iPic Entertainment (IPIC) 10-Q 6 Nov 18 2018 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Sep. 30, 2018	Nov. 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	Sep. 30, 2018
Document Fiscal Period Focus	Q3
Document Fiscal Year Focus	2,018
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
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	Sep. 30, 2018	Dec. 31, 2017
Assets
Cash and cash equivalents	$ 3,182	$ 10,505
Accounts receivable	3,421	5,313
Inventories	1,109	1,198
Prepaid expenses	1,551	3,423
Total current assets	9,263	20,439
Property and equipment, net	140,184	141,166
Deposits	243	218
Convertible note receivable		250
Total assets	149,690	162,073
Liabilities and Stockholders' / Members' Deficit
Accounts payable	9,837	11,759
Accrued expenses	2,158	2,709
Accrued interest	4,264	7,078
Accrued payroll	4,738	5,361
Accrued insurance	46	1,214
Taxes payable	1,233	1,232
Deferred revenue	4,335	8,144
Total current liabilities	26,611	37,497
Long-term debt - related party	176,562	142,603
Notes payable to related parties		50,242
Deferred rent	49,760	50,826
Accrued interest - long-term	710	5,130
Other long-term liabilities	1,325
Total liabilities	254,968	286,298
Commitments and Contingencies (Note 7)
Members' deficit		(124,225)
Additional paid-in capital	(122,253)
Accumulated deficit	(9,853)
Total stockholders' / members' deficit attributable to iPic Entertainment Inc.	(132,105)	(124,225)
Non-controlling interests	26,827
Total stockholders' / members' deficit	(105,278)	(124,225)
Total Liabilities and Stockholders' / Members' Deficit	149,690	162,073
Class A Common Stock
Liabilities and Stockholders' / Members' Deficit
Common stock value	1
Class B Common Stock
Liabilities and Stockholders' / Members' Deficit
Common stock value

Unaudited Condensed Consolida_2

Unaudited Condensed Consolidated Balance Sheets (Parenthetical)	Sep. 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	7,112,974
Common stock, shares outstanding	7,112,974
Class B Common Stock
Common stock, par value | $ / shares	$ 0.0001
Common stock, shares authorized	25,000,000
Common stock, shares issued	4,323,755
Common stock, shares outstanding	4,323,755

Unaudited Condensed Consolida_3

Unaudited Condensed Consolidated Statements of Operations - USD ($) $ in Thousands		3 Months Ended		9 Months Ended
		Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Revenues
Food and beverage		$ 16,793	$ 17,569	$ 57,045	$ 55,270
Theater		14,160	14,770	46,933	45,550
Other		789	252	2,544	1,145
Total revenues		31,742	32,591	106,522	101,965
Operating expenses
Cost of food and beverage		4,557	4,847	15,275	15,154
Cost of theater		4,998	5,238	17,719	17,522
Operating payroll and benefits		9,657	9,574	29,254	28,480
Occupancy expenses		4,659	4,677	13,967	13,443
Other operating expenses		6,615	6,228	21,666	18,759
General and administrative expenses		4,256	4,424	13,616	11,061
Equity-based compensation		272		9,109
Depreciation and amortization expense		4,614	4,974	13,732	14,552
Pre-opening expenses		18	2	18	1,634
Impairment of property and equipment					3,332
Loss on abandonment of lease				1,839
Operating expenses		39,646	39,964	136,195	123,937
Operating loss		(7,904)	(7,373)	(29,673)	(21,972)
Other expense
Interest expense, net		(4,203)	(4,135)	(12,715)	(11,918)
Total other expense		(4,203)	(4,135)	(12,715)	(11,918)
Net loss before income tax expense		(12,107)	(11,508)	(42,388)	(33,890)
Income tax expense		22	22	65	65
Net loss		(12,129)	(11,530)	(42,453)	(33,955)
Less: Net loss attributable to non-controlling interests		(5,294)		(28,158)
Net loss attributable to iPic Entertainment Inc.		$ (6,835)	$ (11,530)	$ (14,295)	$ (33,955)
Net loss per Class A common share (Note 11)
Basic	[1]	$ (1.03)		$ (3.09)
Diluted	[1]	$ (1.03)		$ (3.09)
Weighted-average number of Class A common shares outstanding (Note 11)
Basic	[1]	6,664,405		3,189,884
Diluted	[1]	6,664,405		3,189,884
[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 Consolida_4

Unaudited Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017
Statement of Cash Flows [Abstract]
Cash used in operating activities	$ (20,673)	$ (11,670)
Cash flows from investing activities:
Purchases of property and equipment	(11,170)	(13,141)
Repayment of (investment in) convertible note receivable	250	(250)
Net cash used in investing activities	(10,920)	(13,391)
Cash flows from financing activities:
Members' contributions	2,500	12,394
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)	(341)
Repayment of short-term borrowings	(1,738)	(1,327)
Borrowings on long-term debt - related party	26,183	13,550
Net cash provided by financing activities	24,270	24,276
Net (decrease) in cash and cash equivalents	(7,323)	(785)
Cash and cash equivalents at the beginning of period	10,505	4,653
Cash and cash equivalents at the end of period	3,182	3,868
Supplemental disclosures of cash flow information:
Cash paid for interest, net of amounts capitalized	9,561	7,680
Cash paid for income taxes	65	87
Supplemental disclosures of non-cash activity:
Property and equipment financed through liabilities	2,302	908
Insurance premiums financed through short term borrowings	1,738
Interest payment-in-kind	7,776
Conversion of notes payable to related parties to equity	37,157
Non-cash capital distributions		$ 2,270

