Cover
Cover - shares | 3 Months Ended | |
Mar. 31, 2023 | May 08, 2023 | |
Cover [Abstract] | ||
Entity Registrant Name | NOBLE ROMAN’S, INC | |
Entity Central Index Key | 0000709005 | |
Document Type | 10-Q | |
Amendment Flag | false | |
Current Fiscal Year End Date | --12-31 | |
Entity Small Business | true | |
Entity Shell Company | false | |
Entity Emerging Growth Company | false | |
Entity Current Reporting Status | Yes | |
Document Period End Date | Mar. 31, 2023 | |
Entity Filer Category | Non-accelerated Filer | |
Document Fiscal Period Focus | Q1 | |
Document Fiscal Year Focus | 2023 | |
Entity Common Stock Shares Outstanding | 22,215,512 | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Entity File Number | 0-11104 | |
Entity Incorporation State Country Code | IN | |
Entity Tax Identification Number | 35-1281154 | |
Entity Address Address Line 1 | 6612 E | |
Entity Address Address Line 2 | 75th Street | |
Entity Address Address Line 3 | Suite 450 | |
Entity Address City Or Town | Indianapolis | |
Entity Address State Or Province | IN | |
Entity Address Postal Zip Code | 46250 | |
City Area Code | 317 | |
Local Phone Number | 634-3377 | |
Entity Interactive Data Current | Yes |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) | Mar. 31, 2023 | Dec. 31, 2022 |
Current assets: | ||
Cash | $ 463,283 | $ 785,522 |
Employee Retention Tax Credit Receivable | 1,460,444 | 0 |
Accounts receivable - net | 851,225 | 824,091 |
Inventories | 1,006,689 | 997,868 |
Prepaid expenses | 401,369 | 424,822 |
Total current assets | 4,183,010 | 3,032,303 |
Property and equipment: | ||
Equipment | 4,358,367 | 4,351,558 |
Leasehold improvements | 3,127,880 | 3,116,030 |
Construction and equipment in progress | 57,774 | 63,097 |
Constructions In Progress Gross | 7,544,021 | 7,530,685 |
Less accumulated depreciation and amortization | 2,912,993 | 2,817,477 |
Net property and equipment | 4,631,028 | 4,713,208 |
Deferred tax asset | 3,100,651 | 3,374,841 |
Deferred contract cost | 943,109 | 934,036 |
Goodwill | 278,466 | 278,466 |
Operating lease right of use assets | 5,484,455 | 5,660,155 |
Other assets including long-term portion of receivables-net | 377,611 | 350,189 |
Total assets | 18,998,330 | 18,343,198 |
Current liabilities: | ||
Accounts payable and accrued expenses | 598,748 | 650,582 |
Current portion of operating lease liability | 799,164 | 799,164 |
Current portion of Corbel loan payable | 1,000,000 | 866,667 |
Total current liabilities | 2,397,912 | 2,316,413 |
Long-term obligations: | ||
Term loan payable to Corbel | 7,330,892 | 7,470,900 |
Corbel warrant value | 29,037 | 29,037 |
Convertible notes payable | 625,000 | 622,864 |
Operating lease liabilities - net of short-term portion | 4,931,053 | 5,103,286 |
Deferred contract income | 943,109 | 934,036 |
Total long-term liabilities | 13,859,091 | 14,160,123 |
Stockholders' equity: | ||
Common stock - no par value (40,000,000 shares authorized, 22,215,512 issued and outstanding as of December 31, 2022 and as of March 31, 2023) | 24,826,130 | 24,819,736 |
Accumulated deficit | (22,084,803) | (22,953,074) |
Total stockholders' equity | 2,741,327 | 1,866,662 |
Total liabilities and stockholders' equity | $ 18,998,330 | $ 18,343,198 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Mar. 31, 2023 | Dec. 31, 2022 |
Consolidated Balance Sheets | ||
Common Stock, Par Value | $ 0 | $ 0 |
Common Stock, Authorized Shares | 40,000,000 | 40,000,000 |
Common Stock, Issued Shares | 22,215,512 | 22,215,512 |
Common Stock, Outstanding Shares | 22,215,512 | 22,215,512 |
Consolidated Statements of Oper
Consolidated Statements of Operations (Unaudited) - USD ($) | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Revenue: | ||
Restaurant revenue - company-owned Craft Pizza & Pub | $ 2,090,342 | $ 2,283,598 |
Restaurant revenue - company-owned non-traditional | 223,381 | 133,129 |
Franchising revenue | 987,342 | 1,034,244 |
Administrative fees and other | 6,738 | 14,215 |
Total revenue | 3,307,803 | 3,465,186 |
Operating expenses: | ||
Restaurant expenses - company-owned Craft Pizza & Pub | 1,914,821 | 2,058,529 |
Restaurant expenses - company-owned non-traditional | 121,830 | 132,877 |
Franchising expenses (benefit) | (868,946) | 461,355 |
Total operating expenses | 1,167,705 | 2,652,761 |
Depreciation and amortization | 95,517 | 112,753 |
General and administrative expenses | 518,832 | 540,530 |
Total expenses | 1,782,054 | 3,306,044 |
Operating income | 1,525,749 | 159,142 |
Interest expense | 383,289 | 341,879 |
Income (loss) before income taxes | 1,142,460 | (182,737) |
