topic 718), In July 2017, the FASB issued ASU No. 2017-11, Earnings Per Share (Topic 260), Distinguishing Liabilities From Equity (Topic 480) And Derivatives And Hedging (Topic 815). Earnings Per Share Debt-Debt with Conversion and Other Options Earnings Per Share (Topic 260), Distinguishing Liabilities From Equity (Topic 480) And Derivatives And Hedging (Topic 815) In June 2018, FASB issued ASU No. 2018-07, Compensation—Stock Compensation (Topic 718) In July 2018, the FASB issued ASU No. 2018-09, Codification Improvements

Property and Equipment (Tables)

Property and Equipment (Tables)	6 Months Ended
	Jun. 30, 2018
Property, Plant and Equipment [Abstract]
Schedule of property and equipment	June 30, December 31, Leasehold improvements $ 138,630 $ 137,675 Furniture, fixtures and office equipment 57,912 53,888 Construction in progress (site development) 2,580 2,124 Projection equipment and screens 12,705 12,330 Computer hardware and software 7,260 6,983 219,087 213,000 Less: accumulated depreciation and amortization (80,953 ) (71,834 ) Total $ 138,134 $ 141,166

Borrowings (Tables)

Borrowings (Tables)	6 Months Ended
	Jun. 30, 2018
Debt Disclosure [Abstract]
Schedule of notes payable to related parties	June 30, December 31, 5.00% VR iPic Finance, LLC notes $ -- $ 16,125 5.00% VR iPic Finance, LLC demand notes -- 14,461 10.50% Village Roadshow Attractions USA, Inc. notes -- 15,000 5.00% Village Roadshow Attractions USA, Inc. notes -- 1,071 5.00% iPic Holdings, LLC notes -- 547 5.00% Regal/Atom Holdings, LLC note -- 3,038 Total $ -- $ 50,242

Equity (Tables)

Equity (Tables)	6 Months Ended
	Jun. 30, 2018
Equity [Abstract]
Schedule of non-qualified options activity	Options Weighted Average Grant Date Fair Value Per Option Weighted Average Exercise Price per Option Outstanding - December 31, 2017 955,300 $ 4.58 $ 18.13 Exercisable - December 31, 2017 - $ - $ - Granted - - - Exercised - - - Forfeited/Cancelled - - - Outstanding – June 30, 2018 955,300 $ 4.58 $ 18.13 Exercisable – June 30, 2018 10,300 $ 4.58 $ 18.13

Commitments and Contingencies (

Commitments and Contingencies (Tables)	6 Months Ended
	Jun. 30, 2018
Commitments and Contingencies Disclosure [Abstract]
Schedule of future minimum payments under non-cancelable operating leases	At June 30, 2018, future minimum payments under non-cancelable operating leases are as follows. 2018 – 2019 $ 20,176 2019 – 2020 22,330 2020 – 2021 23,035 2021 – 2022 23,570 2022 – 2023 23,790 Thereafter 251,973 $ 364,874
Schedule of operating leases require contingent rental payments	2018 2017 Minimum rentals $ 8,187 $ 7,130 Contingent rentals -- (44 ) $ 8,187 $ 7,086 2018 2017 Minimum rentals $ 4,051 $ 3,389 Contingent rentals - (25 ) $ 4,051 $ 3,364

Income Taxes (Tables)

Income Taxes (Tables)	6 Months Ended
	Jun. 30, 2018
Income Tax Disclosure [Abstract]
Schedule of income tax expense	Six Months Ended 2018 2017 Pre-tax book loss $ (30,281 ) $ (22,383 ) Less: net loss prior to the Organizational Transactions 4,442 — Less: net loss attributable to non-controlling interests 22,862 — Net loss attributable to iPic before income taxes $ (2,977 ) $ (22,383 ) Income taxes at U.S. federal statutory rate $ (717 ) $ (7,834 ) State and local income taxes, net of federal benefit (161 ) (787 ) Increase in valuation allowance 921 — LLC flow-through structure — 8,664 Income tax expense $ 43 $ 43 Three Months Ended 2018 2017 Pre-tax book loss $ (8,539 ) $ (12,573 ) Less: net loss prior to the Organizational Transactions — — Less: net loss attributable to non-controlling interests 7,534 — Net loss attributable to iPic before income taxes $ (1,005 ) $ (12,573 ) Income taxes at U.S. federal statutory rate $ (211 ) $ (4,401 ) State and local income taxes, net of federal benefit (31 ) (444 ) Increase in valuation allowance 264 — LLC flow-through structure — 4,867 Income tax expense $ 22 $ 22

