RAVE Restaurant (RAVE) 10-K 26 Sep 24 2024 FY Annual report Financial data

Document and Entity Information

Document and Entity Information - USD ($) $ in Millions	12 Months Ended
	Jun. 30, 2024	Sep. 19, 2024	Dec. 24, 2023
Cover [Abstract]
Document Type	10-K
Amendment Flag	false
Document Annual Report	true
Document Period End Date	Jun. 30, 2024
Current Fiscal Year End Date	--06-30
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	FY
Document Transition Report	false
Entity File Number	0-12919
Entity Registrant Name	RAVE RESTAURANT GROUP, INC.
Entity Central Index Key	0000718332
Entity Incorporation, State or Country Code	MO
Entity Tax Identification Number	45-3189287
Entity Address, Address Line One	3551 Plano Parkway
Entity Address, City or Town	The Colony
Entity Address, State or Province	TX
Entity Address, Postal Zip Code	75056
City Area Code	469
Local Phone Number	384-5000
Title of 12(b) Security	Common Stock, $0.01 par value
Trading Symbol	RAVE
Security Exchange Name	NASDAQ
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	false
Document Financial Statement Error Correction [Flag]	false
Entity Shell Company	false
Entity Public Float			$ 23.7
Entity Common Stock, Shares Outstanding		14,586,566
Auditor Firm ID	726
Auditor Name	Whitley Penn LLP
Auditor Location	Plano, Texas

CONSOLIDATED STATEMENTS OF INCO

CONSOLIDATED STATEMENTS OF INCOME - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Jun. 30, 2024	Jun. 25, 2023
CONSOLIDATED STATEMENTS OF INCOME [Abstract]
REVENUES	$ 12,150	$ 11,889
COSTS AND EXPENSES
General and administrative expenses	5,267	5,490
Franchise expenses	3,656	3,956
Impairment of long-lived assets and other lease charges	0	5
Provision for credit losses	69	73
Interest (income) expense	(153)	1
Depreciation and amortization expense	219	214
Total costs and expenses	9,058	9,739
INCOME BEFORE TAXES	3,092	2,150
Income tax expense	(619)	(537)
NET INCOME	$ 2,473	$ 1,613
INCOME PER SHARE OF COMMON STOCK - BASIC (in dollars per share)	$ 0.17	$ 0.11
INCOME PER SHARE OF COMMON STOCK - DILUTED (in dollars per share)	$ 0.17	$ 0.1
Weighted average common shares outstanding - basic (in shares)	14,446	15,323
Weighted average common shares outstanding - diluted (in shares)	14,630	15,911

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2024	Jun. 25, 2023
CURRENT ASSETS
Cash and cash equivalents	$ 2,886	$ 5,328
Short term investments	4,945	0
Accounts receivable, less allowance for credit losses of $57 and $58, respectively	1,411	1,145
Notes receivable, current	68	105
Assets held for sale	33	19
Deferred contract charges, current	26	33
Prepaid expenses and other current assets	167	204
Total current assets	9,536	6,834
LONG-TERM ASSETS
Property and equipment, net	182	258
Operating lease right of use assets, net	817	1,227
Intangible assets definite-lived, net	252	328
Notes receivable, net of current portion	79	28
Deferred tax asset, net	4,756	5,342
Deferred contract charges, net of current portion	197	220
Total assets	15,819	14,237
CURRENT LIABILITIES
Accounts payable - trade	359	502
Accrued expenses	915	890
Operating lease liabilities, current	402	464
Deferred revenues, current	343	342
Total current liabilities	2,019	2,198
LONG-TERM LIABILITIES
Operating lease liabilities, net of current portion	555	958
Deferred revenues, net of current portion	543	690
Total liabilities	3,117	3,846
COMMITMENTS AND CONTINGENCIES (SEE NOTE I)
SHAREHOLDERS' EQUITY
Common stock, $0.01 par value; authorized 26,000,000 shares; issued 25,522,171 and 25,090,058 shares, respectively; outstanding 14,586,566 and 14,154,453 shares, respectively	255	251
Additional paid-in capital	37,563	37,729
Retained earnings	4,912	2,439
Treasury stock, at cost Shares in treasury: 10,935,605 and 10,935,605 respectively	(30,028)	(30,028)
Total shareholders' equity	12,702	10,391
Total liabilities and shareholders' equity	$ 15,819	$ 14,237

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Jun. 30, 2024	Jun. 25, 2023
CURRENT ASSETS
Accounts receivable, allowance for credit losses	$ 57	$ 58
SHAREHOLDERS' EQUITY
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	26,000,000	26,000,000
Common stock, shares issued (in shares)	25,522,171	25,090,058
Common stock, shares outstanding (in shares)	14,586,566	14,154,453
Treasury stock at cost (in shares)	10,935,605	10,935,605

CONSOLIDATED STATEMENTS OF SHAR

CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY - USD ($) $ in Thousands	Common Stock [Member]	Additional Paid-in Capital [Member]	Retained Earnings [Member]	Treasury Stock [Member]	Total
Beginning balance at Jun. 26, 2022	$ 251	$ 37,384	$ 826	$ (25,049)	$ 13,412
Beginning balance (in shares) at Jun. 26, 2022	25,090,000
Treasury stock (in shares) at Jun. 26, 2022				(7,579,000)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation expense	$ 0	345	0	$ 0	345
Purchase of treasury stock	$ 0	0	0	$ (4,979)	(4,979)
Purchase of treasury stock (in shares)	0			(3,357,000)
Net income	$ 0	0	1,613	$ 0	1,613
Ending balance at Jun. 25, 2023	$ 251	37,729	2,439	$ (30,028)	$ 10,391
Ending balance (in shares) at Jun. 25, 2023	25,090,000				25,090,058
Treasury stock (in shares) at Jun. 25, 2023				(10,936,000)	(10,935,605)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation expense	$ 0	149	0	$ 0	$ 149
Issuance of vested restricted stock units, net of shares withheld for taxes	$ 4	(315)	0	$ 0	(311)
Issuance of vested restricted stock units, net of shares withheld for taxes (in shares)	432,000			0
Net income	$ 0	0	2,473	$ 0	2,473
Ending balance at Jun. 30, 2024	$ 255	$ 37,563	$ 4,912	$ (30,028)	$ 12,702
Ending balance (in shares) at Jun. 30, 2024	25,522,000				25,522,171
Treasury stock (in shares) at Jun. 30, 2024				(10,936,000)	(10,935,605)

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2024	Jun. 25, 2023
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income	$ 2,473	$ 1,613
Adjustments to reconcile net income to cash provided by operating activities:
Amortization of discount on short term investment	(50)	0
Impairment of long-lived assets and other lease charges	0	5
Stock-based compensation expense	149	345
Depreciation and amortization	135	141
Amortization of operating right of use assets	410	437
Amortization of intangible assets definite-lived	84	73
Non cash lease expense	46	0
Provision for credit losses	69	73
Deferred income tax	586	430
Changes in operating assets and liabilities:
Accounts receivable	(335)	763
Notes receivable	(119)	28
Deferred contract charges	30	7
Prepaid expenses and other current assets	37	(58)
Accounts payable - trade	(143)	(167)
Accrued expenses	25	(272)
Operating lease liabilities	(511)	(490)
Deferred revenues	(146)	(299)
Cash provided by operating activities	2,740	2,629
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchases of short term investments	(10,115)	0
Maturities of short term investments	5,220	0
Payments received on notes receivable	105	212
Proceeds from sale of assets	3	7
Purchase of intangible assets definite-lived	(8)	(169)
Purchase of property and equipment	(76)	(65)
Cash used in investing activities	(4,871)	(15)
CASH FLOWS FROM FINANCING ACTIVITIES:
Purchase of treasury stock	0	(4,979)
Taxes paid on issuance of restricted stock units	(311)	0
Payments on short term loan	0	(30)
Cash used in financing activities	(311)	(5,009)
Net decrease in cash and cash equivalents	(2,442)	(2,395)
Cash and cash equivalents, beginning of year	5,328	7,723
Cash and cash equivalents, end of year	2,886	5,328
CASH PAID FOR:
Interest	0	1
Income taxes (net of refunds)	$ 5	$ 87

