Morgans Foods Inactive 10-Q20 Dec 132014 Q3 Quarterly reportFinancial data

Company Profile

Document_And_Entity_Informatio

Document And Entity Information	9 Months Ended
Document And Entity Information	Nov. 10, 2013	Dec. 18, 2013
Document and Entity Information [Abstract]	'	'
Entity Registrant Name	'MORGANS FOODS INC	'
Document Type	'10-Q	'
Current Fiscal Year End Date	'--03-03	'
Entity Common Stock, Shares Outstanding	'	4,048,147
Amendment Flag	'false	'
Entity Central Index Key	'0000068145	'
Entity Current Reporting Status	'Yes	'
Entity Voluntary Filers	'No	'
Entity Filer Category	'Smaller Reporting Company	'
Entity Well-known Seasoned Issuer	'No	'
Document Period End Date	10-Nov-13	'
Document Fiscal Year Focus	'2014	'
Document Fiscal Period Focus	'Q3	'

Consolidated_Statements_of_Ope

Consolidated Statements of Operations (Unaudited) (USD $)	3 Months Ended		9 Months Ended
Consolidated Statements of Operations (Unaudited) (USD $)	Nov. 10, 2013	Nov. 04, 2012	Nov. 10, 2013	Nov. 04, 2012
Revenues	$19,050,000	$20,060,000	$59,732,000	$61,016,000
Cost of sales:	'	'	'	'
Food, paper and beverage	6,137,000	6,466,000	19,482,000	19,769,000
Labor and benefits	5,448,000	5,747,000	17,049,000	17,261,000
Restaurant operating expenses	4,635,000	5,073,000	14,759,000	15,333,000
Depreciation and amortization	707,000	644,000	2,071,000	1,869,000
General and administrative expenses	1,068,000	1,140,000	3,443,000	3,524,000
Loss on restaurant assets	205,000	106,000	736,000	564,000
Operating income	850,000	884,000	2,192,000	2,696,000
Interest expense:	'	'	'	'
Bank debt and notes payable	127,000	200,000	461,000	647,000
Capital leases	465,000	504,000	1,406,000	1,512,000
Other (income) and expense, net	372,000	-16,000	438,000	-47,000
Unrealized loss on derivatives	130,000	'	130,000	'
Income (loss) before income taxes	-244,000	196,000	-243,000	584,000
Provision for income taxes	63,000	71,000	234,000	214,000
Net income (loss)	($307,000)	$125,000	($477,000)	$370,000
Basic net income (loss) per common share: (in Dollars per share)	($0.08)	$0.04	($0.12)	$0.13
Diluted net income (loss) per common share: (in Dollars per share)	($0.08)	$0.04	($0.12)	$0.13
Basic weighted average number of shares outstanding (in Shares)	4,044,147	2,934,995	3,875,374	2,934,995
Diluted weighted average number of shares outstanding (in Shares)	4,044,147	2,984,694	3,875,374	2,953,294

Consolidated_Balance_Sheet_Cur

Consolidated Balance Sheet (Current Period Unaudited) (USD $)	Nov. 10, 2013	Mar. 03, 2013
Current assets:	'	'
Cash and equivalents	$2,676,000	$2,971,000
Restricted cash	2,773,000	350,000
Receivables	459,000	609,000
Inventories	739,000	724,000
Prepaid expenses	650,000	812,000
Assets held for sale	1,120,000	583,000
Total current assets	8,417,000	6,049,000
Property and equipment:	'	'
Land	350,000	1,075,000
Buildings and improvements	2,130,000	2,639,000
Property under capital leases	23,989,000	22,969,000
Leasehold improvements	12,463,000	12,308,000
Equipment, furniture and fixtures	18,691,000	18,870,000
Construction in progress	420,000	26,000
Total property and equipment	58,043,000	57,887,000
Less accumulated depreciation and amortization	23,244,000	23,486,000
Net book value of property and equipment	34,799,000	34,401,000
Other assets	352,000	411,000
Franchise agreements, net	591,000	689,000
Goodwill	8,896,000	8,950,000
Total assets	53,055,000	50,500,000
Current liabilities:	'	'
Long-term debt, current	942,000	878,000
Current maturities of capital lease obligations	367,000	304,000
Accounts payable	3,250,000	3,297,000
Accrued liabilities	3,749,000	3,800,000
Total current liabilities	8,308,000	8,279,000
Long-term debt	7,789,000	7,338,000
Long-term capital lease obligations	22,839,000	22,079,000
Other long-term liabilities	10,541,000	10,812,000
Deferred tax liabilities	3,367,000	3,175,000
SHAREHOLDERS' EQUITY (DEFICIT)	'	'
Preferred shares, 1,000,000 shares authorized, no shares outstanding	'	'
Common shares, no par value	'	'
Issued shares - 4,073,557 and 2,969,405	41,000	30,000
Treasury shares -25,410 and 34,410	-60,000	-81,000
Capital in excess of stated value	31,327,000	29,488,000
Accumulated deficit	-31,097,000	-30,620,000
Total shareholders' equity (deficit)	211,000	-1,183,000
Total liabilities & shareholders' equity (deficit)	$53,055,000	$50,500,000

Consolidated_Balance_Sheet_Cur1

Consolidated Balance Sheet (Current Period Unaudited) (Parentheticals) (USD $)	Nov. 10, 2013	Mar. 03, 2013
Preferred shares, shares authorized (in Shares)	1,000,000	1,000,000
Preferred shares, shares outstanding (in Shares)	0	0
Common stock, shares issued (in Shares)	4,073,557	2,969,405
Common stock, shares authorized (in Shares)	25,000,000	25,000,000
Common stock, par value (in Dollars per share)	$0	$0
Treasury shares (in Shares)	25,410	34,410

Consolidated_Statement_of_Shar

Consolidated Statement of Shareholdersâ€™ Equity (Deficit) (Unaudited) (USD $)	Common Stock [Member]	Treasury Stock [Member]	Additional Paid-in Capital [Member]	Retained Earnings [Member]	Total
Balance March 3, 2013 at Mar. 03, 2013	$30,000	($81,000)	$29,488,000	($30,620,000)	($1,183,000)
Balance March 3, 2013 (in Shares) at Mar. 03, 2013	2,969,405	-34,410	'	'	'
Exercise of share options	200	21,000	24,000	'	45,200
Exercise of share options (in Shares)	21,333	9,000	'	'	'
Share grant compensation	300	'	107,000	'	107,300
Share grant compensation (in Shares)	30,569	'	'	'	'
Issuance of shares	10,500	'	1,708,000	'	1,718,500
Issuance of shares (in Shares)	1,052,250	'	'	'	'
Net loss	'	'	'	-477,000	-477,000
Balance November 10, 2013 at Nov. 10, 2013	$41,000	($60,000)	$31,327,000	($31,097,000)	$211,000
Balance November 10, 2013 (in Shares) at Nov. 10, 2013	4,073,557	-25,410	'	'	'