Unaudited Condensed Consolida_5

Unaudited Condensed Consolidated Statements of Changes in Stockholders' / Members' (Deficit - 9 months ended Sep. 30, 2018 - USD ($) $ in Thousands	Members' Deficit	Additional Paid In Capital	Accumulated Deficit	Total Stockholders'/ Members' Deficit Attributable to iPic Entertainment Inc.	Non-controlling Interests	Class A Common Stock	Class B Common Stock	Total
Deficit - Beginning at Dec. 31, 2017	$ (124,225)			$ (124,225)				$ (124,225)
Deficit - Beginning (Shares) at Dec. 31, 2017
Activity prior to the initial public offering and related organizational transactions:
Net loss	(4,442)			(4,442)				(4,442)
Members' contributions	2,500			2,500				2,500
Equity-based compensation	95			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			12,323
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	1
Issuance of common stock (Shares)						429,730	9,926,621
Conversion of notes payable and accrued interest		4,151		4,151	33,006			37,157
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			(9,853)	(9,853)	(28,158)			(14,295)
Exchange of redeemable non-controlling interests for Class A common stock		47,232		47,232	(47,232)	$ 1	$ (1)
Exchange of redeemable non-controlling interests for Class A common stock (Shares)						5,602,866	(5,602,866)
Equity-based compensation		1,522		1,522	7,871			9,393
Issuance of Class A common stock		(69)		(69)				(69)
Issuance of Class A common stock (Shares)						261,949
Remeasurement of redeemable non-controlling interests		(162,381)		(162,381)	162,381
Deficit - Ending at Sep. 30, 2018		$ (122,252)	$ (9,853)	$ (132,104)	$ 26,826			$ (105,278)
Deficit - Ending (Shares) at Sep. 30, 2018						7,112,974	4,323,755

Organization and Summary of Sig

Organization and Summary of Significant Accounting Policies	9 Months Ended
	Sep. 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. 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 nine months ended September 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 September 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 September 30, 2018, the results of operations for the three and nine month periods ended September 30, 2018 and 2017 and the cash flows for the nine month periods ended September 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. Locations At September 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 1 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 August 2018, the SEC adopted amendments to certain disclosure requirements in Securities Act Release No. 33-10532, Disclosure Update and Simplification. The amendments are effective as of November 5, 2018. Among the amendments is the requirement for companies to present (either in a separate statement or in the notes to the financial statements) an analysis of the changes in each line item of stockholders’ equity and non-controlling interests, presented in the balance sheets, for interim financial statements in quarterly reports on Form 10-Q. The Company is required to present for the quarterly reports on Form 10-Q the following items: ● A reconciliation of the beginning balance to the ending balance of shareholders’/members’ equity for each period for which a statement of operations is required to be filed, including all significant reconciling items. Contributions from and distributions to owners must be shown separately; ● Any adjustments to the balance at the beginning of the earliest period presented for items which were retroactively applied to periods prior to that period; ● With respect to any dividends, state the amount per share and in the aggregate dividends for each class of shares; ● Any changes in the registrant’s ownership interest in a subsidiary on the equity attributable to the registrant. These changes are to be adopted for interim periods beginning after the effective date of the amendments. Therefore, the Company will reflect the amendments to the reporting requirements for its unaudited condensed consolidated financial statements for the first quarter of 2019. In May 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update 2014-09, Revenue from Contracts with Customers (Topic 606) (“ASU 2014-09”) ● In August 2015, the FASB issued Accounting Standards Update 2015-14, Revenue from Contracts with Customers (Topic 606): Deferral of the Effective Date (“ASU 2015-14”) ● In March 2016, the FASB issued Accounting Standards Update 2016-08, Revenue from Contracts with Customers (Topic 606): Principal versus Agent Considerations (Reporting Revenues Gross versus Net) (“ASU 2016-08”) ● In April 2016, the FASB issued Accounting Standards Update 2016-10, Revenue from Contracts with Customers (Topic 606): Identifying Performance Obligations and Licensing (“ASU 2016-10”) ● In May 2016, the FASB issued Accounting Standards Update 2016-12, Revenue from Contracts with Customers (Topic 606): Narrow-Scope Improvements and Practical Expedients (“ASU 2016-12”). ● In December 2016, the FASB issued Accounting Standards Update 2016-20, Technical Corrections and Improvements to Topic 606, Revenue from Contracts with Customers (“ASU 2016-20”). The amendments in these accounting standards updates may be applied either using a modified retrospective transition method by means of a cumulative-effect adjustment to retained earnings as of the beginning of the fiscal year in which the guidance is effective or retrospectively to each period presented. Early adoption is permitted. The Company will adopt the amendments within these accounting standards updates in the first quarter of 2019 using the modified retrospective transition method. The Company is continuing to evaluate the impact of these accounting standards updates on its consolidated financial statements, specifically with respect to its membership programs, gift cards and customer incentives. While we have not yet completed our analysis, we continue to evaluate the impact of the standard on our consolidated financial statements and will be better positioned to provide more detailed analysis and information within our 2018 Annual Report on Form 10-K. In February 2016, the FASB codified Accounting Standards Codification (“ASC”) Topic No. 842, Leases Leases Codification Improvements to Topic 842 ASU No. 2018-11, Targeted Improvements to Topic 842 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)

Initial Public Offering

Initial Public Offering	9 Months Ended
	Sep. 30, 2018
Initial Public Offering [Abstract]
INITIAL PUBLIC OFFERING	Note 2 — Initial public offering Initial Public Offering On February 1, 2018, iPic completed its IPO of 818,429 shares of Class A Common Stock at a price of $18.50 per share. iPic received approximately $13,600 in proceeds, net of underwriting discounts and commission, but before offering expenses of approximately $1,500. iPic 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’s common stock as a result of their ownership of 429,730 shares of iPic’s Class A Common Stock and all of the outstanding shares of iPic’s Class B Common Stock, each share of which is entitled to one vote on all matters submitted to a vote of iPic’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 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 per share. The fair value of the warrants of $90 was offset against the proceeds received from the IPO.

