iPic Entertainment (IPIC) 10-Q 20 May 19 2019 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2019	May 01, 2019
Entity Registrant Name	iPic Entertainment Inc.
Entity Central Index Key	0001720201
Trading Symbol	IPIC
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Document Type	10-Q
Document Period End Date	Mar. 31, 2019
Document Fiscal Period Focus	Q1
Document Fiscal Year Focus	2019
Entity Filer Category	Non-accelerated Filer
Entity Ex Transition Period	false
Entity Small Business	true
Entity Emerging Growth Company	true
Class A Common Stock
Entity Common Stock, Shares Outstanding		7,144,133
Class B Common Stock
Entity Common Stock, Shares Outstanding		4,323,755

Unaudited Condensed Consolidate

Unaudited Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018
Assets
Cash and cash equivalents	$ 3,562	$ 6,026
Accounts receivable	3,266	3,874
Inventories	1,233	1,218
Prepaid expenses	4,016	3,808
Total current assets	12,077	14,926
Property and equipment, net	144,562	143,539
Deposits	330	259
Total assets	156,969	158,724
Liabilities and Stockholders' / Members' Deficit
Accounts payable	10,323	12,629
Accrued expenses	5,706	5,039
Accrued payroll	3,189	4,048
Accrued insurance	1,178	1,392
Taxes payable	1,585	958
Deferred revenue	5,122	5,541
Total current liabilities	27,103	29,607
Long-term debt - related party	203,567	188,261
Deferred rent	53,355	49,354
Accrued interest - long-term	5,590	9,398
Other long-term liabilities	1,245	1,325
Total liabilities	290,860	277,945
Commitments and Contingencies (Note 6)
Members' deficit
Additional paid-in capital	(121,822)	(121,988)
Accumulated deficit	(28,062)	(18,757)
Total stockholders' / members' deficit attributable to IPIC Entertainment Inc.	(149,883)	(140,744)
Non-controlling interests	15,992	21,523
Total stockholders' / members' deficit	(133,891)	(119,221)
Total Liabilities and Stockholders' / Members' Deficit	156,969	158,724
Common Stock
Liabilities and Stockholders' / Members' Deficit
Common stock value	1	1
Class B Common Stock
Liabilities and Stockholders' / Members' Deficit
Common stock value

Unaudited Condensed Consolida_2

Unaudited Condensed Consolidated Balance Sheets (Parenthetical)	Mar. 31, 2019$ / sharesshares
Common Stock
Common stock, par value | $ / shares	$ 0.0001
Common stock, shares authorized	100,000,000
Common stock, shares issued	7,144,133
Common stock, shares outstanding	7,144,133
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
		Mar. 31, 2019	Mar. 31, 2018
Revenues
Food and beverage		$ 15,685	$ 19,992
Theater		14,071	17,753
Other		482	959
Total revenues		30,238	38,704
Operating expenses
Cost of food and beverage		4,071	5,486
Cost of theater		5,618	7,687
Operating payroll and benefits		9,144	10,578
Occupancy expenses		4,910	4,676
Other operating expenses		5,599	7,608
General and administrative expenses		5,062	13,115
Depreciation and amortization expense		4,787	4,840
Pre-opening expenses		1,138
Loss on abandonment of lease			1,839
Operating expenses		40,329	55,829
Operating loss		(10,091)	(17,125)
Other expense
Interest expense		(4,832)	(4,614)
Total other expense		(4,832)	(4,614)
Net loss before income tax expense		(14,923)	(21,739)
Income tax expense		13	22
Net loss		(14,936)	(21,761)
Less: Net loss attributable to non-controlling interests		(5,631)	(15,385)
Net loss attributable to IPIC Entertainment Inc.		$ (9,305)	$ (6,376)
Net loss per Class A common share (Note 9)
Basic	[1]	$ (1.26)	$ (1.70)
Diluted	[1]	$ (1.26)	$ (1.70)
Weighted-average number of Class A common shares outstanding (Note 9)
Basic	[1]	7,365,472	1,135,437
Diluted	[1]	7,365,472	1,135,437
[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	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Cash flows from operating activities:
Cash used in operating activities	$ (1,341)	$ (10,626)
Cash flows from investing activities:
Purchases of property and equipment	(7,218)	(3,570)
Net cash used in investing activities	(7,218)	(3,570)
Cash flows from financing activities:
Members' contributions		2,500
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)
Repayment of short-term borrowings	(434)	(755)
Borrowings on long-term debt - related party	6,529	18,000
Net cash provided by financing activities	6,095	17,070
Net (decrease) increase in cash and cash equivalents	(2,464)	2,874
Cash and cash equivalents at the beginning of period	6,026	10,505
Cash and cash equivalents at the end of period	3,562	13,379
Supplemental disclosures of cash flow information:
Cash paid for interest, net of amounts capitalized		9,561
Cash paid for income taxes	13	22
Supplemental disclosures of non-cash activity:
Property and equipment financed through liabilities	1,249	183
Insurance premiums financed through short term borrowings	434	755
Interest payment-in-kind	8,777
Conversion of notes payable to related parties to equity		$ 37,157