ORGANIZATION AND SUMMARY OF SIG

ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	12 Months Ended
	Jun. 30, 2024
ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES [Abstract]
ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	NOTE A - ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES: Description of Business: Rave Restaurant Group, Inc., and its subsidiaries (collectively referred to as the “Company”, or in the first person notations of “we”, “us” and “our”) franchise pizza buffet, delivery/carry-out, express restaurants and ghost kitchens domestically and internationally under the trademark “Pizza Inn” and franchise domestic fast casual restaurants under the trademarks “Pie Five Pizza Company” or “Pie Five”. The Company also licenses pizza kiosks under the “Pizza Inn” trademark. We facilitate the procurement and distribution of food, equipment and supplies to our domestic and international system of restaurants through agreements with third party distributors. As of June 30, 2024, we had 126 franchised Pizza Inn restaurants, 20 franchised Pie Five Units, and three licensed Pizza Inn Express, or PIE, kiosks (“PIE Units”). The 102 domestic franchised Pizza Inn restaurants were comprised of 78 pizza buffet restaurants (“Buffet Units”), six delivery/carry-out restaurants (“Delco Units”), 17 express restaurants (“Express Units”), and one ghost kitchen (“Pizza Inn Ghost Kitchen Units”). As of June 30, 2024, there were 24 international franchised Pizza Inn restaurants. Domestic Pizza Inn restaurants and kiosks were located predominantly in the southern half of the United States, with Texas, North Carolina, Arkansas and Mississippi accounting for approximately 23%, 16%, 14% and 10%, respectively, of the total number of domestic units. Principles of Consolidation: The consolidated financial statements include the accounts of Rave Restaurant Group, Inc. and its subsidiaries, all of which are wholly owned. All appropriate inter-company balances and transactions have been eliminated. Cash and Cash Equivalents: The Company considers all highly liquid investments purchased with an original maturity of three months or less to be cash equivalents. Short Term Investments: The Company holds short term investments in treasury bills, classified as trading securities. Accordingly, interest income is recorded through the Consolidated Statements of Income, when earned. Management has elected to classify all treasury bills as short-term, regardless of their maturity dates, as these are readily available to fund current operations and can be liquidated at any time at the discretion of the Company. As of June 30, 2024 and June 25, 2023, the Company held treasury bills valued at $4.9 million and zero, respectively, which are included within short term investments on the accompanying Consolidated Balance Sheets. Interest income is reflected in the accompanying Consolidated Statements of Income and Cash Flows. For the years ended June 30, 2024 and June 25, 2023, interest income recognized on the treasury bills was $151 thousand and zero, respectively. Fair Value Measurements: Assets and liabilities carried at fair value are categorized based on the level of judgment associated with the inputs used to measure their fair value. Authoritative guidance for fair value measurements establishes a hierarchy that prioritizes the inputs to valuation techniques used to measure fair value into the following three levels: Level 1: Inputs are unadjusted quoted market prices in active markets for identical assets or liabilities at the measurement date. Level 2: Inputs (other than quoted prices included in Level 1) that are either directly or indirectly observable for the asset or liability through correlation with market data at the measurement date for the duration of the instrument’s anticipated life. Level 3: Inputs are unobservable and therefore reflect management’s best estimate of the assumptions that market participants would use in pricing the asset or liability. The fair value of the Company’s investments in U.S. Treasury bills at June 30, 2024 and June 25, 2023, was determined using level 1 observable inputs. Management believes the carrying amounts of other financial instruments at June 30, 2024 and June 25, 2023, including cash, accounts receivable, accounts payable, and accrued expenses are representative of their fair values due to their short term maturities. The following table summarizes the Company’s financial assets and financial liabilities measured at fair value at June 30, 2024: Fair Value Measurements Level 1 Level 2 Level 3 Total U.S. Treasury bills $ 4,944,929 $ — $ — $ 4,944,929 $ 4,944,929 $ — $ — $ 4,944,929 The Company did not have any financial assets or liabilities at June 25, 2023 that were measured at fair value. The Company has no financial assets or liabilities classified within Level 3 of the valuation hierarchy. These items are classified in their entirety based on the lowest priority level of input that is significant to the fair value measurement. The assessment of the significance of a particular input to the fair value measurement requires judgment and may affect the placement of assets and liabilities within the levels of the fair value hierarchy. Concentration of Credit Risk: Financial instruments, which potentially subject the Company to concentrations of credit risk, consist primarily of cash and cash equivalents. Balances in accounts are insured up to Federal Deposit Insurance Corporation (“FDIC”) limits of $250 thousand per institution. At June 30, 2024 and June 25, 2023, the Company had cash and cash equivalent balances in excess of FDIC insurance coverage of approximately $2.4 million and $5.1 million, respectively. We do not believe we are exposed to any significant credit risk on cash and cash equivalents. The Company invests in U.S. Treasury bills, which are considered short term investments. While U.S. Treasury bills are not insured by the FDIC, they are backed by the full faith and credit of the United States government. As a result, the Company believes the credit risk associated with these investments is minimal. Notes receivable, which potentially subject the Company to concentrations of credit risk, consist primarily of promissory notes from franchise agreements and structured Company-financed sales of assets. At June 30, 2024 and June 25, 2023, and at various times during the fiscal years then ended, the Company had concentrations of credit risk with four franchisees on notes receivables with both short and long term maturities. As of June 30, 2024, the Company had one short term notes receivable and three long term notes receivable with four franchisees. The financed asset sales were executed with a weighted average interest rate of 4.8%. Principal payments are due monthly and mature from January 1, 2025 to January 1, 2027. Property and Equipment : Property and equipment are stated at cost less accumulated depreciation and amortization. Repairs and maintenance are charged to operations as incurred while major renewals and betterments are capitalized. Upon the sale or disposition of any property or equipment, the asset and the related accumulated depreciation or amortization are removed from the accounts and the gain or loss is included in operations. The Company capitalizes interest on borrowings during the active construction period of major capital projects. Capitalized interest is added to the cost of the underlying asset and amortized over the estimated useful life of the asset. Depreciation and amortization are computed on the straight-line method over the estimated useful lives of the assets or, in the case of leasehold improvements, over the term of the lease including any reasonably assured renewal periods, if shorter. The useful lives of the assets range from three Impairment of Long-Lived Asset and other Lease Charges: The Company reviews long-lived assets for impairment when events or circumstances indicate that the carrying value of such assets may not be fully recoverable. Impairment is evaluated based on the sum of undiscounted estimated future cash flows expected to result from use and eventual disposition of the assets compared to their carrying value. If impairment is indicated, the carrying value of an impaired asset is reduced to its fair value, based on discounted estimated future cash flows. The Company recognized, pre-tax, non-cash impairment charges Accounts Receivable and Allowance for Credit Losses: Accounts receivable consist primarily of receivables generated from franchise royalties and supplier concessions. The Company records an allowance for credit losses to allow for any amounts that may be unrecoverable based upon an analysis of the Company’s prior collection experience, customer creditworthiness and current economic trends. After all attempts to collect a receivable have failed, the receivable is written off against the allowance. Finance charges may be accrued at a rate of 18% per year, or up to the maximum amount allowed by law, on past due receivables. The interest income recorded from finance charges is immaterial. The Company monitors franchisee receivable balances and adjusts credit terms when necessary to minimize the Company’s exposure to high risk accounts receivable. Provision for credit losses decreased by $4 thousand to $69 thousand in fiscal 2024 compared to $73 thousand in fiscal 2023 primarily related to collectability concerns on international accounts receivable. Changes in the allowance for credit losses from continuing operations consisted of the following (in thousands): June 30, 2024 June 25, 2023 Beginning balance $ 58 $ 27 Provision for credit losses 69 73 Amounts written off (70 ) (42 ) Ending balance $ 57 $ 58 Notes Receivable: Notes receivable primarily consist of promissory notes arising from franchisee agreements and structured Company-financed sales of assets. The majority of amounts and terms are evidenced by formal promissory notes and personal guarantees. All notes allow for early payment without penalty. Fixed principal payments are due monthly. Notes receivable mature at various dates through 2027 and bore interest at a weighted average rate of 4.8% at June 30, 2024. Notes receivable are reported at original issue amount less principal repaid, reduced by an allowance for credit losses. An allowance for expected credit losses is determined based on a specific assessment of all notes that are delinquent or determined to be doubtful to be collected. Notes are considered delinquent if the repayment terms are not met. All amounts deemed to be uncollectible are charged against the allowance for credit losses in the period that determination is made. The allowance for credit losses for notes receivable incorporates an estimate of lifetime expected credit losses and is recorded on each note upon asset origination. The starting point for the estimate of the allowance for credit losses is historical loss information, which includes losses from modifications of receivables to borrowers experiencing financial difficulty. An assessment of whether a borrower is experiencing financial difficulty is made on the date of a modification. As of June 30, 2024 and June 25, 2023, there were no modifications to notes receivable. In evaluating the notes receivable, the Company determines that the notes are pooled based on historical collections and write-offs for purposes of determining its allowance for credit losses related to notes receivable. These notes have an amortized cost of approximately $147 thousand and $133 thousand at June 30, 2024 and June 25, 2023, respectively. Historical loss information for notes receivable at the Company shows a 0% loss rate over the contractual term As of June 30, 2024 and June 25, 2023, the Company has not recorded any allowance for credit losses related to the notes receivable balances. Additionally, as of June 30, 2024 and June 25, 2023, the Company did not have any notes receivable with past due or non-accrual status. The total amount of write-offs of notes receivable were zero for the fiscal years ended June 30, 2024 and June 25, 2023. The expected principal collections on notes receivable for the next two years are as follows as of June 30, 2024 (in thousands): Notes Receivable 2025 $ 68 2026 79 $ 147 Income Taxes: Income taxes are accounted for using the asset and liability method pursuant to the authoritative guidance on ASC 740 Accounting for Income Taxes The Company continually reviews the realizability of its deferred tax assets, including an analysis of factors such as future taxable income, reversal of existing taxable temporary differences, and tax planning strategies. In assessing the need for a valuation allowance, the Company considers both positive and negative evidence related to the likelihood of realization of deferred tax assets. Future sources of taxable income are also considered in determining the amount of any required valuation allowance. There are no material uncertain tax positions. Management’s position is that all relevant requirements are met and necessary returns have been filed, and therefore the tax positions taken on the tax returns would be sustained upon examination. Under ASC 740, we recognize the tax benefit from an uncertain tax position only if it is more likely than not that the tax position will be sustained on examination by the taxing authorities, based on the technical merits of the position. The tax benefits recognized in the financial statements from such a position are measured based on the largest benefit that has a greater than 50% likelihood of being realized upon ultimate resolution. From time to time, the Company may be assessed interest and penalties by taxing authorities. In those cases, the charges are recorded as income tax expense, as incurred, in the Consolidated Statements of Income. Revenue Recognition: Revenue is measured based on consideration specified in contracts with customers and excludes incentives and amounts collected on behalf of third parties, primarily sales tax. The Company recognizes revenue when it satisfies a performance obligation by transferring control over a product or service to a customer. Taxes assessed by a governmental authority that are both imposed on and concurrent with a specific revenue-producing transaction that are collected by the Company from a customer are excluded from revenue. The following describes principal activities, separated by major product or service, from which the Company generates its revenues: Franchise Revenues Franchise revenues consist of 1) franchise royalties, 2) supplier and distributor incentive revenues, 3) franchise license fees, 4) area development exclusivity fees and foreign master license fees, 5) advertising funds, and 6) supplier convention funds. Franchise royalties, which are based on a percentage of franchise restaurant sales, are recognized as sales occur. Supplier and distributor incentive revenues are recognized when title to the underlying commodities transfer. Franchise license fees are typically billed upon execution of the franchise agreement and amortized over the term of the franchise agreement, which typically range from five Area development exclusivity fees and foreign master license fees are typically billed upon execution of the area development and foreign master license agreements. Area development exclusivity fees are included in deferred revenue in the accompanying Consolidated Balance Sheets and allocated on a pro rata basis to all stores opened under that specific development agreement as the stores are opened. Area development exclusivity fees that include rights to sub-franchise are amortized as revenue over the term of the contract. Advertising fund contributions for Pizza Inn and Pie Five units represent contributions collected where we have control over the activities of the fund. Contributions are based on a percentage of net retail sales. We have determined that we are the principal in these arrangements, and advertising fund contributions and expenditures are, therefore, reported on a gross basis in the Consolidated Statements of Income. In general, we expect such advertising fund contributions and expenditures to be largely offsetting and, therefore, do not expect a significant impact on our reported income before income taxes. Our obligation related to these funds is to develop and conduct advertising activities. Pizza Inn and Pie Five marketing fund contributions are billed and collected weekly or monthly. Supplier convention funds are deferred until the obligations of the agreement are met and the event takes place. Rental income is income from our subleasing of some of our restaurant space to third parties. Total revenues consist of the following (in thousands): Fiscal Year Ended June 30, 2024 June 25, 2023 Franchise royalties $ 4,844 $ 4,978 Supplier and distributor incentive revenues 4,833 4,418 Franchise license fees 281 152 Area development exclusivity fees and foreign master license fees 15 18 Advertising funds contributions 1,814 1,943 Supplier convention funds 217 172 Rental income 131 186 Other 15 22 $ 12,150 $ 11,889 The opening balance of accounts receivable on June 26, 2022 was $2.0 million. The opening balance of deferred revenues on June 26, 2022 was $1.3 million. Revenue recognized in fiscal 2024 that was in the deferred revenue balance at June 25, 2023 was $0.5 million. Stock-Based Compensation: The Company accounts for stock options using the fair value recognition provisions of the authoritative guidance on stock-based payments. The Company uses the Black-Scholes formula to estimate the value of stock-based compensation for options granted to employees and directors and expects to continue to use this acceptable option valuation model in the future. The authoritative guidance also requires the benefits of tax deductions in excess of recognized compensation cost to be reported as a financing cash flow. RSUs represent the right to receive shares of common stock upon the satisfaction of vesting requirements, performance criteria and other terms and conditions. Compensation cost for RSUs is measured as an amount equal to the fair value of the RSUs on the date of grant and is expensed over the vesting period if achievement of the performance criteria is deemed probable, with the amount of the expense recognized based on the best estimate of the ultimate achievement level. Fair Value of Financial Instruments: The carrying amounts of accounts receivable and accounts payable approximate fair value because of the short maturity of these instruments. Contingencies: Provisions for legal settlements are accrued when payment is considered probable and the amount of loss is reasonably estimable in accordance with the authoritative guidance on ASC 450 Accounting for Contingencies Use of Management Estimates: The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires the Company’s management to make estimates and assumptions that affect its reported amounts of assets, liabilities, revenues, expenses and related disclosure of contingent liabilities. The Company bases its estimates on historical experience and other various assumptions that it believes are reasonable under the circumstances. Estimates and assumptions are reviewed periodically. Actual results could differ materially from estimates. Fiscal Year: The Company’s fiscal year ends on the last Sunday in June. The fiscal year ended June 30, 2024 contained 53 weeks and the fiscal year ended June 25, 2023 contained 52 weeks. Recently Adopted Accounting Guidance: In June 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU” or “standard”) 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments. Subsequently, the FASB issued several clarifying standard updates to clarify and improve the ASU. These ASUs significantly change how entities will measure credit losses for most financial assets and certain other instruments that are not measured at fair value through net income. The most significant change in this standard is a shift from the incurred loss model to the expected loss model that will be based on an estimate of current expected credit loss (“CECL”). Under the standard, disclosures are required to provide users of the financial statements with useful information in analyzing an entity’s exposure to credit risk and the measurement of credit losses. Financial assets held by the Company that are subject to the guidance in Topic 326 were trade accounts receivable and notes receivable. The Company adopted the standard effective June 26, 2023. The impact of the adoption was not considered material to the financial statements and primarily resulted in new and enhanced disclosures only.