Variable Interest Entities

Variable Interest Entities	9 Months Ended
	Sep. 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 September 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 September 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	9 Months Ended
	Sep. 30, 2018
Property, Plant and Equipment [Abstract]
PROPERTY AND EQUIPMENT	Note 4 — Property And Equipment Property and equipment, net consists of the following: September 30, December 31, Leasehold improvements $ 139,733 $ 137,675 Furniture, fixtures and office equipment 61,712 53,888 Construction in progress (site development) 4,223 2,124 Projection equipment and screens 12,718 12,330 Computer hardware and software 7,356 6,983 225,742 213,000 Less: accumulated depreciation and amortization (85,558 ) (71,834 ) Total $ 140,184 $ 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 September 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 nine months ended September 30, 2018 and 2017, the Company incurred interest costs totaling $12,715 and $12,113 respectively, of which $0 and $195 was capitalized, respectively. For the three months ended September 30, 2018 and 2017, the Company incurred interest costs totaling $4,203 and $4,135, respectively, of which $0 and $0 was capitalized, respectively.

Borrowings

Borrowings	9 Months Ended
	Sep. 30, 2018
Debt Disclosure [Abstract]
BORROWINGS	NOTE 5 — BORROWINGS Notes Payable to Related Parties Notes payable to related parties consist of the following: September 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 remove the matching requirement and 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 29, 2018 the Non-revolving Credit Facility was amended 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 September 30, 2018 and December 31, 2017. Of the total commitment amounts of $186,000 available in Tranche 3, $136,734 and $102,775 were borrowed as of September 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 September 30, 2018 and December 31, 2017) and the effective interest rate of 6.95% is $710 and $976 at September 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. 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 September 30, 2018 and December 31, 2017, the Company’s obligation under premium financing arrangements was $46 and $1,214, respectively, and is included in accrued insurance in the accompanying unaudited condensed consolidated balance sheets.

Deficit

Deficit	9 Months Ended
	Sep. 30, 2018
Equity [Abstract]
DEFICIT	NOTE 6 — DEFICIT 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. 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. On July 12, 2018, in accordance with these provisions and other terms and conditions of the LLC Agreement, two non-controlling interest holders exchanged 100% of their respective membership interests (5,602,866 membership units) in Holdings for a corresponding number of shares of iPic’s Class A common stock. As part of the exchange, each investor’s shares of Class B common stock in iPic were canceled. Also, on July 20, 2018, Ajay Bijli, an independent director of the Board of Directors, (the “Board”) resigned. The resignation of Mr. Bijli left the remaining Board with four directors. Prior to the resignation, the majority of the Board was comprised of non-controlling interest holders. Consequently, and in accordance with ASC 480-10-S99-3A, the Company was required to record the non-controlling interest outside of permanent equity. However, upon resignation of Mr. Bijli, the criteria within ASC 480-10-S99-3A requiring classification outside of permanent equity was no longer met and, therefore the Company reclassified all remaining non-controlling interests to permanent equity. As of September 30, 2018, non-controlling interests were no longer considered to be redeemable, and the Company included all non-controlling interest within permanent equity. 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. 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. 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 149,120 2.56 8.26 Exercised - - - Forfeited/Cancelled (54,858 ) 4.52 17.84 Outstanding – September 30, 2018 1,049,562 $ 4.36 $ 17.04 Exercisable – September 30, 2018 355,887 $ 3.74 $ 14.04 On July 10, 2018, 114,119 options were granted to certain employees related to the 2017 bonus payout in lieu of cash. The bonus awards for 2017 were awarded in the form of 75% in cash and 25% in options. The options vested immediately upon issuance and the aggregate grant-date fair value was $382. As of September 30, 2018, the weighted average remaining contractual term of Options outstanding was 9.50 years. As of September 30, 2018, the total intrinsic value of the Options outstanding was $0. A total of 154,562 Options were vested as of September 30, 2018. The Company recognized an aggregate of $874 and $0 in compensation expense during the nine months ended September 30, 2018 and 2017, respectively, related to the Options. For the three months ended September 30, 2018 and 2017 the Company recognized an aggregate of $272 and $0 in compensation expense, respectively, related to the Option awards. At September 30, 2018, unrecognized stock-based compensation was $3,522 for the Options. The fair value of the Options issued on July 10, 2018 and 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. Assumptions July 10, 2018 Expected term (years) 2.5 Unit price $ 8.26 Expected volatility 46.3 % Risk-free interest rate 2.63 % Dividend yield 0.00 % 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 $8,235. The average grant date fair value of the RSUs was $17.02 per unit. At September 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 In accordance with the Holdings LLC Agreement, on July 12, 2018, each of Village Roadshow, Teachers’ Retirement System of Alabama and Employees’ Retirement System of Alabama 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 were canceled.

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Sep. 30, 2018
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	NOTE 7 — COMMITMENTS AND CONTINGENCIES Operating Leases At September 30, 2018, future minimum payments under non-cancelable operating leases are as follows. 2018 – 2019 $ 20,791 2019 – 2020 23,456 2020 – 2021 24,296 2021 – 2022 24,777 2022 – 2023 25,041 Thereafter 267,844 $ 386,205 Certain operating leases require contingent rental payments based on a percentage of sales in excess of stipulated amounts. Rent expense during the nine months ended September 30 was as follows: 2018 2017 Minimum rentals $ 12,284 $ 11,069 Contingent rentals - (44 ) $ 12,284 $ 11,025 Rent expense during the three months ended September 30 was as follows: 2018 2017 Minimum rentals $ 4,097 $ 4,060 Contingent rentals - - $ 4,097 $ 4,060 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 completes its investigation of 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	9 Months Ended
	Sep. 30, 2018
Income Tax Disclosure [Abstract]
INCOME TAXES	NOTE 8 — INCOME TAXES Nine Months Ended 2018 2017 Pre-tax book loss $ (42,388 ) $ (33,890 ) Less: net loss prior to the Organizational Transactions 4,442 — Less: net loss attributable to non-controlling interests 28,158 — Net loss attributable to iPic before income taxes $ (9,788 ) $ (33,890 ) Income taxes at U.S. federal statutory rate $ (2,055 ) $ (11,862 ) State and local income taxes, net of federal benefit (760 ) (1,214 ) Increase in valuation allowance 2,880 — LLC flow-through structure — 13,141 Income tax expense $ 65 $ 65 Three Months Ended 2018 2017 Pre-tax book loss $ (12,107 ) $ (11,508 ) Less: net loss prior to the Organizational Transactions — — Less: net loss attributable to non-controlling interests 5,294 — Net loss attributable to iPic before income taxes $ (6,813 ) $ (11,508 ) Income taxes at U.S. federal statutory rate $ (1,430 ) $ (4,028 ) State and local income taxes, net of federal benefit (539 ) (405 ) Increase in valuation allowance 1,991 — LLC flow-through structure — 4,455 Income tax expense $ 22 $ 22 We file U.S federal and state income tax returns in jurisdictions with varying statutes of limitations. As of September 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 became 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	9 Months Ended
	Sep. 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 nine months ended September 30, 2018 of $42,453. In addition, the Company’s liabilities exceeded its assets by $105,278 and the Company had a working capital deficit of $17,348 at September 30, 2018. The Company had cash and cash equivalents of $3,182 at September 30, 2018 and used $20,673 in cash for operating activities for the nine months ended September 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 also 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	9 Months Ended
	Sep. 30, 2018
Noncontrolling Interest [Abstract]
NON-CONTROLLING INTERESTS	NOTE 10 — NON-CONTROLLING INTERESTS As of September 30, 2018, 62.19% of Holdings’ ownership interests was held by iPic. The non-controlling interests represent the Holdings’ ownership interests not held by iPic. The ownership is summarized as follows: September 30, Units Ownership % iPic’s ownership of common units 7,112,974 62.19 % Non-controlling interest holders’ ownership of common units 4,323,755 37.81 % 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. and the non-controlling interest holders of Holdings.