Unaudited Condensed Consolida_5

Unaudited Condensed Consolidated Statement of Changes in Stockholders' / Members’ Equity (Deficit) - 3 months ended Mar. 31, 2018 - USD ($) $ in Thousands	Members' Equity (Deficit)	Additional Paid In Capital	Accumulated Deficit	Total Stockholders' / Members' Deficit Attributable to IPIC Entertainment Inc.	Redeemable Non-Controlling Interest	Class A Common Stock	Class B Common Stock
Deficit at Dec. 31, 2017	$ (124,225)			$ (124,225)
Deficit, shares at Dec. 31, 2017
Activity prior to the initial public offering and related organizational transactions:
Net loss	(4,442)			(4,442)
Member's contributions	2,500			2,500
Equity-based compensation	95			95
Effects of the initial public offering and related organizational transactions:
Issuance of Class A common stock in the IPO, net of underwriting discount and offering costs		1,375		1,375	10,948
Issuance of Class A common stock in the IPO, net of underwriting discount and offering costs, shares						818,429
Issuance of common stock				1			$ 1
Issuance of common stock, shares						429,730	9,926,621
Conversion of notes payable and accrued interest		4,151		4,151	33,006
Allocation of equity to non-controlling interest 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			(1,934)	(1,934)	(15,385)
Equity-based compensation		946		946	7,527
Remeasurement of redeemable non-controlling interests		(198,786)		(198,786)	198,786
Deficit at Mar. 31, 2018	$ 0	$ (206,397)	$ (1,934)	$ (208,330)	$ 122,893		$ 1
Deficit, shares at Mar. 31, 2018						1,248,159	9,926,621

Unaudited Condensed Consolida_6

Unaudited Condensed Consolidated Statements of Changes in Stockholders’/ Members’Deficit - 3 months ended Mar. 31, 2019 - USD ($) $ in Thousands	Members Deficit	Class A Common Stock	Class B Common Stock	Additional Paid In Capital	Accumulated Deficit	Total Stockholders' / Members' Deficit Attributable to IPIC Entertainment Inc.	Non-controlling Interests	Total
Deficit at Dec. 31, 2018		$ 1		$ (121,988)	$ (18,757)	$ (140,744)	$ 21,523	$ (119,221)
Deficit, shares at Dec. 31, 2018		7,144,133	4,323,755
Net loss					(9,305)	(9,305)	(5,631)	(14,936)
Equity-based compensation				166		166	100	266
Deficit at Mar. 31, 2019		$ 1		$ (121,822)	$ (28,062)	$ (149,883)	$ 15,992	$ (133,891)
Deficit, shares at Mar. 31, 2019		7,144,133	4,323,755

Organization and Summary of Sig

Organization and Summary of Significant Accounting Policies	3 Months Ended
	Mar. 31, 2019
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. 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. IPIC is the sole managing member of Holdings, and Holdings is the sole managing member of IPIC-Gold Class and its subsidiaries. Holdings is consolidated as part of IPIC. The assets and liabilities of Holdings represent substantially all of our consolidated assets and liabilities. IPIC and its subsidiaries are collectively referred to throughout the consolidated financial statements and related notes as the “Company”, “we”, “our” or “us”. Principles of Consolidation and Basis of Presentation The accompanying (a) unaudited condensed consolidated balance sheet as of December 31, 2018, 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 March 31, 2019, the results of operations for the three month period ended March 31, 2019 and 2018 and the cash flows for the three month periods ended March 31, 2019 and 2018, and should be read in conjunction with the Company’s Annual Report on Form 10–K for the year ended December 31, 2018. All significant intercompany balances and transactions have been eliminated in consolidation. Locations At March 31, 2019 and 2018, the Company operated a total of sixteen and fifteen 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 ● Delray Beach, Florida 2 1 Location was closed in the first quarter of 2018. Refer to Note 3 “Property and Equipment”. 2 Location was opened on March 7, 2019 New Accounting Standards 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. Revenue Recognition 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”). In March 2016, the FASB issued Accounting Standards Update 2016-04, Liabilities-Extinguishments of Liabilities (Subtopic 405-20) Revenue from Contracts with Customers (Topic 606)

