Ark Restaurants (ARKR) 10-Q 14 Feb 23 2023 Q1 Quarterly report Financial data

Cover

Cover - shares	3 Months Ended
	Dec. 31, 2022	Feb. 10, 2023
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Dec. 31, 2022
Document Transition Report	false
Entity File Number	1-09453
Entity Registrant Name	ARK RESTAURANTS CORP.
Entity Incorporation, State or Country Code	NY
Entity Tax Identification Number	13-3156768
Entity Address, Address Line One	85 Fifth Avenue,
Entity Address, City or Town	New York,
Entity Address, State or Province	NY
Entity Address, Postal Zip Code	10003
City Area Code	212
Local Phone Number	206-8800
Title of 12(b) Security	Common Stock, par value $.01 per share
Trading Symbol	ARKR
Security Exchange Name	NASDAQ
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
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		3,600,407
Amendment Flag	false
Entity Central Index Key	0000779544
Current Fiscal Year End Date	--09-30
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q1

CONSOLIDATED CONDENSED BALANCE

CONSOLIDATED CONDENSED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2022	Oct. 01, 2022
CURRENT ASSETS:
Cash and cash equivalents (includes $790 at December 31, 2022 and $834 at October 1, 2022 related to VIEs)	$ 19,427	$ 23,439
Certificate of deposit, plus accrued interest	5,044	5,021
Accounts receivable (includes $151 at December 31, 2022 and $140 at October 1, 2022 related to VIEs)	4,188	3,185
Employee receivables	394	440
Inventories (includes $38 at December 31, 2022 and October 1, 2022 related to VIEs)	3,453	3,707
Prepaid and refundable income taxes (includes $278 at December 31, 2022 and October 1, 2022 related to VIEs)	1,675	1,778
Prepaid expenses and other current assets (includes $9 at December 31, 2022 and $17 at October 1, 2022 related to VIEs)	1,255	1,523
Total current assets	35,436	39,093
FIXED ASSETS - Net (includes $216 at December 31, 2022 and $212 at October 1, 2022 related to VIEs)	34,448	34,682
OPERATING LEASE RIGHT-OF-USE ASSETS - Net (includes $2,008 at December 31, 2022 and $2,076 at October 1, 2022 related to VIEs)	99,720	101,720
INTANGIBLE ASSETS - Net	270	272
GOODWILL	17,440	17,440
TRADEMARKS	4,220	4,220
DEFERRED INCOME TAXES	3,109	3,118
INVESTMENT IN AND RECEIVABLE FROM NEW MEADOWLANDS RACETRACK	6,476	6,465
OTHER ASSETS (includes $11 at December 31, 2022 and October 1, 2022 related to VIEs)	2,514	2,524
Total assets	203,633	209,534
CURRENT LIABILITIES:
Accounts payable - trade (includes $85 at December 31, 2022 and $135 at October 1, 2022 related to VIEs)	4,746	4,466
Accrued expenses and other current liabilities (includes $369 at December 31, 2022 and $417 at October 1, 2022 related to VIEs)	12,331	16,312
Current portion of operating lease liabilities (includes $278 at December 31, 2022 and $272 at October 1, 2022 related to VIEs)	7,866	7,530
Current portion of notes payable	5,643	6,575
Total current liabilities	30,586	34,883
OPERATING LEASE LIABILITIES, LESS CURRENT PORTION (includes $1,850 at December 31, 2022 and $1,921 at October 1, 2022 related to VIEs)	95,419	97,444
NOTES PAYABLE, LESS CURRENT PORTION	15,979	17,089
Total liabilities	141,984	149,416
COMMITMENTS AND CONTINGENCIES
EQUITY:
Common stock, par value $0.01 per share - authorized, 10,000 shares; issued and outstanding, 3,600 shares at December 31, 2022 and October 1, 2022	36	36
Additional paid-in capital	15,572	15,493
Retained earnings	45,546	44,271
Total Ark Restaurants Corp. shareholders’ equity	61,154	59,800
NON-CONTROLLING INTERESTS	495	318
TOTAL EQUITY	61,649	60,118
TOTAL LIABILITIES AND EQUITY	$ 203,633	$ 209,534

CONSOLIDATED CONDENSED BALANC_2

CONSOLIDATED CONDENSED BALANCE SHEETS (Parentheticals) - USD ($) shares in Thousands, $ in Thousands	Dec. 31, 2022	Oct. 01, 2022
Cash and cash equivalents	$ 19,427	$ 23,439
Accounts receivable	4,188	3,185
Inventories	3,453	3,707
Prepaid and refundable income taxes	1,675	1,778
Prepaid expenses and other current assets	1,255	1,523
Fixed assets - net	34,448	34,682
Operating lease right-of-use asset	99,720	101,720
Other assets	2,514	2,524
Accounts payable - trade	4,746	4,466
Accrued expenses and other current liabilities	12,331	16,312
Current portion of operating lease liabilities	7,866	7,530
Operating lease liabilities, less current portion	$ 95,419	$ 97,444
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, authorized (in shares)	10,000	10,000
Common stock, issued (in shares)	3,600	3,600
Common stock, outstanding (in shares)	3,600	3,600
Variable Interest Entity, Primary Beneficiary
Cash and cash equivalents	$ 790	$ 834
Accounts receivable	151	140
Inventories	38	38
Prepaid and refundable income taxes	278	278
Prepaid expenses and other current assets	9	17
Fixed assets - net	216	212
Operating lease right-of-use asset	2,008	2,076
Other assets	11	11
Accounts payable - trade	85	135
Accrued expenses and other current liabilities	369	417
Current portion of operating lease liabilities	278	272
Operating lease liabilities, less current portion	$ 1,850	$ 1,921

CONSOLIDATED CONDENSED STATEMEN

CONSOLIDATED CONDENSED STATEMENTS OF INCOME (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Dec. 31, 2022	Jan. 01, 2022
REVENUES:
Total revenues	$ 47,445	$ 43,986
COSTS AND EXPENSES:
Payroll expenses	16,522	14,241
Other operating costs and expenses	5,932	5,138
General and administrative expenses	3,137	2,963
Depreciation and amortization	1,033	1,079
Total costs and expenses	45,242	41,195
OPERATING INCOME	2,203	2,791
OTHER (INCOME) EXPENSE:
Interest expense	429	285
Interest income	(90)	(10)
Other income	0	(222)
Gain on forgiveness of PPP Loans	(272)	0
Total other (income) expense, net	67	53
INCOME BEFORE PROVISION FOR INCOME TAXES	2,136	2,738
Provision for income taxes	114	309
CONSOLIDATED NET INCOME	2,022	2,429
Net income attributable to non-controlling interests	(297)	(220)
NET INCOME ATTRIBUTABLE TO ARK RESTAURANTS CORP.	$ 1,725	$ 2,209
NET INCOME ATTRIBUTABLE TO ARK RESTAURANTS CORP. PER COMMON SHARE:
Basic (in dollars per share)	$ 0.48	$ 0.62
Diluted (in dollars per share)	$ 0.47	$ 0.61
WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING:
Basic (in shares)	3,600	3,551
Diluted (in shares)	3,648	3,597
Food and beverage sales
REVENUES:
Total revenues	$ 46,539	$ 43,237
COSTS AND EXPENSES:
Cost of goods and services sold	12,435	12,542
Other revenue
REVENUES:
Total revenues	906	749
Occupancy expenses
COSTS AND EXPENSES:
Cost of goods and services sold	$ 6,183	$ 5,232

CONSOLIDATED CONDENSED STATEM_2

CONSOLIDATED CONDENSED STATEMENTS OF CHANGES IN EQUITY (Unaudited) - USD ($) shares in Thousands, $ in Thousands	Total	Total Ark Restaurants Corp. Shareholders’ Equity	Common Stock	Additional Paid-In Capital	Retained Earnings	Non- controlling Interests
Beginning balance (in shares) at Oct. 02, 2021			3,551
Beginning balance at Oct. 02, 2021	$ 51,452	$ 50,412	$ 36	$ 14,492	$ 35,884	$ 1,040
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	2,429	2,209			2,209	220
Stock-based compensation	74	74		74
Distributions to non-controlling interests	(529)					(529)
Ending balance (in shares) at Jan. 01, 2022			3,551
Ending balance at Jan. 01, 2022	$ 53,426	52,695	$ 36	14,566	38,093	731
Beginning balance (in shares) at Oct. 01, 2022	3,600		3,600
Beginning balance at Oct. 01, 2022	$ 60,118	59,800	$ 36	15,493	44,271	318
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	2,022	1,725			1,725	297
Stock-based compensation	79	79		79
Distributions to non-controlling interests	(120)					(120)
Dividends paid - $0.125 per share	$ (450)	(450)			(450)
Ending balance (in shares) at Dec. 31, 2022	3,600		3,600
Ending balance at Dec. 31, 2022	$ 61,649	$ 61,154	$ 36	$ 15,572	$ 45,546	$ 495

CONSOLIDATED CONDENSED STATEM_3

CONSOLIDATED CONDENSED STATEMENTS OF CHANGES IN EQUITY (Unaudited) (Parentheticals) - $ / shares		3 Months Ended
	Nov. 09, 2022	Dec. 31, 2022
Statement of Stockholders' Equity [Abstract]
Dividends paid (in USD per share)	$ 0.125	$ 0.125

CONSOLIDATED CONDENSED STATEM_4

CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Dec. 31, 2022	Jan. 01, 2022
CASH FLOWS FROM OPERATING ACTIVITIES:
Consolidated net income	$ 2,022	$ 2,429
Adjustments to reconcile consolidated net income to net cash provided by (used in) operating activities:
Stock-based compensation	79	74
Gain on forgiveness of PPP Loans	(272)	0
Deferred income taxes	9	180
Depreciation and amortization	1,033	1,079
Amortization of operating lease assets	311	153
Amortization of deferred financing costs	12	12
Changes in operating assets and liabilities:
Accounts receivable	(1,003)	104
Inventories	254	(915)
Prepaid, refundable and accrued income taxes	103	121
Prepaid expenses and other current assets	268	1,151
Other assets	10	16
Accounts payable - trade	280	(80)
Accrued expenses and other current liabilities	(3,975)	(462)
Net cash provided by (used in) operating activities	(903)	3,852
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchases of fixed assets	(797)	(449)
Loans and advances made to employees	(14)	(11)
Payments received on employee receivables	60	52
Net cash used in investing activities	(751)	(408)
CASH FLOWS FROM FINANCING ACTIVITIES:
Principal payments on notes payable	(1,257)	(1,919)
Principal payments on PPP Loans	(531)	0
Dividends paid	(450)	0
Distributions to non-controlling interests	(120)	(529)
Net cash used in financing activities	(2,358)	(2,448)
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS	(4,012)	996
CASH AND CASH EQUIVALENTS, Beginning of period	23,439	19,171
CASH AND CASH EQUIVALENTS, End of period	19,427	20,167
Cash paid during the period for:
Interest	416	263
Income taxes	2	8
Certificates of Deposit
Adjustments to reconcile consolidated net income to net cash provided by (used in) operating activities:
Accrued interest on note receivable from NMR	(23)	0
Notes Receivable
Adjustments to reconcile consolidated net income to net cash provided by (used in) operating activities:
Accrued interest on note receivable from NMR	$ (11)	$ (10)