Non-Controlling Interests (Tabl

Non-Controlling Interests (Tables)	6 Months Ended
	Jun. 30, 2018
Noncontrolling Interest [Abstract]
Schedule of the types of potentially dilutive securities outstanding	June 30, Units Ownership % iPic Entertainment Inc.’s ownership of common units 1,510,108 13.20 % Non-controlling interest holders’ ownership of common units 9,926,621 86.80 % Total common units 11,436,729 100.00 %

Net Loss Per Share (Tables)

Net Loss Per Share (Tables)	6 Months Ended
	Jun. 30, 2018
Earnings Per Share [Abstract]
Schedule of basic and diluted loss per share	February 1, 2018 Three Months June 30, June 30, Numerator: Net loss attributable to iPic Entertainment Inc. – Actual Dollars $ (3,019,965 ) $ (1,026,864 ) Denominator: Class A Common Stock 1,087,335 (1) 1,353,475 Restricted Stock Units 348,550 (2) 379,556 Weighted-average Class A common shares outstanding for the period ended June 30, 2018 1,435,885 1,733,031 Net loss per Class A common share — basic and diluted $ (2.10 ) $ (0.59 ) (1) 1,248,159 issued on February 1, 2018 and 1,510,108 outstanding at June 30, 2018 (150 days outstanding/181 days in the period) (2) 483,864 at February 1, 2018 and 267,764 outstanding at June 30, 2018 (150 days outstanding/181 days in the period)
Schedule of potentially dilutive securities outstanding	June 30, LLC Interests 9,926,621 Non-Qualified Options 955,300 Selling Agents’ Warrants 18,005 Total 10,899,926

Organization and Summary of S27

Organization and Summary of Significant Accounting Policies (Details) $ in Thousands	Jun. 30, 2018USD ($)
Organization and Summary of Significant Accounting Policies Textual
Accrued Bonus	$ 1,265

Initial Public Offering (Detail

Initial Public Offering (Details) - USD ($) $ / shares in Units, $ in Thousands	1 Months Ended	6 Months Ended
	Feb. 01, 2018	Jun. 30, 2018
Initial Public Offering (Textual)
Voting power, description	All of the membership interests in iPic-Gold Class were contributed by the Original iPic Equity Owners to Holdings in exchange for all of the membership interests in Holdings (the "LLC Interests"), following which iPic-Gold Class became 100% owned and controlled by Holdings
Outstanding class A common stock	429,730
Net proceeds		$ 1,375
Description of Issuance of Warrants	Upon the closing of the IPO, the Company issued certain warrants to the selling agents (the “Selling Agents’ Warrants”) to purchase a number of shares of the Common Stock equal to 2.2% of the total shares of the Common Stock sold in the IPO. This equated to a total of 18,005 shares. The Selling Agents’ Warrants are exercisable commencing approximately 13 months after the date of the applicable closing, and will be exercisable for three and a half years after such date. The Selling Agents’ Warrants are not redeemable by the Company. The exercise price for the Selling Agents’ Warrants is $23.125 which equals 125% of the public offering price of $18.50. The fair value of the warrants of $90 was offset against the proceeds received from the IPO.
iPic Equity Owners [Member]
Initial Public Offering (Textual)
Voting power, description	(i) LLC Interests, representing 88.83% of the economic interest in Holdings, and (ii) through their ownership of Class A and Class B Common Stock, approximately 92.68% of the combined voting power of our Class A and Class B Common Stock.
Class A Common Stock [Member]
Initial Public Offering (Textual)
Voting power, description	Class A Common Stockholders own 1,248,159 shares of Class A Common Stock, representing approximately 11.17% of the combined voting power of our Class A and Class B Common Stock, and participate in approximately 11.17% of the economic interest in Holdings.
Outstanding class A common stock		818,429
Net proceeds
Class B Common Stock
Initial Public Offering (Textual)
Net proceeds
IPO [Member]
Initial Public Offering (Textual)
Offering price per share	$ 18.50
Offering expenses	$ 1,500
Ownership interests, percentage	7.32%
Outstanding class A common stock	818,429
Net proceeds	$ 13,600
IPO [Member] | Class A Common Stock [Member]
Initial Public Offering (Textual)
Offering price per share	$ 18.50
Voting power, description	The continuing owners of iPic-Gold Class Holdings LLC control approximately 92.68% of the combined voting power of all classes of iPic Entertainment Inc.'s common stock as a result of their ownership of 429,730 shares of iPic Entertainment Inc.'s Class A Common Stock and all of the outstanding shares of iPic Entertainment Inc.'s Class B Common Stock, each share of which is entitled to one vote on all matters submitted to a vote of iPic Entertainment Inc.'s stockholders.
Ownership interests, percentage	7.32%
Outstanding class A common stock	818,429
Net proceeds	$ 13,600