Consolidated_Statements_of_Cas

Consolidated Statements of Cash Flows (Unaudited) (USD $)	9 Months Ended
Consolidated Statements of Cash Flows (Unaudited) (USD $)	Nov. 10, 2013	Nov. 04, 2012
Cash flows from operating activities:	'	'
Net income (loss)	($477,000)	$370,000
Adjustments to reconcile to net cash provided by operating activities:	'	'
Depreciation and amortization	2,071,000	1,869,000
Amortization of deferred financing costs	333,000	60,000
Amortization of supply agreement advances	-648,000	-640,000
Funding from supply agreements	770,000	755,000
Deferred income taxes	192,000	168,000
Loss on restaurant assets	736,000	564,000
Change in fair value of derivatives	130,000	'
Changes in assets and liabilities:	'	'
Receivables	120,000	-70,000
Inventories	-15,000	-71,000
Prepaid expenses	162,000	-394,000
Other assets	18,000	16,000
Accounts payable	-149,000	-380,000
Accrued liabilities	-343,000	-114,000
Net cash, operating activities	2,900,000	2,133,000
Cash flows from investing activities:	'	'
Proceeds from sale of restaurants	131,000	541,000
Capital expenditures	-2,800,000	-3,633,000
Restricted cash	-2,423,000	57,000
Net cash, investing activities	-5,092,000	-3,035,000
Cash flows from financing activities:	'	'
Proceeds from long-term borrowings	8,930,000	'
Additions to deferred financing costs	-292,000	'
Principal payments on long-term debt	-647,000	-36,000
Principal payments on capital lease obligations	-197,000	-63,000
Bank debt repayment in advance	-7,768,000	'
Cash from stock transactions	1,871,000	'
Net cash, financing activities	1,897,000	-99,000
Net change in cash and equivalents	-295,000	-1,001,000
Cash and equivalents, beginning balance	2,971,000	3,455,000
Cash and equivalents, ending balance	2,676,000	2,454,000
Interest paid on debt and capitalized leases	1,732,000	2,156,000
Cash payments for income taxes	$61,000	$34,000

Note_1_Summary_of_Significant_

Note 1 - Summary of Significant Accounting Policies	9 Months Ended
Note 1 - Summary of Significant Accounting Policies	Nov. 10, 2013
Accounting Policies [Abstract]	'
Significant Accounting Policies [Text Block]	'
	NOTE 1 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

	The interim consolidated financial statements of Morgan's Foods, Inc. (the “Company”) have been prepared without audit. In the opinion of Company management, all adjustments have been included. Unless otherwise disclosed, all adjustments consist only of normal recurring adjustments necessary for a fair statement of results of operations for the interim periods. These unaudited financial statements have been prepared using the same accounting principles that were used in preparation of the Company’s annual report on Form 10-K for the year ended March 3, 2013. Certain prior period amounts have been reclassified to conform to current period presentations. The results of operations for the thirty-six weeks ended November 10, 2013 are not necessarily indicative of the results to be expected for the full year. Although the Company believes that the disclosures are adequate to make the information presented not misleading, it is suggested that these condensed consolidated financial statements be read in conjunction with the audited consolidated financial statements and the notes thereto included in the Company’s Form 10-K for the fiscal year ended March 3, 2013.

	The Company’s bank debt is reported at historical cost and is almost entirely comprised of variable rate borrowings. The market for variable rate debt for restaurant financing is currently extremely limited. The Company’s debt is not publicly traded and there are few lenders or financing transactions for similar debt in the marketplace at this time. Management has concluded that it is not practicable to estimate the fair value of the Company’s debt as of November 10, 2013.

	The accompanying consolidated financial statements have been prepared assuming that the Company will continue as a going concern. The Company has incurred losses in fiscal years 2013 and 2012 and has an accumulated deficit at November 10, 2013. The Company has managed its liquidity in fiscal 2013 and will manage its liquidity in fiscal 2014 through the refinancing of debt, the sale and leaseback of restaurant properties and the sale of additional equity. Should the Company have difficulty meeting its forecasts, this could have an adverse effect on its liquidity position. The Company has taken actions to improve its cash flows, including closely monitoring its expenses and store closings for underperforming stores and expects to be able to achieve its forecast for fiscal 2014. However, there can be no assurances that our cash flow will be sufficient to allow us to continue as a going concern if we are unable to meet our projections.

Note_2_Recent_Accounting_Prono

Note 2 - Recent Accounting Pronouncements	9 Months Ended
Note 2 - Recent Accounting Pronouncements	Nov. 10, 2013
New Accounting Pronouncements and Changes in Accounting Principles [Abstract]	'
New Accounting Pronouncements and Changes in Accounting Principles [Text Block]	'
	NOTE 2 – RECENT ACCOUNTING PRONOUNCEMENTS

	ASU 2013-01 Balance Sheet Topic 210, January 2013

	Clarifies the scope of disclosures related to offsetting assets and liabilities. This release reduces the application of these disclosures to eliminate unintended consequences resulting from the application of a previously issued standard. The standard is effective for fiscal years beginning on or after January 1, 2013. Management has determined that the application of this standard did not have a material effect on the financial statements of the Company.

	ASU 2013-10 Derivatives and Hedging Topic 815, July 2013

	Provides for the inclusion of the Fed Funds Effective Swap Rate (or Overnight Index Swap Rate) as a Benchmark Interest Rate for Hedge Accounting Purposes, effective for swaps entered into after July 17, 2013. This release allows the use of the overnight index swap rate as an additional benchmark for hedge accounting treatment. Management has determined that the application of this standard will not have a material effect on the financial statements of the Company.

	ASU 2013-11 Income Taxes Topic 740, July 2013

	Provides for the presentation of an unrecognized tax benefit when a net operating loss carryforward, a similar tax loss, or a tax credit carryforward exists, effective for fiscal years beginning after December 15, 2013. An unrecognized tax benefit, or a portion of an unrecognized tax benefit, should be presented in the financial statements as a reduction to a deferred tax asset for a net operating loss carryforward, a similar tax loss, or a tax credit carryforward if available and a company has the intent and ability to use for such purpose. Management has determined that the application of this standard will not have a material effect on the financial statements of the Company.

	In September 2013, the Internal Revenue Service issued final regulations governing the income tax treatment of acquisitions, dispositions, and repairs of tangible property. Taxpayers are required to follow the new regulations in taxable years beginning on or after January 1, 2014. Management is currently assessing the impact of the regulations and does not expect they will have a material impact on the Company’s financial statements.

