Eterna Therapeutics (ERNA) 10-Q 14 May 19 2019 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2019	May 08, 2019
Document And Entity Information
Entity Registrant Name	NTN BUZZTIME INC
Entity Central Index Key	0000748592
Document Type	10-Q
Document Period End Date	Mar. 31, 2019
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Entity Filer Category	Non-accelerated Filer
Entity Small Business Flag	true
Entity Emerging Growth Company	false
Entity Ex Transition Period	false
Entity Common Stock, Shares Outstanding		2,878,980
Trading Symbol	NTN
Document Fiscal Period Focus	Q1
Document Fiscal Year Focus	2019

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018
Current Assets:
Cash and cash equivalents	$ 2,666	$ 2,536
Restricted cash	50	50
Accounts receivable, net of allowances of $534 and $374, respectively	848	1,143
Site equipment to be installed	2,183	2,539
Prepaid expenses and other current assets	461	517
Total current assets	6,208	6,785
Restricted cash, long-term	200	200
Operating lease right-of-use assets	2,264
Fixed assets, net	4,319	4,667
Software development costs, net of accumulated amortization of $3,070 and $2,973, respectively	2,276	2,018
Deferred costs	427	424
Goodwill	681	667
Other assets	100	103
Total assets	16,475	14,864
Current Liabilities:
Accounts payable	480	271
Accrued compensation	404	572
Accrued expenses	416	444
Sales taxes payable	77	87
Income taxes payable	12	1
Current portion of long-term debt	1,000	1,000
Current portion of obligations under operating leases	244
Current portion of obligations under financing leases	32	45
Current portion of deferred revenue	1,194	1,371
Other current liabilities	198	233
Total current liabilities	4,057	4,024
Long-term debt	2,482	2,729
Long-term obligations under operating leases	3,186
Long-term obligations under financing leases	36	41
Long-term deferred revenue	23	30
Deferred rent		1,123
Total liabilities	9,784	7,947
Shareholders' Equity
Series A 10% cumulative convertible preferred stock, $0.005 par value, $156 liquidation preference, 156 shares authorized, issued and outstanding at March 31, 2019 and December 31, 2018	1	1
Common stock, $0.005 par value, 15,000 shares authorized at March 31, 2019 and December 31, 2018; 2,878 and 2,875 shares issued and outstanding at March 31, 2019 and December 31, 2018, respectively	14	14
Treasury stock, at cost, 10 shares at March 31, 2019 and December 31, 2018	(456)	(456)
Additional paid-in capital	136,606	136,552
Accumulated deficit	(129,707)	(129,394)
Accumulated other comprehensive income	233	200
Total shareholders' equity	6,691	6,917
Total liabilities and shareholders' equity	$ 16,475	$ 14,864

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018
Statement of Financial Position [Abstract]
Allowance for doubtful accounts - accounts receivable	$ 534	$ 374
Software accumulated amortization	$ 3,070	$ 2,973
Series A cumulative preferred stock, percentage	10.00%	10.00%
Preferred stock series A, par value per share	$ 0.005	$ 0.005
Preferred stock series A, liquidation preference	$ 156	$ 156
Preferred stock series A, shares authorized	156,000	156,000
Preferred stock series A, shares issued	156,000	156,000
Preferred stock series A, shares outstanding	156,000	156,000
Common stock, par value	$ 0.005	$ 0.005
Common stock, shares authorized	15,000,000	15,000,000
Common stock, shares issued	2,878,000	2,875,000
Common stock, shares outstanding	2,878,000	2,875,000
Treasury stock, shares	10,000	10,000

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations and Comprehensive Loss (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Revenues
Total Revenue	$ 4,832	$ 5,761
Operating expenses:
Direct operating costs (includes depreciation and amortization of $651 and $553, respectively)	1,484	1,967
Selling, general and administrative	3,469	4,021
Depreciation and amortization (excluding depreciation and amortization included in direct operating costs)	96	86
Total operating expenses	5,049	6,074
Operating loss	(217)	(313)
Other expense, net	(85)	(94)
Loss before income taxes	(302)	(407)
Provision for income taxes	(11)	(2)
Net loss	$ (313)	$ (409)
Net loss per common share - basic and diluted	$ (0.11)	$ (0.16)
Weighted average shares outstanding - basic and diluted	2,866	2,510
Comprehensive loss
Net loss	$ (313)	$ (409)
Foreign currency translation adjustment	33	(48)
Total comprehensive loss	(280)	(457)
Subscription Revenue [Member]
Revenues
Total Revenue	3,833	4,065
Hardware Revenue [Member]
Revenues
Total Revenue	205	679
Other Revenue [Member]
Revenues
Total Revenue	$ 794	$ 1,017

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Operations and Comprehensive Loss (Unaudited) (Parenthetical) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Income Statement [Abstract]
Depreciation and amortization - part of direct operating costs	$ 651	$ 553