Variable Interest Entities (Det

Variable Interest Entities (Details) - USD ($) $ in Thousands	1 Months Ended	6 Months Ended
	May 31, 2017	Jun. 30, 2018
Variable Interest Entities (Textual)
Construction in process	$ 2,300
Fair value of capital contributions	6,400
Cash	4,000
Initial distribution	$ 3,400
Initial distribution upon formation, description	As the fair value exceeded the contribution required to acquire Delray's ownership in Developer and 4th and 5th Avenue Holdings, cash totaling approximately $4,000 was paid by the 92% owners of 4th and 5th Avenue Holdings to Developer as an initial distribution upon formation of the respective entities.
Services agreement, description		The Company will be paid an annual fee for these services under the shared services agreement that equates to 50% of the fee paid to Developer under the development management agreement. The other 50% will be paid to the other 50% owner of Developer. In addition, the Company is obligated to cover certain losses or additional capital calls that may arise related to a completion guaranty on the development project. The Company has also signed an indemnification agreement, along with an affiliate of the other 50% owner of Developer, to indemnify 4th and 5th Avenue Holdings for certain conditions and to maintain a minimum aggregate net worth, on a combined basis, of $15,000 which shall include $1,650, on a combined basis, of liquid assets through the completion of the development of the project. Should the combined net worth of the Company and the affiliate of the other 50% owner in Developer fall below $15,000, the parties must provide additional collateral to 4th and 5th Avenue Holdings subject to their review and consent.
VIE ownership, percentage		50.00%
Ipic Delray Investment, Llc [Member]
Variable Interest Entities (Textual)
Ownership interests, percentage	50.00%
Avenue Developer, Llc [Member]
Variable Interest Entities (Textual)
Ownership interests, percentage	8.00%
Ipic Lease [Member]
Variable Interest Entities (Textual)
Ownership interests, percentage	65.00%

Property and Equipment (Details

Property and Equipment (Details) - USD ($) $ in Thousands	Jun. 30, 2018	Dec. 31, 2017
Property, Plant and Equipment [Line Items]
Property and equipment	$ 219,087	$ 213,000
Less: accumulated depreciation and amortization	(80,953)	(71,834)
Total	138,134	141,166
Leasehold Improvements [Member]
Property, Plant and Equipment [Line Items]
Property and equipment	138,630	137,675
Furniture, fixtures and office equipment [Member]
Property, Plant and Equipment [Line Items]
Property and equipment	57,912	53,888
Construction in progress (site development) [Member]
Property, Plant and Equipment [Line Items]
Property and equipment	2,580	2,124
Projection equipment and screens [Member]
Property, Plant and Equipment [Line Items]
Property and equipment	12,705	12,330
Computer hardware and software [Member]
Property, Plant and Equipment [Line Items]
Property and equipment	$ 7,260	$ 6,983