Income tax expense (benefit) | 274,190 | (46,041) |
Net income (loss) | $ 868,270 | $ (136,696) |
Earnings (loss) per share - basic | ||
Net incomes (loss) | $ 0.04 | $ (0.01) |
Weighted average numbers of common shares outstanding | 22,215,512 | 22,215,512 |
Diluted earnings (loss) per share: | ||
Net income (loss) per share | $ 0.04 | $ (0.01) |
Weighted average number of common shares outstanding | 23,628,012 | 23,465,512 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Changes in Stockholders Equity (Unaudited) - USD ($) | Total | Common Stock | Accumulated Deficit [Member] |
Balance, amount at Dec. 31, 2021 | $ 2,894,564 | $ 24,791,568 | $ (21,897,004) |
Balance, shares at Dec. 31, 2021 | 22,215,512 | ||
Net loss for three months ended March 31, 2022 | (136,696) | (136,696) | |
Amortization of value of stock options | 7,623 | $ 7,623 | |
Balance, shares at Mar. 31, 2022 | 22,215,512 | ||
Balance, amount at Mar. 31, 2022 | 2,765,491 | $ 24,799,191 | (22,033,700) |
Balance, amount at Dec. 31, 2022 | 1,866,662 | $ 24,819,735 | (22,953,073) |
Balance, shares at Dec. 31, 2022 | 22,215,512 | ||
Net loss for three months ended March 31, 2022 | 868,270 | 868,270 | |
Amortization of value of stock options | 6,395 | $ 6,395 | |
Balance, shares at Mar. 31, 2023 | 22,215,512 | ||
Balance, amount at Mar. 31, 2023 | $ 2,741,327 | $ 24,826,130 | $ (22,084,803) |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Consolidated Statements of Cash Flows (Unaudited) | ||
Net income (loss) | $ 868,270 | $ (136,696) |
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: | ||
Depreciation and amortization | 201,252 | 234,811 |
Amortization of lease cost in excess of cash paid in accordance with ASU 2016-02 | 25,253 | 6,099 |
Deferred income taxes (benefit) | 274,190 | (46,041) |
(Increase) decrease in: | ||
Employee Retention Tax Credit | (1,460,444) | 0 |
Accounts receivable | (27,134) | 18,096 |
Inventories | (8,821) | (6,363) |
Prepaid expenses | 23,453 | (26,305) |
Other assets including long-term portion of receivables | (27,422) | (66,407) |
Decrease in accounts payable and accrued expenses | (60,834) | 33,662 |
NET CASH PROVIDED BY OPERATING ACTIVITIES | (192,237) | 10,856 |
INVESTING ACTIVITIES | ||
Purchase of property and equipment | (13,336) | (466,382) |
NET CASH USED IN INVESTING ACTIVITIES | (13,336) | (466,382) |
FINANCING ACTIVITIES | ||
Principal payment on Corbel loan | (116,667) | |
NET CASH PROVIDED BY FINANCINGACTIVITIES | (116,667) | |
Increase (decrease) in cash | (322,240) | (455,526) |
Cash at beginning of period | 785,523 | 1,263,513 |
Cash at end of period | 463,283 | 807,987 |
Supplemental schedule of investing and financing activities | ||
Cash paid for interest | $ 271,160 | $ 227,099 |
Basis of Presentation and Summa
Basis of Presentation and Summary of Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2023 | |
Basis of Presentation and Summary of Significant Accounting Policies | |
Basis Of Presentation And Summary Of Significant Accounting Policies | Note 1 - The accompanying unaudited interim condensed consolidated financial statements, included herein, have been prepared by the Company pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”). Certain information and footnote disclosures normally included in financial statements prepared in accordance with generally accepted accounting principles have been condensed or omitted pursuant to such rules and regulations. These condensed consolidated statements have been prepared in accordance with the Company’s accounting policies described in the Company’s Annual Report on Form 10-K for the year ended December 31, 2022 and should be read in conjunction with the audited consolidated financial statements and the notes thereto included in that report. Unless the context indicates otherwise, references to the “Company” mean Noble Roman’s, Inc. and its subsidiaries. In the opinion of the management of the Company, the information contained herein reflects all adjustments necessary for a fair presentation of the results of operations and cash flows for the interim periods presented and the financial condition as of the dates indicated, which adjustments are of a normal recurring nature. The results for the three-month period ended March 31, 2023 are not necessarily indicative of the results to be expected for the full year ending December 31, 2023, especially in light of past and potential future volatility and uncertainty resulting from the Coronavirus (“COVID-19”) pandemic and the governmental and consumer response. Significant