BASIS OF PRESENTATION AND SIGNI

BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES	3 Months Ended
	Dec. 31, 2022
Accounting Policies [Abstract]
BASIS OF PRESENTATION AND CRITICAL ACCOUNTING POLICIES	BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES The consolidated condensed balance sheet as of October 1, 2022, which has been derived from the audited consolidated financial statements included in the Company’s annual report on Form 10-K for the year ended October 1, 2022 (“Form 10-K”), and the unaudited interim consolidated condensed financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information and pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”). Accordingly, certain information and footnote disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted. All adjustments that, in the opinion of management are necessary for a fair presentation for the periods presented, have been reflected as required by Article 10 of Regulation S-X. Such adjustments are of a normal, recurring nature. These consolidated condensed financial statements should be read in conjunction with the consolidated financial statements and notes thereto included in the Form 10-K. COVID-19 PANDEMIC AND INFLATION — Recent global events, including the COVID-19 pandemic ("COVID-19"), have adversely affected global economies, disrupted global supply chains and labor force participation and created significant volatility and disruption of financial markets. As a result, we experienced significant and variable disruptions to our business as federal, state and local restrictions were mandated, among other remedial measures, to mitigate the spread of the COVID-19 virus. While restrictions on the type of permitted operating model and occupancy capacity may continue to change, during fiscal 2022 all of our restaurants operated with no restrictions, other than in New York City where customers were required to show proof of vaccination through November 1, 2022. In addition to the associated impacts of COVID-19, our operating results have been impacted by geopolitical and other macroeconomic factors, leading to increased commodity and wage inflation and other increased costs. The ongoing effects of COVID-19 and its variants, along with other geopolitical and macroeconomic events, could lead to further government mandates, including but not limited to capacity restrictions, shifts in consumer behavior, wage inflation, staffing challenges, product and services cost inflation and disruptions in our supply chain. If these factors significantly impact our cash flow in the future, we may again implement mitigation actions such as suspending dividends, increasing borrowings or modifying our operating strategies. Some of these measures may have an adverse impact on our business, including possible impairments of assets. PRINCIPLES OF CONSOLIDATION — The consolidated condensed financial statements include the accounts of Ark Restaurants Corp. and all of its wholly-owned subsidiaries, partnerships and other entities in which it has a controlling interest, collectively herein referred to as the “Company”. Also included in the consolidated condensed financial statements are certain variable interest entities (“VIEs”). All significant intercompany balances and transactions have been eliminated in consolidation. USE OF ESTIMATES — The preparation of financial statements in conformity with GAAP requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities, and disclosure of contingent assets and liabilities, at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. The accounting estimates that require management’s most difficult and subjective judgments include: projected cash flows, allowances for potential bad debts on receivables, assumptions regarding discount rates related to lease accounting, the useful lives and recoverability of its long-lived assets, such as property, right-of-use assets and intangibles, fair values of financial instruments and share-based compensation, estimates made in connection with acquisitions and impairment analyses, the realizable value of its tax assets and determining when investment impairments are other-than-temporary. Because of the uncertainty in such estimates, actual results may differ from these estimates. The results of operations for the 13 weeks ended December 31, 2022 are not necessarily indicative of the results to be expected for any other interim period or for the year ending September 30, 2023. NON-CONTROLLING INTERESTS — Non-controlling interests represent capital contributions, income and loss attributable to the shareholders of less than wholly-owned and consolidated entities. SEASONALITY — The Company has substantial fixed costs that do not decline proportionally with sales. Although our business is highly seasonal, our broader geographical reach as a result of recent acquisitions mitigates some of the risk. For instance, the second quarter of our fiscal year, consisting of the non-holiday portion of the cold weather season in New York and Washington, D.C. (January, February and March), is the poorest performing quarter; however, in recent years this has been partially offset by our locations in Florida as they experience increased results in the winter months. We generally achieve our best results during the warm weather, attributable to our extensive outdoor dining availability, particularly at Bryant Park in New York and Sequoia in Washington, D.C. (our largest restaurants) and our outdoor cafes. However, even during summer months these facilities can be adversely affected by unusually cool or rainy weather conditions. Our facilities in Las Vegas are indoor and generally operate on a more consistent basis throughout the year. FAIR VALUE OF FINANCIAL INSTRUMENTS — Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Fair value is estimated by applying a fair value hierarchy, which requires maximizing the use of observable inputs when measuring fair value. The three levels of inputs are: • Level 1: Quoted prices (unadjusted) for identical assets or liabilities in active markets that the entity has the ability to access as of the measurement date. • Level 2: Significant other observable inputs other than Level 1 prices such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data. • Level 3: Significant unobservable inputs that reflect a reporting entity’s own assumptions about the assumptions that market participants would use in pricing an asset or liability. The carrying amount of cash and cash equivalents, receivables, accounts payable and accrued expenses approximate fair value due to the immediate or short-term maturity of these financial instruments. The fair values of notes receivable and payable and Paycheck Protection Program loans are determined using current applicable rates for similar instruments as of the balance sheet date and approximate the carrying value of such debt instruments. Certificates of deposit, which are considered Level 2 assets, are valued at original cost plus accrued interest, which approximates fair value. CASH AND CASH EQUIVALENTS — Cash and cash equivalents include cash on hand, deposits with banks and highly liquid investments generally with original maturities of three months or less. Outstanding checks in excess of account balances, typically vendor payments, payroll and other contractual obligations disbursed after the last day of a reporting period are reported as a current liability in the accompanying consolidated condensed balance sheets. CONCENTRATIONS OF CREDIT RISK — Financial instruments that potentially subject the Company to concentrations of credit risk consist primarily of cash and cash equivalents and accounts receivable. The Company reduces credit risk by placing its cash and cash equivalents with major financial institutions with high credit ratings. At times, such amounts may exceed federally insured limits. Accounts receivable are primarily comprised of normal business receivables, such as credit card receivables, that are collected in a short period of time and amounts due from the hotel operators where the Company has a location, and are recorded upon satisfaction of the performance obligation. The Company reviews the collectability of its receivables on an ongoing basis and has not provided for an allowance as it considers all of the counterparties will be able to meet their obligation. The concentration of credit risk with respect to accounts receivable is generally limited due to the short payment terms extended by the Company and the number of customers comprising the Company’s customer base. As of December 31, 2022, the Company had accounts receivable balances due from one hotel operator totaling 41% of total accounts receivable. As of October 1, 2022, the Company had accounts receivable balances due from two hotel operators totaling 54% of total accounts receivable. For the 13-week periods ended December 31, 2022 and January 1, 2022, the Company did not make purchases from any one vendor that accounted for more than 10% of total purchases. As of December 31, 2022 and October 1, 2022, all debt outstanding, other than Paycheck Protection Program loans and the note payable to the sellers of the Blue Moon Fish Company , is with one lender (see Note 8 – Notes Payable). GOODWILL AND TRADEMARKS — Goodwill and trademarks are not amortized, but are subject to impairment analysis. We assess the potential impairment of goodwill and trademarks annually (at the end of our fourth quarter) and on an interim basis whenever events or changes in circumstances indicate that the carrying value may not be recoverable. If we determine through the impairment review process that goodwill or trademarks are impaired, we record an impairment charge in our consolidated condensed statements of income. The Company did not record any impairment to its goodwill or trademarks during the 13 weeks ended December 31, 2022 and January 1, 2022, respectively. It is possible that impairments could be identified in future periods, and such amounts could be material. LONG-LIVED AND RIGHT-OF-USE ASSETS — Long-lived assets, such as property, plant and equipment, purchased intangibles subject to amortization, and right-of-use assets ("ROU assets") are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. In the evaluation of the fair value and future benefits of long-lived assets, the Company performs an analysis of the anticipated undiscounted future net cash flows of the related long-lived assets. If the carrying value of the related asset exceeds the undiscounted cash flows, the carrying value is reduced to its fair value. Various factors including estimated future sales growth and estimated profit margins are included in this analysis. The Company considers a triggering event related to long-lived assets or ROU assets in a net asset position to have occurred related to a specific restaurant if the restaurant’s cash flows for the last 12 months are less than a minimum threshold or if consistent levels of undiscounted cash flows for the remaining lease period are less than the carrying value of the restaurant’s assets. Additionally, the Company considers a triggering event related to ROU assets to have occurred related to a specific lease if the location has been subleased and future estimated sublease income is less than current lease payments. If the Company concludes that the carrying value of certain long-lived and ROU assets will not be recovered based on expected undiscounted future cash flows, an impairment loss is recorded to reduce the long-lived or ROU assets to their estimated fair value. The fair value is measured on a nonrecurring basis using unobservable (Level 3) inputs. There is uncertainty in the projected undiscounted future cash flows used in the Company's impairment review analysis, which requires the use of estimates and assumptions. If actual performance does not achieve the projections, or if the assumptions used change in the future, the Company may be required to recognize impairment charges in future periods, and such charges could be material. Based on the results of this analysis, no impairment charges were recognized related to long-lived assets and ROU assets during the 13 weeks ended December 31, 2022 and January 1, 2022. Given the inherent uncertainty in projecting results of restaurants under the current circumstances, particularly taking into account the projected impact of the COVID-19 pandemic, the Company is monitoring the recoverability of the carrying value of the assets of several restaurants on an ongoing basis. For these restaurants, if expected performance is not realized, an impairment charge may be recognized in future periods, and such charge could be material. REVENUE RECOGNITION — We recognize revenue upon the satisfaction of our performance obligation by transferring control over a product or service to a restaurant guest or other customer. Revenues from restaurant operations are presented net of discounts, coupons, employee meals and complimentary meals and recognized when food, beverage and retail products are sold. Sales tax collected from customers is excluded from sales and the obligation is included in sales tax payable until the taxes are remitted to the appropriate taxing authorities. Catering service revenue is generated through contracts with customers whereby the customer agrees to pay a contract rate for the service. Revenues from catered events are recognized in income upon satisfaction of the performance obligation (the date the event is held) and all customer payments, including nonrefundable upfront deposits, are deferred as a contract liability until such time. We recognized $5,583,000 and $3,213,000 in catering services revenue for the 13-week periods ended December 31, 2022 and January 1, 2022, respectively. Unearned revenue, which is included in accrued expenses and other current liabilities on the consolidated condensed balance sheets as of December 31, 2022 and October 1, 2022 was $3,325,000 and $5,534,000, respectively. Revenues from gift cards are deferred and recognized upon redemption. Deferrals are not reduced for potential non-use as we generally have a legal obligation to remit the value of unredeemed gift cards to the relevant jurisdictions in which they are sold. As of December 31, 2022 and October 1, 2022, the total liability for gift cards in the amounts of approximately $430,000 and $309,000, respectively, are included in accrued expenses and other current liabilities in the consolidated condensed balance sheets. Other revenues include purchase service fees which represent commissions earned by a subsidiary of the Company for providing services to other restaurant groups, as well as license fees, property management fees and other rentals. LEASES — We determine if an arrangement contains a lease at inception. An arrangement contains a lease if it implicitly or explicitly identifies an asset to be used and conveys the right to control the use of the identified asset in exchange for consideration. As a lessee, we include operating leases in Operating lease right-of-use assets and Operating lease liabilities in our consolidated condensed balance sheets. Right-of-use assets represent our right to use an underlying asset for the lease term and lease liabilities represent our obligation to make lease payments arising from the lease. Operating lease right-of-use assets and liabilities are recognized upon commencement of the lease based on the present value of the lease payments over the lease term. As most of our leases do not provide an implicit interest rate, we use our incremental borrowing rate based on the information available at commencement date to determine the present value of lease payments. Our lease terms may include options to extend or terminate the lease. Options are included when it is reasonably certain that we will exercise that option. Lease expense for lease payments is recognized on a straight-line basis over the lease term. Amendments or modifications to lease terms are accounted for as variable lease payments. Leases with a lease term of 12 months or less are accounted for using the practical expedient which allows for straight-line rent expense over the remaining term of the lease.