Note_3_Net_Income_Loss_per_Com

Note 3 - Net Income (Loss) per Common Share	9 Months Ended
Note 3 - Net Income (Loss) per Common Share	Nov. 10, 2013
Earnings Per Share [Abstract]	'
Earnings Per Share [Text Block]	'
	NOTE 3 – NET INCOME (LOSS) PER COMMON SHARE

	Basic net income (loss) per common share is computed by dividing net income (loss) by the weighted average number of common shares outstanding during the period. Diluted net income (loss) per common share is based on the combined weighted average number of shares outstanding, which includes the assumed exercise, or conversion of options. In computing diluted net income per common share the Company has utilized the treasury stock method. The following table reconciles the difference between basic and diluted earnings per common share:

		Quarter ended November 10, 2013								Quarter ended November 4, 2012
		Net income			Shares		Per Share			Net income		Shares		Per Share
		(Numerator)			(Denominator)		Amount			(Numerator)		(Denominator)		Amount
	Basic EPS
	Income (loss) available to common shareholders	$	(307,000	)		4,044,147	$	(0.08	)	$	125,000		2,934,995	$	0.04
	Effect of Dilutive Securities
	Weighted Average Stock Options		-			-					-		49,699
	Diluted EPS
	Income (loss) available to common shareholders	$	(307,000	)		4,044,147	$	(0.08	)	$	125,000		2,984,694	$	0.04

		Thirty-six weeks ended November 10, 2013								Thirty-six weeks ended November 4, 2012
		Net income			Shares		Per Share			Net income		Shares		Per Share
		(Numerator)			(Denominator)		Amount			(Numerator)		(Denominator)		Amount
	Basic EPS
	Income (loss) available to common shareholders	$	(477,000	)		3,875,374	$	(0.12	)	$	370,000		2,934,995	$	0.13
	Effect of Dilutive Securities
	Weighted Average Stock Options		-			-					-		18,299
	Diluted EPS
	Income (loss) available to common shareholders	$	(477,000	)		3,875,374	$	(0.12	)	$	370,000		2,953,294	$	0.13

	Weighted average stock options of 67,139 shares for the quarter ended November 10, 2013 and 66,192 shares for the thirty-six weeks ended November 10, 2013 have been excluded from the calculations of diluted earnings per share because there was a net loss in those periods.

Note_4_Debt

Note 4 - Debt	9 Months Ended
Note 4 - Debt	Nov. 10, 2013
Debt Disclosure [Abstract]	'
Debt Disclosure [Text Block]	'
	NOTE 4 – DEBT

	On August 22, 2013 the Company entered into a new loan agreement, comprising two loan facilities, with Huntington National Bank, a national banking association (“Huntington”). The Loan Agreement contains two new loan facilities that, in addition to funding the cash remodel reserve, were used to pay off the Company’s outstanding loan balance of $6,104,000, which carried an interest rate of 9.0%, the lender, Fortress Credit Corp. (“Fortress”), and a prepayment penalty of 1.0% of the balance. The two facilities under the Loan Agreement consist of a term loan and a time loan in the total amount of $8,930,000. The refinance transaction resulted in the write-off of deferred financing costs of $275,000 and prepayment penalties of $61,000.

	The Term Note consists of a $7,930,000 three year term loan with an interest rate which has been fixed at the rate of 5.44% through the use of a derivative interest rate swap also entered into with Huntington. Principal and interest on the Term Note are payable in substantially equal monthly payments based on an eight year amortization with a balloon payment of the then remaining principal balance due and payable at the end of the three year term.

	The Company’s interest rate swap agreement (the "Swap") with Huntington National Bank had a notional amount at inception equal to the beginning balance of the Term Note, $7,930,000, and amortizes according to the same schedule to hedge its exposure to the variable interest rate of the Term Note. The Company has not designated the Swap as an effective hedge, therefore unrealized changes in the fair value of the Swap will be shown in the Company’s consolidated statements of operation as either income or expense and the fair value will be shown on the Company’s consolidated balance sheet as an asset or liability, as applicable. The critical terms of the Swap are aligned with the terms of the Term Note, including maturity of August 10, 2016.

	Under the Swap, the Company pays a fixed interest rate of 5.44% and it receives a variable interest rate equal to the 30 day London Interbank Offered Rate ("LIBOR") plus 4.25%. The Swap settles monthly on the same date as the payments are due on the Term Note. The difference between amounts to be received and paid under the Swap is recognized as a component of interest expense on the consolidated statements of operations. The Swap increased interest expense by $17,000 for the quarter and year to date ended November 10, 2013. The market value of the Swap as of November 10, 2013 was a liability of $130,000.

	The Time Note consists of $1,000,000 having an 18 month term, no scheduled principal payments and a floating interest rate at 30 day LIBOR plus 4.25%. Principal payments on the Time Note are expected to be made with the proceeds of the sales by the Company of excess real estate of closed restaurants. The balance, if any, at the end of the 18 month term will become due and payable. As of November 10, 2013, the Time Note had a balance of $865,000.

	During the fiscal third quarter, on October 12, 2013, the Company entered into a capitalized lease for a new KFC restaurant in Pennsylvania which replaced an older facility for which the Company owns the land and building. The term of the lease is 20 years and resulted in the recording of an asset and liability in the amount of $1,020,000.

	At November 10, 2013 the Company’s term loan credit agreement requires the maintenance of a consolidated fixed charge coverage ratio (“FCCR”) of 1.15 or greater regarding all of the Company’s debt. The FCCR is calculated by dividing the cash flow before taxes, debt service and rent (“EBITDAR”) for the previous 12 months by the debt service and capital expenditures less the cash remodel reserve payable for the same period. The Company’s term loan also requires a consolidated cash adjusted leverage ratio (“Leverage”) of not greater than 5.25. Leverage is calculated by dividing the sum of debt and 8 times lease payments less cash, including the remodel reserve, by EBITDAR. The ratios are computed quarterly. At the end of the third quarter of fiscal 2014, the Company had a FCCR of 1.31 and a Leverage ratio of 5.07, being in compliance with all of the required ratios.

Note_5_Stock_Options_and_LTIP_

Note 5 - Stock Options and LTIP Units

9 Months Ended

Nov. 10, 2013

Disclosure of Compensation Related Costs, Share-based Payments [Abstract]

Disclosure of Compensation Related Costs, Share-based Payments [Text Block]

NOTE 5 - STOCK OPTIONS AND LTIP UNITS

On April 2, 1999, the Board of Directors of the Company approved a Stock Option Plan for Executives and Managers. Under the plan 145,500 shares were reserved for the grant of options. The Stock Option Plan for Executives and Managers provides for grants to eligible participants of nonqualified stock options only. The exercise price for any option awarded under the Plan is required to be not less than 100% of the fair market value of the shares on the date that the option is granted. Options are granted by the Stock Option Committee of the Company. Options for 145,150 shares were granted to executives and managers of the Company on April 2, 1999 at an exercise price of $4.125, all of which have either expired or been exercised. Options for 350 common shares were granted on November 6, 2008 at the closing price on that day of $1.50 per share all of which are currently outstanding. The options vested in six months and expire ten years after date of issue.