Accounting Policies The Employee Retention Tax Credit (“ERTC”) is a refundable tax credit that businesses can claim on qualified wages paid to employees. The program was introduced on March 27, 2020 in the Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”) to incentivize employers to keep their employees on their payroll during the pandemic and economic shutdown. The credit applies to all qualified wages, including certain health plan expenses, paid during the period in which the operations were fully or partially suspended due to a government shutdown order or where there was significant decline in gross receipts. When first established under the CARES Act, the tax credit was equal to 50% of the qualified wages an eligible employer paid to employees after March 12, 2020 and before January 1, 2021. The credit was also limited to a maximum annual per employee credit of $5,000. The credit was then extended through June 30, 2021 by the Tax Payer Certainty and Disaster Relief Act (“Relief Act”) (Division EE of the Consolidated Appropriations Act). The Relief Act modified the credit to be 70% of up to $10,000 of qualified wages per quarter in 2021 through June 30, 2021. The program was further extended through December 31, 2021 by the American Rescue Plan Act of 2021 (“ARPA”) but was retroactively reduced by the Infrastructure Investment and Jobs Act, to end effective September 30, 2021. During the first quarter of 2023 the Company determined that it was entitled to an ERTC of $1.718 million and submitted amended federal Form 941 returns claiming that refund. The ERTC refund is treated as a government grant and recognized in the first quarter of 2023 as reducing appropriate expenses for the $1.718 million less expense of $258,000 for applying for the refund or a net benefit of $1.460 million. There have been no other significant changes in the Company's accounting policies from those disclosed in its Annual Report on Form 10-K. |
Royalties and Fees
Royalties and Fees | 3 Months Ended |
Mar. 31, 2023 | |
Royalties and Fees | |
Royalties And Fees | Note 2 – Royalties and fees included initial franchise fees of $60,000 for the three-month period ended March 31, 2023, and $83,000 for the three-month period ended March 31, 2022. Royalties and fees included equipment commissions of $24,000 for the three-month period ended March 31, 2023, and $8,007 for the three-month period ended March 31, 2022. Royalties and fees, including amortized initial franchise fees and equipment commissions, were $987,000 for the three-month period ended March 31, 2023, and $934,000 for the three-month period ended March 31, 2022. Most of the cost for the services required to be performed by the Company are incurred prior to the franchise fee income being recorded, which is based on a contractual liability of the franchisee. The effect on comparable period amounts within the financial statements by recording franchise fees and cost of opening the units as deferred contract costs and deferred contract income is not material as the initial franchise fee for the non-traditional franchise is intended to defray the initial contract costs, and the franchise fees and contract costs initially incurred and paid approximate the relative amortized franchise fees and contract costs for those same periods. The deferred contract income and deferred costs were $943,000 on March 31, 2023. At December 31, 2022 and March 31, 2023, the carrying values of the Company’s franchise receivables have been reduced to anticipated realizable value. After considering this reduction of carrying value, the Company anticipates that substantially all of its accounts receivable reflected on the consolidated balance sheet as of March 31, 2023, will be collected. During the three-month period ended March 31, 2023 there were no company-operated or franchised Craft Pizza & Pub restaurants opened or closed. During the same three-month period 10 new non-traditional outlets opened and 0 non-traditional outlets closed. |
Earnings (Loss) per Share
Earnings (Loss) per Share | 3 Months Ended |
Mar. 31, 2023 | |
Earnings (Loss) per Share | |
Earnings (loss) Per Share | Note 3. The following table sets forth the calculation of basic and diluted earnings per share for the three-month period ended March 31, 2023: Three Months Ended March 31, 2023 Income (Numerator) Shares (Denominator) Per-Share Amount Net income $ 868,270 22,215,512 $ 0.04 Effect of dilutive securities Stock dilution 162,500 Convertible notes 15,625 1,250,000 Diluted earnings per share Net income $ 883,895 23,628,012 $ 0.04 The following table sets forth the calculation of basic and diluted earnings per share for the three-month period ended March 31, 2022: Three Months Ended March 31, 2022 Income (Numerator) Shares (Denominator) Per-Share Amount Net loss $ (136,696 ) 22,215,512 $ (0.01 ) Effect of dilutive securities Stock dilution Convertible notes 15,625 1,250,000 Diluted earnings per share Net loss $ (121,071 ) 23,465,512 $ (0.01 ) |