VARIABLE INTEREST ENTITIES

VARIABLE INTEREST ENTITIES	3 Months Ended
	Dec. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
VARIABLE INTEREST ENTITIES	VARIABLE INTEREST ENTITIES The Company consolidates any variable interest entities in which it holds a variable interest and is the primary beneficiary. Generally, a variable interest entity, or VIE, is an entity with one or more of the following characteristics: (a) the total equity investment at risk is not sufficient to permit the entity to finance its activities without additional subordinated financial support; (b) as a group the holders of the equity investment at risk lack (i) the ability to make decisions about an entity’s activities through voting or similar rights, (ii) the obligation to absorb the expected losses of the entity, or (iii) the right to receive the expected residual returns of the entity; or (c) the equity investors have voting rights that are not proportional to their economic interests and substantially all of the entity’s activities either involve, or are conducted on behalf of, an investor that has disproportionately few voting rights. The primary beneficiary of a VIE is generally the entity that has (a) the power to direct the activities of the VIE that most significantly impact the VIE’s economic performance, and (b) the obligation to absorb losses or the right to receive benefits that could potentially be significant to the VIE. The Company has determined that it is the primary beneficiary of three VIEs and, accordingly, consolidates the financial results of these entities. Following are the assets and liabilities of the Company’s consolidated VIEs: December 31, October 1, (in thousands) Cash and cash equivalents $ 790 $ 834 Accounts receivable 151 140 Inventories 38 38 Prepaid and refundable income taxes 278 278 Prepaid expenses and other current assets 9 17 Due from Ark Restaurants Corp. and affiliates (1) 396 400 Fixed assets - net 216 212 Operating lease right-of-use assets - net 2,008 2,076 Other assets 11 11 Total assets $ 3,897 $ 4,006 Accounts payable - trade $ 85 $ 135 Accrued expenses and other current liabilities 369 417 Current portion of operating lease liabilities 278 272 Operating lease liabilities, less current portion 1,850 1,921 Notes payable, less current portion — — Total liabilities 2,582 2,745 Equity of variable interest entities 1,315 1,261 Total liabilities and equity $ 3,897 $ 4,006 (1) Amounts Due from and to Ark Restaurants Corp. and affiliates are eliminated upon consolidation.

RECENT RESTAURANT EXPANSION AND

RECENT RESTAURANT EXPANSION AND OTHER DEVELOPMENTS	3 Months Ended
	Dec. 31, 2022
Business Combination and Asset Acquisition [Abstract]
RECENT RESTAURANT EXPANSION AND OTHER DEVELOPMENTS	RECENT RESTAURANT EXPANSION AND OTHER DEVELOPMENTS On April 8, 2022, the Company extended its lease for Gallagher's Steakhouse at the New York-New York Hotel and Casino in Las Vegas, NV through December 31, 2032. In connection with the extension, the Company has agreed to spend a minimum of $1,500,000 (of which approximately $500,000 has been spent to date) to materially refresh the premises by April 30, 2023 (as extended from September 30, 2022 due to supply chain issues), subject to various extensions as set out in the agreement. On June 24, 2022, the Company extended its lease for America at the New York-New York Hotel and Casino in Las Vegas, NV through December 31, 2033. In connection with the extension, the Company has agreed to spend a minimum of $4,000,000 to materially refresh the premises by December 31, 2024, subject to various extensions as set out in the agreement. On July 21, 2022, the Company extended its lease for the Village Eateries at the New York-New York Hotel and Casino in Las Vegas, NV through December 31, 2034. As part of this extension, the Broadway Burger Bar and Grill and Gonzalez y Gonzalez, were carved out of the Village Eateries footprint and the extended date for those two locations is December 31, 2033. In connection with the extension, the Company has agreed to spend a minimum of $3,500,000 to materially refresh all three of these premises by June 30, 2023, subject to various extensions as set out in the agreement.

RECENT RESTAURANT DISPOSITIONS

RECENT RESTAURANT DISPOSITIONS	3 Months Ended
	Dec. 31, 2022
Recent Restaurant Dispositions [Abstract]
RECENT RESTAURANT DISPOSITIONS	RECENT RESTAURANT DISPOSITIONS On July 5, 2022, the Company terminated its lease for Lucky 7

INVESTMENT IN AND RECEIVABLE FR

INVESTMENT IN AND RECEIVABLE FROM NEW MEADOWLANDS RACETRACK	3 Months Ended
	Dec. 31, 2022
Equity Method Investments and Joint Ventures [Abstract]
INVESTMENT IN AND RECEIVABLE FROM NEW MEADOWLANDS RACETRACK	INVESTMENT IN AND RECEIVABLE FROM NEW MEADOWLANDS RACETRACK On March 12, 2013, the Company made a $4,200,000 investment in the New Meadowlands Racetrack LLC (“NMR”) through its purchase of a membership interest in Meadowlands Newmark, LLC, an existing member of NMR with a then 63.7% ownership interest. On November 19, 2013, the Company invested an additional $464,000 in NMR through the purchase of an additional membership interest in Meadowlands Newmark, LLC resulting in a total ownership of 11.6% of Meadowlands Newmark, LLC, and an effective ownership interest in NMR as of December 31, 2022 and October 1, 2022 of,7.4%, subject to dilution. In 2015, the Company invested an additional $222,000 in NMR and in February 2017, the Company invested an additional $222,000 in NMR, both as a result of capital calls with no change in ownership, bringing its total investment to $5,108,000. The Company accounts for this investment at cost, less impairment, adjusted for subsequent observable price changes in accordance with ASU No. 2016-01. There are no observable prices for this investment. During the 13 weeks ended December 31, 2022, the Company did not receive any distributions from NMR. During the 13 weeks ended January 1, 2022, the Company received distributions of $222,000 from NMR, which have been recorded as other income in the consolidated condensed statements of income. The Company evaluated its investment in NMR for impairment and concluded that its fair value exceeds the carrying value. Accordingly, the Company did not record any impairment during the 13 weeks ended December 31, 2022 and January 1, 2022. Any future changes in the carrying value of our investment in NMR will be reflected in earnings. In addition to the Company’s ownership interest in NMR through Meadowlands Newmark, LLC, if casino gaming is approved at the Meadowlands and NMR is granted the right to conduct said gaming, neither of which can be assured, the Company shall be granted the exclusive right to operate the food and beverage concessions in the gaming facility with the exception of one restaurant. In conjunction with this investment, the Company, through a 97% owned subsidiary, Ark Meadowlands LLC (“AM VIE”), also entered into a long-term agreement with NMR for the exclusive right to operate food and beverage concessions serving the new raceway facilities (the “Racing F&B Concessions”) located in the new raceway grandstand constructed at the Meadowlands Racetrack in northern New Jersey. Under the agreement, NMR is responsible to pay for the costs and expenses incurred in the operation of the Racing F&B Concessions, and all revenues and profits thereof inure to the benefit of NMR. AM VIE receives an annual fee equal to 5% of the net profits received by NMR from the Racing F&B Concessions during each calendar year. AM VIE is a variable interest entity; however, based on qualitative consideration of the contracts with AM VIE, the operating structure of AM VIE, the Company’s role with AM VIE, and that the Company is not obligated to absorb expected losses of AM VIE, the Company has concluded that it is not the primary beneficiary and not required to consolidate the operations of AM VIE. The Company’s maximum exposure to loss as a result of its involvement with AM VIE is limited to any receivable from AM VIE’s primary beneficiary (NMR). As of December 31, 2022 and October 1, 2022, $18,000 and $22,000 were due to AM VIE by NMR.