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Shareholders' Equity (Unaudited) - USD ($) $ in Thousands	Series A Cumulative Convertible Preferred Stock [Member]	Common Stock [Member]	Treasury Stock [Member]	Additional Paid-in Capital [Member]	Accumulated Deficit [Member]	Accumulated Other Comprehensive Income [Member]	Total
Balance at Dec. 31, 2017	$ 1	$ 13	$ (456)	$ 134,752	$ (129,119)	$ 345	$ 5,536
Balance, shares at Dec. 31, 2017	156,000	2,521,000
Foreign currency translation adjustment						(48)	(48)
Net loss					(409)		(409)
Non-cash stock based compensation				117			117
Balance at Mar. 31, 2018	$ 1	$ 13	(456)	134,869	(129,528)	297	5,196
Balance, shares at Mar. 31, 2018	156,000	2,521,000
Balance at Dec. 31, 2018	$ 1	$ 14	(456)	136,552	(129,394)	200	6,917
Balance, shares at Dec. 31, 2018	156,000	2,875,000
Foreign currency translation adjustment						33	33
Net loss					(313)		(313)
Issuance of common stock upon vesting of restricted stock units				(5)			(5)
Issuance of common stock upon vesting of restricted stock units, shares		3
Non-cash stock based compensation				59			59
Balance at Mar. 31, 2019	$ 1	$ 14	$ (456)	$ 136,606	$ (129,707)	$ 233	$ 6,691
Balance, shares at Mar. 31, 2019	156,000	2,878,000

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Cash flows provided by (used in) operating activities:
Net loss	$ (313)	$ (409)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:
Depreciation and amortization	747	639
Provision for doubtful accounts	30	8
Amortization of operating lease right-of-use assets	72
Scrap expense	2	7
Stock-based compensation	59	117
Amortization of debt issuance costs	3	8
Loss from disposition of equipment and capitalized software	8	2
Changes in assets and liabilities:
Accounts receivable	264	(327)
Site equipment to be installed	87	397
Operating lease liabilities	(28)
Prepaid expenses and other assets	58	(407)
Accounts payable and accrued liabilities	2	(37)
Income taxes payable	10	7
Deferred costs	(3)	148
Deferred revenue	(184)	(176)
Deferred rent		(50)
Other liabilities	(34)	(47)
Net cash provided by (used in) operating activities	780	(120)
Cash flows used in investing activities:
Capital expenditures	(41)	(169)
Capitalized software development expenditures	(355)	(203)
Net cash used in investing activities	(396)	(372)
Cash flows used in financing activities:
Prinicipal payments on long-term debt	(250)	(182)
Principal payments on financing leases	(18)	(44)
Tax withholding related to net share settlement of vested restricted stock units	(5)
Net cash used in financing activities	(273)	(226)
Net increase (decrease) in cash, cash equivalents and restricted cash	111	(718)
Effect of exchange rate on cash and cash equivalents	19	(25)
Cash, cash equivalents and restricted cash at beginning of period	2,786	3,378
Supplemental disclosures of cash flow information: Cash paid during the period for:
Interest	71	85
Income taxes	1
Supplemental disclosure of non-cash investing and financing activities:
Initial measurement of operating lease right-of-use assets and liabilities	3,458
Site equipment transferred to fixed assets	268	472
Equipment acquired under capital lease		5
Reconciliation of cash, cash equivalents and restricted cash at end of period:
Cash and cash equivalents	2,666	2,635
Restricted cash	50
Restricted cash, long-term	200
Total cash, cash equivalents and restricted cash at end of period	$ 2,916	$ 2,635