Notes Payable
Notes Payable | 3 Months Ended |
Mar. 31, 2023 | |
Notes Payable | |
Notes Payable | Note 4 – On February 7, 2020, the Company entered into a Senior Secured Promissory Note and Warrant Purchase Agreement (as amended, the “Agreement”) with Corbel Capital Partners SBIC, L.P. (the “Purchaser” or “Corbel”). Pursuant to the Agreement, the Company issued to the Purchaser a senior secured promissory note (the “Senior Note”) in the initial principal amount of $8.0 million. The Company has used the net proceeds of the Agreement as follows: (i) $4.2 million to repay the Company’s then-existing bank debt which was in the original amount of $6.1 million; (ii) $1,275,000 to repay the portion of the Company’s existing subordinated convertible debt the maturity date of which most had not previously been extended; (iii) to pay debt issuance costs; and (iv) the remaining net proceeds for working capital and other general corporate purposes, including development of new Company-owned Craft Pizza & Pub locations. The Senior Note bears cash interest of LIBOR, as defined in the Agreement, plus 7.75%. In addition, the Senior Note requires payment-in-kind (“PIK”) interest of 3% per annum, which is added to the principal amount of the Senior Note. Interest is payable in arrears on the last calendar day of each month. The Senior Note matures on February 7, 2025. At the end of the third quarter 2022, the Company entered into an amendment to the Senior Note agreement changing the required payments of principal beginning in March 2023 from $33,333 per month to $83,333 per month in exchange for lowering the financial covenants and eliminating the excess cash flow requirement. In addition, when LIBOR is phased out it will be replaced with SOFR, as defined in the Agreement. The Senior Note, as amended, requires principal payments of $33,333 in February 2023 and beginning in March 2023 payments of $83,333 per month continuing until maturity. In conjunction with the borrowing under the Senior Note, the Company issued to the Purchaser a warrant (the “Corbel Warrant”) to purchase up to 2,250,000 shares of Common Stock. The Corbel Warrant entitles the Purchaser to purchase from the Company, at any time or from time to time: (i) 1,200,000 shares of Common Stock at an exercise price of $0.57 per share (“Tranche 1”), (ii) 900,000 shares of Common Stock at an exercise price of $0.72 per share (“Tranche 2”); and (iii) 150,000 shares of Common Stock at an exercise price of $0.97 per share (“Tranche 3”). The Purchaser is required to exercise the Corbel Warrant with respect to Tranche 1 if the Common Stock is trading at $1.40 per share or higher for a specified period, and is further required to exercise the Corbel Warrant with respect to Tranche 2 if the Common Stock is trading at $1.50 per share or higher for a specified period. Cashless exercise of the Corbel Warrant is only permitted with respect to Tranche 3. The Purchaser has the right, within six months after the issuance of any shares under the Corbel Warrant, to require the Company to repurchase such shares for cash or for Put Notes (as defined in the Agreement), at the Company's discretion. The Corbel Warrant expires on the sixth anniversary of the date of its issuance. |
Subsequent Events
Subsequent Events | 3 Months Ended |
Mar. 31, 2023 | |
Subsequent Events | |
Subsequent Events | Note 5 – The Company evaluated subsequent events through the date the financial statements were issued and filed with SEC. There were no subsequent events that required recognition or disclosure beyond what is disclosed in this report. Impact of COVID-19 Pandemic In the first quarter of 2020, a novel strain of coronavirus (COVID-19) emerged and spread throughout the United States. The World Health Organization recognized COVID-19 as a pandemic in March 2020. In response to the pandemic, the U.S. federal government and various state and local governments have, among other things, imposed travel and business restrictions, including stay-at-home orders and other guidelines that required restaurants and bars to close or restrict inside dining. The pandemic resulted in