Revenue Recognition

Revenue Recognition	3 Months Ended
	Mar. 31, 2019
Accrued Expenses [Abstract]
REVENUE RECOGNITION	NOTE 2 — REVENUE RECOGNITION Revenue Recognition Policy Food and beverage revenue is our largest source of revenue. This includes all food and beverage sales within our restaurants, theaters and bars. Food revenues refer to food and non-alcoholic beverages, and food offerings vary based on regional preferences and concepts as described in our restaurant brands section. Beverage revenues refer to alcoholic beverages sold within our locations, all of which are fully licensed. Theater revenue is our second largest source of revenue. We predominantly license first-run films from major distributors through direct negotiation. All of our theaters are equipped to offer content in 2D and 3D format. Theater revenue depends largely on the timing and popularity of films released by distributors, so revenues attributed to any one particular distributor can vary significantly from year to year based on content. Theater revenue includes revenue from all sponsorship activities, advertising, rental of auditoriums for private functions, live shows, gaming events, academy screenings, corporate functions, corporate rentals, other revenue-generating showings, and other fees. Other Revenue includes membership revenue, bowling, parking and valet, and gift card breakage. The Company recognizes food and beverage revenue at the point of sale. Theater revenue is recognized at the time tickets are remitted to the theater for admission. These performance obligations are satisfied at a point in time when the customer obtains control of the goods, which generally occurs at or near the same time the transaction was initiated for food and beverage or upon showing of the movie for which an admission ticket was purchased. The proceeds from advance ticket sales and the sale of gift certificates and gift cards are deferred and recognized as revenues once the respective admission ticket that was purchased in advance or gift certificate or gift card is received or tendered at the theaters. The Company is required to collect certain taxes from customers on behalf of government agencies and remit these to the applicable government agencies on a periodic basis. These taxes are legal assessments on the customer and the Company has a legal obligation to act as a collection agent. Because the Company does not retain these taxes, the Company does not include such amounts in revenues. The Company records a liability when the amounts are collected and relieves the liability when payments are made to the applicable government agencies. The Company maintains a membership program, whereby members earn and accrue points based on purchases, which are redeemable on future purchases of tickets or food and beverage. For every dollar a member spends, the member receives one point which is equal to one cent. Points are redeemable once a member earns 500 points or greater. The Company uses the deferred revenue model which results in the transaction price being allocated to the products and services sold and the award credits, with revenue recognized as each element is delivered. The portion of the theater and food and beverage revenues attributed to the rewards is deferred as a reduction of theater and food and beverage revenues, respectively. Upon redemption, deferred rewards are recognized as revenues along with associated cost of goods. The Company charges an annual fee for this membership program, which is recorded as deferred revenue and recognized over the duration of the twelve-month membership period the customer is receiving the benefits. The revenue from the annual fee is included in other revenues in the accompanying Unaudited Condensed Consolidated Statements of Operations. The Company sells gift cards to customers at its locations and through its website. There are no administrative fees charged nor do the gift cards have an expiration date. Revenues from gift cards are recognized when gift cards are redeemed. In addition, the Company recognizes “breakage” on unredeemed gift cards based upon historical redemption patterns and the time that has transpired since the card was last used. The Company recognizes breakage proportionally to the percentage of redemptions that historically occur in each year after a gift card is sold. Revenue from gift card breakage is included in other revenues in the accompanying Unaudited Condensed Consolidated Statements of Operations. Adoption of ASC Topic 606 The Company adopted ASC 606 on January 1, 2019 using the modified retrospective method; therefore, the comparative information has not been adjusted for the three months ended March 31, 2018. The Company has completed its analysis and concluded the adoption of ASC 606 did not materially impact the timing of revenue recognition for food and beverage revenue, theater revenue, membership rewards program, other revenue streams, including revenues for unredeemed gift cards and advance ticket sales. Disaggregation of Revenue Three Months Ended March 31, 2019 Major revenue types Food and beverage $ 15,685 Theater 14,071 Other 482 Total revenues $ 30,238 Three Months Ended March 31, 2019 Timing of revenue recognition Products and services transferred at a point in time $ 29,756 Products and services transferred over time 482 Total revenues $ 30,238 March 31, December 31, Contract liabilities: Deferred revenue related to contracts with customers (1) $ 5,122 $ 5,541 (1) Revenue recognized for period ending March 31, 2019, $2,512