At the Company’s annual meeting on June 25, 1999 the shareholders approved the Key Employees Stock Option Plan. This plan allows the granting of options covering 291,000 common shares and has essentially the same provisions as the Stock Option Plan for Executives and Managers which was discussed above. Options for 129,850 shares were granted to executives and managers of the Company on January 7, 2000 at an exercise price of $3.00. Options for 11,500 shares were granted to executives on April 27, 2001 at an exercise price of $.85, all of which have either expired or been exercised. Options for 149,650 common shares were granted on November 6, 2008 at the closing price on that day of $1.50 per share of which 114,317 are currently outstanding. The options vested in six months and expire ten years after date of issue.

As of November 10, 2013, a total of 114,667 options were outstanding, fully vested and exercisable at a weighted average exercise price of $1.50 per share. Options for 8,000 shares were exercised during the third quarter of fiscal 2014. No options are available for grant and no options were granted during the current year period. The Company recorded no compensation expense during the current year period related to stock options.

The following table summarizes information about stock options outstanding at November 10, 2013:

Exercise

Outstanding

Average

Number

Prices

11/10/13

Life

Exercisable

1.5

114,667

4.9

114,667

On April 9, 2013, the Board of Directors approved a Long-Term Incentive Plan, (“LTIP”) reserving 150,000 common shares of the Company for issuance under the LTIP. On April 9, 2013, 30,569 restricted common shares were granted under the LTIP to outside directors of the Company, leaving 119,431 shares available for future grant under the LTIP. The shares issued under the LTIP vest in six months and compensation expense related to such shares totaled $36,000 for the third quarter and $107,000 for the full year which completes the compensation expense for the grants. Additional information regarding the LTIP may be found in a report on Form 8-K filed with the SEC on April 15, 2013.

Note_6_Capital_Expenditures

Note 6 - Capital Expenditures	9 Months Ended
Note 6 - Capital Expenditures	Nov. 10, 2013
Commitments and Contingencies Disclosure [Abstract]	'
Commitments and Contingencies Disclosure [Text Block]	'
	NOTE 6 – CAPITAL EXPENDITURES

	The Company is required by its franchise agreements to periodically bring its restaurants up to the required image of the franchisor. This typically involves a new dining room décor and seating package and exterior changes and related items but can, in some cases, require the relocation of the restaurant. If the Company deems a particular image enhancement expenditure to be inadvisable, it has the option to cease operations at that restaurant. Over time, the estimated cost and time deadline for each restaurant may change due to a variety of circumstances and the Company revises its requirements accordingly. Also, significant numbers of restaurants may have image enhancement deadlines that coincide, in which case, the Company will adjust the actual timing of the image enhancements in order to facilitate an orderly construction schedule. During the image enhancement process, each restaurant is normally closed for up to two weeks, which has a negative impact on the Company’s revenues and operating efficiencies. At the time a restaurant is closed for a required image enhancement, the Company may deem it advisable to make other capital expenditures in addition to those required for the image enhancement.

	The franchise agreements with KFC and Taco Bell Corporation require the Company to upgrade and remodel its restaurants to comply with the franchisors’ current standards within agreed upon timeframes and the franchisor may terminate the franchise agreement for failure to meet those requirements. In the case of a restaurant containing two concepts, even though only one is required to be remodeled, additional costs will be incurred because the dual concept restaurant is generally larger and contains more equipment and signage than the single concept restaurant. If a property is of usable size and configuration, the Company can perform an image enhancement to bring the building to the current image of the franchisor. If the property has a deficiency which would render it unsuitable, the Company would need to relocate the restaurant to another location within the trade area to meet the franchisor’s requirements. The capital requirements for the KFC branded restaurants are included in the schedule based on the requirements of the KFC Remodel Agreement as amended and the Taco Bell restaurants are shown at the time required by the Taco Bell remodel program implemented during the fiscal 2014 third quarter.

		Number of Units		Period	Type	Capital Cost (1)
			4	Fiscal 2015	Remodels		900,000
			7	Fiscal 2016	Remodels		1,655,000
			4	Fiscal 2017	Remodels		1,000,000
			1	Fiscal 2017	Refresh (2)		100,000
			1	Fiscal 2017	Taco Bell		350,000
				Total 2017			1,450,000
			3	Fiscal 2018	Remodels		790,000
			1	Fiscal 2018	Refresh (2)		100,000
			1	Fiscal 2018	Taco Bell		350,000
				Total 2018			1,240,000
			4	Fiscal 2019	Remodels		940,000
			1	Fiscal 2019	Taco Bell		350,000
				Total 2019			1,290,000
			7	Fiscal 2020	Refresh (2)		675,000
			7	Fiscal 2021	Refresh (2)		675,000
			7	Fiscal 2022	Refresh (2)		650,000
			1	Fiscal 2022	Taco Bell		350,000
				Total 2022			1,000,000
			8	Fiscal 2023	Refresh (2)		725,000
			1	Fiscal 2023	Taco Bell		350,000
				Total 2023			1,075,000
			1	Fiscal 2024	Taco Bell		350,000
			1	Fiscal 2025	Refresh (2)		75,000
			1	Fiscal 2025	Taco Bell		350,000
				Total 2025			425,000
			61	Total		$	10,735,000

	(1) These amounts are based on estimates of current construction costs and actual costs may vary.
	(2) Reflects the estimated cost of dining room update and exterior paint and refurbishment on restaurants previously remodeled to the current image. Costs may also include the addition of equipment such as coolers necessary to meet Franchisor standards.

	In addition to the various facilities actions listed on the table above, the Company is obligated to spend an additional amount of approximately $1,000,000 by the end of calendar year 2014 to install the KFC operations platform consisting of a new point of sale system and related reporting and management systems, new food holding cabinets that improve the quality of product held for sale and a new drive-thru speed of service system in all of its KFC and KFC/Taco Bell "2n1" restaurants. The Company has spent approximately $1,425,000 to date on the operations platform and POS devices for its KFC and Taco Bell restaurants. During the third quarter, the Company completed the relocation of one of its restaurants in Pennsylvania. The new restaurant is a leased facility and the Company owns the land and building of the former location which is under contract to be sold but the transaction had not closed as of the date of this report.

	Capital expenditures to meet the image requirements of the franchisors and additional capital expenditures on those same restaurants being image enhanced are a large portion of the Company’s annual capital expenditures. However, the Company also has made and may make capital expenditures on restaurant properties not included on the foregoing schedule for upgrades or replacement of capital items appropriate for the continued successful operation of its restaurants. The Company may not be able to finance capital expenditures in the volume and time horizon required by the image enhancement deadlines solely from existing cash balances and existing cash flow and the Company may have to utilize financing for a portion of the capital expenditures. The Company may use debt and build to suit or sale/leaseback financing but has no commitments for any financing at this time.

	There can be no assurance that the Company will be able to accomplish the image enhancements and relocations required in the franchise agreements on terms acceptable to the Company. If the Company is unable to meet the requirements of a franchise agreement, the franchisor may choose to extend the time allowed for compliance or may terminate the franchise agreement for the affected location.