PROPERTY AND EQUIPMENT AND INTA

PROPERTY AND EQUIPMENT AND INTANGIBLE ASSETS	12 Months Ended
	Jun. 30, 2024
PROPERTY AND EQUIPMENT AND INTANGIBLE ASSETS [Abstract]
PROPERTY AND EQUIPMENT AND INTANGIBLE ASSETS	NOTE B - PROPERTY AND EQUIPMENT AND INTANGIBLE ASSETS: Property and equipment consist of the following (in thousands): Estimated Useful Lives June 30, 2024 June 25, 2023 Equipment, furniture and fixtures 3 - 7 yrs $ 1,173 $ 1,114 Leasehold improvements 10 yrs or lease term, if shorter 472 472 1,645 1,586 Less: accumulated depreciation/amortization (1,463 ) (1,328 ) $ 182 $ 258 Depreciation and amortization expense for property and equipment was approximately $135 thousand and $141 thousand for the fiscal years ended June 30, 2024 and June 25, 2023, respectively. Intangible assets consist of the following (in thousands): June 30, 2024 June 25, 2023 Estimated Useful Lives Acquisition Cost Accumulated Amortization Net Value Acquisition Cost Accumulated Amortization Net Value Trademarks and tradenames 10 years $ 278 $ (258 ) $ 20 $ 278 $ (248 ) $ 30 Name change 15 years 70 (44 ) 26 70 (39 ) 31 Prototypes 5 years 347 (141 ) 206 339 (72 ) 267 $ 695 $ (443 ) $ 252 $ 687 $ (359 ) $ 328 Amortization expense for intangible assets was approximately $84 thousand and $73 thousand for the fiscal years ended June 30, 2024 and June 25, 2023, respectively.

ACCRUED EXPENSES

ACCRUED EXPENSES	12 Months Ended
	Jun. 30, 2024
ACCRUED EXPENSES [Abstract]
ACCRUED EXPENSES	NOTE C - ACCRUED EXPENSES: Accrued expenses consist of the following (in thousands): June 30, 2024 June 25, 2023 Compensation $ 771 $ 776 Professional fees 127 93 Other 17 21 $ 915 $ 890

EMPLOYEE RETENTION CREDIT

EMPLOYEE RETENTION CREDIT	12 Months Ended
	Jun. 30, 2024
EMPLOYEE RETENTION CREDIT [Abstract]
EMPLOYEE RETENTION CREDIT	NOTE D - EMPLOYEE RETENTION CREDIT: On December 27, 2020, the Consolidated Appropriations Act of 2021 (the “CAA”) was signed into law. The CAA expanded eligibility for an employee retention credit for companies impacted by the COVID-19 pandemic with fewer than five hundred employees and at least a twenty percent decline in gross receipts compared to the same quarter in 2019, to encourage retention of employees. This payroll tax credit was a refundable tax credit against certain federal employment taxes. For the fiscal year ended June 26, 2022, the Company recorded $0.7 million of other income for the employee retention credit. As of June 30, 2024, $0.6 million has been received and $0.1 million is still outstanding and included within accounts receivable on the accompanying Consolidated Balance Sheets

INCOME TAXES

INCOME TAXES	12 Months Ended
	Jun. 30, 2024
INCOME TAXES [Abstract]
INCOME TAXES	NOTE E - INCOME TAXES: Provision for income taxes from continuing operations consists of the following (in thousands): Fiscal Year Ended June 30, 2024 June 25, 2023 Current - Federal $ — $ — Current - State (33 ) (107 ) Deferred - Federal (530 ) (394 ) Deferred - State (56 ) (36 ) Provision for income taxes $ (619 ) $ (537 ) The effective income tax rate varied from the statutory rate for the fiscal years ended June 30, 2024 and June 25, 2023 as reflected below (in thousands): June 30, 2024 June 25, 2023 Federal income taxes based on a statutory rate of 21 $ (649 ) $ (452 ) State income taxes (net of federal benefit) (82 ) (119 ) Permanent adjustments 128 (7 ) Return to provision (16 ) 49 Other — (8 ) Provision for income taxes $ (619 ) $ (537 ) The tax effects of temporary differences that give rise to the net deferred tax assets consisted of the following (in thousands): June 30, 2024 June 25, 2023 Allowance for bad debt $ 13 $ 13 Deferred fees 58 49 Other reserves and accruals 475 619 Operating lease liabilities 222 330 Credit carryforwards 156 156 Net operating loss carryforwards 4,057 4,521 Total deferred tax assets $ 4,981 $ 5,688 Right-of-use asset (190 ) (285 ) Other deferred tax liabilities (35 ) (61 ) Total deferred tax liabilities $ (225 ) $ (346 ) Net deferred tax asset $ 4,756 $ 5,342 The Company utilized net operating losses to offset federal taxes. At the end of tax year June 30, 2024, the Company had federal net operating loss carryforwards totaling $18.9 million that are available to reduce future taxable income and will begin to expire in 2035 Under the Tax Cuts and Jobs Act, approximately $1.3 million of the loss carryforwards are limited to 80% and do not expire. June 28, 2021 through June 25, 2023 June 30, 2020 through June 25, 2023 The Company continually reviews the realizability of its deferred tax assets, including an analysis of factors such as future taxable income, reversal of existing taxable temporary differences, and tax planning strategies. In assessing the need for a valuation allowance, the Company considers both positive and negative evidence related to the likelihood of realization of deferred tax assets. Future sources of taxable income are also considered in determining the amount of any required valuation allowance. As of June 30, 2024 and June 25, 2023, the Company determined that no valuation allowance was necessary. There are no material uncertain tax positions. Management’s position is that all relevant requirements are met and necessary returns have been filed, and therefore the tax positions taken on the tax returns would be sustained upon examination.

LEASES

LEASES	12 Months Ended
	Jun. 30, 2024
LEASES [Abstract]
LEASES	NOTE F - LEASES: The Company leases its 19,576 square foot corporate office facility with average annual lease payments of approximately $18.00 per square foot. This lease began on January 2, 2017 and has a ten-year term. The Company amended its lease agreement in June 2020 and has elected to defer one-half The Company determines if an arrangement is a lease at inception of the arrangement. To the extent that it can be determined that an arrangement represents a lease, it is classified as either an operating lease or a finance lease. The Company does not currently have any finance leases. The Company capitalizes operating leases on the Consolidated Balance Sheets through a right of use asset and a corresponding lease liability. Right of use assets represent the Company’s right to use an underlying asset for the lease term and lease liabilities represent the Company’s obligation to make lease payments arising from the lease. Short-term leases that have an initial term of one year or less are not capitalized. The Company does not presently have any short-term leases. Operating lease right of use assets and liabilities are recognized at the commencement date of an arrangement based on the present value of lease payments over the lease term. In addition to the present value of lease payments, the operating lease right of use asset also includes any lease payments made to the lessor prior to lease commencement less any lease incentives and initial direct costs incurred. Lease expense for operating lease payments is recognized on a straight-line basis over the lease term. Nature of Leases The Company leases certain office space, restaurant space, and information technology equipment under non-cancelable leases to support its operations. A more detailed description of significant lease types is included below. Office Agreements The Company rents office space from third parties for its corporate location. Office agreements are typically structured with non-cancelable terms of one Restaurant Space Agreements The Company subleases some of its restaurant space to a third party. The Company’s sublease has terms that end in 2025. The sublease agreement is noncancelable through the end of the term and both parties have substantive rights to terminate the lease when the term is complete. Sublease agreements are not capitalized and are recorded as rental income in the period that rent is received. Information Technology Equipment The Company rents information technology equipment, primarily printers and copiers, from a third party for its corporate office location. Information technology equipment agreements are typically structured with non-cancelable terms of one Discount Rate Leases typically do not provide an implicit interest rate. Accordingly, the Company is required to use its incremental borrowing rate in determining the present value of lease payments based on the information available at the lease commencement date. The Company’s incremental borrowing rate reflects the estimated rate of interest that it would pay to borrow on a collateralized basis over a similar term for an amount equal to the lease payments in a similar economic environment. The Company uses the implicit rate in the limited circumstances in which that rate is readily determinable. Lease Guarantees The Company has guaranteed the financial responsibilities of certain franchised store leases. These guaranteed leases are not considered operating leases because the Company does not have the right to control the underlying asset. If the franchisee abandons the lease and fails to meet the lease’s financial obligations, the lessor may assign the lease to the Company for the remainder of the term. If the Company does not expect to assign the abandoned lease to a new franchisee within 12 months, the lease will be considered an operating lease and a right-of-use asset, and lease liability will be recognized. Future minimum rental payments for guaranteed leases with initial or remaining terms of one year or more at June 30, 2024 were as follows (in thousands): Guaranteed Leases 2025 $ 252 2026 108 2027 87 2028 87 $ 534 Practical Expedients and Accounting Policy Elections Certain lease agreements include lease and non-lease components. For all existing asset classes with multiple component types, the Company has utilized the practical expedient that exempts it from separating lease components from non-lease components. Accordingly, the Company accounts for the lease and non-lease components in an arrangement as a single lease component. In addition, for all existing asset classes, the Company has made an accounting policy election not to apply the lease recognition requirements to short-term leases (that is, a lease that, at commencement, has a lease term of 12 months or less and does not include an option to purchase the underlying asset that the Company is reasonably certain to exercise). Accordingly, we recognize lease payments related to our short-term leases in our income statements on a straight-line basis over the lease term which has not changed from our prior recognition. To the extent that there are variable lease payments, we recognize those payments in our income statements in the period in which the obligation for those payments is incurred. The components of total lease expense for the fiscal years ended June 30, 2024 and June 25, 2023, where operating lease cost is included in general and administrative expense and sublease income is included in revenues in the accompanying Consolidated Statements of Income, are as follows (in thousands): Fiscal Year Ended June 30, 2024 Fiscal Year Ended June 25, 2023 Operating lease cost $ 447 $ 494 Sublease income (131 ) (186 ) Total lease expense, net of sublease income $ 316 $ 308 Supplemental cash flow information related to operating leases is included in the table below (in thousands): Fiscal Year Ended June 30, 2024 Fiscal Year Ended June 25, 2023 Cash paid for amounts included in the measurement of lease liabilities $ 511 $ 558 Weighted average remaining lease term and weighted average discount rate for operating leases are as follows: Fiscal Year Ended June 30, 2024 Fiscal Year Ended June 25, 2023 Weighted average remaining lease term 1.5 Years 2.1 Years Weighted average discount rate 4.0 % 4.0 % Operating lease liabilities with enforceable contract terms that are greater than one year mature as follows (in thousands): Operating Leases 2025 $ 433 2026 382 2027 191 Total operating lease payments $ 1,006 Less: imputed interest $ (49 ) Total operating lease liability $ 957 Premises previously occupied by Company-owned restaurants were leased for initial terms of five Future minimum sublease rental income under active non-cancelable leases with initial or remaining terms of one year or more at June 30, 2024 were as follows (in thousands): Sublease Rental Income 2025 $ 53 $ 53

EMPLOYEE BENEFITS

EMPLOYEE BENEFITS	12 Months Ended
	Jun. 30, 2024
EMPLOYEE BENEFITS [Abstract]
EMPLOYEE BENEFITS	NOTE G - EMPLOYEE BENEFITS: The Company has a tax advantaged savings plan that is designed to meet the requirements of Section 401(k) of the Internal Revenue Code (the “Code”). Employees who have completed three months of service and are at least 21 years of age are eligible to participate in the plan. The plan provides that participating employees may elect to have between 1% and 100% of their compensation deferred and contributed to the plan subject to certain IRS limitations. The Company has a discretionary matching contribution. Separate accounts are maintained with respect to contributions made on behalf of each participating employee. Employer matching contributions and earnings thereon are invested in the same investments as each participant’s employee deferral. The plan is subject to the provisions of the Employee Retirement Income Security Act, as amended, and is a profit-sharing plan as defined in Section 401(k) of the Code. For the fiscal years ended June 30, 2024 and June 25, 2023, total matching contributions to the tax advantaged savings plan by the Company on behalf of participating employees were approximately $21 thousand and $24 thousand, respectively.