Property and Equipment (Detai31

Property and Equipment (Details Textual) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017	Dec. 31, 2017
Property and Equipment (Textual)
Long-lived assets, carrying value					$ 428
Long-lived assets written down					$ 0
Minimum lease obligation over next seven years	$ 4,100		$ 4,100
Future lease obligation, description			The future lease obligation was recorded at present value and discounted at an annual rate of 13%. Sublease payments were anticipated to be received 24 months from the abandonment date. The sublease payments were estimated to be 50% less than the Company's lease payment obligation through the remainder of the lease.
Incurred interest costs	3,897	$ 4,070	$ 8,512	$ 7,977
Capitalized cost	$ 0	$ 59	0	$ 195
Remaining lease cost			$ 1,839

Borrowings (Details)

Borrowings (Details) - USD ($) $ in Thousands	Jun. 30, 2018	Dec. 31, 2017
Short-term Debt [Line Items]
Notes payable to related parties		$ 50,242
VR iPic Finance, LLC notes [Member]
Short-term Debt [Line Items]
Notes payable to related parties		16,125
VR iPic Finance, LLC demand notes [Member]
Short-term Debt [Line Items]
Notes payable to related parties		14,461
Village Roadshow Attractions USA, Inc. notes [Member]
Short-term Debt [Line Items]
Notes payable to related parties		15,000
Village Roadshow Attractions USA, Inc. notes one [Member]
Short-term Debt [Line Items]
Notes payable to related parties		1,071
IPic Holdings, LLC notes [Member]
Short-term Debt [Line Items]
Notes payable to related parties		547
Regal/Atom Holdings, LLC note [Member]
Short-term Debt [Line Items]
Notes payable to related parties		$ 3,038

Borrowings (Details Textual)

Borrowings (Details Textual) $ in Thousands	1 Months Ended		6 Months Ended
	Jun. 22, 2018	Feb. 01, 2018USD ($)	Jun. 30, 2018USD ($)Tranches / Tranche	Dec. 31, 2017USD ($)Tranches / Tranche
Borrowings (Textual)
Accrued insurance			$ 585	$ 1,214
Long-term debt, description	The Non-revolving Credit Facility was modified to permit us to borrow up to $17,923 on five planned remodeling projects. An amount equal to eighty percent (80%) of the total costs to develop each project constitutes a “Project Tranche”. Any changes to the amount of a Project Tranche (either increases or decreases) are subject to prior written consent from the lender. On June 29, 2018 the Non-revolving Credit Facility was further modified to permit us to borrow funds up to $8,233 for working capital expenses, in addition to the borrowing for planned 2018 remodeling projects.		The cumulative difference between the interest computed using the stated interest rates (8.00% at June 30, 2018 and December 31, 2017) and the effective interest rate of 6.95% is $798 and $976 at June 30, 2018 and December 31, 2017, respectively, and is recorded in ‘‘Accrued interest - long-term’' in the accompanying unaudited condensed consolidated balance sheets. The interest rate on Tranche 3 borrowings is fixed at 10.50% per annum.
Percentage rate of debt interest accrues			3.63%
Number of tranches | Tranches / Tranche			3	3
Restricted Stock Units (RSUs) [Member]
Borrowings (Textual)
Accrued interest of debt			$ 7,776
Teachers Retirement System of Alabama [Member]
Borrowings (Textual)
Non-revolving credit facility amount			225,828
Tranche 2 [Member]
Borrowings (Textual)
Long-term debt amount			$ 24,000	$ 24,000
Tranche 1 [Member]
Borrowings (Textual)
Interest rate on debt			6.95%
Long-term debt amount			$ 15,828	15,828
Tranche 3 [Member]
Borrowings (Textual)
Total commitment amounts			186,000
Long-term debt amount			$ 128,551	$ 102,775
Ipic Gold Class Llc Agreement [Member]
Borrowings (Textual)
Accrued interest of debt		$ 37,157
Interest rate on debt		5.00%
Village Roadshow Attractions USA, Inc. notes [Member]
Borrowings (Textual)
Interest rate on debt			10.50%
Short-term note amount			$ 15,000
Interest payable of short-term borrowings			$ 3,000
VR iPic Finance, LLC notes [Member]
Borrowings (Textual)
Interest rate on debt			5.00%
VR iPic Finance, LLC demand notes [Member]
Borrowings (Textual)
Interest rate on debt			5.00%
Village Roadshow Attractions USA, Inc. notes one [Member]
Borrowings (Textual)
Interest rate on debt			5.00%
IPic Holdings, LLC notes [Member]
Borrowings (Textual)
Interest rate on debt			5.00%