ACCRUED EXPENSES AND OTHER CURR

ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES	3 Months Ended
	Dec. 31, 2022
Payables and Accruals [Abstract]
ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES	ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES Accrued expenses and other current liabilities consist of the following: December 31, October 1, (In thousands) Sales tax payable $ 1,002 $ 916 Accrued wages and payroll related costs 4,595 5,517 Customer advance deposits 3,325 5,534 Accrued occupancy and other operating expenses 3,409 4,345 $ 12,331 $ 16,312

LEASES

LEASES	3 Months Ended
	Dec. 31, 2022
Leases [Abstract]
LEASES	LEASES Other than locations where we own the underlying property, we lease our restaurant locations as well as our corporate office under various non-cancelable real estate lease agreements that expire on various dates through 2046. We evaluate whether we control the use of the asset, which is determined by assessing whether we obtain substantially all economic benefits from the use of the asset, and whether we have the right to direct the use of the asset. If these criteria are met and we have identified a lease, we account for the contract under the requirements of ASC Topic 842. Upon taking possession of a leased asset, we determine its classification as an operating or finance lease. All of our real estate leases are classified as operating leases. We do not have any finance leases as of December 31, 2022. Generally, our real estate leases have initial terms ranging from 10 to 25 years and typically include renewal options. Renewal options are recognized as part of the ROU assets and lease liabilities if it is reasonably certain at the date of adoption that we would exercise the options to extend the lease. Our real estate leases typically provide for fixed minimum rent payments and/or contingent rent payments based upon sales in excess of specified thresholds. When the achievement of such sales thresholds are deemed to be probable, variable lease expense is accrued in proportion to the sales recognized during the period. For operating leases that include rent holidays and rent escalation clauses, we recognize lease expense on a straight-line basis over the lease term from the date we take possession of the leased property. We record the straight-line lease expense and any contingent rent, if applicable, in occupancy expenses in the consolidated condensed statements of income. Many of our real estate leases also require us to pay real estate taxes, common area maintenance costs and other occupancy costs (“non-lease components”) which are included in occupancy related expenses in the consolidated condensed statements of income. Our lease agreements do not contain any material residual value guarantees or material restrictive covenants. As there were no explicit rates provided in our leases, we used our incremental borrowing rate based on the information available at commencement date in determining the present value of lease payments. The components of lease expense in the consolidated condensed statements of income are as follows: 13 Weeks Ended December 31, January 1, (In thousands) Operating lease expense - occupancy expenses (1) $ 3,528 $ 2,273 Occupancy lease expense - general and administrative expenses 114 93 Variable lease expense 1,357 1,897 Total lease expense $ 4,999 $ 4,263 _________________________________ (1) Includes short-term leases, which are immaterial. Supplemental cash flow information related to leases: 13 Weeks Ended December 31, January 1, (In thousands) Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows related to operating leases $ 5,171 $ 3,592 The weighted average remaining lease terms and discount rates as of December 31, 2022 are as follows: Weighted Average Weighted Average Operating leases 12.3 years 6.1 % The annual maturities of our lease liabilities as of December 31, 2022 are as follows: Operating Fiscal Year Ending (In thousands) September 30, 2023 $ 10,421 September 28, 2024 14,023 September 27, 2025 12,995 October 3, 2026 11,867 October 2, 2027 11,547 Thereafter 85,915 Total future lease commitments 146,768 Less imputed interest (43,483) Present value of lease liabilities $ 103,285

NOTES PAYABLE

NOTES PAYABLE	3 Months Ended
	Dec. 31, 2022
Notes Payable [Abstract]
NOTES PAYABLE	NOTES PAYABLE Notes payable consist of the following: December 31, October 1, (In thousands) Promissory Note - Rustic Inn purchase $ 3,116 $ 3,187 Promissory Note - Shuckers purchase 3,570 3,655 Promissory Note - Oyster House purchase 2,719 2,873 Promissory Note - JB's on the Beach purchase 3,500 3,750 Promissory Note - Sequoia renovation 1,600 1,714 Promissory Note - Revolving Facility 6,666 7,166 Promissory Note - Blue Moon Fish Company (see Note 3) 504 587 Paycheck Protection Program Loans — 797 21,675 23,729 Less: Current maturities (5,643) (6,575) Less: Unamortized deferred financing costs (53) (65) Long-term portion $ 15,979 $ 17,089 Notes Payable - Bank On June 1, 2018, the Company refinanced (the "Refinancing") its then existing indebtedness with its current lender, Bank Hapoalim B.M. (“BHBM”), by entering into an amended and restated credit agreement (the “Revolving Facility”), which was to mature on May 19, 2022 (as extended). The Revolving Facility provided for total availability of the lesser of (i) $10,000,000 and (ii) $35,000,000 less the then aggregate amount of all indebtedness and obligations to BHBM. On July 26, 2021, all outstanding borrowings under the Revolving Facility, in the amount of $9,666,000, were converted to a promissory note with quarterly principal payments of $500,000 commencing on September 1, 2021, with a balloon payment of $2,166,000 on June 1, 2025. Such note bears interest at LIBOR plus 3.5% per annum. We expect that the LIBOR rate will be discontinued by June 30, 2023 and will continue to work with BHBM to identify a suitable replacement rate and amend our debt agreements to reflect this new reference rate accordingly. We do not expect the discontinuation of LIBOR as a reference rate in our debt agreements to have a material adverse effect on our financial position or materially affect our interest expense. The Revolving Facility also requires, among other things, that the Company meet minimum quarterly tangible net worth amounts, maintain a minimum fixed charge coverage ratio and meet minimum annual net income amounts. The Revolving Facility contains customary representations, warranties and affirmative covenants as well as customary negative covenants, subject to negotiated exceptions on liens, relating to other indebtedness, capital expenditures, liens, affiliate transactions, disposal of assets and certain changes in ownership. Borrowings under the Revolving Facility are secured by all tangible and intangible personal property (including accounts receivable, inventory, equipment, general intangibles, documents, chattel paper, instruments, letter-of-credit rights, investment property, intellectual property and deposit accounts) and fixtures of the Company. In connection with the Refinancing, the Company also amended the principal amounts and payment terms of its outstanding term notes with BHBM as follows: • Promissory Note – Rustic Inn purchase – The principal amount of $4,400,000, which is secured by a mortgage on the Rustic Inn real estate, is payable in 27 equal quarterly installments of $71,333, commencing on September 1, 2018, with a balloon payment of $2,474,000 on June 1, 2025 and bears interest at LIBOR plus 3.5% per annum. • Promissory Note – Shuckers purchase – The principal amount of $5,100,000, which is secured by a mortgage on the Shuckers real estate, is payable in 27 equal quarterly installments of $85,000, commencing on September 1, 2018, with a balloon payment of $2,805,000 on June 1, 2025 and bears interest at LIBOR plus 3.5% per annum. • Promissory Note – Oyster House purchase – In connection with the Refinancing, this note was amended and restated and separated into two notes. The first note, in the principal amount of $3,300,000, is secured by a mortgage on the Oyster House Gulf Shores real estate, is payable in 19 equal quarterly installments of $117,857, commencing on September 1, 2018, with a balloon payment of $1,060,716 on June 1, 2023 and bears interest at LIBOR plus 3.5% per annum. The second note, in the principal amount of $2,200,000, is secured by a mortgage on the Oyster House Spanish Fort real estate, is payable in 27 equal quarterly installments of $36,667, commencing on September 1, 2018, with a balloon payment of $1,210,000 on June 1, 2025 and bears interest at LIBOR plus 3.5% per annum. • Promissory Note – JB's on the Beach purchase – On May 15, 2019, the Company issued a promissory note under the Revolving Facility to BHBM for $7,000,000, which is payable in 23 equal quarterly installments of $250,000, commencing on September 1, 2019, with a balloon payment of $1,250,000 on June 1, 2025 and bears interest at LIBOR plus 3.5% per annum. • Promissory Note – Sequoia renovation – Also on May 15, 2019, the Company converted $3,200,000 of Revolving Facility borrowings incurred in connection with the Sequoia renovation to a promissory note which is payable in 23 equal quarterly installments of $114,286, commencing on September 1, 2019, with a balloon payment of $571,429 on June 1, 2025 and bears interest at LIBOR plus 3.5% per annum. Paycheck Protection Program Loans During the year ended October 3, 2020, subsidiaries and consolidated VIEs (the “Borrowers”) of the Company received loan proceeds from several banks (the “Lenders”) in the aggregate amount of $14,995,000 (the “PPP Loans”) under the Paycheck Protection Program (the “PPP”) of the CARES Act, which was enacted March 27, 2020. In addition, during the 13 weeks ended April 3, 2021, one of our consolidated VIEs received a second draw PPP Loan in the amount of $111,000. The PPP Loans were evidenced by individual promissory notes of each of the Borrowers (together, the “Notes”) in favor of the Lender, which Notes bore interest at the rate of 1.00% per annum. Funds from the PPP Loans were to be used only for payroll and related costs, costs used to continue group health care benefits, mortgage payments, rent, utilities, and interest on other debt obligations that were incurred by a Borrower prior to February 15, 2020 (the “Qualifying Expenses”). Under the terms of the PPP Loans, some or all of the amounts thereunder, including accrued interest, were to be forgiven if they were used for Qualifying Expenses as described in and in compliance with the CARES Act. During the 13 weeks ended December 31, 2022 and January 1, 2022, $272,000 and $0 of PPP Loans, respectively (including $6,000 and $0 of accrued interest, respectively) were forgiven. During the 13 weeks ended December 31, 2022 and January 1, 2022, the Company made payments related to the unforgiven portion of PPP Loans in the aggregate amount of $531,000 and $0, respectively. As of December 31, 2022, no PPP Loans were outstanding; however, the Company is appealing a forgiveness denial in the amount of $280,000. Such loan was repaid as we await the appeal decision, Deferred Financing Costs

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	3 Months Ended
	Dec. 31, 2022
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	COMMITMENTS AND CONTINGENCIES Leases — The Company leases several restaurants, bar facilities, and administrative headquarters through its subsidiaries under terms expiring at various dates through 2046. Most of the leases provide for the payment of base rents plus real estate taxes, insurance and other expenses and, in certain instances, for the payment of a percentage of the restaurant’s sales in excess of stipulated amounts at such facility and in one instance based on profits. In connection with one of our leases, the Company obtained and delivered an irrevocable letter of credit in the amount of approximately $542,000 as a security deposit under such lease. Legal Proceedings — In the ordinary course of its business, the Company is a party to various lawsuits arising from accidents at its restaurants and workers’ compensation claims, which are generally handled by the Company’s insurance carriers. The employment by the Company of management personnel, waiters, waitresses and kitchen staff at a number of different restaurants has resulted in the institution, from time to time, of litigation alleging violation by the Company of employment discrimination laws. Management believes, based in part on the advice of counsel, that the ultimate resolution of these matters will not have a material adverse effect on the Company’s consolidated financial position, results of operations or cash flows. On May 1, 2018, two former tipped service workers (the “Plaintiffs”), individually and on behalf of all other similarly situated personnel, filed a putative class action lawsuit (the “Complaint”) against the Company and certain subsidiaries as well as certain officers of the Company (the “Defendants”). Plaintiffs alleged, on behalf of themselves and the putative class, that the Company