significant, economic volatility, uncertainty and disruption, reduced commercial activity and weakened economic conditions in the regions in which the Company and its franchisees operate. The pandemic and the governmental response had a significant adverse impact on the Company, due to, among other things, governmental restrictions, reduced customer traffic, staffing challenges and supply difficulties especially as a result of the emergence of the Omicron and other variants of COVID-19 in late 2021 and early in 2022. Many states and municipalities in the United States, including Indiana where all of the Company-owned Craft Pizza & Pub restaurants are located, have from time to time temporarily restricted travel and suspended the operations of dine-in restaurants and other businesses in light of COVID-19 which negatively affected the Company’s operations. As the duration and scope of the pandemic is uncertain these orders are subject to further modification, which could adversely affect the Company. Further, the Company can provide no assurance the phase out of restrictions will have a positive effect on the Company’s business. Host facilities for the Company’s non-traditional franchises were also affected by labor shortages which adversely impacted those developments and in turn slowed the sales of franchises. The uncertainty and disruption in the U.S. economy caused by the pandemic are likely to continue to adversely impact the volume and resources of potential franchisees for both the Company’s Craft Pizza & Pub and non-traditional venues. Tax laws that address the financial impact of the lockdowns and restrictions provided relief to the Company in the form of the ERTC. During the first quarter of 2023, the Company determined that it was entitled to an ERTC of $1.718 million and submitted amended federal Form 941 returns claiming that refund. The ERTC refund is treated as a government grant and recognized in the first quarter of 2023 as reducing appropriate expenses for the $1.718 million less expenses for applying for the refund of $258,000 or a net benefit of $1.460 million. The ERTC is a refundable tax credit that businesses can claim on qualified wages paid to employees. The program was introduced on March 27, 2020 in the CARES Act to incentivize employers to keep their employees on their payroll during the pandemic and economic shutdown. The credit applies to all qualified wages, including certain health plan expenses, paid during the period in which the operations were fully or partially suspended due to a government shutdown order or where there was significant decline in gross receipts. When first established under the CARES Act, the tax credit was equal to 50% of the qualified wages an eligible employer paid to employees after March 12, 2020 and before January 1, 2021. The credit was also limited to a maximum annual per employee credit of $5,000. The credit was then extended through June 30, 2021 by the Relief Act. The Relief Act modified the credit to be 70% of up to $10,000 of qualified wages per quarter in 2021 through June 30, 2021. The program was further extended through December 31, 2021 by the American Rescue Plan Act of 2021 (“ARPA”) but was retroactively reduced by the Infrastructure Investment and Jobs Act, to end effective September 30, 2021. |
Basis of Presentation and Sum_2
Basis of Presentation and Summary of Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2023 | |
Basis of Presentation and Summary of Significant Accounting Policies | |
Significant Accounting Policies | The Employee Retention Tax Credit (“ERTC”) is a refundable tax credit that businesses can claim on qualified wages paid to employees. The program was introduced on March 27, 2020 in the Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”) to incentivize employers to keep their employees on their payroll during the pandemic and economic shutdown. The credit applies to all qualified wages, including certain health plan expenses, paid during the period in which the operations were fully or partially suspended due to a government shutdown order or where there was significant decline in gross receipts. When first established under the CARES Act, the tax credit was equal to 50% of the qualified wages an eligible employer paid to employees after March 12, 2020 and before January 1, 2021. The credit was also limited to a maximum annual per employee credit of $5,000. The credit was then extended through June 30, 2021 by the Tax Payer Certainty and Disaster Relief Act (“Relief Act”) (Division EE of the Consolidated Appropriations