Equity (Details)

Equity (Details)	6 Months Ended
	Jun. 30, 2018$ / sharesshares
Equity [Abstract]
Options, Outstanding | shares	955,300
Options, Exercisable | shares
Options, Granted | shares
Options, Exercised | shares
Options, Forfeited/Cancelled | shares
Options, Outstanding | shares	955,300
Options, Exercisable | shares	10,300
Weighted Average Grant Date Fair Value Per Option, Outstanding	$ 4.58
Weighted Average Grant Date Fair Value Per Option, Exercisable
Weighted Average Grant Date Fair Value Per Option, Granted
Weighted Average Grant Date Fair Value Per Option, Exercised
Weighted Average Grant Date Fair Value Per Option, Forfeited/Cancelled
Weighted Average Grant Date Fair Value Per Option, Outstanding	4.58
Weighted Average Grant Date Fair Value Per Option, Exercisable	4.58
Weighted Average Exercise Price per Option, Outstanding	18.13
Weighted Average Exercise Price per Option, Exercisable
Weighted Average Exercise Price per Option, Granted
Weighted Average Exercise Price per Option, Exercised
Weighted Average Exercise Price per Option, Forfeited/Cancelled
Weighted Average Exercise Price per Option, Outstanding	18.13
Weighted Average Exercise Price per Option, Exercisable	$ 18.13

Equity (Details Textual)

Equity (Details Textual) - USD ($) $ / shares in Units, $ in Thousands

Feb. 01, 2018

Dec. 06, 2017

Feb. 01, 2018

Apr. 30, 2017

Aug. 29, 2018

Jun. 30, 2018

Jun. 30, 2017

Jun. 30, 2018

Jun. 30, 2017

Jun. 29, 2018

May 15, 2018

Dec. 31, 2017

Equity Textual [Abstract]

Proceeds from private placement

$ 2,500

Investment by regal cinemas

$ 12,000

Non-qualified options granted

Exercise of options terms, description

The exercise price, which shall be determined by the Committee at the time of grant, shall not be less than the greater of (i) the par value of the stock and (ii) 100% of the Fair Market Value (defined as the closing price at the close of the primary trading session of the units on the date immediately prior to the date of the grant on the principal national security exchange on which the common stock is listed or quoted, as applicable) of the common stock of the Company, provided

Terms of options, description

The term of each Option shall be fixed by the Committee, provided provided further

Description of non-qualified options

To the extent that the aggregate Fair Market Value of Incentive Options granted under the Plan are exercisable by a participant for the first time during any calendar year exceeds $100, such Incentive Options shall be treated as Non-Qualified Options.

Terms for number of units issued to director

The aggregate number of shares that may be issued under the Plan in any calendar year to an individual Director may not exceed that number of shares representing a Fair Market Value equal to the positive difference, if any, between $300, and the aggregate value of any annual cash retainer paid to the director.

Weighted average remaining contractual term

9 years 9 months

Unrecognized stock-based compensation

$ 3,794

Compensation expense

$ 269

$ 0

602

$ 0

Remeasurement of redeemable non-controlling interest

(162,624)

Redeemable non-controlling interest

$ 79,315

$ 79,315

Volume weighted average market price

$ 7.99

Independent director [Member]

Equity Textual [Abstract]

Average grant date fair value

$ 370

Ownership interests, percentage

50.00%

Unrestricted stock issued

45,849

Redeemable Non-Controlling Interest

Equity Textual [Abstract]

Remeasurement of redeemable non-controlling interest

$ 162,624

Restricted Stock Units (RSUs) [Member]