STOCK OPTIONS

STOCK OPTIONS	3 Months Ended
	Dec. 31, 2022
Share-Based Payment Arrangement [Abstract]
STOCK OPTIONS	STOCK OPTIONS The Company has options outstanding under two stock option plans, the 2010 Stock Option Plan and the 2016 Stock Option Plan (the “2016 Plan”). Options granted under both plans are exercisable at prices at least equal to the fair market value of such stock on the dates the options were granted and expire 10 years after the date of grant. On March 15, 2022, the shareholders of the Company approved the 2022 Stock Option Plan. Effective with this approval, the Company terminated the 2016 Plan along with the 63,750 authorized but unissued options under the 2016 Plan, but it did not affect any of the options previously issued under the 2016 Plan. Under the 2022 Stock Option Plan, 500,000 options were authorized for future grant and are exercisable at prices at least equal to the fair market value of such stock on the dates the options were granted. The options expire 10 years after the date of grant. During the 13-week period ended December 31, 2022, no options to purchase shares of common stock were issued by the Company. During the 13-week period ended January 1, 2022, no options to purchase shares of common stock were issued by the Company. The Company also maintains a Section 162(m) Cash Bonus Plan. Under the Company's Section 162(m) Cash Bonus Plan, compensation paid in excess of $1,000,000 to any employee who is the chief executive officer or one of the three highest paid executive officers on the last day of that tax year (other than the chief executive officer or the chief financial officer) is not tax deductible. A summary of stock option activity is presented below: 2023 Shares Weighted Weighted Aggregate Outstanding, beginning of period 544,125 $19.63 6.1 years Options: Granted — Exercised — Canceled or expired — Outstanding and expected to vest, 544,125 $19.63 5.8 years $ 612,000 Exercisable, end of period 353,875 $20.32 4.9 years $ 306,000 Shares available for future grant 477,500 Compensation cost charged to operations for the 13 weeks ended December 31, 2022 and January 1, 2022 for share-based compensation programs was approximately $79,000 and $74,000, respectively. The compensation cost recognized is classified as a general and administrative expense in the consolidated condensed statements of income. As of December 31, 2022, there was approximately $464,000 of unrecognized compensation cost related to unvested stock options, which is expected to be recognized over a period of 3.7 years.

INCOME TAXES

INCOME TAXES	3 Months Ended
	Dec. 31, 2022
Income Tax Disclosure [Abstract]
INCOME TAXES	INCOME TAXESWe calculate our interim income tax provision in accordance with ASC Topic 270, Interim Reporting and ASC Topic 740, Accounting for Income Taxes. At the end of each interim period, we estimate the annual effective tax rate and apply that rate to our ordinary year to date earnings. In addition, the tax effects of unusual or infrequently occurring items including changes in judgment about valuation allowances and effects of changes in enacted tax laws are recognized discretely in the interim period in which the change occurs. The computation of the annual estimated effective tax rate at each interim period requires certain estimates and significant judgment including the expected operating (loss) income for the year, permanent and temporary differences as a result of differences between amounts measured and recognized in accordance with tax laws and financial accounting standards, and the likelihood of recovering deferred tax assets generated in the current fiscal year. The accounting estimates used to compute income tax expense may change as new events occur, additional information is obtained, or the tax environment changes. On December 27, 2020, the Consolidated Appropriations Act of 2021 (“CAA”) was enacted and provided clarification on the tax deductibility of expenses funded with PPP loans as fully deductible for tax purposes and therefore, the forgiveness of any PPP loans is not taxable. During the 13-week period ended December 31, 2022, the Company recorded income of $272,000 for financial reporting purposes related to the forgiveness of some of its PPP loans. The income recorded for financial reporting purposes was considered an unusual or infrequent event and the tax effect was recorded discretely in the quarter. The provision for income taxes for the 13-week period December 31, 2022 was $114,000 and the effective tax rate was 5.4%. The effective tax rate differed from the federal statutory rate of 21% primarily as a result of the tax benefits related to the generation of FICA tax credits, operating income attributable to non-controlling interests that is not taxable to the Company and the discrete tax benefit attributable to income related to the PPP loan forgiveness which is not taxable for income tax reporting purposes. The provision for income taxes for the 13-week period ended January 1, 2022 was $309,000 and the effective tax rate was 11.3%. The effective tax rate differed from the federal statutory rate of 21% primarily as a result of the tax benefits related to the generation of FICA tax credits and operating income attributable to non-controlling interests that is not taxable to the Company. The Company’s overall effective tax rate in the future will be affected by factors such as changes in tax law, the utilization of state and local net operating loss carryforwards, the generation of FICA tax credits, additional forgiveness of PPP Loans and the mix of earnings by state taxing jurisdictions as Nevada does not impose a state income tax, as compared to the other major state and local jurisdictions in which the Company has operations. The final annual tax rate cannot be determined until the end of the fiscal year; therefore, the actual tax rate could differ from current estimates.

INCOME PER SHARE OF COMMON STOC

INCOME PER SHARE OF COMMON STOCK	3 Months Ended
	Dec. 31, 2022
Earnings Per Share [Abstract]
INCOME PER SHARE OF COMMON STOCK	INCOME PER SHARE OF COMMON STOCK Basic earnings per share is computed by dividing net income attributable to Ark Restaurants Corp. by the weighted average number of common shares outstanding for the period. Our diluted earnings per share is computed similarly to basic earnings per share, except that it reflects the effect of common shares issuable upon exercise of stock options, using the treasury stock method in periods in which they have a dilutive effect. A reconciliation of shares used in calculating earnings per basic and diluted share follows (amounts in thousands): 13 Weeks Ended December 31, January 1, Basic 3,600 3,551 Effect of dilutive securities: Stock options 48 46 Diluted 3,648 3,597 For the 13-week period ended December 31, 2022, the dilutive effect of 418,000 options was not included in diluted earnings per share as their impact would be anti-dilutive. For the 13-week period ended January 1, 2022, the dilutive effect of 433,000 options was not included in diluted earnings per share as their impact would have been anti-dilutive.

DIVIDENDS

DIVIDENDS	3 Months Ended
	Dec. 31, 2022
Dividends [Abstract]
DIVIDENDS	DIVIDENDSOn November 9, 2022, the Board of Directors of the Company (the "Board") declared a quarterly cash dividend of $0.125 per share which was paid on December 13, 2022 to the stockholders of record of each share of the Company's common stock at the close of business on November 30, 2022. Future decisions to pay or to increase or decrease dividends are at the discretion of the Board and will depend upon operating performance and other factors.

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	3 Months Ended
	Dec. 31, 2022
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	SUBSEQUENT EVENTSOn February 8, 2023, the Board of Directors declared a quarterly cash dividend of $0.125 per share to be paid on March 14, 2023 to shareholders of record of each share of the Company's common stock at the close of business on February 28, 2023.