Net Loss Per Share

Net Loss Per Share	9 Months Ended
	Sep. 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 September 30, 2018, or 150 days of activity for the reporting period ended September 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 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 September 30, 2018: February 1, 2018 Three Months September 30, September 30, Numerator: Net loss attributable to iPic. – Actual Dollars $ (9,852,989 ) $ (6,833,024 ) Denominator: Class A Common Stock 2,892,197 6,443,066 Restricted Stock Units 297,687 221,339 Weighted-average Class A common shares outstanding for the period ended September 30, 2018 3,189,884 6,664,405 Net loss per Class A common share — basic and diluted $ (3.09 ) $ (1.03 ) 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 September 30, 2018: September 30, LLC Interests 4,323,755 Non-Qualified Options 1,014,561 Selling Agents’ Warrants 18,005 Total 5,356,321

Organization and Summary of S_2

Organization and Summary of Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 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 September 30, 2018, the results of operations for the three and nine month periods ended September 30, 2018 and 2017 and the cash flows for the nine month periods ended September 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.
Locations	Locations At September 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 1
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 August 2018, the SEC adopted amendments to certain disclosure requirements in Securities Act Release No. 33-10532, Disclosure Update and Simplification. The amendments are effective as of November 5, 2018. Among the amendments is the requirement for companies to present (either in a separate statement or in the notes to the financial statements) an analysis of the changes in each line item of stockholders’ equity and non-controlling interests, presented in the balance sheets, for interim financial statements in quarterly reports on Form 10-Q. The Company is required to present for the quarterly reports on Form 10-Q the following items: ● A reconciliation of the beginning balance to the ending balance of shareholders’/members’ equity for each period for which a statement of operations is required to be filed, including all significant reconciling items. Contributions from and distributions to owners must be shown separately; ● Any adjustments to the balance at the beginning of the earliest period presented for items which were retroactively applied to periods prior to that period; ● With respect to any dividends, state the amount per share and in the aggregate dividends for each class of shares; ● Any changes in the registrant’s ownership interest in a subsidiary on the equity attributable to the registrant. These changes are to be adopted for interim periods beginning after the effective date of the amendments. Therefore, the Company will reflect the amendments to the reporting requirements for its unaudited condensed consolidated financial statements for the first quarter of 2019. In May 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update 2014-09, Revenue from Contracts with Customers (Topic 606) (“ASU 2014-09”) ● In August 2015, the FASB issued Accounting Standards Update 2015-14, Revenue from Contracts with Customers (Topic 606): Deferral of the Effective Date (“ASU 2015-14”) ● In March 2016, the FASB issued Accounting Standards Update 2016-08, Revenue from Contracts with Customers (Topic 606): Principal versus Agent Considerations (Reporting Revenues Gross versus Net) (“ASU 2016-08”) ● In April 2016, the FASB issued Accounting Standards Update 2016-10, Revenue from Contracts with Customers (Topic 606): Identifying Performance Obligations and Licensing (“ASU 2016-10”) ● In May 2016, the FASB issued Accounting Standards Update 2016-12, Revenue from Contracts with Customers (Topic 606): Narrow-Scope Improvements and Practical Expedients (“ASU 2016-12”). ● In December 2016, the FASB issued Accounting Standards Update 2016-20, Technical Corrections and Improvements to Topic 606, Revenue from Contracts with Customers (“ASU 2016-20”). The amendments in these accounting standards updates may be applied either using a modified retrospective transition method by means of a cumulative-effect adjustment to retained earnings as of the beginning of the fiscal year in which the guidance is effective or retrospectively to each period presented. Early adoption is permitted. The Company will adopt the amendments within these accounting standards updates in the first quarter of 2019 using the modified retrospective transition method. The Company is continuing to evaluate the impact of these accounting standards updates on its consolidated financial statements, specifically with respect to its membership programs, gift cards and customer incentives. While we have not yet completed our analysis, we continue to evaluate the impact of the standard on our consolidated financial statements and will be better positioned to provide more detailed analysis and information within our 2018 Annual Report on Form 10-K. In February 2016, the FASB codified Accounting Standards Codification (“ASC”) Topic No. 842, Leases Leases Codification Improvements to Topic 842 ASU No. 2018-11, Targeted Improvements to Topic 842 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)

Property and Equipment (Tables)