Property and Equipment

Property and Equipment	3 Months Ended
	Mar. 31, 2019
Property, Plant and Equipment [Abstract]
PROPERTY AND EQUIPMENT	Note 3 — Property And Equipment Property and equipment, net consists of the following: March 31, 2019 December 31, Leasehold improvements $ 140,489 $ 133,743 Furniture, fixtures and office equipment 65,824 59,207 Construction in progress (site development) 2,401 11,968 Projection equipment and screens 12,703 11,125 Computer hardware and software 7,593 7,157 229,010 223,200 Less: accumulated depreciation and amortization (84,448 ) (79,661 ) Total $ 144,562 $ 143,539 After a detailed review of first generation (Generation I) locations, 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 six 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 March 31, 2019, 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 three months ended March 31, 2019 and 2018, the Company incurred interest costs totaling $4,988 and $4,614 respectively, of which $156 and $0 was capitalized, respectively.

Borrowings

Borrowings	3 Months Ended
	Mar. 31, 2019
Debt Disclosure [Abstract]
BORROWINGS	NOTE 4 — BORROWINGS 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 March 31, 2019 and December 31, 2018. Of the total commitment amounts of $186,000 available in Tranche 3, $163,738 and $148,433 were borrowed as of March 31, 2019 and December 31, 2018, respectively. As of March 31, 2019, $22,262 remained available to borrow from Tranche 3 for the planned remodels and new construction, as well as, working capital requirements subject to certain limitations. 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 March 31, 2019 and December 31, 2018) and the effective interest rate of 6.95% is $532 and $621 at March 31, 2019 and December 31, 2018, 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 March 31, 2019 and December 31, 2018, the Company’s obligation under premium financing arrangements was $1,177 and $1,392, respectively, and is included in accrued insurance in the accompanying unaudited condensed consolidated balance sheets.

Deficit

Deficit	3 Months Ended
	Mar. 31, 2019
Equity [Abstract]
DEFICIT	NOTE 5 — DEFICIT 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, 2018 1,040,424 $ 4.31 $ 16.80 Exercisable - December 31, 2018 346,749 $ 3.77 $ 14.15 Granted - $ - $ - Exercised - $ - $ - Forfeited/Cancelled (2,526 ) $ 4.24 $ 16.46 Outstanding – March 31, 2019 1,037,898 $ 4.31 $ 16.82 Exercisable – March 31, 2019 343,598 $ 3.77 $ 14.17 At March 31, 2019, the total intrinsic value of the Options outstanding and exercisable was $0. As of March 31, 2019, the weighted average remaining contractual term of Options outstanding was 9 years. A total of 142,898 Options were vested as of March 31, 2019. The Company recognized an aggregate of $266 and $322 in compensation expense during the three months ended March 31, 2019 and 2018, respectively, related to the Options. At March 31, 2019, unrecognized stock-based compensation was $2,984 for the Options, which is expected to be recognized over a weighted average remaining life of approximately 2.38 years. 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 March 31, 2019 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	3 Months Ended
	Mar. 31, 2019
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	NOTE 6 — COMMITMENTS AND CONTINGENCIES Operating Leases At March 31, 2019, future minimum payments under non-cancelable operating leases are as follows. 2019 – 2020 $ 22,330 2020 – 2021 24,144 2021 – 2022 27,513 2022 – 2023 28,434 2023 – 2024 28,583 Thereafter 336,684 $ 467,688 Certain operating leases require contingent rental payments based on a percentage of sales in excess of stipulated amounts. Rent expense during the three months ended March 31, 2019 was as follows: 2019 2018 Minimum rentals $ 4,114 $ 4,136 Contingent rentals - - $ 4,114 $ 4,136 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. On February 6, 2019, the parties reached a preliminary agreement to settle the lawsuit for $1,500. The parties are in the process of negotiating a settlement agreement for submission to the court for preliminary approval of the settlement. The $1,500 expense was recorded at December 31, 2018 and still remains outstanding as of March 31, 2019. Other than the lawsuit described above in consultation with legal counsel, the Company is currently not aware of any legal proceedings or claims that it believes could 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	3 Months Ended
	Mar. 31, 2019
Income Tax Disclosure [Abstract]
INCOME TAXES	NOTE 7 — INCOME TAXES Three Months Ended 2019 2018 Pre-tax book loss $ (14,936 ) $ (21,739 ) Less: net loss prior to the Organizational Transactions — 4,442 Less: net loss attributable to non-controlling interests 5,632 15,385 Net loss attributable to IPIC before income taxes $ (9,304 ) $ (1,912 ) Income taxes at U.S. federal statutory rate $ (1,954 ) $ (402 ) State and local income taxes, net of federal benefit (454 ) (64 ) Increase in valuation allowance 2,422 488 Income tax expense $ 13 $ 22 We file U.S federal and state income tax returns in jurisdictions with varying statutes of limitations. As of March 31, 2019, the 2015 through 2018 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. As of December 31, 2018, our federal and state net operating loss carryforwards for income tax purposes were $13,841. Due to the Tax Cuts and Jobs Act of 2017, the Federal operating loss carryforwards generated in 2018 do not expire. We evaluate the realizability of our deferred tax assets on a quarterly basis and establish valuation allowances when it is more likely than not that all or a portion of a deferred tax asset may not be realized. As of March 31, 2019, we concluded, based on the weight of all available positive and negative evidence, that all our deferred tax assets do not meet the more likely than not threshold to be realized. As such, a full valuation allowance was recognized of $12,865 The net change in valuation allowance for the quarter ending March 2019 was an increase of $2,422. Pursuant to our election under Section 754 of the Internal Revenue Code (the “Code”), we expect to obtain an increase in our share of the tax basis in the net assets of Holdings when LLC Interests are redeemed or exchanged by the non-controlling interest holders and other qualifying transactions. We intend to treat any redemptions and exchanges of LLC Interests by the non-controlling interest holders as direct purchases of LLC Interests for U.S. federal income tax purposes. These increases in tax basis may reduce the amounts that we would otherwise pay in the future to various tax authorities. They may also decrease gains (or increase losses) on future dispositions of certain capital assets to the extent tax basis is allocated to those capital assets.