BASIS OF PRESENTATION AND SIG_2

BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES (Policies)	3 Months Ended
	Dec. 31, 2022
Accounting Policies [Abstract]
BASIS OF PRESENTATION	The consolidated condensed balance sheet as of October 1, 2022, which has been derived from the audited consolidated financial statements included in the Company’s annual report on Form 10-K for the year ended October 1, 2022 (“Form 10-K”), and the unaudited interim consolidated condensed financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information and pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”). Accordingly, certain information and footnote disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted. All adjustments that, in the opinion of management are necessary for a fair presentation for the periods presented, have been reflected as required by Article 10 of Regulation S-X. Such adjustments are of a normal, recurring nature. These consolidated condensed financial statements should be read in conjunction with the consolidated financial statements and notes thereto included in the Form 10-K.
PRINCIPLES OF CONSOLIDATION	PRINCIPLES OF CONSOLIDATION — The consolidated condensed financial statements include the accounts of Ark Restaurants Corp. and all of its wholly-owned subsidiaries, partnerships and other entities in which it has a controlling interest, collectively herein referred to as the “Company”. Also included in the consolidated condensed financial statements are certain variable interest entities (“VIEs”). All significant intercompany balances and transactions have been eliminated in consolidation.
USE OF ESTIMATES	USE OF ESTIMATES — The preparation of financial statements in conformity with GAAP requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities, and disclosure of contingent assets and liabilities, at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. The accounting estimates that require management’s most difficult and subjective judgments include: projected cash flows, allowances for potential bad debts on receivables, assumptions regarding discount rates related to lease accounting, the useful lives and recoverability of its long-lived assets, such as property, right-of-use assets and intangibles, fair values of financial instruments and share-based compensation, estimates made in connection with acquisitions and impairment analyses, the realizable value of its tax assets and determining when investment impairments are other-than-temporary. Because of the uncertainty in such estimates, actual results may differ from these estimates. The results of operations for the 13 weeks ended December 31, 2022 are not necessarily indicative of the results to be expected for any other interim period or for the year ending September 30, 2023.
NON-CONTROLLING INTERESTS	NON-CONTROLLING INTERESTS — Non-controlling interests represent capital contributions, income and loss attributable to the shareholders of less than wholly-owned and consolidated entities.
SEASONALITY	SEASONALITY — The Company has substantial fixed costs that do not decline proportionally with sales. Although our business is highly seasonal, our broader geographical reach as a result of recent acquisitions mitigates some of the risk. For instance, the second quarter of our fiscal year, consisting of the non-holiday portion of the cold weather season in New York and Washington, D.C. (January, February and March), is the poorest performing quarter; however, in recent years this has been partially offset by our locations in Florida as they experience increased results in the winter months. We generally achieve our best results during the warm weather, attributable to our extensive outdoor dining availability, particularly at Bryant Park in New York and Sequoia in Washington, D.C. (our largest restaurants) and our outdoor cafes. However, even during summer months these facilities can be adversely affected by unusually cool or rainy weather conditions. Our facilities in Las Vegas are indoor and generally operate on a more consistent basis throughout the year.
FAIR VALUE OF FINANCIAL INSTRUMENTS	FAIR VALUE OF FINANCIAL INSTRUMENTS — Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Fair value is estimated by applying a fair value hierarchy, which requires maximizing the use of observable inputs when measuring fair value. The three levels of inputs are: • Level 1: Quoted prices (unadjusted) for identical assets or liabilities in active markets that the entity has the ability to access as of the measurement date. • Level 2: Significant other observable inputs other than Level 1 prices such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data. • Level 3: Significant unobservable inputs that reflect a reporting entity’s own assumptions about the assumptions that market participants would use in pricing an asset or liability.
CASH AND CASH EQUIVALENTS	CASH AND CASH EQUIVALENTS — Cash and cash equivalents include cash on hand, deposits with banks and highly liquid investments generally with original maturities of three months or less. Outstanding checks in excess of account balances, typically vendor payments, payroll and other contractual obligations disbursed after the last day of a reporting period are reported as a current liability in the accompanying consolidated condensed balance sheets.
CONCENTRATIONS OF CREDIT RISK	CONCENTRATIONS OF CREDIT RISK — Financial instruments that potentially subject the Company to concentrations of credit risk consist primarily of cash and cash equivalents and accounts receivable. The Company reduces credit risk by placing its cash and cash equivalents with major financial institutions with high credit ratings. At times, such amounts may exceed federally insured limits. Accounts receivable are primarily comprised of normal business receivables, such as credit card receivables, that are collected in a short period of time and amounts due from the hotel operators where the Company has a location, and are recorded upon satisfaction of the performance obligation. The Company reviews the collectability of its receivables on an ongoing basis and has not provided for an allowance as it considers all of the counterparties will be able to meet their obligation. The concentration of credit risk with respect to accounts receivable is generally limited due to the short payment terms extended by the Company and the number of customers comprising the Company’s customer base. As of December 31, 2022, the Company had accounts receivable balances due from one hotel operator totaling 41% of total accounts receivable. As of October 1, 2022, the Company had accounts receivable balances due from two hotel operators totaling 54% of total accounts receivable. For the 13-week periods ended December 31, 2022 and January 1, 2022, the Company did not make purchases from any one vendor that accounted for more than 10% of total purchases. As of December 31, 2022 and October 1, 2022, all debt outstanding, other than Paycheck Protection Program loans and the note payable to the sellers of the Blue Moon Fish Company , is with one lender (see Note 8 – Notes Payable).
GOODWILL AND TRADEMARKS	GOODWILL AND TRADEMARKS — Goodwill and trademarks are not amortized, but are subject to impairment analysis. We assess the potential impairment of goodwill and trademarks annually (at the end of our fourth quarter) and on an interim basis whenever events or changes in circumstances indicate that the carrying value may not be recoverable. If we determine through the impairment review process that goodwill or trademarks are impaired, we record an impairment charge in our consolidated condensed statements of income. The Company did not record any impairment to its goodwill or trademarks during the 13 weeks ended December 31, 2022 and January 1, 2022, respectively. It is possible that impairments could be identified in future periods, and such amounts could be material.
LONG-LIVED AND RIGHT-OF-USE ASSETS	LONG-LIVED AND RIGHT-OF-USE ASSETS — Long-lived assets, such as property, plant and equipment, purchased intangibles subject to amortization, and right-of-use assets ("ROU assets") are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. In the evaluation of the fair value and future benefits of long-lived assets, the Company performs an analysis of the anticipated undiscounted future net cash flows of the related long-lived assets. If the carrying value of the related asset exceeds the undiscounted cash flows, the carrying value is reduced to its fair value. Various factors including estimated future sales growth and estimated profit margins are included in this analysis. The Company considers a triggering event related to long-lived assets or ROU assets in a net asset position to have occurred related to a specific restaurant if the restaurant’s cash flows for the last 12 months are less than a minimum threshold or if consistent levels of undiscounted cash flows for the remaining lease period are less than the carrying value of the restaurant’s assets. Additionally, the Company considers a triggering event related to ROU assets to have occurred related to a specific lease if the location has been subleased and future estimated sublease income is less than current lease payments. If the Company concludes that the carrying value of certain long-lived and ROU assets will not be recovered based on expected undiscounted future cash flows, an impairment loss is recorded to reduce the long-lived or ROU assets to their estimated fair value. The fair value is measured on a nonrecurring basis using unobservable (Level 3) inputs. There is uncertainty in the projected undiscounted future cash flows used in the Company's impairment review analysis, which requires the use of estimates and assumptions. If actual performance does not achieve the projections, or if the assumptions used change in the future, the Company may be required to recognize impairment charges in future periods, and such charges could be material.
REVEVNUE RECOGNITION	REVENUE RECOGNITION — We recognize revenue upon the satisfaction of our performance obligation by transferring control over a product or service to a restaurant guest or other customer. Revenues from restaurant operations are presented net of discounts, coupons, employee meals and complimentary meals and recognized when food, beverage and retail products are sold. Sales tax collected from customers is excluded from sales and the obligation is included in sales tax payable until the taxes are remitted to the appropriate taxing authorities. Catering service revenue is generated through contracts with customers whereby the customer agrees to pay a contract rate for the service. Revenues from catered events are recognized in income upon satisfaction of the performance obligation (the date the event is held) and all customer payments, including nonrefundable upfront deposits, are deferred as a contract liability until such time. We recognized $5,583,000 and $3,213,000 in catering services revenue for the 13-week periods ended December 31, 2022 and January 1, 2022, respectively. Unearned revenue, which is included in accrued expenses and other current liabilities on the consolidated condensed balance sheets as of December 31, 2022 and October 1, 2022 was $3,325,000 and $5,534,000, respectively. Revenues from gift cards are deferred and recognized upon redemption. Deferrals are not reduced for potential non-use as we generally have a legal obligation to remit the value of unredeemed gift cards to the relevant jurisdictions in which they are sold. As of December 31, 2022 and October 1, 2022, the total liability for gift cards in the amounts of approximately $430,000 and $309,000, respectively, are included in accrued expenses and other current liabilities in the consolidated condensed balance sheets. Other revenues include purchase service fees which represent commissions earned by a subsidiary of the Company for providing services to other restaurant groups, as well as license fees, property management fees and other rentals.
LEASES	LEASES — We determine if an arrangement contains a lease at inception. An arrangement contains a lease if it implicitly or explicitly identifies an asset to be used and conveys the right to control the use of the identified asset in exchange for consideration. As a lessee, we include operating leases in Operating lease right-of-use assets and Operating lease liabilities in our consolidated condensed balance sheets. Right-of-use assets represent our right to use an underlying asset for the lease term and lease liabilities represent our obligation to make lease payments arising from the lease. Operating lease right-of-use assets and liabilities are recognized upon commencement of the lease based on the present value of the lease payments over the lease term. As most of our leases do not provide an implicit interest rate, we use our incremental borrowing rate based on the information available at commencement date to determine the present value of lease payments. Our lease terms may include options to extend or terminate the lease.  Options are included when it is reasonably certain that we will exercise that option. Lease expense for lease payments is recognized on a straight-line basis over the lease term. Amendments or modifications to lease terms are accounted for as variable lease payments. Leases with a lease term of 12 months or less are accounted for using the practical expedient which allows for straight-line rent expense over the remaining term of the lease.
SEGMENT REPORTING	SEGMENT REPORTING — As of December 31, 2022, the Company owned and operated 17 restaurants and bars, 16 fast food concepts and catering operations, exclusively in the United States, that have similar economic characteristics, nature of products and services, class of customers and distribution methods. The Company believes it meets the criteria for aggregating its operating components into a single operating segment in accordance with applicable accounting guidance.

VARIABLE INTEREST ENTITIES (Tab

VARIABLE INTEREST ENTITIES (Tables)	3 Months Ended
	Dec. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Schedule of Variable Interest Entities	Following are the assets and liabilities of the Company’s consolidated VIEs: December 31, October 1, (in thousands) Cash and cash equivalents $ 790 $ 834 Accounts receivable 151 140 Inventories 38 38 Prepaid and refundable income taxes 278 278 Prepaid expenses and other current assets 9 17 Due from Ark Restaurants Corp. and affiliates (1) 396 400 Fixed assets - net 216 212 Operating lease right-of-use assets - net 2,008 2,076 Other assets 11 11 Total assets $ 3,897 $ 4,006 Accounts payable - trade $ 85 $ 135 Accrued expenses and other current liabilities 369 417 Current portion of operating lease liabilities 278 272 Operating lease liabilities, less current portion 1,850 1,921 Notes payable, less current portion — — Total liabilities 2,582 2,745 Equity of variable interest entities 1,315 1,261 Total liabilities and equity $ 3,897 $ 4,006 (1) Amounts Due from and to Ark Restaurants Corp. and affiliates are eliminated upon consolidation.

ACCRUED EXPENSES AND OTHER CU_2

ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES (Tables)	3 Months Ended
	Dec. 31, 2022
Payables and Accruals [Abstract]
Schedule of Accrued Expenses And Other Current Liabilities	Accrued expenses and other current liabilities consist of the following: December 31, October 1, (In thousands) Sales tax payable $ 1,002 $ 916 Accrued wages and payroll related costs 4,595 5,517 Customer advance deposits 3,325 5,534 Accrued occupancy and other operating expenses 3,409 4,345 $ 12,331 $ 16,312

LEASES (Tables)

LEASES (Tables)	3 Months Ended
	Dec. 31, 2022
Leases [Abstract]
Lease Cost	The components of lease expense in the consolidated condensed statements of income are as follows: 13 Weeks Ended December 31, January 1, (In thousands) Operating lease expense - occupancy expenses (1) $ 3,528 $ 2,273 Occupancy lease expense - general and administrative expenses 114 93 Variable lease expense 1,357 1,897 Total lease expense $ 4,999 $ 4,263 _________________________________ (1) Includes short-term leases, which are immaterial. Supplemental cash flow information related to leases: 13 Weeks Ended December 31, January 1, (In thousands) Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows related to operating leases $ 5,171 $ 3,592 The weighted average remaining lease terms and discount rates as of December 31, 2022 are as follows: Weighted Average Weighted Average Operating leases 12.3 years 6.1 %
Annual Maturities of Lease Liabilities	The annual maturities of our lease liabilities as of December 31, 2022 are as follows: Operating Fiscal Year Ending (In thousands) September 30, 2023 $ 10,421 September 28, 2024 14,023 September 27, 2025 12,995 October 3, 2026 11,867 October 2, 2027 11,547 Thereafter 85,915 Total future lease commitments 146,768 Less imputed interest (43,483) Present value of lease liabilities $ 103,285