Property and Equipment (Tables)	9 Months Ended
	Sep. 30, 2018
Property, Plant and Equipment [Abstract]
Schedule of property and equipment, net	September 30, December 31, Leasehold improvements $ 139,733 $ 137,675 Furniture, fixtures and office equipment 61,712 53,888 Construction in progress (site development) 4,223 2,124 Projection equipment and screens 12,718 12,330 Computer hardware and software 7,356 6,983 225,742 213,000 Less: accumulated depreciation and amortization (85,558 ) (71,834 ) Total $ 140,184 $ 141,166

Borrowings (Tables)

Borrowings (Tables)	9 Months Ended
	Sep. 30, 2018
Debt Disclosure [Abstract]
Schedule of notes payable to related parties	September 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

Deficit (Tables)

Deficit (Tables)	9 Months Ended
	Sep. 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 149,120 2.56 8.26 Exercised - - - Forfeited/Cancelled (54,858 ) 4.52 17.84 Outstanding – September 30, 2018 1,049,562 $ 4.36 $ 17.04 Exercisable – September 30, 2018 355,887 $ 3.74 $ 14.04
Schedule of expected term based contractual term of option	Assumptions July 10, 2018 Expected term (years) 2.5 Unit price $ 8.26 Expected volatility 46.3 % Risk-free interest rate 2.63 % Dividend yield 0.00 %

Commitments and Contingencies (

Commitments and Contingencies (Tables)	9 Months Ended
	Sep. 30, 2018
Commitments and Contingencies Disclosure [Abstract]
Schedule of future minimum payments under non-cancelable operating leases	2018 – 2019 $ 20,791 2019 – 2020 23,456 2020 – 2021 24,296 2021 – 2022 24,777 2022 – 2023 25,041 Thereafter 267,844 $ 386,205
Schedule of operating leases require contingent rental payments	2018 2017 Minimum rentals $ 12,284 $ 11,069 Contingent rentals - (44 ) $ 12,284 $ 11,025 2018 2017 Minimum rentals $ 4,097 $ 4,060 Contingent rentals - - $ 4,097 $ 4,060

Income Taxes (Tables)

Income Taxes (Tables)	9 Months Ended
	Sep. 30, 2018
Income Tax Disclosure [Abstract]
Schedule of income tax expense	Nine Months Ended 2018 2017 Pre-tax book loss $ (42,388 ) $ (33,890 ) Less: net loss prior to the Organizational Transactions 4,442 — Less: net loss attributable to non-controlling interests 28,158 — Net loss attributable to iPic before income taxes $ (9,788 ) $ (33,890 ) Income taxes at U.S. federal statutory rate $ (2,055 ) $ (11,862 ) State and local income taxes, net of federal benefit (760 ) (1,214 ) Increase in valuation allowance 2,880 — LLC flow-through structure — 13,141 Income tax expense $ 65 $ 65 Three Months Ended 2018 2017 Pre-tax book loss $ (12,107 ) $ (11,508 ) Less: net loss prior to the Organizational Transactions — — Less: net loss attributable to non-controlling interests 5,294 — Net loss attributable to iPic before income taxes $ (6,813 ) $ (11,508 ) Income taxes at U.S. federal statutory rate $ (1,430 ) $ (4,028 ) State and local income taxes, net of federal benefit (539 ) (405 ) Increase in valuation allowance 1,991 — LLC flow-through structure — 4,455 Income tax expense $ 22 $ 22

Non-Controlling Interests (Tabl

Non-Controlling Interests (Tables)	9 Months Ended
	Sep. 30, 2018
Noncontrolling Interest [Abstract]
Schedule of the types of potentially dilutive securities outstanding	September 30, Units Ownership % iPic’s ownership of common units 7,112,974 62.19 % Non-controlling interest holders’ ownership of common units 4,323,755 37.81 % Total common units 11,436,729 100.00 %

Net Loss Per Share (Tables)

Net Loss Per Share (Tables)	9 Months Ended
	Sep. 30, 2018
Earnings Per Share [Abstract]
Schedule of basic and diluted loss per share	February 1, 2018 Three Months September 30, September 30, Numerator: Net loss attributable to iPic. – Actual Dollars $ (9,852,989 ) $ (6,833,024 ) Denominator: Class A Common Stock 2,892,197 6,443,066 Restricted Stock Units 297,687 221,339 Weighted-average Class A common shares outstanding for the period ended September 30, 2018 3,189,884 6,664,405 Net loss per Class A common share — basic and diluted $ (3.09 ) $ (1.03 )
Schedule of potentially dilutive securities outstanding	September 30, LLC Interests 4,323,755 Non-Qualified Options 1,014,561 Selling Agents’ Warrants 18,005 Total 5,356,321

Initial Public Offering (Detail

Initial Public Offering (Details) - USD ($) $ / shares in Units, $ in Thousands	1 Months Ended	9 Months Ended
	Feb. 01, 2018	Sep. 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.
Net proceeds		$ 12,323
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 per share. The fair value of the warrants of $90 was offset against the proceeds received from the IPO.
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.
Issuance of Class A common stock in the IPO		818,429
Net proceeds
Class A Common Stock [Member] | IPO [Member]
Initial Public Offering (Textual)
Offering price per share	$ 18.50
Offering expenses	$ 1,500
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%
Issuance of Class A common stock in the IPO	818,429
Net proceeds	$ 13,600
Class B Common Stock [Member]
Initial Public Offering (Textual)
Net proceeds
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.