Going Concern and Management's

Going Concern and Management's Plan Regarding Future Operations	3 Months Ended
	Mar. 31, 2019
Going Concern and Management's Plan Regarding Future Operations [Abstract]
GOING CONCERN AND MANAGEMENT’S PLAN REGARDING FUTURE OPERATIONS	NOTE 8 — GOING CONCERN AND MANAGEMENT’S PLAN REGARDING FUTURE OPERATIONS The Company incurred a net loss for the three months ended March 31, 2019 of $14,936. In addition, the Company’s liabilities exceeded its assets by $133,891 and the Company had a working capital deficit of $15,026 at March 31, 2019. The Company had cash and cash equivalents of $3,562 at March 31, 2019 and used $1,341 in cash for operating activities for the three months ended March 31, 2019. The Company’s ability to continue as a going-concern is dependent on refinancing of existing debt or obtaining additional equity. The main sources of funding are expected to be the RSA Non-revolving Credit Facility and new financing. Management believes that growth into new locations is critical to the Company’s ability to achieve profitability and generate cash from operating activities. Management considers the continued availability of the Non-revolving Credit Facility and obtaining new financing to be significant to its ability to satisfy its payment obligations as they become due, including but not limited to, planned remodeling of existing locations, construction of new locations and funding operations. 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 restructuring of its outstanding indebtedness and operational changes to increase revenues and contain costs. No assurance can be given that any future financing, funding transaction or restructuring 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. 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. Management has determined that these conditions and events raise substantial doubt about the Company’s ability to continue as a going concern. These condensed 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.

Net Loss Per Share

Net Loss Per Share	3 Months Ended
	Mar. 31, 2019
Earnings Per Share [Abstract]
NET LOSS PER SHARE	NOTE 9 — 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 March 31, 2018, or 59 days of activity for the reporting period ended March 31, 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. 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 March 31, 2019: Three Months Ended February 1, Numerator: Net loss attributable to iPic Entertainment Inc. – Actual Dollars $ (9,305,403 ) $ (1,934,412 ) Denominator: Class A Common Stock 7,144,133 818,237 Restricted Stock Units 221,339 317,200 Weighted-average Class A common shares outstanding for the period ended March 31, 2019 7,365,472 1,135,437 Net loss per Class A common share — basic and diluted $ (1.26 ) $ (1.70 ) 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 March 31, 2019: March 31, LLC Interests 4,323,755 Non-Qualified Options 1,037,898 Selling Agents’ Warrants 18,005 Total 5,379,658