Equity Textual [Abstract]

Non-qualified options granted

483,864

Compensation expense

$ 8,235

Stock units outstanding

14,770

247,755

Contractual term

May 15, 2018

Average grant date fair value

$ 17.02

Stock Compensation Plan [Member]

Equity Textual [Abstract]

Membership units authorized

1,600,000

1,600,000

Non-qualified options granted

955,300

Exercise price

$ 18.13

$ 18.13

Restricted stock units one [Member]

Equity Textual [Abstract]

Stock units outstanding

221,339

221,339

Contractual term

May 15, 2019

Employee Stock Option [Member]

Equity Textual [Abstract]

Intrinsic value of the options outstanding

$ 0

$ 0

Stock options vested

10,300

Commitments and Contingencies36

Commitments and Contingencies (Details) $ in Thousands	Jun. 30, 2018USD ($)
Commitments and Contingencies Disclosure [Abstract]
2018 - 2019	$ 20,176
2019 - 2020	22,330
2020 - 2021	23,035
2021 - 2022	23,570
2022 - 2023	23,790
Thereafter	251,973
Operating leases future minimum payments	$ 364,874

Commitments and Contingencies37

Commitments and Contingencies (Details 1) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Commitments and Contingencies Disclosure [Abstract]
Minimum rentals	$ 4,051	$ 3,389	$ 8,187	$ 7,130
Contingent rentals		(25)		(44)
Total operating leases rent expense	$ 4,051	$ 3,364	$ 8,187	$ 7,086

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Income Tax Disclosure [Abstract]
Pre-tax book loss	$ (8,539)	$ (12,573)	$ (30,281)	$ (22,383)
Less: net loss prior to the Organizational Transactions			4,442
Less: net loss attributable to non-controlling interests	7,534		22,862
Net loss attributable to iPic before income taxes	(1,005)	(12,573)	(2,977)	(22,383)
Income taxes at U.S. federal statutory rate	(211)	(4,401)	(717)	(7,834)
State and local income taxes, net of federal benefit	(31)	(444)	(161)	(787)
Increase in valuation allowance	264		921
LLC flow-through structure		4,867		8,664
Income tax expense	$ 22	$ 22	$ 43	$ 43

Income Taxes (Details Textual)

Income Taxes (Details Textual)	1 Months Ended
	Feb. 01, 2018
Income Taxes (Textual)
Company economic owner percentage	100.00%

Management's Plan Regarding F40

Management's Plan Regarding Future Operations (Details) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended		6 Months Ended
	Jun. 22, 2018	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017	Dec. 31, 2017	Dec. 31, 2016
Management's Plan Regarding Future Operations (Textual)
Net loss		$ (8,561)	$ (12,595)	$ (30,324)	$ (22,426)
Amount of liabilities exceeding assets				93,800
Working capital deficit		11,761		11,761
Cash and cash equivalents		$ 6,642	$ 3,895	6,642	3,895	$ 10,505	$ 4,653
Cash flows from operating activities				$ (14,412)	$ (13,333)
Long-term debt, description	The Non-revolving Credit Facility was modified to permit us to borrow up to $17,923 on five planned remodeling projects. An amount equal to eighty percent (80%) of the total costs to develop each project constitutes a “Project Tranche”. Any changes to the amount of a Project Tranche (either increases or decreases) are subject to prior written consent from the lender. On June 29, 2018 the Non-revolving Credit Facility was further modified to permit us to borrow funds up to $8,233 for working capital expenses, in addition to the borrowing for planned 2018 remodeling projects.			The cumulative difference between the interest computed using the stated interest rates (8.00% at June 30, 2018 and December 31, 2017) and the effective interest rate of 6.95% is $798 and $976 at June 30, 2018 and December 31, 2017, respectively, and is recorded in ‘‘Accrued interest - long-term’' in the accompanying unaudited condensed consolidated balance sheets. The interest rate on Tranche 3 borrowings is fixed at 10.50% per annum.