Variable Interest Entities (Det

Variable Interest Entities (Details) - USD ($) $ in Thousands	1 Months Ended	9 Months Ended
	May 31, 2017	Sep. 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 Lease [Member]
Variable Interest Entities (Textual)
Ownership interests, percentage	65.00%
Developer, LLC [Member]
Variable Interest Entities (Textual)
Ownership interests, percentage	8.00%
iPic-Delray Investment, LLC [Member]
Variable Interest Entities (Textual)
Ownership interests, percentage	50.00%

Property and Equipment (Details

Property and Equipment (Details) - USD ($) $ in Thousands	Sep. 30, 2018	Dec. 31, 2017
Property, Plant and Equipment [Line Items]
Property and equipment, Gross	$ 225,742	$ 213,000
Less: accumulated depreciation and amortization	(85,558)	(71,834)
Total	140,184	141,166
Leasehold improvements [Member]
Property, Plant and Equipment [Line Items]
Property and equipment, Gross	139,733	137,675
Furniture, fixtures and office equipment [Member]
Property, Plant and Equipment [Line Items]
Property and equipment, Gross	61,712	53,888
Construction in progress (site development) [Member]
Property, Plant and Equipment [Line Items]
Property and equipment, Gross	4,223	2,124
Projection equipment and screens [Member]
Property, Plant and Equipment [Line Items]
Property and equipment, Gross	12,718	12,330
Computer hardware and software [Member]
Property, Plant and Equipment [Line Items]
Property and equipment, Gross	$ 7,356	$ 6,983

Property and Equipment (Detai_2

Property and Equipment (Details Textual) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 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	4,203	$ 4,135	$ 12,715	$ 12,113
Capitalized cost	$ 0	$ 0	0	$ 195
Remaining lease cost			$ 1,839

Borrowings (Details)

Borrowings (Details) - USD ($) $ in Thousands	Sep. 30, 2018	Dec. 31, 2017
Short-term Debt [Line Items]
Notes payable to related parties		$ 50,242
Notes Payable [Member]
Short-term Debt [Line Items]
Notes payable to related parties		16,125
Notes Payable One [Member]
Short-term Debt [Line Items]
Notes payable to related parties		14,461
Notes Payable Two [Member]
Short-term Debt [Line Items]
Notes payable to related parties		15,000
Notes Payable Three [Member]
Short-term Debt [Line Items]
Notes payable to related parties		1,071
Notes Payable Four [Member]
Short-term Debt [Line Items]
Notes payable to related parties		547
Notes Payable Five [Member]
Short-term Debt [Line Items]
Notes payable to related parties		$ 3,038

Borrowings (Details Textual)

Borrowings (Details Textual) - USD ($) $ in Thousands	1 Months Ended		9 Months Ended
	Jun. 22, 2018	Feb. 01, 2018	Sep. 30, 2018	Dec. 31, 2017
Borrowings (Textual)
Accrued insurance			$ 46	$ 1,214
Long-term debt, description	The Non-revolving Credit Facility was modified to remove the matching requirement and 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.</p>" id="sjs-B5">&lt;p style="margin: 0pt">The Non-revolving Credit Facility was modified to remove the matching requirement and 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 &#8220;Project Tranche&#8221;. 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.&lt;/p>		The cumulative difference between the interest computed using the stated interest rates (8.00% at September 30, 2018 and December 31, 2017) and the effective interest rate of 6.95% is $710 and $976 at September 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.</p>" id="sjs-D5">&lt;p style="margin: 0pt">The cumulative difference between the interest computed using the stated interest rates (8.00% at September 30, 2018 and December 31, 2017) and the effective interest rate of 6.95% is $710 and $976 at September 30, 2018 and December 31, 2017, respectively, and is recorded in &#8220;Accrued interest - long-term&#8221; in the accompanying unaudited condensed consolidated balance sheets. The interest rate on Tranche 3 borrowings is fixed at 10.50% per annum.&lt;/p>
Percentage rate of debt interest accrues			3.63%
Long term debt related party, description			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, &#8220;Tranche 1&#8221;, &#8220;Tranche 2&#8221;, and &#8220;Tranche 3&#8221;). 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 &#8220;Matching Requirement&#8221;).
Bonus awards, description			The bonus awards for 2017 were awarded in the form of 75% in cash and 25% in options. </p>" id="sjs-D8">&lt;p style="margin: 0pt">The bonus awards for 2017 were awarded in the form of 75% in cash and 25% in options. &lt;/p>
Tranche One [Member]
Borrowings (Textual)
Interest rate on debt			6.95%
Long-term debt amount			$ 15,828	15,828
Tranche Two [Member]
Borrowings (Textual)
Interest rate on debt			6.95%
Long-term debt amount			$ 24,000	24,000
Tranche Three [Member]
Borrowings (Textual)
Total commitment amounts			186,000
Long-term debt amount			136,734	$ 102,775
Teachers' Retirement System of Alabama [Member]
Borrowings (Textual)
Non-revolving credit facility amount			$ 225,828
iPic-Gold Class LLC Agreement [Member]
Borrowings (Textual)
Accrued interest of debt		$ 37,157
Interest rate on debt		5.00%
Notes Payable [Member]
Borrowings (Textual)
Interest rate on debt			5.00%
Notes Payable One [Member]
Borrowings (Textual)
Interest rate on debt			5.00%
Notes Payable Two [Member]
Borrowings (Textual)
Interest rate on debt			10.50%
Short-term note amount			$ 15,000
Interest payable of short-term borrowings			$ 3,000
Notes Payable Three [Member]
Borrowings (Textual)
Interest rate on debt			5.00%
Notes Payable Four [Member]
Borrowings (Textual)
Interest rate on debt			5.00%
Notes Payable Five [Member]
Borrowings (Textual)
Interest rate on debt			5.00%

Deficit (Details)

Deficit (Details)	9 Months Ended
	Sep. 30, 2018$ / sharesshares
Equity [Abstract]
Options, Outstanding | shares	955,300
Options, Exercisable | shares
Options, Granted | shares	149,120
Options, Exercised | shares
Options, Forfeited/Cancelled | shares	(54,858)
Options, Outstanding | shares	1,049,562
Options, Exercisable | shares	355,887
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	2.56
Weighted Average Grant Date Fair Value Per Option, Exercised
Weighted Average Grant Date Fair Value Per Option, Forfeited/Cancelled	4.52
Weighted Average Grant Date Fair Value Per Option, Outstanding	4.36
Weighted Average Grant Date Fair Value Per Option, Exercisable	3.74
Weighted Average Exercise Price per Option, Outstanding	18.13
Weighted Average Exercise Price per Option, Exercisable
Weighted Average Exercise Price per Option, Granted	8.26
Weighted Average Exercise Price per Option, Exercised
Weighted Average Exercise Price per Option, Forfeited/Cancelled	17.84
Weighted Average Exercise Price per Option, Outstanding	17.04
Weighted Average Exercise Price per Option, Exercisable	$ 14.04