Basis of Presentation

Basis of Presentation	3 Months Ended
	Mar. 31, 2019
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	(1) BASIS OF PRESENTATION Description of Business NTN Buzztime, Inc. (the “Company”) was incorporated in Delaware in 1984 as Alroy Industries and changed its corporate name to NTN Communications, Inc. in 1985. The Company changed its name to NTN Buzztime, Inc. in 2005 to better reflect the growing role of the Buzztime consumer brand. The Company delivers interactive entertainment and innovative technology, including performance analytics and secure payment with Europay, MasterCard® and Visa® (EMV) chip card readers or with near-field communication (NFC) technology to accept Apple, Android and Samsung Pay. The Company’s tablets and technology offer engaging solutions to establishments with guests who experience dwell time, such as in bars, restaurants, casinos and senior living centers. Casual dining venues subscribe to the Company’s customizable solution to differentiate themselves via competitive fun by offering guests trivia, card, sports and arcade games, customized menus and self-service dining features. The Company’s platform improves operating efficiencies, creates connections among the players and venues, and amplifies guests’ positive experiences. The Company also continues to support its legacy network product line, which it calls its Classic platform. The Company generates revenue by charging subscription fees for its service to network subscribers, by leasing tablet platform equipment to certain network subscribers, by selling tablet platform equipment, by hosting live trivia events, by selling advertising aired on in-venue screens and as part of customized games, by licensing its content for use with third-party equipment, from providing professional services (such as developing certain functionality within the Company’s platform for customers), and from pay-to-play arcade games. At March 31, 2019, 2,632 venues in the U.S. and Canada subscribed to the Company’s interactive entertainment network, of which approximately 85% were using the tablet platform. Basis of Accounting Presentation The accompanying unaudited interim condensed financial statements have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) for interim financial statements and with the instructions to Form 10-Q and Article 8 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. In the opinion of management, the accompanying condensed consolidated financial statements include all adjustments that are necessary, which are of a normal and recurring nature, for a fair presentation for the periods presented of the financial position, results of operations and cash flows of the Company and its wholly-owned subsidiaries: IWN, Inc., IWN, L.P., Buzztime Entertainment, Inc., NTN Wireless Communications, Inc., NTN Software Solutions, Inc., NTN Canada, Inc., and NTN Buzztime, Ltd., all of which, other than NTN Canada, Inc., are dormant subsidiaries. All significant intercompany transactions have been eliminated in consolidation. These condensed consolidated financial statements should be read with the consolidated financial statements and notes thereto contained in the Company’s annual report on Form 10-K for the fiscal year ended December 31, 2018. The accompanying condensed balance sheet as of December 31, 2018 has been derived from the audited financial statements at that date but does not include all of the information and footnotes required by GAAP for complete financial statements. The results of operations for the three months ended March 31, 2019 are not necessarily indicative of the results to be anticipated for the entire year ending December 31, 2019, or any other period. In connection with preparing its financial statements as of and for the period ended March 31, 2019, the Company evaluated whether there are conditions and events, considered in the aggregate, that are known and reasonably knowable that would raise substantial doubt about its ability to continue as a going concern within twelve months after the date that such financial statements are issued. The Company believes it has sufficient cash to meet its operating cash requirements and to fulfill its debt obligations for at least the next twelve months after the date that such financial statements are issued. The Company continues to have discussions with Buffalo Wild Wings regarding the possibility of continuing the relationship beyond November 2019, which is when the relationship under existing agreements terminates in accordance with their terms. The Company is also having similar discussions directly with Buffalo Wild Wing franchisees. In addition, the Company is continuing to explore and evaluate additional financing alternatives, including additional equity financings and alternative sources of debt. These efforts are being undertaken to increase the likelihood that the Company will be able to successfully execute its current long-term operating and strategic plan and to position the Company to take advantage of market opportunities for growth and to respond to competitive pressures. If the Company’s cash and cash equivalents are not sufficient to meet future capital requirements, it will not be able to successfully execute its current long-term operating and strategic plan or take advantage of market opportunities for growth and may have to reduce planned capital expenses, reduce operational cash uses or raise capital on terms that are not as favorable to the Company as they otherwise might be. Any actions the Company may undertake to reduce planned capital expenses or reduce operational cash uses may not cover shortfalls in available funds. If the Company requires additional capital, it may not secure additional capital on terms acceptable to the Company, or at all.

Revenue Recognition

Revenue Recognition	3 Months Ended
	Mar. 31, 2019
Revenue Recognition [Abstract]
Revenue Recognition	(2) REVENUE RECOGNITION The Company recognizes revenue in accordance with Accounting Standards Codification Topic 606, Revenue from Contracts with Customers (“Topic 606”). In general, when multiple performance obligations are present in a customer contract, the transaction price is allocated to the individual performance obligation based on the relative stand-alone selling prices, and the revenue is recognized when or as each performance obligation has been satisfied. Discounts are treated as a reduction to the overall transaction price and allocated to the performance obligations based on the stand-alone selling prices. All revenues are recognized net of sales tax collected from the customer. The Company disaggregates revenue by material revenue stream as depicted on its statement of operations. The following describes how the Company recognizes revenue under Topic 606. Subscription Revenue Costs associated with installing the equipment are considered direct costs. Costs associated with sales commissions are considered incremental costs for fulfilling the contract because such costs would not have been incurred without obtaining the contract. The Company expects to recover both costs through future fees it collects and both costs are recorded in deferred costs on the balance sheet and amortized on a straight-line basis. For costs that are of an amount that is less than or equal to the deferred revenue for the related contract, the amortization period approximates the longer of the contract term and the expected term of the customer relationship. For any excess costs that exceed the deferred revenue, the amortization period of the excess cost is the initial term of the contract, which is generally one year because the Company can still recover that excess cost in the initial term of the contract. Sales-type Lease Revenue Leases. Equipment Sales Live Hosted Trivia Revenue Advertising Revenue Pay-to-Play Revenue Content Licensing Professional Development Revenue The Company’s customers predominantly range from small independently operated bars and restaurants to bars and restaurants operated by national chains. This results in diverse venue sizes and locations. As of March 31, 2019, 2,632 venues in the U.S. and Canada subscribed to the Company’s interactive entertainment network, of which, approximately 46% were Buffalo Wild Wings corporate-owned restaurants and its franchisees. In October 2018, Buffalo Wild Wings informed us that it determined not to rollout our order, payment and guest insights functionality and that its relationship with us would continue in accordance with existing agreements we entered into in the ordinary course of business, and which terminate in accordance with their terms in November 2019. See “PART II — OTHER INFORMATION, ITEM 1A., Risk Factors.” The table below sets forth the approximate amount of revenue the Company generated from Buffalo Wild Wings corporate-owned restaurants and its franchisees during the three months ended March 31, 2019 and 2018, and the percentage of total revenue that such amount represents for such periods: Three months ended March 31, 2019 2018 Buffalo Wild Wings revenue $ 1,936,000 $ 2,798,000 Percent of total revenue 40 % 49 % As of March 31, 2019 and December 31, 2018, approximately $248,000 and $552,000, respectively, was included in accounts receivable from Buffalo Wild Wings corporate-owned restaurants and its franchisees. The geographic breakdown of the Company’s revenue for the three months ended March 31, 2019 and 2018 were as follows: Three months ended March 31, 2019 2018 United States $ 4,661,000 $ 5,592,000 Canada 171,000 169,000 Total assets $ 4,832,000 $ 5,761,000 The Company enters into contracts and may recognize contract assets and liabilities that arise from these contracts. The Company recognizes revenue and corresponding cash for customers who auto pay via their bank account or credit card, or the Company recognizes a corresponding accounts receivable for customers the Company invoices. The Company may receive consideration from customers, per the terms of the contract, prior to transferring goods or services to the customer. In such instances, the Company records a contract liability and recognizes the contract liability as revenue when all revenue recognition criteria are met. The table below shows the balance of contract liabilities as of March 31, 2019 and December 31, 2018, including the change during the periods. Deferred Revenue Balance at January 1, 2019 $ 1,401,000 New performance obligations 260,000 Revenue recognized (444,000 ) Balance at March 31, 2019 1,217,000 Less non-current portion (23,000 ) Current portion at March 31, 2019 $ 1,194,000 The Company does not generally recognize revenue in advance of when the contract gives the Company the right to invoice a customer, and therefore the Company did not recognize any related contract assets as of March 31, 2019.