STOCK-BASED COMPENSATION PLANS

STOCK-BASED COMPENSATION PLANS	12 Months Ended
	Jun. 30, 2024
STOCK-BASED COMPENSATION PLANS [Abstract]
STOCK-BASED COMPENSATION PLANS	NOTE H - STOCK-BASED COMPENSATION PLANS: In June 2005, the 2005 Employee Incentive Stock Option Award Plan (the “2005 Employee Plan”) was approved by the Company’s shareholders with a plan effective date of June 23, 2005. Under the 2005 Employee Plan, officers and employees of the Company were eligible to receive options to purchase shares of the Company’s common stock. Options were granted at market value of the stock on the date of grant, were subject to various vesting and exercise periods as determined by the Compensation Committee of the board of directors and could be designated as non-qualified or incentive stock options. A total of 1,000,000 shares of common stock were authorized for issuance under the 2005 Employee Plan. The 2005 Employee Plan expired by its terms on June 23, 2015. The shareholders also approved the 2005 Non-Employee Directors Stock Award Plan (the “2005 Directors Plan”) in June 2005, to be effective as of June 23, 2005. Directors not employed by the Company were eligible to receive stock options under the 2005 Directors Plan. Options for common stock equal to twice the number of shares of common stock acquired during the previous fiscal year, up to 40,000 shares per year, were automatically granted to each non-employee director on the first day of each fiscal year. Options were granted at market value of the stock on the first day of each fiscal year, with vesting periods beginning at a minimum of six months and with exercise periods up to ten years. A total of 650,000 shares of Company common stock were authorized for issuance pursuant to the 2005 Directors Plan. The 2005 Directors Plan expired by its terms on June 23, 2015. The 2015 Long Term Incentive Plan (the “2015 LTIP”) was approved by the Company’s shareholders on November 18, 2014 and became effective June 1, 2015. Officers, employees and non-employee directors of the Company are eligible to receive awards under the 2015 LTIP. A total of 3,000,000 shares of common stock are authorized for issuance under the 2015 LTIP. Awards authorized under the 2015 LTIP include incentive stock options, non-qualified stock options, restricted shares, restricted stock units and rights (either with or without accompanying options). The 2015 LTIP provides for options to be granted at market value of the stock on the date of grant and have exercise periods determined by the Compensation Committee of the board of directors. The Compensation Committee may also determine the vesting periods, performance criteria and other terms and conditions of all awards under the 2015 LTIP. The Compensation Committee has adopted resolutions under the 2015 LTIP automatically granting to each non-employee director on the first day of each fiscal year options to purchase twice the number of shares of common stock acquired during the previous fiscal year, up to a maximum of 40,000 shares. Such options are exercisable at the market value of the stock on the first day of the fiscal year, vest six months from the date of grant and expire 10 years from the date of grant. Stock-based compensation expense is included in general and administrative expense in the accompanying Consolidated Statements of Income. Stock Options: A summary of stock option transactions under all of the Company’s stock option plans and information about fixed-price stock options is as follows: Fiscal Year Ended Fiscal Year Ended June 30, 2024 June 25, 2023 June 30, 2024 June 25, 2023 Shares Shares Weighted- Average Exercise Price Weighted- Average Exercise Price Outstanding at beginning of year 151,750 111,750 $ 5.19 $ 6.67 Granted — 40,000 — 1.06 Exercised — — — — Forfeited/Canceled/Expired (37,464 ) — (6.12 ) — Outstanding at end of year 114,286 151,750 $ 4.89 $ 5.19 Exercisable at end of year 114,286 111,750 $ 4.89 $ 6.67 The intrinsic value of options outstanding at June 30, 2024 was $37 thousand. The following table provides information on options outstanding and options exercisable as of June 30, 2024: Options Outstanding Options Exercisable Range of Exercise Prices Options Outstanding at June 30, 2024 Weighted-Average Remaining Contractual Life (Years) Weighted- Average Exercise Price Shares Exercisable at June 30, 2024 Weighted- Average Exercise Price $ 1.00 - 1.90 40,000 7.99 $ 1.06 40,000 $ 1.06 $ 3.31 - 3.95 50,000 1.99 $ 3.95 50,000 $ 3.95 $ 6.26 - 13.11 24,286 1.01 $ 13.11 24,286 $ 13.11 114,286 3.88 $ 4.89 114,286 $ 4.89 The following assumptions were used to estimate the fair value of stock options for the years ended: June 30, 2024 June 25, 2023 Fair value of awards $ — $ 1.06 Risk-free interest rate 0.0 % 2.9 % Dividend yield $ — $ — Volatility factor 0.0 % 79.6 % Expected life 0.0 Years 5.5 Years We determine fair value following the authoritative guidance as follows: Valuation and Amortization Method. Expected Life Expected Volatility Risk-Free Interest Rate Expected Dividend Yield. Expected Forfeitures No stock compensation expense related to stock options was recognized in fiscal 2024. $15 thousand of stock compensation expense related to stock options was recognized in fiscal 2023. There were no stock options that were unvested at June 30, 2024. 40,000 of the stock options vested on June 27, 2023 and, therefore, there was zero unamortized stock compensation expense at June 30, 2024. Restricted Stock Units: Restricted stock units awarded under the 2015 LTIP represent the right to receive shares of common stock upon the satisfaction of vesting requirements, performance criteria and other terms and conditions. During fiscal 2024 and 2023, 131,460 and zero performance-based RSUs, respectively, were granted to certain employees. For the years ended June 30, 2024 and June 25, 2023, the Company had stock compensation expense of $149 thousand and $329 thousand, respectively, related to RSUs. As of June 30, 2024, there was $145 thousand, $91 thousand and $27 thousand unamortized stock compensation expense related to RSUs, which should be recognized during fiscal years 2025, 2026 and 2027, respectively. The restricted stock units granted to each recipient are allocated among performance criteria pertaining to various aspects of the Company’s business, as well as its overall operations, measured based on the second fiscal year following the date of grant. Achievement of the various performance criteria entitles the recipient to receive shares of common stock in amounts ranging from 50% to 150% of the number of restricted stock units granted. Grantees of restricted stock units do not have any rights of a stockholder, and do not participate in any distributions on our common stock, until the award fully vests upon satisfaction of the vesting schedule, performance criteria and other conditions set forth in their award agreement. Contingent unvested restricted stock units are considered participating securities under ASC 260, “ Earnings Per Share Compensation cost is measured as an amount equal to the fair value of the restricted stock units on the date of grant and is expensed over the vesting period if achievement of the performance criteria is deemed probable, with the amount of the expense recognized based on the best estimate of the ultimate achievement level. A summary of the status of restricted stock units as of June 30, 2024 and June 25, 2023, and changes during the fiscal years then ended is presented below: June 30, 2024 June 25, 2023 Unvested at beginning of year 885,687 885,687 Performance adjustment (58,035 ) — Granted during the year 131,460 — Vested during the year (588,589 ) — Forfeited during the year (101,460 ) — Unvested at end of year 269,063 885,687

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	12 Months Ended
	Jun. 30, 2024
COMMITMENTS AND CONTINGENCIES [Abstract]
COMMITMENTS AND CONTINGENCIES	NOTE I - COMMITMENTS AND CONTINGENCIES: The Company is subject to various claims and contingencies related to employment agreements, franchise disputes, lawsuits, taxes, food product purchase contracts and other matters arising out of the normal course of business. Management believes that any such claims and actions currently pending are either covered by insurance or would not have a material adverse effect on the Company’s annual results of operations or financial condition if decided in a manner that is unfavorable to the Company.

EARNINGS PER SHARE

EARNINGS PER SHARE	12 Months Ended
	Jun. 30, 2024
EARNINGS PER SHARE [Abstract]
EARNINGS PER SHARE	NOTE J - EARNINGS PER SHARE: The Company computes and presents earnings per share (“EPS”) in accordance with ASC 260 Earnings Per Share The following table shows the reconciliation of the numerator and denominator of the basic EPS calculation to the numerator and denominator of the diluted EPS calculation (in thousands, except per share amounts): Fiscal Year Ended June 30, 2024 June 25, 2023 Net income available to common shareholders $ 2,473 $ 1,613 Adjusted net income $ 2,473 $ 1,613 BASIC: Weighted average common shares 14,446 15,323 Net income per common share $ 0.17 $ 0.11 DILUTED: Weighted average common shares 14,446 15,323 Dilutive stock options and restricted stock units 184 588 Weighted average common shares outstanding 14,630 15,911 Net income per common share $ 0.17 $ 0.10 We had 94,769 and 151,750 shares of common stock potentially issuable upon exercise of employee stock options for years ended June 30, 2024 and June 25, 2023, respectively, which were excluded from the weighted average number of shares outstanding on a diluted basis because they had an intrinsic value of zero. These options expire at varying times from fiscal 2025 through fiscal 2032. We had 105,000 and 271,825 restricted stock units for years ended June 30, 2024 and June 25, 2023, respectively, which were excluded from the weighted average number of shares outstanding on a diluted basis because the performance criteria had not been met and vesting was not probable

SEGMENT REPORTING

SEGMENT REPORTING	12 Months Ended
	Jun. 30, 2024
SEGMENT REPORTING [Abstract]
SEGMENT REPORTING	NOTE K - SEGMENT REPORTING: The Company has three reportable operating segments as determined by management using the “management approach” as defined by ASC 280 Disclosures about Segments of an Enterprise and Related Information The Pizza Inn and Pie Five Franchising segments establish franchisees, licensees and territorial rights. Revenue for these segments are derived from franchise royalties, franchise fees, sale of area development and foreign master license rights and incentive payments from third party suppliers and distributors. Assets for these segments include equipment, furniture and fixtures. Corporate administration and other assets primarily include cash and short term investments, as well as furniture and fixtures located at the corporate office and trademarks and other intangible assets. All assets are located within the United States. Summarized in the following tables are net operating revenues, depreciation and amortization expense, and income before taxes for the Company’s reportable segments as of and for the fiscal years ended June 30, 2024 and June 25, 2023 (in thousands): Fiscal Year Ended June 30, 2024 June 25, 2023 Net sales and operating revenues: Pizza Inn Franchising $ 10,295 $ 9,810 Pie Five Franchising 1,724 1,893 Corporate administration and other 131 186 Consolidated revenues $ 12,150 $ 11,889 Depreciation and amortization: Corporate administration and other $ 219 $ 214 Depreciation and amortization $ 219 $ 214 Income before taxes: Pizza Inn Franchising $ 7,310 $ 6,751 Pie Five Franchising 1,053 996 Combined 8,363 7,747 Corporate administration and other (5,271 ) (5,597 ) Income before taxes $ 3,092 $ 2,150 The following table provides information on our foreign and domestic revenues: Geographic information (revenues): United States $ 11,940 $ 11,627 Foreign countries 210 262 Consolidated revenues $ 12,150 $ 11,889

INSIDER TRADING ARRANGEMENTS

INSIDER TRADING ARRANGEMENTS	3 Months Ended
	Jun. 30, 2024
Insider Trading Arrangements [Line Items]
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