Deficit (Details 1)

Deficit (Details 1)	Jul. 10, 2018$ / shares
Equity [Abstract]
Expected term (years)	2 years 6 months
Unit price	$ 8.26
Expected volatility	46.30%
Risk-free interest rate	2.63%
Dividend yield	0.00%

Deficit (Details Textual)

Deficit (Details Textual) - USD ($) $ / shares in Units, $ in Thousands	Jul. 12, 2018	Feb. 01, 2018	Dec. 06, 2017	Feb. 01, 2018	Apr. 30, 2017	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017	Jun. 29, 2018	May 15, 2018
Deficit (Textual)
Proceeds from private placement				$ 2,500
Investment by regal cinemas					$ 12,000
Weighted average remaining contractual term								9 years 6 months
Unrecognized stock-based compensation								$ 3,522
Compensation expense						$ 272	$ 0	$ 874	$ 0
Membership non-controlling interest, description	In accordance with these provisions and other terms and conditions of the LLC Agreement, two non-controlling interest holders exchanged 100% of their respective membership interests (5,602,866 membership units) in Holdings for a corresponding number of shares of iPic’s Class A common stock.
Options granted								149,120
Options granted, value								$ 382
2017 Equity Incentive Plan [Member]
Deficit (Textual)
Incentive option and non-qualified option, description								<tr style="vertical-align: top"><td style="width: 29px; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">(i)</font></td> <td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">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, <i>provided</i> that if there is a grant of an incentive option to a recipient of the owns more than ten percent (10%) of the total combined voting power of all classes of securities of the Company, the exercise price shall be at least 110% of the Fair Market Value;</font></td></tr> <tr style="vertical-align: top"> <td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">(ii)</font></td> <td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">the term of each Option shall be fixed by the Committee, <i>provided</i> that such Option shall not be exercisable more than ten (10) years after the date such Option is granted, and<i> provided further</i>  that with respect to an Incentive Option, if the recipient owns more than ten percent (10%) of the total combined voting power of the Company, the Incentive Option shall not be exercisable more than five (5) years after the date such Incentive Option is granted;</font></td></tr> <tr style="vertical-align: top"> <td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">(iii)</font></td> <td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">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;</font></td></tr> <tr style="vertical-align: top"> <td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">(iv)</font></td> <td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">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;</font></td></tr> <tr style="vertical-align: top"> <td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">(v)</font></td> <td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">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</font></td></tr> <tr style="vertical-align: top"> <td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">(vi)</font></td> <td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">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.</font></td></tr></table>" id="sjs-I13">&lt;table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">&lt;tr style="vertical-align: top">&lt;td style="width: 29px; text-align: justify">&lt;font style="font: 10pt Times New Roman, Times, Serif">(i)&lt;/font>&lt;/td> &lt;td style="text-align: justify">&lt;font style="font: 10pt Times New Roman, Times, Serif">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, &lt;i>provided&lt;/i>&#160;that if there is a grant of an incentive option to a recipient of the owns more than ten percent (10%) of the total combined voting power of all classes of securities of the Company, the exercise price shall be at least 110% of the Fair Market Value;&lt;/font>&lt;/td>&lt;/tr> &lt;tr style="vertical-align: top"> &lt;td style="text-align: justify">&lt;font style="font: 10pt Times New Roman, Times, Serif">(ii)&lt;/font>&lt;/td> &lt;td style="text-align: justify">&lt;font style="font: 10pt Times New Roman, Times, Serif">the term of each Option shall be fixed by the Committee, &lt;i>provided&lt;/i> that such Option shall not be exercisable more than ten (10) years after the date such Option is granted, and&lt;i>&#160;provided further&lt;/i>&#160;&#160;that with respect to an Incentive Option, if the recipient owns more than ten percent (10%) of the total combined voting power of the Company, the Incentive Option shall not be exercisable more than five (5) years after the date such Incentive Option is granted;&lt;/font>&lt;/td>&lt;/tr> &lt;tr style="vertical-align: top"> &lt;td style="text-align: justify">&lt;font style="font: 10pt Times New Roman, Times, Serif">(iii)&lt;/font>&lt;/td> &lt;td style="text-align: justify">&lt;font style="font: 10pt Times New Roman, Times, Serif">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;&lt;/font>&lt;/td>&lt;/tr> &lt;tr style="vertical-align: top"> &lt;td style="text-align: justify">&lt;font style="font: 10pt Times New Roman, Times, Serif">(iv)&lt;/font>&lt;/td> &lt;td style="text-align: justify">&lt;font style="font: 10pt Times New Roman, Times, Serif">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;&lt;/font>&lt;/td>&lt;/tr> &lt;tr style="vertical-align: top"> &lt;td style="text-align: justify">&lt;font style="font: 10pt Times New Roman, Times, Serif">(v)&lt;/font>&lt;/td> &lt;td style="text-align: justify">&lt;font style="font: 10pt Times New Roman, Times, Serif">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&lt;/font>&lt;/td>&lt;/tr> &lt;tr style="vertical-align: top"> &lt;td style="text-align: justify">&lt;font style="font: 10pt Times New Roman, Times, Serif">(vi)&lt;/font>&lt;/td> &lt;td style="text-align: justify">&lt;font style="font: 10pt Times New Roman, Times, Serif">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.&lt;/font>&lt;/td>&lt;/tr>&lt;/table>
Village Roadshow [Member]
Deficit (Textual)
Membership non-controlling interest, description	Teachers&#8217; Retirement System of Alabama and Employees&#8217; Retirement System of Alabama assigned 100% of its respective membership units of Holdings to iPic in exchange for a corresponding number of shares of iPic&#8217;s Class A Common Stock (2,801,433 shares, 1,876,960 shares and 924,473 shares of Class A Common Stock, respectively) (the &#8220;Exchange&#8221;). As part of the Exchange and in accordance with iPic&#8217;s amended and restated certificate of incorporation, each such investor&#8217;s Class B common stock were canceled.
Restricted Stock Units (RSUs) [Member]
Deficit (Textual)
Compensation expense		$ 8,235
Stock units outstanding										14,770	247,755
Average grant date fair value			$ 17.02
Options granted			483,864
Employee Stock Option [Member]
Deficit (Textual)
Intrinsic value of the options outstanding						$ 0		$ 0
Stock options vested								154,562
Stock Compensation Plan [Member]
Deficit (Textual)
Membership units authorized						1,600,000		1,600,000
Restricted stock units one [Member]
Deficit (Textual)
Stock units outstanding						221,339		221,339
Contractual term								May 15, 2019