Act). The Relief Act modified the credit to be 70% of up to $10,000 of qualified wages per quarter in 2021 through June 30, 2021. The program was further extended through December 31, 2021 by the American Rescue Plan Act of 2021 (“ARPA”) but was retroactively reduced by the Infrastructure Investment and Jobs Act, to end effective September 30, 2021. During the first quarter of 2023 the Company determined that it was entitled to an ERTC of $1.718 million and submitted amended federal Form 941 returns claiming that refund. The ERTC refund is treated as a government grant and recognized in the first quarter of 2023 as reducing appropriate expenses for the $1.718 million less expense of $258,000 for applying for the refund or a net benefit of $1.460 million. |
Earnings (Loss) per Share (Tabl
Earnings (Loss) per Share (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Earnings (Loss) per Share | |
Basic And Diluted Earnings (loss) Per Share | Three Months Ended March 31, 2023 Income (Numerator) Shares (Denominator) Per-Share Amount Net income $ 868,270 22,215,512 $ 0.04 Effect of dilutive securities Stock dilution 162,500 Convertible notes 15,625 1,250,000 Diluted earnings per share Net income $ 883,895 23,628,012 $ 0.04 Three Months Ended March 31, 2022 Income (Numerator) Shares (Denominator) Per-Share Amount Net loss $ (136,696 ) 22,215,512 $ (0.01 ) Effect of dilutive securities Stock dilution Convertible notes 15,625 1,250,000 Diluted earnings per share Net loss $ (121,071 ) 23,465,512 $ (0.01 ) |
Basis of Presentation and Sum_3
Basis of Presentation and Summary of Significant Accounting Policies (Details Narrative) | 3 Months Ended |
Mar. 31, 2023 USD ($) | |
Basis of Presentation and Summary of Significant Accounting Policies | |
Government grant | $ 1,718,000 |
Maximum annual per employee credit | 5,000 |
Net benefit or refund | $ 1,460,000 |
Description of credit facility | the Tax Payer Certainty and Disaster Relief Act (“Relief Act”) (Division EE of the Consolidated Appropriations Act). The Relief Act modified the credit to be 70% of up to $10,000 of qualified wages per quarter in 2021 through June 30, 2021. |
Expenses deducted | $ 258,000 |
Royalties and Fees (Details Nar
Royalties and Fees (Details Narrative) - USD ($) | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Number of franchises/licenses in operation | $ 60,000 | $ 83,000 |
Deferred contract income and deferred costs | 934,000 | |
Equipment Commission | ||
Royalties And Fees | 24,000 | 8,007 |
Amortized Initial Franchise Fees and Equipment Commissions | ||
Royalties And Fees | $ 987,000 | $ 943,000 |
Earnings (Loss) per Share (Deta
Earnings (Loss) per Share (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Net income (loss) | $ 868,270 | $ (136,696) |
Weighted Average Number Of Common Shares Outstanding, Basic | 22,215,512 | 22,215,512 |
Weighted Average Number Of Common Shares Outstanding | 23,628,012 | 23,465,512 |
Stock dilution | 162,500 | |
Earnings Per Share, Basic | $ 0.04 | $ (0.01) |
Net Income (loss) | $ 0.04 | $ (0.01) |
Diluted Earnings Per Share Net Loss | $ 883,895 | $ (121,071) |
Convertible Note Payable | ||
Effect Of Dilutive Securities | $ 15,625 | $ 15,625 |
Shares Denominator | 1,250,000 | 1,250,000 |
Note payable (Details Narrative
Note payable (Details Narrative) | Feb. 07, 2020 USD ($) $ / shares shares |
Tranche 1 [Member] | |
Purchase Shares Of Common Stock | shares | 1,200,000 |
Exercise Price | $ / shares | $ 0.57 |
Trading Price Per Share | $ / shares | $ 1.40 |
Tranche 2 [Member] | |
Purchase Shares Of Common Stock | shares | 900,000 |
Exercise Price | $ / shares | $ 0.72 |
Trading Price Per Share | $ / shares | $ 1.50 |
Tranche 3 [Member] | |
Purchase Shares Of Common Stock | shares | 150,000 |
Exercise Price | $ / shares | $ 0.97 |
Secured Promissory Note [Member] | |
Purchase Shares Of Common Stock | shares | 2,250,000 |
Note Payable Principle Amount | $ | $ 33,333 |
Bank Loan | $ | 8,000,000 |
Original Amount | $ | 6,100,000 |
Repayments Of Senior Debt | $ | 4,200,000 |
Convertible Debt | $ | $ 1,275,000 |
Interest Rate Per Annum | 3% |
Interest Rate | 7.75% |
Maturity Date | Feb. 07, 2025 |
Subsequent events (Details Narr
Subsequent events (Details Narrative) | 3 Months Ended |
Mar. 31, 2023 USD ($) | |
Employee Retention Tax Credit | $ 1,718,000 |
Appropriate expenses | 1,718,000 |
Refund | 258,000 |
Employee Retention Tax Credit net benefit | 1,460,000 |
Employee credit | 5,000 |
Qualified wages | $ 10,000 |
Minimum [Member] | |
Tax credit | 50% |
Maximum [Member] | |
Tax credit | 70% |