ORGANIZATION AND SUMMARY OF S_2

ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	12 Months Ended
	Jun. 30, 2024
ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES [Abstract]
Description of Business	Description of Business: Rave Restaurant Group, Inc., and its subsidiaries (collectively referred to as the “Company”, or in the first person notations of “we”, “us” and “our”) franchise pizza buffet, delivery/carry-out, express restaurants and ghost kitchens domestically and internationally under the trademark “Pizza Inn” and franchise domestic fast casual restaurants under the trademarks “Pie Five Pizza Company” or “Pie Five”. The Company also licenses pizza kiosks under the “Pizza Inn” trademark. We facilitate the procurement and distribution of food, equipment and supplies to our domestic and international system of restaurants through agreements with third party distributors. As of June 30, 2024, we had 126 franchised Pizza Inn restaurants, 20 franchised Pie Five Units, and three licensed Pizza Inn Express, or PIE, kiosks (“PIE Units”). The 102 domestic franchised Pizza Inn restaurants were comprised of 78 pizza buffet restaurants (“Buffet Units”), six delivery/carry-out restaurants (“Delco Units”), 17 express restaurants (“Express Units”), and one ghost kitchen (“Pizza Inn Ghost Kitchen Units”). As of June 30, 2024, there were 24 international franchised Pizza Inn restaurants. Domestic Pizza Inn restaurants and kiosks were located predominantly in the southern half of the United States, with Texas, North Carolina, Arkansas and Mississippi accounting for approximately 23%, 16%, 14% and 10%, respectively, of the total number of domestic units.
Principles of Consolidation	Principles of Consolidation: The consolidated financial statements include the accounts of Rave Restaurant Group, Inc. and its subsidiaries, all of which are wholly owned. All appropriate inter-company balances and transactions have been eliminated.
Cash and Cash Equivalents	Cash and Cash Equivalents: The Company considers all highly liquid investments purchased with an original maturity of three months or less to be cash equivalents.
Short Term Investments	Short Term Investments: The Company holds short term investments in treasury bills, classified as trading securities. Accordingly, interest income is recorded through the Consolidated Statements of Income, when earned. Management has elected to classify all treasury bills as short-term, regardless of their maturity dates, as these are readily available to fund current operations and can be liquidated at any time at the discretion of the Company. As of June 30, 2024 and June 25, 2023, the Company held treasury bills valued at $4.9 million and zero, respectively, which are included within short term investments on the accompanying Consolidated Balance Sheets. Interest income is reflected in the accompanying Consolidated Statements of Income and Cash Flows. For the years ended June 30, 2024 and June 25, 2023, interest income recognized on the treasury bills was $151 thousand and zero, respectively.
Fair Value Measurements	Fair Value Measurements: Assets and liabilities carried at fair value are categorized based on the level of judgment associated with the inputs used to measure their fair value. Authoritative guidance for fair value measurements establishes a hierarchy that prioritizes the inputs to valuation techniques used to measure fair value into the following three levels: Level 1: Inputs are unadjusted quoted market prices in active markets for identical assets or liabilities at the measurement date. Level 2: Inputs (other than quoted prices included in Level 1) that are either directly or indirectly observable for the asset or liability through correlation with market data at the measurement date for the duration of the instrument’s anticipated life. Level 3: Inputs are unobservable and therefore reflect management’s best estimate of the assumptions that market participants would use in pricing the asset or liability. The fair value of the Company’s investments in U.S. Treasury bills at June 30, 2024 and June 25, 2023, was determined using level 1 observable inputs. Management believes the carrying amounts of other financial instruments at June 30, 2024 and June 25, 2023, including cash, accounts receivable, accounts payable, and accrued expenses are representative of their fair values due to their short term maturities. The following table summarizes the Company’s financial assets and financial liabilities measured at fair value at June 30, 2024: Fair Value Measurements Level 1 Level 2 Level 3 Total U.S. Treasury bills $ 4,944,929 $ — $ — $ 4,944,929 $ 4,944,929 $ — $ — $ 4,944,929 The Company did not have any financial assets or liabilities at June 25, 2023 that were measured at fair value. The Company has no financial assets or liabilities classified within Level 3 of the valuation hierarchy. These items are classified in their entirety based on the lowest priority level of input that is significant to the fair value measurement. The assessment of the significance of a particular input to the fair value measurement requires judgment and may affect the placement of assets and liabilities within the levels of the fair value hierarchy.
Concentration of Credit Risk	Concentration of Credit Risk: Financial instruments, which potentially subject the Company to concentrations of credit risk, consist primarily of cash and cash equivalents. Balances in accounts are insured up to Federal Deposit Insurance Corporation (“FDIC”) limits of $250 thousand per institution. At June 30, 2024 and June 25, 2023, the Company had cash and cash equivalent balances in excess of FDIC insurance coverage of approximately $2.4 million and $5.1 million, respectively. We do not believe we are exposed to any significant credit risk on cash and cash equivalents. The Company invests in U.S. Treasury bills, which are considered short term investments. While U.S. Treasury bills are not insured by the FDIC, they are backed by the full faith and credit of the United States government. As a result, the Company believes the credit risk associated with these investments is minimal. Notes receivable, which potentially subject the Company to concentrations of credit risk, consist primarily of promissory notes from franchise agreements and structured Company-financed sales of assets. At June 30, 2024 and June 25, 2023, and at various times during the fiscal years then ended, the Company had concentrations of credit risk with four franchisees on notes receivables with both short and long term maturities. As of June 30, 2024, the Company had one short term notes receivable and three long term notes receivable with four franchisees. The financed asset sales were executed with a weighted average interest rate of 4.8%. Principal payments are due monthly and mature from January 1, 2025 to January 1, 2027.
Property and Equipment	Property and Equipment : Property and equipment are stated at cost less accumulated depreciation and amortization. Repairs and maintenance are charged to operations as incurred while major renewals and betterments are capitalized. Upon the sale or disposition of any property or equipment, the asset and the related accumulated depreciation or amortization are removed from the accounts and the gain or loss is included in operations. The Company capitalizes interest on borrowings during the active construction period of major capital projects. Capitalized interest is added to the cost of the underlying asset and amortized over the estimated useful life of the asset. Depreciation and amortization are computed on the straight-line method over the estimated useful lives of the assets or, in the case of leasehold improvements, over the term of the lease including any reasonably assured renewal periods, if shorter. The useful lives of the assets range from three
Impairment of Long-Lived Asset and other Lease Charges	Impairment of Long-Lived Asset and other Lease Charges: The Company reviews long-lived assets for impairment when events or circumstances indicate that the carrying value of such assets may not be fully recoverable. Impairment is evaluated based on the sum of undiscounted estimated future cash flows expected to result from use and eventual disposition of the assets compared to their carrying value. If impairment is indicated, the carrying value of an impaired asset is reduced to its fair value, based on discounted estimated future cash flows. The Company recognized, pre-tax, non-cash impairment charges
Accounts Receivable and Allowance for Credit Losses	Accounts Receivable and Allowance for Credit Losses: Accounts receivable consist primarily of receivables generated from franchise royalties and supplier concessions. The Company records an allowance for credit losses to allow for any amounts that may be unrecoverable based upon an analysis of the Company’s prior collection experience, customer creditworthiness and current economic trends. After all attempts to collect a receivable have failed, the receivable is written off against the allowance. Finance charges may be accrued at a rate of 18% per year, or up to the maximum amount allowed by law, on past due receivables. The interest income recorded from finance charges is immaterial. The Company monitors franchisee receivable balances and adjusts credit terms when necessary to minimize the Company’s exposure to high risk accounts receivable. Provision for credit losses decreased by $4 thousand to $69 thousand in fiscal 2024 compared to $73 thousand in fiscal 2023 primarily related to collectability concerns on international accounts receivable. Changes in the allowance for credit losses from continuing operations consisted of the following (in thousands): June 30, 2024 June 25, 2023 Beginning balance $ 58 $ 27 Provision for credit losses 69 73 Amounts written off (70 ) (42 ) Ending balance $ 57 $ 58
Notes Receivable	Notes Receivable: Notes receivable primarily consist of promissory notes arising from franchisee agreements and structured Company-financed sales of assets. The majority of amounts and terms are evidenced by formal promissory notes and personal guarantees. All notes allow for early payment without penalty. Fixed principal payments are due monthly. Notes receivable mature at various dates through 2027 and bore interest at a weighted average rate of 4.8% at June 30, 2024. Notes receivable are reported at original issue amount less principal repaid, reduced by an allowance for credit losses. An allowance for expected credit losses is determined based on a specific assessment of all notes that are delinquent or determined to be doubtful to be collected. Notes are considered delinquent if the repayment terms are not met. All amounts deemed to be uncollectible are charged against the allowance for credit losses in the period that determination is made. The allowance for credit losses for notes receivable incorporates an estimate of lifetime expected credit losses and is recorded on each note upon asset origination. The starting point for the estimate of the allowance for credit losses is historical loss information, which includes losses from modifications of receivables to borrowers experiencing financial difficulty. An assessment of whether a borrower is experiencing financial difficulty is made on the date of a modification. As of June 30, 2024 and June 25, 2023, there were no modifications to notes receivable. In evaluating the notes receivable, the Company determines that the notes are pooled based on historical collections and write-offs for purposes of determining its allowance for credit losses related to notes receivable. These notes have an amortized cost of approximately $147 thousand and $133 thousand at June 30, 2024 and June 25, 2023, respectively. Historical loss information for notes receivable at the Company shows a 0% loss rate over the contractual term As of June 30, 2024 and June 25, 2023, the Company has not recorded any allowance for credit losses related to the notes receivable balances. Additionally, as of June 30, 2024 and June 25, 2023, the Company did not have any notes receivable with past due or non-accrual status. The total amount of write-offs of notes receivable were zero for the fiscal years ended June 30, 2024 and June 25, 2023. The expected principal collections on notes receivable for the next two years are as follows as of June 30, 2024 (in thousands): Notes Receivable 2025 $ 68 2026 79 $ 147
Income Taxes	Income Taxes: Income taxes are accounted for using the asset and liability method pursuant to the authoritative guidance on ASC 740 Accounting for Income Taxes The Company continually reviews the realizability of its deferred tax assets, including an analysis of factors such as future taxable income, reversal of existing taxable temporary differences, and tax planning strategies. In assessing the need for a valuation allowance, the Company considers both positive and negative evidence related to the likelihood of realization of deferred tax assets. Future sources of taxable income are also considered in determining the amount of any required valuation allowance. There are no material uncertain tax positions. Management’s position is that all relevant requirements are met and necessary returns have been filed, and therefore the tax positions taken on the tax returns would be sustained upon examination. Under ASC 740, we recognize the tax benefit from an uncertain tax position only if it is more likely than not that the tax position will be sustained on examination by the taxing authorities, based on the technical merits of the position. The tax benefits recognized in the financial statements from such a position are measured based on the largest benefit that has a greater than 50% likelihood of being realized upon ultimate resolution. From time to time, the Company may be assessed interest and penalties by taxing authorities. In those cases, the charges are recorded as income tax expense, as incurred, in the Consolidated Statements of Income.
Revenue Recognition	Revenue Recognition: Revenue is measured based on consideration specified in contracts with customers and excludes incentives and amounts collected on behalf of third parties, primarily sales tax. The Company recognizes revenue when it satisfies a performance obligation by transferring control over a product or service to a customer. Taxes assessed by a governmental authority that are both imposed on and concurrent with a specific revenue-producing transaction that are collected by the Company from a customer are excluded from revenue. The following describes principal activities, separated by major product or service, from which the Company generates its revenues: Franchise Revenues Franchise revenues consist of 1) franchise royalties, 2) supplier and distributor incentive revenues, 3) franchise license fees, 4) area development exclusivity fees and foreign master license fees, 5) advertising funds, and 6) supplier convention funds. Franchise royalties, which are based on a percentage of franchise restaurant sales, are recognized as sales occur. Supplier and distributor incentive revenues are recognized when title to the underlying commodities transfer. Franchise license fees are typically billed upon execution of the franchise agreement and amortized over the term of the franchise agreement, which typically range from five Area development exclusivity fees and foreign master license fees are typically billed upon execution of the area development and foreign master license agreements. Area development exclusivity fees are included in deferred revenue in the accompanying Consolidated Balance Sheets and allocated on a pro rata basis to all stores opened under that specific development agreement as the stores are opened. Area development exclusivity fees that include rights to sub-franchise are amortized as revenue over the term of the contract. Advertising fund contributions for Pizza Inn and Pie Five units represent contributions collected where we have control over the activities of the fund. Contributions are based on a percentage of net retail sales. We have determined that we are the principal in these arrangements, and advertising fund contributions and expenditures are, therefore, reported on a gross basis in the Consolidated Statements of Income. In general, we expect such advertising fund contributions and expenditures to be largely offsetting and, therefore, do not expect a significant impact on our reported income before income taxes. Our obligation related to these funds is to develop and conduct advertising activities. Pizza Inn and Pie Five marketing fund contributions are billed and collected weekly or monthly. Supplier convention funds are deferred until the obligations of the agreement are met and the event takes place. Rental income is income from our subleasing of some of our restaurant space to third parties. Total revenues consist of the following (in thousands): Fiscal Year Ended June 30, 2024 June 25, 2023 Franchise royalties $ 4,844 $ 4,978 Supplier and distributor incentive revenues 4,833 4,418 Franchise license fees 281 152 Area development exclusivity fees and foreign master license fees 15 18 Advertising funds contributions 1,814 1,943 Supplier convention funds 217 172 Rental income 131 186 Other 15 22 $ 12,150 $ 11,889 The opening balance of accounts receivable on June 26, 2022 was $2.0 million. The opening balance of deferred revenues on June 26, 2022 was $1.3 million. Revenue recognized in fiscal 2024 that was in the deferred revenue balance at June 25, 2023 was $0.5 million.
Stock-Based Compensation	Stock-Based Compensation: The Company accounts for stock options using the fair value recognition provisions of the authoritative guidance on stock-based payments. The Company uses the Black-Scholes formula to estimate the value of stock-based compensation for options granted to employees and directors and expects to continue to use this acceptable option valuation model in the future. The authoritative guidance also requires the benefits of tax deductions in excess of recognized compensation cost to be reported as a financing cash flow. RSUs represent the right to receive shares of common stock upon the satisfaction of vesting requirements, performance criteria and other terms and conditions. Compensation cost for RSUs is measured as an amount equal to the fair value of the RSUs on the date of grant and is expensed over the vesting period if achievement of the performance criteria is deemed probable, with the amount of the expense recognized based on the best estimate of the ultimate achievement level.
Fair Value of Financial Instruments	Fair Value of Financial Instruments: The carrying amounts of accounts receivable and accounts payable approximate fair value because of the short maturity of these instruments.
Contingencies	Contingencies: Provisions for legal settlements are accrued when payment is considered probable and the amount of loss is reasonably estimable in accordance with the authoritative guidance on ASC 450 Accounting for Contingencies
Use of Management Estimates	Use of Management Estimates: The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires the Company’s management to make estimates and assumptions that affect its reported amounts of assets, liabilities, revenues, expenses and related disclosure of contingent liabilities. The Company bases its estimates on historical experience and other various assumptions that it believes are reasonable under the circumstances. Estimates and assumptions are reviewed periodically. Actual results could differ materially from estimates.
Fiscal Year	Fiscal Year: The Company’s fiscal year ends on the last Sunday in June. The fiscal year ended June 30, 2024 contained 53 weeks and the fiscal year ended June 25, 2023 contained 52 weeks.
Recently Adopted Accounting Guidance	Recently Adopted Accounting Guidance: In June 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU” or “standard”) 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments. Subsequently, the FASB issued several clarifying standard updates to clarify and improve the ASU. These ASUs significantly change how entities will measure credit losses for most financial assets and certain other instruments that are not measured at fair value through net income. The most significant change in this standard is a shift from the incurred loss model to the expected loss model that will be based on an estimate of current expected credit loss (“CECL”). Under the standard, disclosures are required to provide users of the financial statements with useful information in analyzing an entity’s exposure to credit risk and the measurement of credit losses. Financial assets held by the Company that are subject to the guidance in Topic 326 were trade accounts receivable and notes receivable. The Company adopted the standard effective June 26, 2023. The impact of the adoption was not considered material to the financial statements and primarily resulted in new and enhanced disclosures only.