NOTES PAYABLE (Tables)

NOTES PAYABLE (Tables)	3 Months Ended
	Dec. 31, 2022
Notes Payable [Abstract]
Schedule of Debt	Notes payable consist of the following: December 31, October 1, (In thousands) Promissory Note - Rustic Inn purchase $ 3,116 $ 3,187 Promissory Note - Shuckers purchase 3,570 3,655 Promissory Note - Oyster House purchase 2,719 2,873 Promissory Note - JB's on the Beach purchase 3,500 3,750 Promissory Note - Sequoia renovation 1,600 1,714 Promissory Note - Revolving Facility 6,666 7,166 Promissory Note - Blue Moon Fish Company (see Note 3) 504 587 Paycheck Protection Program Loans — 797 21,675 23,729 Less: Current maturities (5,643) (6,575) Less: Unamortized deferred financing costs (53) (65) Long-term portion $ 15,979 $ 17,089

STOCK OPTIONS (Tables)

STOCK OPTIONS (Tables)	3 Months Ended
	Dec. 31, 2022
Share-Based Payment Arrangement [Abstract]
Summary of Option Activity	A summary of stock option activity is presented below: 2023 Shares Weighted Weighted Aggregate Outstanding, beginning of period 544,125 $19.63 6.1 years Options: Granted — Exercised — Canceled or expired — Outstanding and expected to vest, 544,125 $19.63 5.8 years $ 612,000 Exercisable, end of period 353,875 $20.32 4.9 years $ 306,000 Shares available for future grant 477,500

INCOME PER SHARE OF COMMON ST_2

INCOME PER SHARE OF COMMON STOCK (Tables)	3 Months Ended
	Dec. 31, 2022
Earnings Per Share [Abstract]
Schedule of Earnings Per Share, Basic and Diluted	A reconciliation of shares used in calculating earnings per basic and diluted share follows (amounts in thousands): 13 Weeks Ended December 31, January 1, Basic 3,600 3,551 Effect of dilutive securities: Stock options 48 46 Diluted 3,648 3,597

BASIS OF PRESENTATION AND SIG_3

BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES (Details)	3 Months Ended		12 Months Ended
	Dec. 31, 2022 USD ($) restaurant	Jan. 01, 2022 USD ($)	Oct. 01, 2022 USD ($)
Business And Summary Of Significant Accounting Policies [Line Items]
Impairment charge	$ 0	$ 0
Revenues	47,445,000	43,986,000
Unearned revenue	3,325,000		$ 5,534,000
Gift cards liability	$ 430,000		$ 309,000
Restaurants and Bars
Business And Summary Of Significant Accounting Policies [Line Items]
Number of restaurants | restaurant	17
Fast Food Concepts and Catering Operations
Business And Summary Of Significant Accounting Policies [Line Items]
Number of restaurants | restaurant	16
Catering Services
Business And Summary Of Significant Accounting Policies [Line Items]
Revenues	$ 5,583,000	$ 3,213,000
One Hotel Operator | Accounts Receivable | Customer Concentration Risk
Business And Summary Of Significant Accounting Policies [Line Items]
Concentration risk	41%		54%

VARIABLE INTEREST ENTITIES - Na

VARIABLE INTEREST ENTITIES - Narrative (Details) $ in Thousands	Dec. 31, 2022 USD ($) variableInterestEntity	Oct. 01, 2022 USD ($)
Variable Interest Entity [Line Items]
Number of VIEs with primary benefits | variableInterestEntity	3
Liabilities	$ 141,984	$ 149,416
Assets	203,633	209,534
Variable Interest Entity, Primary Beneficiary
Variable Interest Entity [Line Items]
Liabilities	2,582	2,745
Assets	$ 3,897	$ 4,006

VARIABLE INTEREST ENTITIES - Sc

VARIABLE INTEREST ENTITIES - Schedule of variable interest entities (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Oct. 01, 2022	Jan. 01, 2022	Oct. 02, 2021
Variable Interest Entity [Line Items]
Cash and cash equivalents	$ 19,427	$ 23,439
Accounts receivable	4,188	3,185
Inventories	3,453	3,707
Prepaid and refundable income taxes	1,675	1,778
Prepaid expenses and other current assets	1,255	1,523
Fixed assets - net	34,448	34,682
Operating lease right-of-use assets - net	99,720	101,720
Other assets	2,514	2,524
Total assets	203,633	209,534
Accounts payable - trade	4,746	4,466
Accrued expenses and other current liabilities	12,331	16,312
Current portion of operating lease liabilities	7,866	7,530
Operating lease liabilities, less current portion	95,419	97,444
Notes payable, less current portion	15,979	17,089
Total liabilities	141,984	149,416
Equity of variable interest entities	61,649	60,118	$ 53,426	$ 51,452
TOTAL LIABILITIES AND EQUITY	203,633	209,534
Variable Interest Entity, Primary Beneficiary
Variable Interest Entity [Line Items]
Cash and cash equivalents	790	834
Accounts receivable	151	140
Inventories	38	38
Prepaid and refundable income taxes	278	278
Prepaid expenses and other current assets	9	17
Due from Ark Restaurants Corp. and affiliates	396	400
Fixed assets - net	216	212
Operating lease right-of-use assets - net	2,008	2,076
Other assets	11	11
Total assets	3,897	4,006
Accounts payable - trade	85	135
Accrued expenses and other current liabilities	369	417
Current portion of operating lease liabilities	278	272
Operating lease liabilities, less current portion	1,850	1,921
Notes payable, less current portion	0	0
Total liabilities	2,582	2,745
Equity of variable interest entities	1,315	1,261
TOTAL LIABILITIES AND EQUITY	$ 3,897	$ 4,006

RECENT RESTAURANT EXPANSION A_2

RECENT RESTAURANT EXPANSION AND OTHER DEVELOPMENTS - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended
	Dec. 31, 2022	Jan. 01, 2022	Jul. 21, 2022	Jun. 24, 2022	Apr. 08, 2022
Business Acquisition [Line Items]
Payments for lease improvements	$ 146,768
Operating cash flows related to operating leases	5,171	$ 3,592
New York New York Hotel And Casino Lease
Business Acquisition [Line Items]
Operating cash flows related to operating leases	$ 500
Gallagher's Steakhouse | Minimum
Business Acquisition [Line Items]
Payments for lease improvements					$ 1,500
America | Minimum
Business Acquisition [Line Items]
Payments for lease improvements				$ 4,000
Village Eateries | Minimum
Business Acquisition [Line Items]
Payments for lease improvements			$ 3,500

INVESTMENT IN AND RECEIVABLE _2

INVESTMENT IN AND RECEIVABLE FROM NEW MEADOWLANDS RACETRACK (Details) - USD ($) $ in Thousands				1 Months Ended	3 Months Ended		12 Months Ended
	Apr. 25, 2014	Nov. 19, 2013	Mar. 12, 2013	Feb. 28, 2017	Dec. 31, 2022	Jan. 01, 2022	Dec. 31, 2015	Oct. 01, 2022	Jul. 13, 2016
INVESTMENT IN NEW MEADOWLANDS RACETRACK (Details) [Line Items]
Other Income					$ 0	$ 222
New Meadowlands Racetrack LLC
INVESTMENT IN NEW MEADOWLANDS RACETRACK (Details) [Line Items]
Payments to acquire businesses			$ 4,200
Ownership percentage (in percent)					7.40%			7.40%
Payments to acquire additional interest in subsidiaries		$ 464		$ 222			$ 222
Long-term investments				$ 5,108
Other Income						$ 222
Meadowlands Newmark LLC
INVESTMENT IN NEW MEADOWLANDS RACETRACK (Details) [Line Items]
Ownership percentage (in percent)		11.60%	63.70%
Loans to related party	$ 1,500
Interest rate (in percent)	3%
Additional loan									$ 200
Principal and accrued interest					$ 1,368			$ 1,357
Ark Meadowlands LLC
INVESTMENT IN NEW MEADOWLANDS RACETRACK (Details) [Line Items]
Ownership percentage by parent (in percent)					97%
Profit participation percentage (in percent)					5%
Due from Ark Restaurants Corp. and affiliates					$ 18			$ 22

ACCRUED EXPENSES AND OTHER CU_3

ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES - Schedule of Accrued Expenses And Other Current Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Oct. 01, 2022
Payables and Accruals [Abstract]
Sales tax payable	$ 1,002	$ 916
Accrued wages and payroll related costs	4,595	5,517
Customer advance deposits	3,325	5,534
Accrued occupancy and other operating expenses	3,409	4,345
Accrued expenses and other current liabilities	$ 12,331	$ 16,312

LEASES - Narrative (Details)

LEASES - Narrative (Details)	Dec. 31, 2022
Minimum
Lessor, Lease, Description [Line Items]
Lease term	10 years
Maximum
Lessor, Lease, Description [Line Items]
Lease term	25 years

LEASES - Components of Lease Ex

LEASES - Components of Lease Expense (Details) - USD ($) $ in Thousands	3 Months Ended
	Dec. 31, 2022	Jan. 01, 2022
Leases [Abstract]
Operating lease expense - occupancy expenses	$ 3,528	$ 2,273
Occupancy lease expense - general and administrative expenses	114	93
Variable lease expense	1,357	1,897
Total lease expense	$ 4,999	$ 4,263

LEASES - Supplemental Cash Flow

LEASES - Supplemental Cash Flow (Details) - USD ($) $ in Thousands	3 Months Ended
	Dec. 31, 2022	Jan. 01, 2022
Leases [Abstract]
Amount paid to date for lease improvements	$ 5,171	$ 3,592

LEASES - Weighted Average Lease

LEASES - Weighted Average Lease Terms (Details)	Dec. 31, 2022
Leases [Abstract]
Operating lease, weighted average remaining lease term (in years)	12 years 3 months 18 days
Operating lease, weighted average discount rate (in percent)	6.10%

LEASES - Annual Maturities of L

LEASES - Annual Maturities of Lease Liabilities (Details) $ in Thousands	Dec. 31, 2022 USD ($)
Leases [Abstract]
September 30, 2023	$ 10,421
September 28, 20234	14,023
September 27, 2025	12,995
October 3, 2026	11,867
October 2, 2027	11,547
Thereafter	85,915
Total future lease commitments	146,768
Less imputed interest	(43,483)
Present value of lease liabilities	$ 103,285