Basic and Diluted Earnings Per

Basic and Diluted Earnings Per Common Share	3 Months Ended
	Mar. 31, 2019
Earnings Per Share [Abstract]
Basic and Diluted Earnings Per Common Share	(3) Basic and Diluted Earnings Per Common Share Basic earnings per share excludes the dilutive effects of options, warrants and other convertible securities. Diluted earnings per share reflects the potential dilutions of securities that could share in the Company’s earnings. Options, warrants and convertible preferred stock representing approximately 262,000 and 288,000 shares of common stock were excluded from the computations of diluted net loss per common share for the three months ended March 31, 2019 and 2018, respectively, as their effect was anti-dilutive.

Shareholders' Equity

Shareholders' Equity	3 Months Ended
	Mar. 31, 2019
Shareholders' Equity
Shareholders' Equity	(4) SHAREHOLDERS’ EQUITY Stock-based Compensation The Company’s stock-based compensation plans include the NTN Buzztime, Inc. Amended 2010 Performance Incentive Plan (the “Amended 2010 Plan”) and the NTN Buzztime, Inc. 2014 Inducement Plan (the “2014 Plan”). The Amended 2010 Plan provides for the grant of up to 240,000 share-based awards and expires in February 2020. The 2014 Plan provides for the grant of up to 85,000 share-based awards to a new employee as an inducement material to the new employee entering into employment with the Company and expires in September 2024. As of March 31, 2019, approximately 1,000 share-based awards were available for grant under the Amended 2010 Plan and there were no share-based awards available for grant under the 2014 Plan. The nominating and corporate governance/compensation committee of the Company’s board of directors administers the Company’s stock-based compensation plans. Among other things, the committee selects persons to receive awards and determines the number of shares subject to each award and the terms, conditions, performance measures, if any, and other provisions of the award. The Company records stock-based compensation in accordance with ASC No. 718 , Compensation – Stock Compensation Equity – Equity-Based Payments to Non-Employees. The Company uses the historical stock price volatility as an input to value its stock options under ASC No. 718. The expected term of stock options represents the period of time options are expected to be outstanding and is based on observed historical exercise patterns of the Company, which the Company believes are indicative of future exercise behavior. For the risk-free interest rate, the Company uses the observed interest rates appropriate for the term of time options are expected to be outstanding. The dividend yield assumption is based on the Company’s history and expectation of dividend payouts. The Company did not grant any stock options and no options were exercised during the three months ended March 31, 2019 or 2018. Outstanding restricted stock units are settled in an equal number of shares of common stock on the vesting date of the award. A stock unit award is settled only to the extent vested. Vesting generally requires the continued employment by the award recipient through the respective vesting date. Because restricted stock units are settled in an equal number of shares of common stock without any offsetting payment by the recipient, the measurement of cost is based on the quoted market price of the stock at the measurement date, which is the grant date. During the three months ended March 31, 2019, the Company granted approximately 47,000 restricted stock units with a weighted average grant date fair value of $3.72 per restricted stock unit. During the three months ended March 31, 2018, the Company granted approximately 53,000 restricted stock units with a weighted average grant date fair value of $6.04 per restricted stock unit. All restricted stock units granted vest as to 16.67% of the total underlying shares on the six month anniversary of the grant date and as to the balance of the total underlying shares in 30 substantially equal monthly installments, beginning on the seven month anniversary of the grant date, subject to accelerated vesting in the event of a change in control. Under the Amended 2010 Plan, in lieu of paying cash to satisfy withholding taxes due upon the settlement of vested restricted stock units, an employee may elect to have shares of common stock withheld that would otherwise be issued at settlement, the value of which is equal to the amount of withholding taxes payable. During the three months ended March 31, 2019, approximately 4,000 restricted stock units vested and were settled, and as a result of employees electing to satisfy applicable withholding taxes by having the Company withhold shares, approximately 3,000 shares of common stock were issued. There were no restricted stock units that vested and settled during the three months ended March 31, 2018. The Company estimates forfeitures, based on historical activity, at the time of grant and revises such estimates if necessary in subsequent periods if actual forfeiture rates differ from those estimates. Stock-based compensation expense for employees during the three months ended March 31, 2019 and 2018 was $59,000 and $117,000, respectively, and is expensed in selling, general and administrative expenses and credited to the additional paid-in-capital account.