ORGANIZATION AND SUMMARY OF S_3

ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)	12 Months Ended
	Jun. 30, 2024
ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES [Abstract]
Financial Assets and Liabilities Measured at Fair Value	The following table summarizes the Company’s financial assets and financial liabilities measured at fair value at June 30, 2024: Fair Value Measurements Level 1 Level 2 Level 3 Total U.S. Treasury bills $ 4,944,929 $ — $ — $ 4,944,929 $ 4,944,929 $ — $ — $ 4,944,929
Allowance for Credit Losses	Changes in the allowance for credit losses from continuing operations consisted of the following (in thousands): June 30, 2024 June 25, 2023 Beginning balance $ 58 $ 27 Provision for credit losses 69 73 Amounts written off (70 ) (42 ) Ending balance $ 57 $ 58
Notes Receivable	The expected principal collections on notes receivable for the next two years are as follows as of June 30, 2024 (in thousands): Notes Receivable 2025 $ 68 2026 79 $ 147
Revenues	Total revenues consist of the following (in thousands): Fiscal Year Ended June 30, 2024 June 25, 2023 Franchise royalties $ 4,844 $ 4,978 Supplier and distributor incentive revenues 4,833 4,418 Franchise license fees 281 152 Area development exclusivity fees and foreign master license fees 15 18 Advertising funds contributions 1,814 1,943 Supplier convention funds 217 172 Rental income 131 186 Other 15 22 $ 12,150 $ 11,889

PROPERTY AND EQUIPMENT AND IN_2

PROPERTY AND EQUIPMENT AND INTANGIBLE ASSETS (Tables)	12 Months Ended
	Jun. 30, 2024
PROPERTY AND EQUIPMENT AND INTANGIBLE ASSETS [Abstract]
Property and Equipment	Property and equipment consist of the following (in thousands): Estimated Useful Lives June 30, 2024 June 25, 2023 Equipment, furniture and fixtures 3 - 7 yrs $ 1,173 $ 1,114 Leasehold improvements 10 yrs or lease term, if shorter 472 472 1,645 1,586 Less: accumulated depreciation/amortization (1,463 ) (1,328 ) $ 182 $ 258
Intangible Assets	Intangible assets consist of the following (in thousands): June 30, 2024 June 25, 2023 Estimated Useful Lives Acquisition Cost Accumulated Amortization Net Value Acquisition Cost Accumulated Amortization Net Value Trademarks and tradenames 10 years $ 278 $ (258 ) $ 20 $ 278 $ (248 ) $ 30 Name change 15 years 70 (44 ) 26 70 (39 ) 31 Prototypes 5 years 347 (141 ) 206 339 (72 ) 267 $ 695 $ (443 ) $ 252 $ 687 $ (359 ) $ 328

ACCRUED EXPENSES (Tables)

ACCRUED EXPENSES (Tables)	12 Months Ended
	Jun. 30, 2024
ACCRUED EXPENSES [Abstract]
Accrued Expenses	Accrued expenses consist of the following (in thousands): June 30, 2024 June 25, 2023 Compensation $ 771 $ 776 Professional fees 127 93 Other 17 21 $ 915 $ 890

INCOME TAXES (Tables)

INCOME TAXES (Tables)	12 Months Ended
	Jun. 30, 2024
INCOME TAXES [Abstract]
Provision for Income Taxes	Provision for income taxes from continuing operations consists of the following (in thousands): Fiscal Year Ended June 30, 2024 June 25, 2023 Current - Federal $ — $ — Current - State (33 ) (107 ) Deferred - Federal (530 ) (394 ) Deferred - State (56 ) (36 ) Provision for income taxes $ (619 ) $ (537 )
Effective Income Tax Rate Reconciliation	The effective income tax rate varied from the statutory rate for the fiscal years ended June 30, 2024 and June 25, 2023 as reflected below (in thousands): June 30, 2024 June 25, 2023 Federal income taxes based on a statutory rate of 21 $ (649 ) $ (452 ) State income taxes (net of federal benefit) (82 ) (119 ) Permanent adjustments 128 (7 ) Return to provision (16 ) 49 Other — (8 ) Provision for income taxes $ (619 ) $ (537 )
Deferred Tax Assets	The tax effects of temporary differences that give rise to the net deferred tax assets consisted of the following (in thousands): June 30, 2024 June 25, 2023 Allowance for bad debt $ 13 $ 13 Deferred fees 58 49 Other reserves and accruals 475 619 Operating lease liabilities 222 330 Credit carryforwards 156 156 Net operating loss carryforwards 4,057 4,521 Total deferred tax assets $ 4,981 $ 5,688 Right-of-use asset (190 ) (285 ) Other deferred tax liabilities (35 ) (61 ) Total deferred tax liabilities $ (225 ) $ (346 ) Net deferred tax asset $ 4,756 $ 5,342

LEASES (Tables)

LEASES (Tables)	12 Months Ended
	Jun. 30, 2024
LEASES [Abstract]
Future Minimum Rental Payments for Guaranteed Leases	Future minimum rental payments for guaranteed leases with initial or remaining terms of one year or more at June 30, 2024 were as follows (in thousands): Guaranteed Leases 2025 $ 252 2026 108 2027 87 2028 87 $ 534
Components of Total Lease Expense	The components of total lease expense for the fiscal years ended June 30, 2024 and June 25, 2023, where operating lease cost is included in general and administrative expense and sublease income is included in revenues in the accompanying Consolidated Statements of Income, are as follows (in thousands): Fiscal Year Ended June 30, 2024 Fiscal Year Ended June 25, 2023 Operating lease cost $ 447 $ 494 Sublease income (131 ) (186 ) Total lease expense, net of sublease income $ 316 $ 308
Supplemental Cash Flow Information Related to Operating Leases	Supplemental cash flow information related to operating leases is included in the table below (in thousands): Fiscal Year Ended June 30, 2024 Fiscal Year Ended June 25, 2023 Cash paid for amounts included in the measurement of lease liabilities $ 511 $ 558
Weighted Average Remaining Lease Term and Weighted Average Discount Rate	Weighted average remaining lease term and weighted average discount rate for operating leases are as follows: Fiscal Year Ended June 30, 2024 Fiscal Year Ended June 25, 2023 Weighted average remaining lease term 1.5 Years 2.1 Years Weighted average discount rate 4.0 % 4.0 %
Maturities of Operating Lease Liabilities	Operating lease liabilities with enforceable contract terms that are greater than one year mature as follows (in thousands): Operating Leases 2025 $ 433 2026 382 2027 191 Total operating lease payments $ 1,006 Less: imputed interest $ (49 ) Total operating lease liability $ 957
Future Minimum Sublease Rental Income	Future minimum sublease rental income under active non-cancelable leases with initial or remaining terms of one year or more at June 30, 2024 were as follows (in thousands): Sublease Rental Income 2025 $ 53 $ 53

STOCK-BASED COMPENSATION PLANS

STOCK-BASED COMPENSATION PLANS (Tables)	12 Months Ended
	Jun. 30, 2024
STOCK-BASED COMPENSATION PLANS [Abstract]
Summary of Stock Options	A summary of stock option transactions under all of the Company’s stock option plans and information about fixed-price stock options is as follows: Fiscal Year Ended Fiscal Year Ended June 30, 2024 June 25, 2023 June 30, 2024 June 25, 2023 Shares Shares Weighted- Average Exercise Price Weighted- Average Exercise Price Outstanding at beginning of year 151,750 111,750 $ 5.19 $ 6.67 Granted — 40,000 — 1.06 Exercised — — — — Forfeited/Canceled/Expired (37,464 ) — (6.12 ) — Outstanding at end of year 114,286 151,750 $ 4.89 $ 5.19 Exercisable at end of year 114,286 111,750 $ 4.89 $ 6.67
Information on Options Outstanding and Options Exercisable	The following table provides information on options outstanding and options exercisable as of June 30, 2024: Options Outstanding Options Exercisable Range of Exercise Prices Options Outstanding at June 30, 2024 Weighted-Average Remaining Contractual Life (Years) Weighted- Average Exercise Price Shares Exercisable at June 30, 2024 Weighted- Average Exercise Price $ 1.00 - 1.90 40,000 7.99 $ 1.06 40,000 $ 1.06 $ 3.31 - 3.95 50,000 1.99 $ 3.95 50,000 $ 3.95 $ 6.26 - 13.11 24,286 1.01 $ 13.11 24,286 $ 13.11 114,286 3.88 $ 4.89 114,286 $ 4.89
Fair Value of Stock Option Assumptions	The following assumptions were used to estimate the fair value of stock options for the years ended: June 30, 2024 June 25, 2023 Fair value of awards $ — $ 1.06 Risk-free interest rate 0.0 % 2.9 % Dividend yield $ — $ — Volatility factor 0.0 % 79.6 % Expected life 0.0 Years 5.5 Years
Summary of Restricted Stock Units	A summary of the status of restricted stock units as of June 30, 2024 and June 25, 2023, and changes during the fiscal years then ended is presented below: June 30, 2024 June 25, 2023 Unvested at beginning of year 885,687 885,687 Performance adjustment (58,035 ) — Granted during the year 131,460 — Vested during the year (588,589 ) — Forfeited during the year (101,460 ) — Unvested at end of year 269,063 885,687

EARNINGS PER SHARE (Tables)

EARNINGS PER SHARE (Tables)	12 Months Ended
	Jun. 30, 2024
EARNINGS PER SHARE [Abstract]
Earnings per Share Basic and Diluted	The following table shows the reconciliation of the numerator and denominator of the basic EPS calculation to the numerator and denominator of the diluted EPS calculation (in thousands, except per share amounts): Fiscal Year Ended June 30, 2024 June 25, 2023 Net income available to common shareholders $ 2,473 $ 1,613 Adjusted net income $ 2,473 $ 1,613 BASIC: Weighted average common shares 14,446 15,323 Net income per common share $ 0.17 $ 0.11 DILUTED: Weighted average common shares 14,446 15,323 Dilutive stock options and restricted stock units 184 588 Weighted average common shares outstanding 14,630 15,911 Net income per common share $ 0.17 $ 0.10

SEGMENT REPORTING (Tables)

SEGMENT REPORTING (Tables)	12 Months Ended
	Jun. 30, 2024
SEGMENT REPORTING [Abstract]
Segment Reporting Information	Summarized in the following tables are net operating revenues, depreciation and amortization expense, and income before taxes for the Company’s reportable segments as of and for the fiscal years ended June 30, 2024 and June 25, 2023 (in thousands): Fiscal Year Ended June 30, 2024 June 25, 2023 Net sales and operating revenues: Pizza Inn Franchising $ 10,295 $ 9,810 Pie Five Franchising 1,724 1,893 Corporate administration and other 131 186 Consolidated revenues $ 12,150 $ 11,889 Depreciation and amortization: Corporate administration and other $ 219 $ 214 Depreciation and amortization $ 219 $ 214 Income before taxes: Pizza Inn Franchising $ 7,310 $ 6,751 Pie Five Franchising 1,053 996 Combined 8,363 7,747 Corporate administration and other (5,271 ) (5,597 ) Income before taxes $ 3,092 $ 2,150
Revenue by Geographic Areas	The following table provides information on our foreign and domestic revenues: Geographic information (revenues): United States $ 11,940 $ 11,627 Foreign countries 210 262 Consolidated revenues $ 12,150 $ 11,889