Note_7_Asset_Activities

Note 7 - Asset Activities	9 Months Ended
Note 7 - Asset Activities	Nov. 10, 2013
Property, Plant and Equipment [Abstract]	'
Property, Plant and Equipment Disclosure [Text Block]	'
	NOTE 7 – ASSET ACTIVITIES

	The Company owns the land and building of six closed KFC restaurants, all of which are listed for sale and are shown on the Company’s consolidated balance sheet as Assets Held for Sale as of November 10, 2013. Three of the restaurants were closed during the Company’s fiscal third quarter, one of which was due to relocation of the restaurant operation. Additionally, the Company closed a KFC restaurant in Ohio during the third quarter and sold the land and building.

	The Company experienced a loss on restaurant assets of $205,000 for the third quarter of fiscal 2014 consisting of $30,000 related to recording the reserve for disposal of two permanently closed restaurant locations, $36,000 of closed unit expenses, a charge to goodwill related to the sale of one property of $53,000 and $86,000 of other asset disposals.

	The loss on restaurant assets of $736,000 for the thirty-six weeks ended November 10, 2013 consisted of $102,000 related to closed unit expense, $66,000 change in reserve for the disposal of two permanently closed leased restaurant locations, $149,000 in write downs of sold restaurants, $166,000 related to the disposal of certain restaurant assets, a charge to goodwill related to the sale of one property of $53,000 and a $200,000 reduction in the value of assets held for sale of two closed locations.

Note_8_Contingencies

Note 8 - Contingencies	9 Months Ended
Note 8 - Contingencies	Nov. 10, 2013
Disclosure Text Block Supplement [Abstract]	'
Legal Matters and Contingencies [Text Block]	'
	NOTE 8 – CONTINGENCIES

	The Company is a party to various legal proceedings and claims arising in the ordinary course of its business. The Company believes that the outcome of these matters will not have a material adverse effect on its consolidated financial position, results of operations or liquidity.

Note_9_Equity_Transaction

Note 9 - Equity Transaction	9 Months Ended
Note 9 - Equity Transaction	Nov. 10, 2013
Stockholders' Equity Note [Abstract]	'
Stockholders' Equity Note Disclosure [Text Block]	'
	NOTE 9 - EQUITY TRANSACTION

	On April 12, 2013, the Company issued, in a transaction exempt from registration under the Securities Act of 1933, 1,052,250 common shares to Bandera Master Fund LP at a price of $2.00 per share, resulting in net proceeds of $1,718,500 after considering transaction costs of $386,000. The transaction was negotiated and approved by a Special Committee of the Board of Directors. The terms of the Company’s credit agreement required that the net proceeds of the equity transaction be paid as a principal payment in addition to regularly scheduled payments on the credit facility. The transaction is included in the financial statements of the Company and more fully described in a report on Form 8-K filed with the SEC on April 15, 2013.

Note_10_Subsequent_Events

Note 10 - Subsequent Events	9 Months Ended
Note 10 - Subsequent Events	Nov. 10, 2013
Subsequent Events [Abstract]	'
Subsequent Events [Text Block]	'
	NOTE 10 – SUBSEQUENT EVENTS

	On November 24, 2013, subsequent to the balance sheet date, the Company closed a restaurant in St. Louis, MO for which it owns the land and building and has it listed for sale. On December 18, 2013, subsequent to the balance sheet date, the Company completed the sale of a closed restaurant location in Ballwin, MO for net proceeds of $224,000 and resulting in a write off of goodwill in the amount of $104,000.

Accounting_Policies_by_Policy_

Accounting Policies, by Policy (Policies)	9 Months Ended
Accounting Policies, by Policy (Policies)	Nov. 10, 2013
Accounting Policies [Abstract]	'
Consolidation, Policy [Policy Text Block]	'
Consolidation, Policy [Policy Text Block]	The interim consolidated financial statements of Morgan's Foods, Inc. (the “Company”) have been prepared without audit. In the opinion of Company management, all adjustments have been included. Unless otherwise disclosed, all adjustments consist only of normal recurring adjustments necessary for a fair statement of results of operations for the interim periods. These unaudited financial statements have been prepared using the same accounting principles that were used in preparation of the Company’s annual report on Form 10-K for the year ended March 3, 2013. Certain prior period amounts have been reclassified to conform to current period presentations. The results of operations for the thirty-six weeks ended November 10, 2013 are not necessarily indicative of the results to be expected for the full year. Although the Company believes that the disclosures are adequate to make the information presented not misleading, it is suggested that these condensed consolidated financial statements be read in conjunction with the audited consolidated financial statements and the notes thereto included in the Company’s Form 10-K for the fiscal year ended March 3, 2013.
Debt, Policy [Policy Text Block]	'
Debt, Policy [Policy Text Block]	The Company’s bank debt is reported at historical cost and is almost entirely comprised of variable rate borrowings. The market for variable rate debt for restaurant financing is currently extremely limited. The Company’s debt is not publicly traded and there are few lenders or financing transactions for similar debt in the marketplace at this time. Management has concluded that it is not practicable to estimate the fair value of the Company’s debt as of November 10, 2013.
Liquidity Disclosure [Policy Text Block]	'
Liquidity Disclosure [Policy Text Block]	The accompanying consolidated financial statements have been prepared assuming that the Company will continue as a going concern. The Company has incurred losses in fiscal years 2013 and 2012 and has an accumulated deficit at November 10, 2013. The Company has managed its liquidity in fiscal 2013 and will manage its liquidity in fiscal 2014 through the refinancing of debt, the sale and leaseback of restaurant properties and the sale of additional equity. Should the Company have difficulty meeting its forecasts, this could have an adverse effect on its liquidity position. The Company has taken actions to improve its cash flows, including closely monitoring its expenses and store closings for underperforming stores and expects to be able to achieve its forecast for fiscal 2014. However, there can be no assurances that our cash flow will be sufficient to allow us to continue as a going concern if we are unable to meet our projections.
New Accounting Pronouncements, Policy [Policy Text Block]	'
	RECENT ACCOUNTING PRONOUNCEMENTS

	ASU 2013-01 Balance Sheet Topic 210, January 2013

	Clarifies the scope of disclosures related to offsetting assets and liabilities. This release reduces the application of these disclosures to eliminate unintended consequences resulting from the application of a previously issued standard. The standard is effective for fiscal years beginning on or after January 1, 2013. Management has determined that the application of this standard did not have a material effect on the financial statements of the Company.

	ASU 2013-10 Derivatives and Hedging Topic 815, July 2013

	Provides for the inclusion of the Fed Funds Effective Swap Rate (or Overnight Index Swap Rate) as a Benchmark Interest Rate for Hedge Accounting Purposes, effective for swaps entered into after July 17, 2013. This release allows the use of the overnight index swap rate as an additional benchmark for hedge accounting treatment. Management has determined that the application of this standard will not have a material effect on the financial statements of the Company.