Debt

Debt	3 Months Ended
	Mar. 31, 2019
Debt Disclosure [Abstract]
Debt	(5) DEBT Term Loan In September 2018, the Company entered into a loan and security agreement with Avidbank for a one-time 48-month term loan in the amount of $4,000,000. The Company makes monthly principal payments of approximately $83,000 plus accrued and unpaid interest. As of March 31, 2019, $3,500,000 of the term loan was outstanding, with $1,000,000 recorded in current portion of long-term debt and the remaining $2,500,000 recorded as long-term debt on the Company’s balance sheet. The Company recorded debt issuance costs of $23,000, which includes the $20,000 facility fee. The debt issuance costs will be amortized to interest expense beginning in October 2018 using the effective interest rate method over the life of the loan. The unamortized balance of the debt issuance costs as of March 31, 2019 was $18,000 and is recorded as a reduction of long term debt. The Company must comply with the following financial covenants: ● EBITDA (as defined below) must be at least $1,000,000 for the trailing six month period as of the last day of each fiscal quarter. “EBITDA” means (a) net profit (or loss), after provision for taxes, plus (b) interest expense, plus (c) to the extent deducted in the calculation of net profit (or loss), depreciation expense and amortization expense, plus (d) income tax expense, plus (e) to the extent approved by Avidbank, other noncash expenses and charges, other onetime charges, and any losses arising from the sale, exchange, transfer or other disposition of assets not in the ordinary course of business. ● The aggregate amount of unrestricted cash the Company has in deposit accounts or securities accounts maintained with Avidbank must be not less than $2,000,000 at all times. As of March 31, 2019, the Company was in compliance with both of these financial covenants.