Organization and Summary of S_2

Organization and Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2019
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Principles of Consolidation and Basis of Presentation	Principles of Consolidation and Basis of Presentation The accompanying (a) unaudited condensed consolidated balance sheet as of December 31, 2018, 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 March 31, 2019, the results of operations for the three month period ended March 31, 2019 and 2018 and the cash flows for the three month periods ended March 31, 2019 and 2018, and should be read in conjunction with the Company’s Annual Report on Form 10–K for the year ended December 31, 2018. All significant intercompany balances and transactions have been eliminated in consolidation.
Locations	Locations At March 31, 2019 and 2018, the Company operated a total of sixteen and fifteen 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 ● Delray Beach, Florida 2 1 Location was closed in the first quarter of 2018. Refer to Note 3 “Property and Equipment”. 2 Location was opened on March 7, 2019
New Accounting Standards	New Accounting Standards 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. Revenue Recognition 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”). In March 2016, the FASB issued Accounting Standards Update 2016-04, Liabilities-Extinguishments of Liabilities (Subtopic 405-20) Revenue from Contracts with Customers (Topic 606)

Revenue Recognition (Tables)

Revenue Recognition (Tables)	3 Months Ended
	Mar. 31, 2019
Accrued Expenses [Abstract]
Schedule of disaggregation of revenue	Three Months Ended March 31, 2019 Major revenue types Food and beverage $ 15,685 Theater 14,071 Other 482 Total revenues $ 30,238 Three Months Ended March 31, 2019 Timing of revenue recognition Products and services transferred at a point in time $ 29,756 Products and services transferred over time 482 Total revenues $ 30,238
Schedule of contracts with customers	March 31, December 31, Contract liabilities: Deferred revenue related to contracts with customers (1) $ 5,122 $ 5,541 (1) Revenue recognized for period ending March 31, 2019, $2,512

Property and Equipment (Tables)

Property and Equipment (Tables)	3 Months Ended
	Mar. 31, 2019
Property, Plant and Equipment [Abstract]
Schedule of property and equipment, net	March 31, 2019 December 31, Leasehold improvements $ 140,489 $ 133,743 Furniture, fixtures and office equipment 65,824 59,207 Construction in progress (site development) 2,401 11,968 Projection equipment and screens 12,703 11,125 Computer hardware and software 7,593 7,157 229,010 223,200 Less: accumulated depreciation and amortization (84,448 ) (79,661 ) Total $ 144,562 $ 143,539

Deficit (Tables)

Deficit (Tables)	3 Months Ended
	Mar. 31, 2019
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, 2018 1,040,424 $ 4.31 $ 16.80 Exercisable - December 31, 2018 346,749 $ 3.77 $ 14.15 Granted - $ - $ - Exercised - $ - $ - Forfeited/Cancelled (2,526 ) $ 4.24 $ 16.46 Outstanding – March 31, 2019 1,037,898 $ 4.31 $ 16.82 Exercisable – March 31, 2019 343,598 $ 3.77 $ 14.17

Commitments and Contingencies (

Commitments and Contingencies (Tables)	3 Months Ended
	Mar. 31, 2019
Commitments and Contingencies Disclosure [Abstract]
Schedule of future minimum payments under non-cancelable operating leases	2019 – 2020 $ 22,330 2020 – 2021 24,144 2021 – 2022 27,513 2022 – 2023 28,434 2023 – 2024 28,583 Thereafter 336,684 $ 467,688
Schedule of operating leases require contingent rental payments	2019 2018 Minimum rentals $ 4,114 $ 4,136 Contingent rentals - - $ 4,114 $ 4,136

Income Taxes (Tables)

Income Taxes (Tables)	3 Months Ended
	Mar. 31, 2019
Income Tax Disclosure [Abstract]
Schedule of effective income tax rate reconciliation	Three Months Ended 2019 2018 Pre-tax book loss $ (14,936 ) $ (21,739 ) Less: net loss prior to the Organizational Transactions — 4,442 Less: net loss attributable to non-controlling interests 5,632 15,385 Net loss attributable to IPIC before income taxes $ (9,304 ) $ (1,912 ) Income taxes at U.S. federal statutory rate $ (1,954 ) $ (402 ) State and local income taxes, net of federal benefit (454 ) (64 ) Increase in valuation allowance 2,422 488 Income tax expense $ 13 $ 22

Net Loss Per Share (Tables)