	ASU 2013-11 Income Taxes Topic 740, July 2013

	Provides for the presentation of an unrecognized tax benefit when a net operating loss carryforward, a similar tax loss, or a tax credit carryforward exists, effective for fiscal years beginning after December 15, 2013. An unrecognized tax benefit, or a portion of an unrecognized tax benefit, should be presented in the financial statements as a reduction to a deferred tax asset for a net operating loss carryforward, a similar tax loss, or a tax credit carryforward if available and a company has the intent and ability to use for such purpose. Management has determined that the application of this standard will not have a material effect on the financial statements of the Company.

Note_3_Net_Income_Loss_per_Com1

Note 3 - Net Income (Loss) per Common Share (Tables)	9 Months Ended
Note 3 - Net Income (Loss) per Common Share (Tables)	Nov. 10, 2013
Earnings Per Share [Abstract]	'
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block]	'
		Quarter ended November 10, 2013								Quarter ended November 4, 2012
		Net income			Shares		Per Share			Net income		Shares		Per Share
		(Numerator)			(Denominator)		Amount			(Numerator)		(Denominator)		Amount
	Basic EPS
	Income (loss) available to common shareholders	$	(307,000	)		4,044,147	$	(0.08	)	$	125,000		2,934,995	$	0.04
	Effect of Dilutive Securities
	Weighted Average Stock Options		-			-					-		49,699
	Diluted EPS
	Income (loss) available to common shareholders	$	(307,000	)		4,044,147	$	(0.08	)	$	125,000		2,984,694	$	0.04
		Thirty-six weeks ended November 10, 2013								Thirty-six weeks ended November 4, 2012
		Net income			Shares		Per Share			Net income		Shares		Per Share
		(Numerator)			(Denominator)		Amount			(Numerator)		(Denominator)		Amount
	Basic EPS
	Income (loss) available to common shareholders	$	(477,000	)		3,875,374	$	(0.12	)	$	370,000		2,934,995	$	0.13
	Effect of Dilutive Securities
	Weighted Average Stock Options		-			-					-		18,299
	Diluted EPS
	Income (loss) available to common shareholders	$	(477,000	)		3,875,374	$	(0.12	)	$	370,000		2,953,294	$	0.13

Note_5_Stock_Options_and_LTIP_1

Note 5 - Stock Options and LTIP Units (Tables)

9 Months Ended

Nov. 10, 2013

Disclosure of Compensation Related Costs, Share-based Payments [Abstract]

Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding and Exercisable [Table Text Block]

Exercise

Outstanding

Average

Number

Prices

11/10/13

Life

Exercisable

1.5

114,667

4.9

114,667

Note_6_Capital_Expenditures_Ta

Note 6 - Capital Expenditures (Tables)	9 Months Ended
Note 6 - Capital Expenditures (Tables)	Nov. 10, 2013
Commitments and Contingencies Disclosure [Abstract]	'
Contractual Obligation, Fiscal Year Maturity Schedule [Table Text Block]	'
		Number of Units		Period	Type	Capital Cost (1)
			4	Fiscal 2015	Remodels		900,000
			7	Fiscal 2016	Remodels		1,655,000
			4	Fiscal 2017	Remodels		1,000,000
			1	Fiscal 2017	Refresh (2)		100,000
			1	Fiscal 2017	Taco Bell		350,000
				Total 2017			1,450,000
			3	Fiscal 2018	Remodels		790,000
			1	Fiscal 2018	Refresh (2)		100,000
			1	Fiscal 2018	Taco Bell		350,000
				Total 2018			1,240,000
			4	Fiscal 2019	Remodels		940,000
			1	Fiscal 2019	Taco Bell		350,000
				Total 2019			1,290,000
			7	Fiscal 2020	Refresh (2)		675,000
			7	Fiscal 2021	Refresh (2)		675,000
			7	Fiscal 2022	Refresh (2)		650,000
			1	Fiscal 2022	Taco Bell		350,000
				Total 2022			1,000,000
			8	Fiscal 2023	Refresh (2)		725,000
			1	Fiscal 2023	Taco Bell		350,000
				Total 2023			1,075,000
			1	Fiscal 2024	Taco Bell		350,000
			1	Fiscal 2025	Refresh (2)		75,000
			1	Fiscal 2025	Taco Bell		350,000
				Total 2025			425,000
			61	Total		$	10,735,000

	(1) These amounts are based on estimates of current construction costs and actual costs may vary.
	(2) Reflects the estimated cost of dining room update and exterior paint and refurbishment on restaurants previously remodeled to the current image. Costs may also include the addition of equipment such as coolers necessary to meet Franchisor standards.

Note_3_Net_Income_Loss_per_Com2

Note 3 - Net Income (Loss) per Common Share (Details)	3 Months Ended	9 Months Ended
Note 3 - Net Income (Loss) per Common Share (Details)	Nov. 10, 2013	Nov. 10, 2013
Earnings Per Share [Abstract]	'	'
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	67,139	66,192

Note_3_Net_Income_Loss_per_Com3

Note 3 - Net Income (Loss) per Common Share (Details) - Reconciliation of Earnings per Common Share (USD $)	3 Months Ended		9 Months Ended
	Nov. 10, 2013	Nov. 04, 2012	Nov. 10, 2013	Nov. 04, 2012
Basic EPS	'	'	'	'
Income (loss) available to common shareholders (in Dollars)	($307,000)	$125,000	($477,000)	$370,000
Income (loss) available to common shareholders	4,044,147	2,934,995	3,875,374	2,934,995
Income (loss) available to common shareholders (in Dollars per share)	($0.08)	$0.04	($0.12)	$0.13
Effect of Dilutive Securities	'	'	'	'
Weighted Average Stock Options	'	49,699	'	18,299
Diluted EPS	'	'	'	'
Income (loss) available to common shareholders (in Dollars)	($307,000)	$125,000	($477,000)	$370,000
Income (loss) available to common shareholders	4,044,147	2,984,694	3,875,374	2,953,294
Income (loss) available to common shareholders (in Dollars per share)	($0.08)	$0.04	($0.12)	$0.13

Note_4_Debt_Details

Note 4 - Debt (Details) (USD $)

0 Months Ended

1 Months Ended

3 Months Ended

9 Months Ended

0 Months Ended

1 Months Ended

3 Months Ended

Nov. 10, 2013

Aug. 22, 2013

Nov. 10, 2013

Nov. 04, 2012

Nov. 10, 2013

Nov. 04, 2012

Mar. 03, 2013

Nov. 10, 2013

Oct. 12, 2013

Aug. 22, 2013

Nov. 10, 2013

Aug. 22, 2013

KFC Restaurant [Member]

Term Note [Member]

Time Note [Member]

Interest Rate Swap [Member]

Note 4 - Debt (Details) [Line Items]