Leases

Leases	3 Months Ended
	Mar. 31, 2019
Leases [Abstract]
Leases	(6) LEASES On January 1, 2019, the Company adopted ASC No. 842, Leases Topic 842 also allows lessees and lessors to elect certain practical expedients. The Company elected the following practical expedients: ● Transitional practical expedients, which must be elected as a package and applied consistently to all of the Company’s leases: ○ The Company need not reassess whether any expired or existing contracts are or contain leases. ○ The Company need not reassess the lease classification for any expired or existing leases (that is, all existing leases that were classified as operating leases in accordance with the previous guidance will be classified as operating leases, and all existing leases that were classified as capital leases in accordance with the previous guidance will be classified as finance leases). ○ The Company need not reassess initial direct costs for any existing leases. ● Hindsight practical expedient. The Company elected the hindsight practical expedient in determining the lease term (that is, when considering lessee options to extend or terminate the lease and to purchase the underlying asset) and in assessing impairment of the Company’s right-of-use assets. ● As a lessor, the Company elected to not separate nonlease components from lease components when both of the following are met: ○ The timing and patterns of transfer for the lease component and nonlease component associated with that lease component are the same; and ○ The lease component, if accounted for separately, would be classified as an operating lease. As Lessee The Company has entered into operating leases for office and production facilities and equipment under agreements that expire at various dates through 2026. Certain of these leases contain renewal provisions and escalating rental clauses and generally require the Company to pay utilities, insurance, taxes and other operating expenses. The Company also has property held under financing leases that expire at various dates through 2021. The Company’s leases do not contain any residual value guarantees or material restrictive covenants. Upon adoption of Topic 842, the Company recognized on its consolidated balance sheet as of January 1, 2019 an initial measurement of approximately $3,458,000 of operating lease liabilities, and approximately $2,336,000 of corresponding operating right-of use assets, net of tenant improvement allowances. The initial measurement of the financing leases under Topic 842 did not have a material change from the balances of the financing lease liabilities and assets recorded prior to the adoption of Topic 842. There was also no cumulative effect adjustment to retained earnings as a result of the transition to Topic 842. The Company recorded the initial recognition of the operating leases as a supplemental noncash financing activity on the accompanying statement of cash flows. The adoption of Topic 842 did not have a material impact on the Company’s consolidated statement of operations. The tables below show the initial measurement of the operating lease right-of-use assets and liabilities as of January 1, 2019 and the balances as of March 31, 2019, including the changes during the periods. Operating lease right-of-use assets Initial measurement at January 1, 2019 $ 3,458,000 Less tenant improvement allowance (1,122,000 ) Net right-of-use assets at January 1, 2019 2,336,000 Less amortization of operating lease right-of-use assets (72,000 ) Operating lease right-of-use assets at March 31, 2019 $ 2,264,000 Operating lease liabilities Initial measurement at January 1, 2019 $ 3,458,000 Less principal payments on operating lease liabilities (28,000 ) Operating lease liabilities at March 31, 2019 3,430,000 Less non-current portion (3,186,000 ) Current portion at March 31, 2019 $ 244,000 As of March 31, 2019, the Company’s operating leases have a weighted-average remaining lease term of 7.0 years and a weighted-average discount rate of 7.25%. The maturities of the operating lease liabilities are as follows: As of March 31, 2019 2019 $ 334,000 2020 615,000 2021 620,000 2022 634,000 2023 655,000 Thereafter 1,601,000 Total operating lease payments 4,459,000 Less imputed interest (1,029,000 ) Present value of operating lease liabilities $ 3,430,000 For the three months ended March 31, 2019 and 2018, total lease expense under operating leases was approximately $135,000 and $133,000, respectively, and was recorded in selling, general and administrative expenses. The tables below show the initial measurement of the financing lease right-of-use assets and liabilities as of January 1, 2019 and the balances as of March 31, 2019, including the changes during the periods. The Company’s financing lease right-of-use assets are included in “Fixed assets, net” on the accompanying consolidated balance sheet. Financing lease right-of-use assets Initial measurement at January 1, 2019 $ 80,000 Less depreciation of financing lease right-of-use assets (16,000 ) Financing lease right-of-use assets at March 31, 2019 $ 64,000 Financing lease liabilities Initial measurement at January 1, 2019 $ 86,000 Less principal payments on financing lease liabilities (18,000 ) Financing lease liabilities as of March 31, 2019 68,000 Less non-current portion (36,000 ) Current portion at March 31, 2019 $ 32,000 As of March 31, 2019, the Company’s financing leases have a weighted-average remaining lease term of 2.4 years and a weighted-average discount rate of 5.51%. The maturities of the financing lease liabilities are as follows: As of March 31, 2019 2019 $ 29,000 2020 23,000 2021 21,000 Total financing lease payments 73,000 Less imputed interest (5,000 ) Present value of financing lease liabilities $ 68,000 For the three months ended March 31, 2019 and 2018, total lease costs under financing leases were approximately $22,000 and $48,000, respectively. As Lessor Topic 842 did not make fundamental changes to lease accounting guidance for lessors. Therefore there was no financial statement impact due to the adoption of Topic 842. As a lessor, the Company has two types of customer contracts that involve leases: right-to-use operating leases and sales-type leases. Right-to-use operating leases. Revenue from Contracts with Customers, Sales-type leases.

Accumulated Other Comprehensive

Accumulated Other Comprehensive Income	3 Months Ended
	Mar. 31, 2019
Shareholders' Equity
Accumulated Other Comprehensive Income	(7) ACCUMULATED OTHER COMPREHENSIVE INCOME The United States dollar is the Company’s functional currency, except for its operations in Canada where the functional currency is the Canadian dollar. The financial position and results of operations of the Company’s foreign subsidiaries are measured using the foreign subsidiary’s local currency as the functional currency. In accordance with ASC No. 830, Foreign Currency Matters

Recent Accounting Pronouncement

Recent Accounting Pronouncements	3 Months Ended
	Mar. 31, 2019
Accounting Changes and Error Corrections [Abstract]
Recent Accounting Pronouncements	(8) RECENT ACCOUNTING PRONOUNCEMENTS In November 2018, the Financial Accounting Standards Board (the “FASB”) issued ASU No. 2018-18, Collaborative Arrangements (Topic 808): Clarifying the Interaction between Topic 808 and Topic 606. In August 2018, the FASB issued ASU No. 2018-15, Intangibles - Goodwill and Other - Internal-Use Software (Subtopic 350-40): Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That is a Service Contract In August 2018, the FASB issued ASU No. 2018-13, Fair Value Measurement (Topic 820): Disclosure Framework - Changes to the Disclosure Requirements for Fair Value Measurement

Revenue Recognition (Tables)