NOTES PAYABLE - Schedule of Lon

NOTES PAYABLE - Schedule of Long-term Debt (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Oct. 01, 2022
NOTES PAYABLE - Schedule of Long-term debt [Line Items]
Notes payable	$ 21,675	$ 23,729
Less: Current maturities	(5,643)	(6,575)
Less: Unamortized deferred financing costs	(53)	(65)
Long-term portion	15,979	17,089
Revolving Credit Facility
NOTES PAYABLE - Schedule of Long-term debt [Line Items]
Notes payable	6,666	7,166
The Rustic Inn
NOTES PAYABLE - Schedule of Long-term debt [Line Items]
Notes payable	3,116	3,187
Shuckers Inc
NOTES PAYABLE - Schedule of Long-term debt [Line Items]
Notes payable	3,570	3,655
Oyster House
NOTES PAYABLE - Schedule of Long-term debt [Line Items]
Notes payable	2,719	2,873
JB's on the Beach
NOTES PAYABLE - Schedule of Long-term debt [Line Items]
Notes payable	3,500	3,750
Sequoia Renovation
NOTES PAYABLE - Schedule of Long-term debt [Line Items]
Notes payable	1,600	1,714
Blue Moon
NOTES PAYABLE - Schedule of Long-term debt [Line Items]
Notes payable	504	587
Paycheck Protection Program Loan
NOTES PAYABLE - Schedule of Long-term debt [Line Items]
Notes payable	$ 0	$ 797

NOTES PAYABLE - Narrative (Deta

NOTES PAYABLE - Narrative (Details)				3 Months Ended
	Jul. 26, 2021 USD ($)	May 15, 2019 USD ($) installment	Jun. 01, 2018 USD ($) installment	Dec. 31, 2022 USD ($)	Jan. 01, 2022 USD ($)	Apr. 03, 2021 USD ($)	Oct. 01, 2022 USD ($)	Oct. 03, 2020 USD ($)
NOTES PAYABLE - BANK (Details) [Line Items]
Notes payable				$ 21,675,000			$ 23,729,000
Forgiven loans under paycheck protection program				272,000	$ 0
PPP loans, interest forgiven				6,000	0
Repayments of notes payable				1,257,000	1,919,000
Deferred financing costs incurred				271,000
Amortization				12,000	12,000
The Rustic Inn
NOTES PAYABLE - BANK (Details) [Line Items]
Notes payable				3,116,000			3,187,000
Shuckers Inc
NOTES PAYABLE - BANK (Details) [Line Items]
Notes payable				3,570,000			3,655,000
JB's on the Beach
NOTES PAYABLE - BANK (Details) [Line Items]
Notes payable				3,500,000			3,750,000
Sequoia Renovation
NOTES PAYABLE - BANK (Details) [Line Items]
Notes payable				1,600,000			1,714,000
Paycheck Protection Program Loan
NOTES PAYABLE - BANK (Details) [Line Items]
Basis spread on variable rate						1%
Notes payable				0			797,000
Paycheck protection program loan				0				$ 14,995,000
Repayments of notes payable				531,000	$ 0
Forgiveness denial amount				280,000
Paycheck Protection Program Loan | Variable Interest Entity, Primary Beneficiary
NOTES PAYABLE - BANK (Details) [Line Items]
Paycheck protection program loan						$ 111,000
Revolving Credit Facility
NOTES PAYABLE - BANK (Details) [Line Items]
Notes payable				$ 6,666,000			$ 7,166,000
Revolving Credit Facility | Bank Hapoalim B.M.
NOTES PAYABLE - BANK (Details) [Line Items]
Current borrowing capacity			$ 10,000,000
Maximum borrowing capacity			35,000,000
Credit facility	$ 9,666,000
Periodic payment	500,000
Balloon payment to be paid	$ 2,166,000
Basis spread on variable rate	3.50%
Revolving Credit Facility | Bank Hapoalim B.M. | JB's on the Beach
NOTES PAYABLE - BANK (Details) [Line Items]
Periodic payment		$ 250,000
Balloon payment to be paid		$ 1,250,000
Basis spread on variable rate		3.50%
Number of installments | installment		23
Notes payable		$ 7,000,000
Revolving Credit Facility | Bank Hapoalim B.M. | Sequoia Renovation
NOTES PAYABLE - BANK (Details) [Line Items]
Periodic payment		114,286
Balloon payment to be paid		$ 571,429
Basis spread on variable rate		3.50%
Number of installments | installment		23
Notes payable		$ 3,200,000
Revolving Credit Facility | Amendment | Bank Hapoalim B.M. | The Rustic Inn
NOTES PAYABLE - BANK (Details) [Line Items]
Periodic payment			71,333
Balloon payment to be paid			$ 2,474,000
Basis spread on variable rate			3.50%
Face amount			$ 4,400,000
Number of installments | installment			27
Revolving Credit Facility | Amendment | Bank Hapoalim B.M. | Shuckers Inc
NOTES PAYABLE - BANK (Details) [Line Items]
Periodic payment			$ 85,000
Balloon payment to be paid			$ 2,805,000
Basis spread on variable rate			3.50%
Face amount			$ 5,100,000
Number of installments | installment			27
Revolving Credit Facility | Amendment | Bank Hapoalim B.M. | Oyster House Gulf Shores
NOTES PAYABLE - BANK (Details) [Line Items]
Periodic payment			$ 117,857
Balloon payment to be paid			$ 1,060,716
Basis spread on variable rate			3.50%
Face amount			$ 3,300,000
Number of installments | installment			19
Revolving Credit Facility | Amendment | Bank Hapoalim B.M. | Oyster House Spanish Fort
NOTES PAYABLE - BANK (Details) [Line Items]
Periodic payment			$ 36,667
Balloon payment to be paid			$ 1,210,000
Basis spread on variable rate			3.50%
Face amount			$ 2,200,000
Number of installments | installment			27

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Details) $ in Thousands		1 Months Ended
	May 01, 2018 plaintiff	Oct. 31, 2022 USD ($)	Dec. 31, 2022 USD ($)
Loss Contingencies [Line Items]
Letters of credit outstanding, amount			$ 542
Number of plaintiffs | plaintiff	2
Settled Litigation | Former Tipped Service Workers
Loss Contingencies [Line Items]
Loss Contingency, Damages Awarded, Value		$ 600

STOCK OPTIONS - Narrative (Deta

STOCK OPTIONS - Narrative (Details) $ in Thousands		3 Months Ended
	Mar. 15, 2022 shares	Dec. 31, 2022 USD ($) plan $ / shares shares	Jan. 01, 2022 USD ($) shares
Stock Options (Details) [Line Items]
Number of stock option plans | plan		2
Options authorized (in shares)		477,500
Granted (in shares)		0
Exercise price (in dollars per share) | $ / shares
Compensation paid | $		$ 1,000
Share-based compensation expense | $		79	$ 74
Unrecognized compensation | $		$ 464
Unrecognized compensation, period for recognition (in years)		3 years 8 months 12 days
Employee Stock Option
Stock Options (Details) [Line Items]
Granted (in shares)		0	0
Stock Option 2016 Plan
Stock Options (Details) [Line Items]
Expiration period (in years)		10 years
Stock Option 2022 Plan
Stock Options (Details) [Line Items]
Expiration period (in years)	10 years
Stock Option 2022 Plan | Employee Stock Option
Stock Options (Details) [Line Items]
Options authorized (in shares)	63,750
Options authorized for future grant (in shares)	500,000

STOCK OPTIONS (Details) - Sched

STOCK OPTIONS (Details) - Schedule of stock options, activity - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended	6 Months Ended
	Dec. 31, 2022	Apr. 02, 2022
Shares
Outstanding, beginning of period (in shares)	544,125
Granted (in shares)	0
Exercised (in shares)	0
Canceled or expired (in shares)	0
Outstanding and expected to vest, end of period (in shares)	544,125
Exercisable, end of period (in shares)	353,875
Shares available for future grant	477,500
Weighted Average Exercise Price
Outstanding, beginning of period (in dollars per share)	$ 19.63
Granted (in dollars per share)
Exercised (in dollars per share)
Canceled or expired (in dollars per share)
Outstanding and expected to vest, end of period (in dollars per share)	19.63
Exercisable, end of period (in dollars per share)	$ 20.32
Weighted Average Contractual Term
Weighted average contractual term, outstanding	5 years 9 months 18 days	6 years 1 month 6 days
Weighted average contractual term, exercisable	4 years 10 months 24 days
Aggregate Intrinsic Value
Aggregate intrinsic value, outstanding and expected to vest	$ 612
Aggregate intrinsic value, exercisable	$ 306

INCOME TAXES - Narrative (Detai

INCOME TAXES - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended
	Dec. 31, 2022	Jan. 01, 2022
Income Tax Disclosure [Abstract]
Forgiven loans under paycheck protection program	$ 272	$ 0
Provision for income taxes	$ 114	$ 309
Effective income tax rate (in percent)	5.40%	11.30%

INCOME PER SHARE OF COMMON ST_3

INCOME PER SHARE OF COMMON STOCK - Schedule of Earnings Per Share, Basic and Diluted (Details) - shares shares in Thousands	3 Months Ended
	Dec. 31, 2022	Jan. 01, 2022
Earnings Per Share [Abstract]
Basic (in shares)	3,600	3,551
Effect of dilutive securities:
Stock options (in shares)	48	46
Diluted (in shares)	3,648	3,597

INCOME PER SHARE OF COMMON ST_4

INCOME PER SHARE OF COMMON STOCK - Narrative (Details) - shares shares in Thousands	3 Months Ended
	Dec. 31, 2022	Jan. 01, 2022
Earnings Per Share [Abstract]
Shares excluded from computation of earning per share (in shares)	418	433

DIVIDENDS (Details)

DIVIDENDS (Details) - $ / shares		3 Months Ended
	Nov. 09, 2022	Dec. 31, 2022
Dividends [Abstract]
Dividends paid (in USD per share)	$ 0.125	$ 0.125

SUBSEQUENT EVENTS (Details)

SUBSEQUENT EVENTS (Details) - $ / shares			3 Months Ended
	Feb. 07, 2023	Nov. 09, 2022	Dec. 31, 2022
Subsequent Event [Line Items]
Dividends paid (in USD per share)		$ 0.125	$ 0.125
Subsequent Event
Subsequent Event [Line Items]
Dividends paid (in USD per share)	$ 0.125