Repayments of Debt

$6,104,000

Debt Instrument, Interest Rate, Stated Percentage

9.00%

5.44%

Prepayment Penalty, Percent

1.00%

Debt Instrument, Face Amount

8,930,000

7,930,000

1,000,000

Write off of Deferred Debt Issuance Cost

275,000

Prepayment Penalty, Amount

61,000

Debt Instrument, Term

'3 years

'18 years

Derivative Asset, Notional Amount

7,930,000

Derivative, Swaption Interest Rate

4.25%

Interest Expense, Debt

127,000

200,000

461,000

647,000

17,000

Interest Rate Derivative Liabilities, at Fair Value

130,000

Debt Instrument, Basis Spread on Variable Rate

4.25%

Long-term Debt

865,000

Capitalized Lease Term

'20 years

Capital Lease Obligations Incurred

1,020,000

Capital Leased Assets, Gross

$23,989,000

$22,969,000

$1,020,000

Fixed Charge Coverage Ratio FCCR

1.31

1.15

Maximum Debt to EBITDA ("Leverage") Ratio Required

5.25

Actual Debt to EBITDA (Leverage) Ratio

5.07

Note_5_Stock_Options_and_LTIP_2

Note 5 - Stock Options and LTIP Units (Details) (USD $)

3 Months Ended

9 Months Ended

0 Months Ended

3 Months Ended

9 Months Ended

0 Months Ended

Nov. 10, 2013

Apr. 09, 2013

Nov. 10, 2013

Nov. 06, 2008

Apr. 02, 1999

Nov. 06, 2008

Apr. 27, 2001

Jan. 07, 2000

Nov. 10, 2013

Jun. 25, 1999

Apr. 09, 2013

Nov. 10, 2013

Restricted Stock [Member]

Stock Option Plan for Executives and Managers [Member]

Key Employees Stock Option Plan [Member]

Long-Term Incentive Plan (LTIP) [Member]

Note 5 - Stock Options and LTIP Units (Details) [Line Items]

Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized

145,500

291,000

150,000

Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross

350

145,150

149,650

11,500

129,850

Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price (in Dollars per share)

$1.50

$4.13

$1.50

$0.85

Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period

'6 months

Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Remaining Contractual Term

'4 years 328 days

'10 years

Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number

114,667

114,317

Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price (in Dollars per share)

$1.50

Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period

8,000

Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Granted

30,569

Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant

119,431

Share-based Compensation (in Dollars)

$36,000

$107,000

Note_5_Stock_Options_and_LTIP_3

Note 5 - Stock Options and LTIP Units (Details) - Stock Options Outstanding (USD $)	9 Months Ended
	Nov. 10, 2013
Stock Options Outstanding [Abstract]	'
(in Dollars per share)	$1.50
	114,667
	'4 years 328 days
	114,667

Note_6_Capital_Expenditures_De

Note 6 - Capital Expenditures (Details) (USD $)	Nov. 10, 2013		Mar. 03, 2013
Note 6 - Capital Expenditures (Details) [Line Items]	'		'
Contractual Obligation	$10,735,000	[1]	'
Leasehold Improvements, Gross	12,463,000		12,308,000
Additional [Member]	'		'
Note 6 - Capital Expenditures (Details) [Line Items]	'		'
Contractual Obligation	1,000,000		'
KFC and Taco Bell Operation Platform and POS Devices [Member]	'		'
Note 6 - Capital Expenditures (Details) [Line Items]	'		'
Leasehold Improvements, Gross	$1,425,000		'

[1]	These amounts are based on estimates of current construction costs and actual costs may vary.