Revenue Recognition (Tables)	3 Months Ended
	Mar. 31, 2019
Revenue Recognition [Abstract]
Schedule of Revenue and Percentage of Revenue	The table below sets forth the approximate amount of revenue the Company generated from Buffalo Wild Wings corporate-owned restaurants and its franchisees during the three months ended March 31, 2019 and 2018, and the percentage of total revenue that such amount represents for such periods: Three months ended March 31, 2019 2018 Buffalo Wild Wings revenue $ 1,936,000 $ 2,798,000 Percent of total revenue 40 % 49 %
Schedule of Revenues Geographic Breakdown	The geographic breakdown of the Company’s revenue for the three months ended March 31, 2019 and 2018 were as follows: Three months ended March 31, 2019 2018 United States $ 4,661,000 $ 5,592,000 Canada 171,000 169,000 Total assets $ 4,832,000 $ 5,761,000
Schedule of Contract Liabilities	The table below shows the balance of contract liabilities as of March 31, 2019 and December 31, 2018, including the change during the periods. Deferred Revenue Balance at January 1, 2019 $ 1,401,000 New performance obligations 260,000 Revenue recognized (444,000 ) Balance at March 31, 2019 1,217,000 Less non-current portion (23,000 ) Current portion at March 31, 2019 $ 1,194,000

Leases (Tables)

Leases (Tables)	3 Months Ended
	Mar. 31, 2019
Leases [Abstract]
Schedule of Operating Lease Right-of-use Assets and Liabilities	The tables below show the initial measurement of the operating lease right-of-use assets and liabilities as of January 1, 2019 and the balances as of March 31, 2019, including the changes during the periods. Operating lease right-of-use assets Initial measurement at January 1, 2019 $ 3,458,000 Less tenant improvement allowance (1,122,000 ) Net right-of-use assets at January 1, 2019 2,336,000 Less amortization of operating lease right-of-use assets (72,000 ) Operating lease right-of-use assets at March 31, 2019 $ 2,264,000 Operating lease liabilities Initial measurement at January 1, 2019 $ 3,458,000 Less principal payments on operating lease liabilities (28,000 ) Operating lease liabilities at March 31, 2019 3,430,000 Less non-current portion (3,186,000 ) Current portion at March 31, 2019 $ 244,000
Schedule of Maturities Operating Leases	As of March 31, 2019, the Company’s operating leases have a weighted-average remaining lease term of 7.0 years and a weighted-average discount rate of 7.25%. The maturities of the operating lease liabilities are as follows: As of March 31, 2019 2019 $ 334,000 2020 615,000 2021 620,000 2022 634,000 2023 655,000 Thereafter 1,601,000 Total operating lease payments 4,459,000 Less imputed interest (1,029,000 ) Present value of operating lease liabilities $ 3,430,000
Schedule of Financing Lease Right-of-use Assets and Liabilities	The Company’s financing lease right-of-use assets are included in “Fixed assets, net” on the accompanying consolidated balance sheet. Financing lease right-of-use assets Initial measurement at January 1, 2019 $ 80,000 Less depreciation of financing lease right-of-use assets (16,000 ) Financing lease right-of-use assets at March 31, 2019 $ 64,000 Financing lease liabilities Initial measurement at January 1, 2019 $ 86,000 Less principal payments on financing lease liabilities (18,000 ) Financing lease liabilities as of March 31, 2019 68,000 Less non-current portion (36,000 ) Current portion at March 31, 2019 $ 32,000
Schedule of Maturities Financing Leases	The maturities of the financing lease liabilities are as follows: As of March 31, 2019 2019 $ 29,000 2020 23,000 2021 21,000 Total financing lease payments 73,000 Less imputed interest (5,000 ) Present value of financing lease liabilities $ 68,000

Basis of Presentation (Details

Basis of Presentation (Details Narrative)	3 Months Ended
	Mar. 31, 2019Number
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Number of venues	2,632
Percentage of entertainment network	85.00%

Revenue Recognition (Details Na

Revenue Recognition (Details Narrative)	Mar. 31, 2019
Buffalo Wild Wings [Member]
Owned percentage	46.00%

Revenue Recognition - Schedule

Revenue Recognition - Schedule of Revenue and Percentage of Revenue (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Revenue	$ 4,832	$ 5,761
Buffalo Wild Wings [Member]
Revenue	$ 1,936	$ 2,798
Percent of total revenue	40.00%	49.00%

Revenue Recognition - Schedul_2

Revenue Recognition - Schedule of Revenues Geographic Breakdown (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Total assets	$ 4,832	$ 5,761
United States [Member]
Total assets	4,661	5,592
Canada [Member]
Total assets	$ 171	$ 169

Revenue Recognition - Schedul_3

Revenue Recognition - Schedule of Contract Liabilities (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2019USD ($)
Revenue Recognition [Abstract]
Balance at January 1, 2019	$ 1,401
New performance obligations	260
Revenue recognized	(444)
Balance at March 31, 2019	1,217
Less non-current portion	(23)
Current portion at March 31, 2019	$ 1,194

Basic and Diluted Earnings Pe_2

Basic and Diluted Earnings Per Common Share (Details Narrative) - shares	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Earnings Per Share [Abstract]
Antidilutive shares excluded from earnings per share	262,000	288,000