Net Loss Per Share (Tables)	3 Months Ended
	Mar. 31, 2019
Earnings Per Share [Abstract]
Schedule of basic and diluted loss per share	Three Months Ended February 1, Numerator: Net loss attributable to iPic Entertainment Inc. – Actual Dollars $ (9,305,403 ) $ (1,934,412 ) Denominator: Class A Common Stock 7,144,133 818,237 Restricted Stock Units 221,339 317,200 Weighted-average Class A common shares outstanding for the period ended March 31, 2019 7,365,472 1,135,437 Net loss per Class A common share — basic and diluted $ (1.26 ) $ (1.70 )
Schedule of potentially dilutive securities outstanding	March 31, LLC Interests 4,323,755 Non-Qualified Options 1,037,898 Selling Agents' Warrants 18,005 Total 5,379,658

Revenue Recognition (Details)

Revenue Recognition (Details) - USD ($) $ in Thousands		3 Months Ended
		Mar. 31, 2019	Mar. 31, 2018	Dec. 31, 2018
Major revenue types
Food and beverage		$ 15,685	$ 19,992
Theater		14,071	17,753
Other		482	959
Total revenues		30,238	38,704
Timing of revenue recognition
Products and services transferred at a point in time		29,756
Products and services transferred over time		482
Total revenues		30,238	$ 38,704
Contract liabilities:
Deferred revenue related to contracts with customers	[1]	$ 5,122		$ 5,541
[1]	Revenue recognized for period ending March 31, 2019, $2,512

Revenue Recognition (Details Te

Revenue Recognition (Details Textual) $ in Thousands	3 Months Ended
	Mar. 31, 2019USD ($)
Revenue Recognition (Textual)
Revenue recognized	$ 2,512

Property and Equipment (Details

Property and Equipment (Details) - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 229,010	$ 223,200
Less: accumulated depreciation and amortization	(84,448)	(79,661)
Total	144,562	143,539
Leasehold improvements [Member]
Property, Plant and Equipment [Line Items]
Property and equipment, gross	140,489	133,743
Furniture, fixtures and office equipment [Member]
Property, Plant and Equipment [Line Items]
Property and equipment, gross	65,824	59,207
Construction in progress (site development) [Member]
Property, Plant and Equipment [Line Items]
Property and equipment, gross	2,401	11,968
Projection equipment and screens [Member]
Property, Plant and Equipment [Line Items]
Property and equipment, gross	12,703	11,125
Computer hardware and software [Member]
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 7,593	$ 7,157

Property and Equipment (Detai_2

Property and Equipment (Details Textual) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2019	Mar. 31, 2018	Dec. 31, 2017	Dec. 31, 2018
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
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.
Remaining lease cost	$ 1,839
Incurred interest costs	4,988	$ 4,614
Capitalized interest cost	$ 156	$ 0

Borrowings (Details)

Borrowings (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2019	Dec. 31, 2018	Jun. 29, 2018
Borrowings (Textual)
Accrued interest of debt	$ 532	$ 621
Interest rate on debt	3.36%
Non-revolving credit facility amount			$ 8,233
Accrued insurance	$ 1,178	1,392
Interest rate, description	The cumulative difference between the interest computed using the stated interest rates (8.00% at March 31, 2019 and December 31, 2018) and the effective interest rate of 6.95% is $532 and $621 at March 31, 2019 and December 31, 2018, respectively, and is recorded in "Accrued interest - long-term" in the accompanying unaudited condensed consolidated balance sheets.
Teachers' Retirement System of Alabama [Member]
Borrowings (Textual)
Non-revolving credit facility amount	$ 225,828
Long-term debt, 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, "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.
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)
Interest rate on debt	10.50%
Total commitment amounts	$ 186,000	186,000
Long-term debt amount	163,738	$ 148,433
Remaining amount available in Tranche 3	$ 22,262

Deficit (Details)

Deficit (Details) - $ / shares	3 Months Ended
	Mar. 31, 2019	Dec. 31, 2018
Equity [Abstract]
Options, Outstanding	1,040,424
Options, Granted
Options, Exercised
Options, Forfeited/Cancelled	(2,526)
Options, Outstanding	1,037,898
Options, Exercisable	343,598	346,749
Weighted Average Grant Date Fair Value Per Option, Outstanding	$ 4.31
Weighted Average Grant Date Fair Value Per Option, Granted
Weighted Average Grant Date Fair Value Per Option, Exercised
Weighted Average Grant Date Fair Value Per Option, Forfeited/Cancelled	4.24
Weighted Average Grant Date Fair Value Per Option, Outstanding	4.31
Weighted Average Grant Date Fair Value Per Option, Exercisable	3.77	$ 3.77
Weighted Average Exercise Price per Option, Outstanding	16.80
Weighted Average Exercise Price per Option, Granted
Weighted Average Exercise Price per Option, Exercised
Weighted Average Exercise Price per Option, Forfeited/Cancelled	16.46
Weighted Average Exercise Price per Option, Outstanding	16.82
Weighted Average Exercise Price per Option, Exercisable	$ 14.17	$ 14.15