Non-Controlling Interests (Deta

Non-Controlling Interests (Details)	6 Months Ended
	Jun. 30, 2018shares
Noncontrolling Interest [Abstract]
iPic Entertainment Inc.'s ownership of common units	1,510,108
Non-controlling interest holders' ownership of common units	9,926,621
Total common units	11,436,729
iPic Entertainment, Inc.'s ownership of common units, Ownership %	13.20%
Non-controlling interest holders' ownership of common units, Ownership %	86.80%
Total common units, Ownership %	100.00%

Non-Controlling Interests (De42

Non-Controlling Interests (Details Textual)	Jun. 30, 2018
Non-controlling Interest (Textual)
Ownership interest rate of iPic Entertainment, Inc	13.20%

Net Loss Per Share (Details)

Net Loss Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended	5 Months Ended
	Jun. 30, 2018	Jun. 30, 2018
Numerator:
Net loss attributable to iPic Entertainment Inc. - Actual Dollars	$ (1,026,864)	$ (3,019,965)
Denominator:
Class A Common Stock	1,353,475	1,087,335	[1]
Restricted Stock Units	379,556	348,550	[2]
Weighted-average Class A common shares outstanding for the period ended June 30, 2018	1,733,031	1,435,885
Net loss per Class A common share - basic and diluted	$ (0.59)	$ (2.10)
[1]	1,248,159 issued on February 1, 2018 and 1,510,108 outstanding at June 30, 2018 (150 days outstanding/181 days in the period)
[2]	483,864 at February 1, 2018 and 267,764 outstanding at June 30, 2018 (150 days outstanding/181 days in the period)

Net Loss Per Share (Details 1)

Net Loss Per Share (Details 1)	6 Months Ended
	Jun. 30, 2018shares
Earnings Per Share [Abstract]
LLC Interests	9,926,621
Non-Qualified Options	955,300
Selling Agents' Warrants	18,005
Total	10,899,926

Net Loss Per Share (Details Tex

Net Loss Per Share (Details Textual) - shares	6 Months Ended
	Jun. 30, 2018	Feb. 01, 2018
Net Loss Per Share (Textual)
Net loss per share, description	The Company computed net loss per share only for the period our common stock was outstanding during 2018, referred to as the “Post-IPO Period”. We have defined the Post-IPO Period as February 1, 2018, the date our shares began trading on the NASDAQ, through June 30, 2018, or 150 days of activity for the reporting period ended June 30, 2018. Basic net loss per share is computed by dividing the net loss attributable to Class A Common Stockholders for the Post-IPO Period by the weighted-average number of shares of Class A Common Stock outstanding during the Post-IPO Period. The weighted average number of Restricted Stock Units to be settled in shares of Class A Common Stock became fully vested on the IPO date. On May 15, 2018 247,755 of the RSUs were exchanged for Class A shares. On June 29, 2018 14,770 of the RSUs were exchanged for Class A shares. The remaining 221,339 RSUs will be exchanged for Class A shares on May 15, 2019. Prior to the IPO, the iPic-Gold Class membership structure included membership units. The Company analyzed the calculation of earnings per unit for periods prior to the IPO and determined that it resulted in values that would not be meaningful to the users of these unaudited condensed consolidated financial statements. Therefore, earnings per unit information has not been presented for periods prior to the IPO on February 1, 2018.
Restricted stock, outstanding	267,764
Class A Common Stock [Member]
Net Loss Per Share (Textual)
Common stock, shares issued	1,510,108	1,248,159
Common stock, shares outstanding	1,510,108

Subsequent Events (Details)

Subsequent Events (Details)	Jul. 12, 2018
Subsequent Event [Member]
Subsequent Events (Textual)
Description of subsequent event	Teachers’ Retirement System of Alabama and Employees’ Retirement System of Alabama have assigned 100% of its respective membership units of Holdings LLC to iPic in exchange for a corresponding number of shares of iPic’s Class A Common Stock (2,801,433 shares, 1,876,960 shares and 924,473 shares of Class A Common Stock, respectively) (the “Exchange”). As part of the Exchange and in accordance with iPic’s amended and restated certificate of incorporation, each such investor’s Class B common stock has been canceled.