Commitments and Contingencies_2

Commitments and Contingencies (Details) $ in Thousands	Sep. 30, 2018USD ($)
Commitments and Contingencies Disclosure [Abstract]
2018 - 2019	$ 20,791
2019 - 2020	23,456
2020 - 2021	24,296
2021 - 2022	24,777
2022 - 2023	25,041
Thereafter	267,844
Operating leases future minimum payments	$ 386,205

Commitments and Contingencies_3

Commitments and Contingencies (Details 1) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Commitments and Contingencies Disclosure [Abstract]
Minimum rentals	$ 4,097	$ 4,060	$ 12,284	$ 11,069
Contingent rentals				(44)
Total operating leases rent expense	$ 4,097	$ 4,060	$ 12,284	$ 11,025

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Income Tax Disclosure [Abstract]
Pre-tax book loss	$ (12,107)	$ (11,508)	$ (42,388)	$ (33,890)
Less: net loss prior to the Organizational Transactions			4,442
Less: net loss attributable to non-controlling interests	5,294		28,158
Net loss attributable to iPic before income taxes	(6,813)	(11,508)	(9,788)	(33,890)
Income taxes at U.S. federal statutory rate	(1,430)	(4,028)	(2,055)	(11,862)
State and local income taxes, net of federal benefit	(539)	(405)	(760)	(1,214)
Increase in valuation allowance	1,991		2,880
LLC flow-through structure		4,455		13,141
Income tax expense	$ 22	$ 22	$ 65	$ 65

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 F_2

Management's Plan Regarding Future Operations (Details) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended		9 Months Ended
	Jun. 22, 2018	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017	Dec. 31, 2017	Dec. 31, 2016
Management's Plan Regarding Future Operations (Textual)
Net loss		$ (12,129)	$ (11,530)	$ (42,453)	$ (33,955)
Amount of liabilities exceeding assets				105,278
Working capital deficit		17,348		17,348
Cash and cash equivalents		$ 3,182	$ 3,868	3,182	3,868	$ 10,505	$ 4,653
Cash flows from operating activities				$ (20,673)	$ (11,670)
Long-term debt, description	The Non-revolving Credit Facility was modified to remove the matching requirement and 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.</p>" id="sjs-B9">&lt;p style="margin: 0pt">The Non-revolving Credit Facility was modified to remove the matching requirement and 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 &#8220;Project Tranche&#8221;. 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.&lt;/p>			The cumulative difference between the interest computed using the stated interest rates (8.00% at September 30, 2018 and December 31, 2017) and the effective interest rate of 6.95% is $710 and $976 at September 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.</p>" id="sjs-E9">&lt;p style="margin: 0pt">The cumulative difference between the interest computed using the stated interest rates (8.00% at September 30, 2018 and December 31, 2017) and the effective interest rate of 6.95% is $710 and $976 at September 30, 2018 and December 31, 2017, respectively, and is recorded in &#8220;Accrued interest - long-term&#8221; in the accompanying unaudited condensed consolidated balance sheets. The interest rate on Tranche 3 borrowings is fixed at 10.50% per annum.&lt;/p>

Non-Controlling Interests (Deta

Non-Controlling Interests (Details)	9 Months Ended
	Sep. 30, 2018shares
Noncontrolling Interest [Abstract]
iPic's ownership of common units	7,112,974
Non-controlling interest holders' ownership of common units	4,323,755
Total common units	11,436,729
iPic Entertainment, Inc.'s ownership of common units, Ownership %	62.19%
Non-controlling interest holders' ownership of common units, Ownership %	37.81%
Total common units, Ownership %	100.00%

Non-Controlling Interests (De_2

Non-Controlling Interests (Details Textual)	Sep. 30, 2018
Non-controlling Interest (Textual)
Ownership interest rate of iPic Entertainment, Inc	62.19%

Net Loss Per Share (Details)

Net Loss Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended	8 Months Ended
	Sep. 30, 2018	Sep. 30, 2018
Numerator:
Net loss attributable to iPic - Actual Dollars	$ (6,833,024)	$ (9,852,989)
Denominator:
Class A Common Stock	6,443,066	2,892,197
Restricted Stock Units	221,339	297,687
Weighted-average Class A common shares outstanding for the period ended September 30, 2018	6,664,405	3,189,884
Net loss per Class A common share - basic and diluted	$ (1.03)	$ (3.09)

Net Loss Per Share (Details 1)

Net Loss Per Share (Details 1)	9 Months Ended
	Sep. 30, 2018shares
Earnings Per Share [Abstract]
LLC Interests	4,323,755
Non-Qualified Options	1,014,561
Selling Agents' Warrants	18,005
Total	5,356,321

Net Loss Per Share (Details Tex

Net Loss Per Share (Details Textual)	9 Months Ended
	Sep. 30, 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 September 30, 2018, or 150 days of activity for the reporting period ended September 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.</p>" id="sjs-B4">&lt;p style="margin: 0pt">The Company computed net loss per share only for the period our common stock was outstanding during 2018, referred to as the &#8220;Post-IPO Period&#8221;. We have defined the Post-IPO Period as February 1, 2018, the date our shares began trading on the NASDAQ, through September 30, 2018, or 150 days of activity for the reporting period ended September 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.&lt;/p>