Deficit (Details Textual)

Deficit (Details Textual) - USD ($) $ / shares in Units, $ in Thousands	Jul. 12, 2018	Dec. 06, 2017	Feb. 01, 2018	Mar. 31, 2019	Mar. 31, 2018	May 15, 2019	Jun. 29, 2018	May 15, 2018
Deficit (Textual)
Weighted average remaining contractual term of options exercisable				2 years 4 months 17 days
Unrecognized stock-based compensation				$ 2,984
Compensation expense				$ 266	$ 322
Village Roadshow [Member]
Deficit (Textual)
Membership non-controlling interest, description	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.
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)
Weighted average remaining contractual term of options outstanding				9 years
Total intrinsic value of the options outstanding				$ 0
Total intrinsic value of the options exercisable				$ 0
Stock options vested				142,898
Restricted stock units one [Member] | Subsequent Event [Member]
Deficit (Textual)
Stock units outstanding						221,339

Commitments and Contingencies_2

Commitments and Contingencies (Details) $ in Thousands	Mar. 31, 2019USD ($)
Commitments and Contingencies Disclosure [Abstract]
2019 – 2020	$ 22,330
2020 – 2021	24,144
2021 – 2022	27,513
2022 – 2023	28,434
2023 – 2024	28,583
Thereafter	336,684
Total	$ 467,688

Commitments and Contingencies_3

Commitments and Contingencies (Details 1) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Commitments and Contingencies Disclosure [Abstract]
Minimum rentals	$ 4,114	$ 4,136
Contingent rentals
Total operating lease rental	$ 4,114	$ 4,136

Commitments and Contingencies_4

Commitments and Contingencies (Details Textual) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Feb. 06, 2019
Commitments and Contingencies (Textual)
Amount of agreement to settle the lawsuit		$ 1,500
Litigation expense	$ 1,500

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Income Taxes
Pre-tax book loss	$ (14,936)	$ (21,761)
Less: net loss prior to the Organizational Transactions		4,442
Less: net loss attributable to non-controlling interests	(5,631)	(15,385)
Net loss attributable to iPic Entertainment Inc.	(9,305)	(6,376)
Income taxes at U.S. federal statutory rate	(1,954)	(402)
State and local income taxes, net of federal benefit	(454)	(64)
Increase in valuation allowance	2,422	488
Income tax expense	$ 13	$ 22

Income Taxes (Details Textual)

Income Taxes (Details Textual) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Dec. 31, 2018
Income Taxes (Textual)
Net increase change in valuation allowance	$ 2,422
State net operating loss carryforwards		$ 13,841
Valuation allowance	$ 12,865

Going Concern and Management'_2

Going Concern and Management's Plan Regarding Future Operations (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018	Dec. 31, 2018	Dec. 31, 2017
Going Concern and Management's Plan Regarding Future Operations [Abstract]
Net loss	$ (14,936)	$ (21,761)
Amount of liabilities exceeding assets	133,891
Working capital deficit	15,026
Cash and cash equivalents	3,562	13,379	$ 6,026	$ 10,505
Cash flows from operating activities	$ (1,341)	$ (10,626)

Net Loss Per Share (Details)

Net Loss Per Share (Details) - IPO [Member] - USD ($)	2 Months Ended	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2019
Numerator:
Net loss attributable to iPic Entertainment Inc. - Actual Dollars	$ (1,934,412)	$ (9,305,403)
Denominator:
Class A Common Stock	818,237	7,144,133
Restricted Stock Units	317,200	221,339
Weighted-average Class A Common Stock and Restricted Stock Units	1,135,437	7,365,472
Net loss per Class A common share - basic and diluted	$ (1.70)	$ (1.26)

Net Loss Per Share (Details 1)

Net Loss Per Share (Details 1)	3 Months Ended
	Mar. 31, 2019shares
Earnings Per Share [Abstract]
LLC Interests	4,323,755
Non-Qualified Options	1,037,898
Selling Agents' Warrants	18,005
Total	5,379,658

Net Loss Per Share (Details Tex

Net Loss Per Share (Details Textual)	3 Months Ended
	Mar. 31, 2019
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 March 31, 2018, or 59 days of activity for the reporting period ended March 31, 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.