ORGANIZATION AND SUMMARY OF S_4

ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES, Description of Business (Details)	12 Months Ended
	Jun. 30, 2024 Restaurant
Texas [Member]
Description of Business [Abstract]
Percentage of total number of domestic units	23%
North Carolina [Member]
Description of Business [Abstract]
Percentage of total number of domestic units	16%
Arkansas [Member]
Description of Business [Abstract]
Percentage of total number of domestic units	14%
Mississippi [Member]
Description of Business [Abstract]
Percentage of total number of domestic units	10%
Pizza Inn Restaurants [Member]
Description of Business [Abstract]
Number of restaurants franchised	126
Pizza Inn Restaurants [Member] | US [Member]
Description of Business [Abstract]
Number of restaurants franchised	102
Pizza Inn Restaurants [Member] | International [Member]
Description of Business [Abstract]
Number of restaurants franchised	24
Pie Five Units [Member]
Description of Business [Abstract]
Number of restaurants franchised	20
Pizza Inn Express [Member]
Description of Business [Abstract]
Number of restaurants franchised	3
Pizza Buffet Restaurants [Member] | US [Member]
Description of Business [Abstract]
Number of restaurants franchised	78
Delivery/Carry-Out Restaurants [Member] | US [Member]
Description of Business [Abstract]
Number of restaurants franchised	6
Express Restaurants [Member] | US [Member]
Description of Business [Abstract]
Number of restaurants franchised	17
Ghost Kitchen [Member] | US [Member]
Description of Business [Abstract]
Number of restaurants franchised	1

ORGANIZATION AND SUMMARY OF S_5

ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES, Short Term Investments (Details) - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2024	Jun. 25, 2023
Short-Term Investments [Abstract]
Short term investments	$ 4,945	$ 0
Interest income	153	(1)
Treasury Bills [Member]
Short-Term Investments [Abstract]
Short term investments	4,900	0
Interest income	$ 151	$ 0

ORGANIZATION AND SUMMARY OF S_6

ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES, Fair Value Measurements (Details) - USD ($)	Jun. 30, 2024	Jun. 25, 2023
Fair Value Measurements [Abstract]
Fair value measurements assets	$ 4,944,929	$ 0
Fair value measurements liabilities		0
US Treasury Bills [Member]
Fair Value Measurements [Abstract]
Fair value measurements assets	4,944,929
Level 1 [Member]
Fair Value Measurements [Abstract]
Fair value measurements assets	4,944,929
Level 1 [Member] | US Treasury Bills [Member]
Fair Value Measurements [Abstract]
Fair value measurements assets	4,944,929
Level 2 [Member]
Fair Value Measurements [Abstract]
Fair value measurements assets	0
Level 2 [Member] | US Treasury Bills [Member]
Fair Value Measurements [Abstract]
Fair value measurements assets	0
Level 3 [Member]
Fair Value Measurements [Abstract]
Fair value measurements assets	0	0
Fair value measurements liabilities		$ 0
Level 3 [Member] | US Treasury Bills [Member]
Fair Value Measurements [Abstract]
Fair value measurements assets	$ 0

ORGANIZATION AND SUMMARY OF S_7

ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES, Concentration of Credit Risk (Details) - Concentration of Credit Risk [Member] $ in Thousands	12 Months Ended
	Jun. 30, 2024 USD ($) Note Franchise	Jun. 25, 2023 USD ($) Franchise
Concentration of Credit Risk [Abstract]
Deposit insurance corporation (FDIC) limits | $	$ 250
Cash and cash equivalent balances in excess of FDIC insurance coverage | $	$ 2,400	$ 5,100
Number of franchisees had credit risk on notes receivable | Franchise	4	4
Number of short term notes receivables | Note	1
Number of long term notes receivable | Note	3
Number of franchisees in long term notes receivable | Franchise	4
Weighted average interest rate of financed assets sale	4.80%

ORGANIZATION AND SUMMARY OF S_8

ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES, Property and Equipment (Details)	Jun. 30, 2024
Minimum [Member]
Property and Equipment [Abstract]
Estimated useful lives of assets	3 years
Maximum [Member]
Property and Equipment [Abstract]
Estimated useful lives of assets	10 years

ORGANIZATION AND SUMMARY OF S_9

ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES, Impairment of Long-Lived Asset and other Lease Charges (Details) - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2024	Jun. 25, 2023
ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES [Abstract]
Pre-tax, non-cash impairment charges on long lived assets	$ 0	$ 5
Impairment, Long-Lived Asset, Held-for-Use, Statement of Income or Comprehensive Income [Extensible Enumeration]	Impairment of long-lived assets and other lease charges
Sublease income	$ 131	$ 186

ORGANIZATION AND SUMMARY OF _10

ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES, Accounts Receivable and Allowance for Credit Losses (Details) - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2024	Jun. 25, 2023
ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES [Abstract]
Finance charges rate	18%
Provision for credit losses decreased	$ (4)
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance	58	$ 27
Provision for credit losses	69	73
Amounts written off	(70)	(42)
Ending balance	$ 57	$ 58

ORGANIZATION AND SUMMARY OF _11

ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES, Notes Receivable (Details) - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2024	Jun. 25, 2023
Notes Receivable [Abstract]
Weighted average interest rate	4.80%
Modifications to notes receivable	$ 0	$ 0
Historical loss percentage for notes receivable	0%
Notes receivable, allowance for credit losses	$ 0	0
Notes receivable, non-accrual status	0	0
Notes receivable, write-offs	0	0
Maturities of Notes Receivable [Abstract]
2025	68
2026	79
Total	147	133
Past Due [Member]
Notes Receivable [Abstract]
Notes receivable	$ 0	$ 0

ORGANIZATION AND SUMMARY OF _12

ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES, Revenue Recognition (Details) - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2024	Jun. 25, 2023	Jun. 26, 2022
Revenues [Abstract]
Revenues	$ 12,150	$ 11,889
Accounts Receivable [Abstract]
Accounts receivable			$ 2,000
Deferred Revenue [Abstract]
Deferred revenue			$ 1,300
Revenue recognized	500
Franchise Royalties [Member]
Revenues [Abstract]
Revenues	4,844	4,978
Supplier and Distributor Incentive Revenues [Member]
Revenues [Abstract]
Revenues	4,833	4,418
Franchise License Fees [Member]
Revenues [Abstract]
Revenues	281	152
Area Development Exclusivity Fees and Foreign Master License Fees [Member]
Revenues [Abstract]
Revenues	15	18
Advertising Funds Contributions [Member]
Revenues [Abstract]
Revenues	1,814	1,943
Supplier Convention Funds [Member]
Revenues [Abstract]
Revenues	217	172
Rental Income [Member]
Revenues [Abstract]
Revenues	131	186
Other [Member]
Revenues [Abstract]
Revenues	$ 15	$ 22
Minimum [Member]
Franchise Revenues [Abstract]
Amortization term of franchise license fees	5 years
Maximum [Member]
Franchise Revenues [Abstract]
Amortization term of franchise license fees	20 years

PROPERTY AND EQUIPMENT AND IN_3

PROPERTY AND EQUIPMENT AND INTANGIBLE ASSETS, Property and Equipment (Details) - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2024	Jun. 25, 2023
Property and Equipment, Net, by Type [Abstract]
Property and equipment, gross	$ 1,645	$ 1,586
Less: accumulated depreciation/amortization	(1,463)	(1,328)
Property and equipment, net	182	258
Depreciation and amortization expense	$ 135	141
Minimum [Member]
Property and Equipment, Net, by Type [Abstract]
Estimated useful lives	3 years
Maximum [Member]
Property and Equipment, Net, by Type [Abstract]
Estimated useful lives	10 years
Equipment, Furniture and Fixtures [Member]
Property and Equipment, Net, by Type [Abstract]
Property and equipment, gross	$ 1,173	1,114
Equipment, Furniture and Fixtures [Member] | Minimum [Member]
Property and Equipment, Net, by Type [Abstract]
Estimated useful lives	3 years
Equipment, Furniture and Fixtures [Member] | Maximum [Member]
Property and Equipment, Net, by Type [Abstract]
Estimated useful lives	7 years
Leasehold Improvements [Member]
Property and Equipment, Net, by Type [Abstract]
Property, Plant, and Equipment, Useful Life, Term, Description [Extensible Enumeration]	us-gaap:UsefulLifeShorterOfTermOfLeaseOrAssetUtilityMember
Property and equipment, gross	$ 472	$ 472
Leasehold Improvements [Member] | Maximum [Member]
Property and Equipment, Net, by Type [Abstract]
Estimated useful lives	10 years

PROPERTY AND EQUIPMENT AND IN_4

PROPERTY AND EQUIPMENT AND INTANGIBLE ASSETS, Intangible Assets (Details) - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2024	Jun. 25, 2023
Finite-Lived Intangible Assets, Net [Abstract]
Acquisition cost	$ 695	$ 687
Accumulated amortization	(443)	(359)
Net value	252	328
Amortization expense for intangible assets	$ 84	73
Trademarks and Trade Names [Member]
Finite-Lived Intangible Assets, Net [Abstract]
Estimated useful lives	10 years
Acquisition cost	$ 278	278
Accumulated amortization	(258)	(248)
Net value	$ 20	30
Name Change [Member]
Finite-Lived Intangible Assets, Net [Abstract]
Estimated useful lives	15 years
Acquisition cost	$ 70	70
Accumulated amortization	(44)	(39)
Net value	$ 26	31
Prototypes [Member]
Finite-Lived Intangible Assets, Net [Abstract]
Estimated useful lives	5 years
Acquisition cost	$ 347	339
Accumulated amortization	(141)	(72)
Net value	$ 206	$ 267

ACCRUED EXPENSES (Details)

ACCRUED EXPENSES (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Jun. 25, 2023
ACCRUED EXPENSES [Abstract]
Compensation	$ 771	$ 776
Professional fees	127	93
Other	17	21
Accrued expenses	$ 915	$ 890

EMPLOYEE RETENTION CREDIT (Deta

EMPLOYEE RETENTION CREDIT (Details) - USD ($) $ in Millions	12 Months Ended
	Jun. 30, 2024	Jun. 26, 2022
Employee Retention Credit [Abstract]
Other income for employee retention credit		$ 0.7
Amount received from employee retention credit	$ 0.6
Employee retention credit receivable	$ 0.1

INCOME TAXES (Details)

INCOME TAXES (Details) - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2024	Jun. 25, 2023
Provision for Income Taxes [Abstract]
Current - Federal	$ 0	$ 0
Current - State	(33)	(107)
Deferred - Federal	(530)	(394)
Deferred - State	(56)	(36)
Provision for income taxes	(619)	(537)
Effective Income Tax Rate [Abstract]
Federal income taxes based on a statutory rate of 21%	(649)	(452)
State income taxes (net of federal benefit)	(82)	(119)
Permanent adjustments	128	(7)
Return to provision	(16)	49
Other	0	(8)
Provision for income taxes	(619)	(537)
Net Deferred Tax Assets [Abstract]
Allowance for bad debt	13	13
Deferred fees	58	49
Other reserves and accruals	475	619
Operating lease liabilities	222	330
Credit carryforwards	156	156
Net operating loss carryforwards	4,057	4,521
Total deferred tax assets	4,981	5,688
Right-of-use asset	(190)	(285)
Other deferred tax liabilities	(35)	(61)
Total deferred tax liabilities	(225)	(346)
Net deferred tax asset	$ 4,756	$ 5,342
Federal statutory rate	21%	21%
Net operating loss carryforwards	$ 18,900
Operating loss carryforwards, expiry date	Dec. 31, 2035
Amount of operating loss carryforwards limited with no expiration	$ 1,300
Operating loss carryforward, percentage limitation on use	80%
Valuation allowance	$ 0	$ 0
IRS [Member]
Income Taxes [Abstract]
Open tax year	2021 2022 2023
State [Member]
Income Taxes [Abstract]
Open tax year	2020 2021 2022 2023