Note_6_Capital_Expenditures_De1

Note 6 - Capital Expenditures (Details) - Capital Requirements for Image Enhancement of Restaurants (USD $)	Nov. 10, 2013
Note 6 - Capital Expenditures (Details) - Capital Requirements for Image Enhancement of Restaurants [Line Items]	'
Number of Units	61
Period	'Total
Capital Cost	$10,735,000	[1]
Remodels 2015 [Member]	'
Note 6 - Capital Expenditures (Details) - Capital Requirements for Image Enhancement of Restaurants [Line Items]	'
Number of Units	4
Period	'Fiscal 2015
Type	'Remodels
Capital Cost	900,000	[1]
Remodels 2016 [Member]	'
Note 6 - Capital Expenditures (Details) - Capital Requirements for Image Enhancement of Restaurants [Line Items]	'
Number of Units	7
Period	'Fiscal 2016
Type	'Remodels
Capital Cost	1,655,000	[1]
Remodels 2017 [Member]	'
Note 6 - Capital Expenditures (Details) - Capital Requirements for Image Enhancement of Restaurants [Line Items]	'
Number of Units	4
Period	'Fiscal 2017
Type	'Remodels
Capital Cost	1,000,000	[1]
Refresh 2017 [Member]	'
Note 6 - Capital Expenditures (Details) - Capital Requirements for Image Enhancement of Restaurants [Line Items]	'
Number of Units	1
Period	'Fiscal 2017
Type	'Refresh (2)	[2]
Capital Cost	100,000	[1]
Taco Bell 2017 [Member]	'
Note 6 - Capital Expenditures (Details) - Capital Requirements for Image Enhancement of Restaurants [Line Items]	'
Number of Units	1
Period	'Fiscal 2017
Type	'Taco Bell
Capital Cost	350,000	[1]
Total 2017 [Member]	'
Note 6 - Capital Expenditures (Details) - Capital Requirements for Image Enhancement of Restaurants [Line Items]	'
Period	'Total 2017
Capital Cost	1,450,000	[1]
Remodels 2018 [Member]	'
Note 6 - Capital Expenditures (Details) - Capital Requirements for Image Enhancement of Restaurants [Line Items]	'
Number of Units	3
Period	'Fiscal 2018
Type	'Remodels
Capital Cost	790,000	[1]
Refresh 2018 [Member]	'
Note 6 - Capital Expenditures (Details) - Capital Requirements for Image Enhancement of Restaurants [Line Items]	'
Number of Units	1
Period	'Fiscal 2018
Type	'Refresh (2)	[2]
Capital Cost	100,000	[1]
Taco Bell 2018 [Member]	'
Note 6 - Capital Expenditures (Details) - Capital Requirements for Image Enhancement of Restaurants [Line Items]	'
Number of Units	1
Period	'Fiscal 2018
Type	'Taco Bell
Capital Cost	350,000	[1]
Total 2018 [Member]	'
Note 6 - Capital Expenditures (Details) - Capital Requirements for Image Enhancement of Restaurants [Line Items]	'
Period	'Total 2018
Capital Cost	1,240,000	[1]
Remodels 2019 [Member]	'
Note 6 - Capital Expenditures (Details) - Capital Requirements for Image Enhancement of Restaurants [Line Items]	'
Number of Units	4
Period	'Fiscal 2019
Type	'Remodels
Capital Cost	940,000	[1]
Taco Bell 2019 [Member]	'
Note 6 - Capital Expenditures (Details) - Capital Requirements for Image Enhancement of Restaurants [Line Items]	'
Number of Units	1
Period	'Fiscal 2019
Type	'Taco Bell
Capital Cost	350,000	[1]
Total 2019 [Member]	'
Note 6 - Capital Expenditures (Details) - Capital Requirements for Image Enhancement of Restaurants [Line Items]	'
Period	'Total 2019
Capital Cost	1,290,000	[1]
Refresh 2020 [Member]	'
Note 6 - Capital Expenditures (Details) - Capital Requirements for Image Enhancement of Restaurants [Line Items]	'
Number of Units	7
Period	'Fiscal 2020
Type	'Refresh (2)	[2]
Capital Cost	675,000	[1]
Refresh 2021 [Member]	'
Note 6 - Capital Expenditures (Details) - Capital Requirements for Image Enhancement of Restaurants [Line Items]	'
Number of Units	7
Period	'Fiscal 2021
Type	'Refresh (2)	[2]
Capital Cost	675,000	[1]
Refresh 2022 [Member]	'
Note 6 - Capital Expenditures (Details) - Capital Requirements for Image Enhancement of Restaurants [Line Items]	'
Number of Units	7
Period	'Fiscal 2022
Type	'Refresh (2)	[2]
Capital Cost	650,000	[1]
Taco Bell 2022 [Member]	'
Note 6 - Capital Expenditures (Details) - Capital Requirements for Image Enhancement of Restaurants [Line Items]	'
Number of Units	1
Period	'Fiscal 2022
Type	'Taco Bell
Capital Cost	350,000	[1]
Total 2022 [Member]	'
Note 6 - Capital Expenditures (Details) - Capital Requirements for Image Enhancement of Restaurants [Line Items]	'
Period	'Total 2022
Capital Cost	1,000,000	[1]
Refresh 2023 [Member]	'
Note 6 - Capital Expenditures (Details) - Capital Requirements for Image Enhancement of Restaurants [Line Items]	'
Number of Units	8
Period	'Fiscal 2023
Type	'Refresh (2)	[2]
Capital Cost	725,000	[1]
Taco Bell 2023 [Member]	'
Note 6 - Capital Expenditures (Details) - Capital Requirements for Image Enhancement of Restaurants [Line Items]	'
Number of Units	1
Period	'Fiscal 2023
Type	'Taco Bell
Capital Cost	350,000	[1]
Total 2023 [Member]	'
Note 6 - Capital Expenditures (Details) - Capital Requirements for Image Enhancement of Restaurants [Line Items]	'
Period	'Total 2023
Capital Cost	1,075,000	[1]
Taco Bell 2024 [Member]	'
Note 6 - Capital Expenditures (Details) - Capital Requirements for Image Enhancement of Restaurants [Line Items]	'
Number of Units	1
Period	'Fiscal 2024
Type	'Taco Bell
Capital Cost	350,000	[1]
Refresh 2025 [Member]	'
Note 6 - Capital Expenditures (Details) - Capital Requirements for Image Enhancement of Restaurants [Line Items]	'
Number of Units	1
Period	'Fiscal 2025
Type	'Refresh (2)	[2]
Capital Cost	75,000	[1]
Taco Bell 2025 [Member]	'
Note 6 - Capital Expenditures (Details) - Capital Requirements for Image Enhancement of Restaurants [Line Items]	'
Number of Units	1
Period	'Fiscal 2025
Type	'Taco Bell
Capital Cost	350,000	[1]
Total 2025 [Member]	'
Note 6 - Capital Expenditures (Details) - Capital Requirements for Image Enhancement of Restaurants [Line Items]	'
Period	'Total 2025
Capital Cost	$425,000	[1]

[1]	These amounts are based on estimates of current construction costs and actual costs may vary.
[2]	Reflects the estimated cost of dining room update and exterior paint and refurbishment on restaurants previously remodeled to the current image. Costs may also include the addition of equipment such as coolers necessary to meet Franchisor standards.

Note_7_Asset_Activities_Detail

Note 7 - Asset Activities (Details) (USD $)	3 Months Ended	9 Months Ended
Note 7 - Asset Activities (Details) (USD $)	Nov. 10, 2013	Nov. 10, 2013
Note 7 - Asset Activities (Details) [Line Items]	'	'
Gain (Loss) on Disposition of Assets	$205,000	$736,000
Reserve for Disposal [Member]	'	'
Note 7 - Asset Activities (Details) [Line Items]	'	'
Asset Impairment Charges	30,000	66,000
Closed Unit Expense [Member]	'	'
Note 7 - Asset Activities (Details) [Line Items]	'	'
Asset Impairment Charges	36,000	102,000
Goodwill Related To Sale Of Property [Member]	'	'
Note 7 - Asset Activities (Details) [Line Items]	'	'
Asset Impairment Charges	53,000	53,000
Other Asset Disposals [Member]	'	'
Note 7 - Asset Activities (Details) [Line Items]	'	'
Asset Impairment Charges	86,000	166,000
Write Downs of Sold Restaurants [Member]	'	'
Note 7 - Asset Activities (Details) [Line Items]	'	'
Asset Impairment Charges	'	149,000
Assets Held for Sale of Closed Locations [Member]	'	'
Note 7 - Asset Activities (Details) [Line Items]	'	'
Asset Impairment Charges	'	$200,000
Closed KFC Restaurants [Member]	'	'
Note 7 - Asset Activities (Details) [Line Items]	'	'
Number of Restaurants	6	6
Closed Locations [Member]	'	'
Note 7 - Asset Activities (Details) [Line Items]	'	'
Number of Restaurants	3	3
Relocation [Member]	'	'
Note 7 - Asset Activities (Details) [Line Items]	'	'
Number of Restaurants	1	1

Note_9_Equity_Transaction_Deta

Note 9 - Equity Transaction (Details) (USD $)	9 Months Ended	0 Months Ended
	Nov. 10, 2013	Apr. 12, 2013
	Nov. 10, 2013	Bandera Master Fund LP [Member]
Note 9 - Equity Transaction (Details) [Line Items]	'	'
Stock Issued During Period, Shares, New Issues (in Shares)	'	1,052,250
Share Price (in Dollars per share)	'	$2
Proceeds from Issuance of Common Stock	$1,871,000	$1,718,500
Payments of Stock Issuance Costs	'	$386,000

Note_10_Subsequent_Events_Deta

Note 10 - Subsequent Events (Details) (USD $)	9 Months Ended		1 Months Ended
	Nov. 10, 2013	Nov. 04, 2012	Dec. 18, 2013
	Nov. 10, 2013	Nov. 04, 2012	Subsequent Event [Member]
Note 10 - Subsequent Events (Details) [Line Items]	'	'	'
Proceeds from Sale of Property, Plant, and Equipment	$131,000	$541,000	$224,000
Goodwill, Period Increase (Decrease)	'	'	($104,000)