Stockholders' Equity (Details N

Stockholders' Equity (Details Narrative) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Stock options to purchase shares of common stock
Restricted stock units vested and settled	4,000
Common stock issued, withholding taxes	3,000
Stock-based compensation	$ 59	$ 117
Restricted Stock Units [Member]
Number of shares granted	47,000	53,000
Weighted average grant-date fair value per share price	$ 3.72	$ 6.04
Restricted Stock Units [Member] | Six Month Anniversary [Member]
Number of restricted stock vesting, percentage		16.67%
Number of shares granted, description		During the three months ended March 31, 2019, the Company granted approximately 47,000 restricted stock units with a weighted average grant date fair value of $3.72 per restricted stock unit. During the three months ended March 31, 2018, the Company granted approximately 53,000 restricted stock units with a weighted average grant date fair value of $6.04 per restricted stock unit. All restricted stock units granted vest as to 16.67% of the total underlying shares on the six month anniversary of the grant date and as to the balance of the total underlying shares in 30 substantially equal monthly installments, beginning on the seven month anniversary of the grant date, subject to accelerated vesting in the event of a change in control.
Amended 2010 Performance Incentive Plan [Member]
Number of option available for grants	1,000
Share-based awards, expiration date	Feb. 29, 2020
Amended 2010 Performance Incentive Plan [Member] | Maximum [Member]
Number of option available for grants	240,000
2014 Inducement Plan [Member] | Maximum [Member] | New Employee [Member]
Number of option available for grants	85,000

Debt (Details Narrative)

Debt (Details Narrative) - USD ($) $ in Thousands	1 Months Ended
	Sep. 30, 2018	Mar. 31, 2019	Dec. 31, 2018
Long term debt current portion		$ 1,000	$ 1,000
Loan and Security Agreement [Member]
Term of the loan	48 months
Term loan	$ 4,000	3,500
Debt instrument monthly principal payments	83
Long term debt current portion		1,000
Remaining outstanding amount of loan		2,500
Debt issuance costs	23	$ 18
Facility fee	20
Minimum EBITDA	1,000
Aggregate amount of unrestricted cash to be maintained	$ 2,000

Leases (Details Narrative)

Leases (Details Narrative) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018	Jan. 02, 2019
Initial measurement of operating lease liabilities			$ 3,458
Net of tenant improvement allowances			$ 2,336
Operating leases weighted-average remaining lease term	7 years
Operating leases weighted-average discount rate lease	7.25%
Financing leases weighted-average remaining lease term	2 years 4 months 24 days
Financing leases weighted-average discount rate lease	5.51%
Financing lease cost	$ 22	$ 48
Selling, General and Administrative Expenses [Member]
Operarting lease expense	$ 135	$ 133

Leases - Schedule of Operating

Leases - Schedule of Operating Lease Right-of-use Assets and Liabilities (Details) - USD ($) $ in Thousands	Jan. 02, 2019	Mar. 31, 2019
Leases [Abstract]
Initial measurement at January 1, 2019	$ 3,458
Less tenant improvement allowance	(1,122)
Net right-of-use assets at January 1, 2019	$ 2,336	$ 2,336
Less amortization of operating lease right-of-use assets		(72)
Operating lease right-of-use assets at March 31, 2019		2,264
Initial measurement at January 1, 2019		3,458
Less principal payments on operating lease liabilities		(28)
Operating lease liabilities at March 31, 2019		3,430
Less non-current portion		(3,186)
Current portion at March 31, 2019		$ 244

Leases - Schedule of Maturities

Leases - Schedule of Maturities Operating Leases (Details) - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018
Leases [Abstract]
2019	$ 334
2020	615
2021	620
2022	634
2023	655
Thereafter	1,601
Total operating lease payments	4,459
Less imputed interest	(1,029)
Present value of operating lease liabilities	$ 3,430	$ 3,458

Leases - Schedule of Financing

Leases - Schedule of Financing Lease Right-of-use Assets and Liabilities (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2019USD ($)
Leases [Abstract]
Initial measurement at January 1, 2019	$ 80
Less depreciation of financing lease right-of-use assets	(16)
Financing lease right-of-use assets at March 31, 2019	64
Initial measurement at January 1, 2019	86
Less principal payments on financing lease liabilities	(18)
Financing lease liabilities as of March 31, 2019	68
Less non-current portion	(36)
Current portion at March 31, 2019	$ 32

Leases - Schedule of Maturiti_2

Leases - Schedule of Maturities Financing Leases (Details) - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018
Leases [Abstract]
2019	$ 29
2020	23
2021	21
Total financing lease payments	73
Less imputed interest	(5)
Present value of financing lease liabilities	$ 68	$ 86

Accumulated Other Comprehensi_2

Accumulated Other Comprehensive Income (Details Narrative) - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018
Shareholders' Equity
Accumulated foreign currency translation adjustments	$ 233	$ 200