LEASES (Details)

LEASES (Details)	12 Months Ended
	Jun. 30, 2024 USD ($) ft²	Jun. 25, 2023 USD ($)	Jan. 02, 2017
Lease [Abstract]
Area available for lease | ft²	19,576
Lease payment per square foot	$ 18
Percentage of monthly base rent elected to defer under lease agreement	50%
Future Minimum Rental Payments for Guaranteed Leases [Abstract]
2025	$ 252,000
2026	108,000
2027	87,000
2028	87,000
Total guaranteed lease payments	534,000
Components of Total Lease Expense [Abstract]
Operating lease cost	447,000	$ 494,000
Rental income	(131,000)	(186,000)
Total lease expense, net of sublease income	316,000	308,000
Supplemental Cash Flow Information Related to Operating Leases [Abstract]
Cash paid for amounts included in the measurement of lease liabilities	$ 511,000	$ 558,000
Weighted Average Remaining Lease Term and Discount Rate [Abstract]
Weighted average remaining lease term	1 year 6 months	2 years 1 month 6 days
Weighted average discount rate	4%	4%
Maturities of Operating Lease Liabilities [Abstract]
2025	$ 433,000
2026	382,000
2027	191,000
Total operating lease payments	1,006,000
Less: imputed interest	(49,000)
Total operating lease liability	957,000
Sublease Rental Income [Abstract]
2025	53,000
Total	$ 53,000
Maximum [Member]
Lease [Abstract]
Lease term			10 years
Information Technology Equipment [Member] | Minimum [Member]
Operating Lease, Description [Abstract]
Term of contract	1 year
Information Technology Equipment [Member] | Maximum [Member]
Operating Lease, Description [Abstract]
Term of contract	5 years
Office Agreements [Member] | Minimum [Member]
Operating Lease, Description [Abstract]
Term of contract	1 year
Office Agreements [Member] | Maximum [Member]
Operating Lease, Description [Abstract]
Term of contract	10 years
Company-owned Restaurants [Member] | Minimum [Member]
Lease [Abstract]
Lease term	5 years
Company-owned Restaurants [Member] | Maximum [Member]
Lease [Abstract]
Lease term	10 years

EMPLOYEE BENEFITS (Details)

EMPLOYEE BENEFITS (Details) - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2024	Jun. 25, 2023
EMPLOYEE BENEFITS [Abstract]
Service required for employees to be eligible to participate in employee benefits plan	3 months
Defined contribution plan, minimum age limit for eligibility to participate in plan	21 years
Total matching contributions	$ 21	$ 24
Minimum [Member]
EMPLOYEE BENEFITS [Abstract]
Percentage of compensation deferred and contributed to employee benefits plan by employee	1%
Maximum [Member]
EMPLOYEE BENEFITS [Abstract]
Percentage of compensation deferred and contributed to employee benefits plan by employee	100%

STOCK-BASED COMPENSATION PLANS,

STOCK-BASED COMPENSATION PLANS, Stock Option Award Plan (Details) - shares	1 Months Ended	12 Months Ended
	Jun. 30, 2015	Jun. 30, 2024	Jun. 24, 2018	Jun. 02, 2015
2005 Employee Plan [Member]
Share-based Arrangements [Abstract]
Number of shares authorized (in shares)	1,000,000
2005 Directors Plan [Member]
Share-based Arrangements [Abstract]
Number of shares authorized (in shares)	650,000
Number of shares granted (in shares)	40,000
2005 Directors Plan [Member] | Minimum [Member]
Share-based Arrangements [Abstract]
Vesting period		6 months
2005 Directors Plan [Member] | Maximum [Member]
Share-based Arrangements [Abstract]
Vesting period		10 years
2015 LTIP [Member]
Share-based Arrangements [Abstract]
Number of shares authorized (in shares)				3,000,000
Number of shares granted (in shares)			40,000
Vesting period		6 months
Expiration period		10 years

STOCK-BASED COMPENSATION PLAN_2

STOCK-BASED COMPENSATION PLANS, Summary of Stock Options (Details) - Stock Options [Member] - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Jun. 30, 2024	Jun. 25, 2023
Shares [Roll Forward]
Outstanding at beginning of year (in shares)	151,750	111,750
Granted (in shares)	0	40,000
Exercised (in shares)	0	0
Forfeited/Canceled/Expired (in shares)	(37,464)	0
Outstanding at end of year (in shares)	114,286	151,750
Exercisable at end of year (in shares)	114,286	111,750
Weighted Average Exercise Price [Roll Forward]
Outstanding at beginning of year (in dollars per share)	$ 5.19	$ 6.67
Granted (in dollars per share)	0	1.06
Exercised (in dollars per share)	0	0
Forfeited/Canceled/Expired (in dollars per share)	(6.12)	0
Outstanding at end of year (in dollars per share)	4.89	5.19
Exercisable at end of year (in dollars per share)	$ 4.89	$ 6.67
Intrinsic value of options outstanding	$ 37

STOCK-BASED COMPENSATION PLAN_3

STOCK-BASED COMPENSATION PLANS, Information on Options Outstanding and Options Exercisable (Details) - Stock Options [Member]	12 Months Ended
	Jun. 30, 2024 $ / shares shares
Options Outstanding [Abstract]
Options outstanding (in shares) | shares	114,286
Weighted-average remaining contractual life	3 years 10 months 17 days
Weighted-average exercise price (in dollars per share)	$ 4.89
Options Exercisable [Abstract]
Shares exercisable (in shares) | shares	114,286
Weighted-average exercise price (in dollars per share)	$ 4.89
$1.00 - 1.90 [Member]
Options Outstanding [Abstract]
Range of exercise prices, lower range (in dollars per shares)	1
Range of exercise prices, upper range (in dollars per shares)	$ 1.9
Options outstanding (in shares) | shares	40,000
Weighted-average remaining contractual life	7 years 11 months 26 days
Weighted-average exercise price (in dollars per share)	$ 1.06
Options Exercisable [Abstract]
Shares exercisable (in shares) | shares	40,000
Weighted-average exercise price (in dollars per share)	$ 1.06
$3.31 - 3.95 [Member]
Options Outstanding [Abstract]
Range of exercise prices, lower range (in dollars per shares)	3.31
Range of exercise prices, upper range (in dollars per shares)	$ 3.95
Options outstanding (in shares) | shares	50,000
Weighted-average remaining contractual life	1 year 11 months 26 days
Weighted-average exercise price (in dollars per share)	$ 3.95
Options Exercisable [Abstract]
Shares exercisable (in shares) | shares	50,000
Weighted-average exercise price (in dollars per share)	$ 3.95
$6.26 - 13.11 [Member]
Options Outstanding [Abstract]
Range of exercise prices, lower range (in dollars per shares)	6.26
Range of exercise prices, upper range (in dollars per shares)	$ 13.11
Options outstanding (in shares) | shares	24,286
Weighted-average remaining contractual life	1 year 3 days
Weighted-average exercise price (in dollars per share)	$ 13.11
Options Exercisable [Abstract]
Shares exercisable (in shares) | shares	24,286
Weighted-average exercise price (in dollars per share)	$ 13.11

STOCK-BASED COMPENSATION PLAN_4

STOCK-BASED COMPENSATION PLANS, Fair Value of Stock Option Assumptions (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Jun. 30, 2024	Jun. 25, 2023	Jun. 27, 2023
Share-Based Compensation Arrangement by Share-Based Payment Award, Fair Value Assumptions and Methodology [Abstract]
Fair value of awards (in dollars per share)		$ 1.06
Risk-free interest rate		2.90%
Dividend yield		0%
Volatility factor		79.60%
Expected life (in years)	0 years	5 years 6 months
Stock Options [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award, Fair Value Assumptions and Methodology [Abstract]
Fair value of awards (in dollars per share)	$ 0
Risk-free interest rate	0%
Dividend yield	0%
Volatility factor	0%
Share-Based Payment Arrangement, Additional Disclosure [Abstract]
Stock compensation expense	$ 0	$ 15
Stock options unvested (in shares)	0		40,000
Unamortized stock-based compensation expense	$ 0

STOCK-BASED COMPENSATION PLAN_5

STOCK-BASED COMPENSATION PLANS, Restricted Stock Units (Details) - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2024	Jun. 25, 2023
Minimum [Member]
Information of Restricted Stock Units Award [Abstract]
Percentage of stock granted based on performance	50%
Maximum [Member]
Information of Restricted Stock Units Award [Abstract]
Percentage of stock granted based on performance	150%
Restricted Stock Units [Member]
Share-based Arrangement [Abstract]
Stock-based compensation expense recognized	$ 149	$ 329
Summary of Restricted Stock Units [Roll forward]
Unvested at beginning of year (in shares)	885,687	885,687
Performance adjustment (in shares)	(58,035)	0
Granted (in shares)	131,460	0
Vested (in shares)	(588,589)	0
Forfeited (in shares)	(101,460)	0
Unvested at end of year (in shares)	269,063	885,687
Restricted Stock Units [Member] | RSUs Recognized During Fiscal Year 2025 [Member]
Share-based Arrangement [Abstract]
Unamortized stock-based compensation expense	$ 145
Restricted Stock Units [Member] | RSUs Recognized During Fiscal Years 2026 [Member]
Share-based Arrangement [Abstract]
Unamortized stock-based compensation expense	91
Restricted Stock Units [Member] | RSUs Recognized During Fiscal Years 2027 [Member]
Share-based Arrangement [Abstract]
Unamortized stock-based compensation expense	$ 27

EARNINGS PER SHARE (Details)

EARNINGS PER SHARE (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Jun. 30, 2024	Jun. 25, 2023
Earnings Per Share [Abstract]
Net income available to common shareholders	$ 2,473	$ 1,613
Adjusted net income	$ 2,473	$ 1,613
BASIC [Abstract]
Weighted average common shares (in shares)	14,446,000	15,323,000
Net income per common share (in dollars per share)	$ 0.17	$ 0.11
DILUTED [Abstract]
Weighted average common shares (in shares)	14,446,000	15,323,000
Dilutive stock options and restricted stock units (in shares)	184,000	588,000
Weighted average common shares outstanding (in shares)	14,630,000	15,911,000
Net income per common share (in dollars per share)	$ 0.17	$ 0.1
Stock Options [Member]
Antidilutive Securities Excluded from Computation of Earnings per Share [Abstract]
Options to purchase shares of common stock excluded from computation of diluted EPS (in shares)	94,769	151,750
Intrinsic value of options outstanding	$ 0	$ 0
Restricted Stock Units [Member]
Antidilutive Securities Excluded from Computation of Earnings per Share [Abstract]
Options to purchase shares of common stock excluded from computation of diluted EPS (in shares)	105,000	271,825

SEGMENT REPORTING (Details)

SEGMENT REPORTING (Details) $ in Thousands	12 Months Ended
	Jun. 30, 2024 USD ($) Segment	Jun. 25, 2023 USD ($)
SEGMENT REPORTING [Abstract]
Number of reportable segments | Segment	3
Number of operating segments | Segment	3
Segment Reporting Information, Profit (Loss) [Abstract]
Consolidated revenues	$ 12,150	$ 11,889
Depreciation and amortization	219	214
Income before taxes	3,092	2,150
Operating Segments [Member]
Segment Reporting Information, Profit (Loss) [Abstract]
Income before taxes	8,363	7,747
Reportable Geographical Components [Member]
Segment Reporting Information, Profit (Loss) [Abstract]
Consolidated revenues	12,150	11,889
Reportable Geographical Components [Member] | United States [Member]
Segment Reporting Information, Profit (Loss) [Abstract]
Consolidated revenues	11,940	11,627
Reportable Geographical Components [Member] | Foreign Countries [Member]
Segment Reporting Information, Profit (Loss) [Abstract]
Consolidated revenues	210	262
Pizza Inn Franchising [Member] | Operating Segments [Member]
Segment Reporting Information, Profit (Loss) [Abstract]
Consolidated revenues	10,295	9,810
Income before taxes	7,310	6,751
Pie Five Franchising [Member] | Operating Segments [Member]
Segment Reporting Information, Profit (Loss) [Abstract]
Consolidated revenues	1,724	1,893
Income before taxes	1,053	996
Corporate Administration and Other [Member]
Segment Reporting Information, Profit (Loss) [Abstract]
Consolidated revenues	131	186
Depreciation and amortization	219	214
Income before taxes	$ (5,271)	$ (5,597)