Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Sep. 27, 2016 | Dec. 16, 2016 | Mar. 31, 2016 | |
Document and Entity Information [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Sep. 27, 2016 | ||
Document Fiscal Year Focus | 2,016 | ||
Document Fiscal Period Focus | FY | ||
Trading Symbol | GTIM | ||
Entity Registrant Name | GOOD TIMES RESTAURANTS INC | ||
Entity Central Index Key | 825,324 | ||
Current Fiscal Year End Date | --09-27 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Filer Category | Smaller Reporting Company | ||
Entity Common Stock, Shares Outstanding | 12,297,550 | ||
Entity Public Float | $ 44,575,228 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Sep. 27, 2016 | Sep. 30, 2015 |
CURRENT ASSETS: | ||
Cash and cash equivalents | $ 6,330 | $ 13,809 |
Receivables | 425 | 189 |
Prepaid expenses and other | 349 | 161 |
Inventories | 631 | 510 |
Notes receivable | 58 | 59 |
Total current assets | 7,793 | 14,728 |
PROPERTY AND EQUIPMENT | ||
Land and building | 5,069 | 5,054 |
Leasehold improvements | 14,726 | 10,294 |
Fixtures and equipment | 15,316 | 12,096 |
Property, Plant and Equipment, Gross, Total | 35,111 | 27,444 |
Less accumulated depreciation and amortization | (15,512) | (13,222) |
Total net property and equipment | 19,599 | 14,222 |
Assets held for sale | 93 | 0 |
OTHER ASSETS: | ||
Notes receivable, net of current portion | 59 | 71 |
Deposits and other assets | 268 | 124 |
Trademarks | 3,900 | 3,900 |
Other intangibles, net | 89 | 117 |
Goodwill | 15,076 | 15,066 |
Other Assets, Noncurrent, Total | 19,392 | 19,278 |
TOTAL ASSETS | 46,877 | 48,228 |
CURRENT LIABILITIES: | ||
Current maturities of long-term debt and capital lease obligations | 19 | 2,617 |
Accounts payable | 1,918 | 2,733 |
Deferred income | 23 | 25 |
Other accrued liabilities | 3,162 | 1,883 |
Total current liabilities | 5,122 | 7,258 |
LONG-TERM LIABILITIES: | ||
Maturities of long-term debt and capital lease obligations due after one year | 19 | 1,104 |
Deferred and other liabilities | 3,938 | 1,609 |
Total long-term liabilities | 3,957 | 2,713 |
COMMITMENTS AND CONTINGENCIES (Note 5) | ||
Good Times Restaurants Inc stockholders' equity: | ||
Preferred stock, $.01 par value; 5,000,000 shares authorized, 0 shares issued and outstanding, and outstanding as of Sept. 27, 2016 and Sept. 30, 2015, respectively | 0 | 0 |
Common stock, $.001 par value; 50,000,000 shares authorized, 12,282,625 and 12,259,550 shares issued and outstanding as of September 27, 2016 and September 30, 2015, respectively | 12 | 12 |
Capital contributed in excess of par value | 58,191 | 57,434 |
Accumulated deficit | (22,125) | (20,804) |
Total Good Times Restaurants Inc stockholders' equity | 36,078 | 36,642 |
Non-controlling interests | 1,720 | 1,615 |
Total stockholders' equity | 37,798 | 38,257 |
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $ 46,877 | $ 48,228 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Sep. 27, 2016 | Sep. 30, 2015 |
Statement of Financial Position [Abstract] | ||
Preferred stock, par value | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized | 5,000,000 | 5,000,000 |
Preferred stock, issued | 0 | 0 |
Preferred stock, outstanding | 0 | 0 |
Common stock, par value | $ 0.001 | $ 0.001 |
Common stock, shares authorized | 50,000,000 | 50,000,000 |
Common stock, shares issued | 12,282,625 | 12,259,550 |
Common stock, shares outstanding | 12,282,625 | 12,259,550 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) $ in Thousands | 12 Months Ended | |
Sep. 27, 2016 | Sep. 30, 2015 | |
NET REVENUES: | ||
Restaurant sales | $ 63,716 | $ 43,517 |
Franchise royalties | 723 | 540 |
Total net revenues | 64,439 | 44,057 |
RESTAURANT OPERATING COSTS: | ||
Food and packaging costs | 20,236 | 14,567 |
Payroll and other employee benefit costs | 22,098 | 14,387 |
Restaurant occupancy costs | 4,893 | 3,360 |
Other restaurant operating costs | 5,684 | 3,819 |
Preopening costs | 1,695 | 784 |
Depreciation and amortization | 2,222 | 1,246 |
Total restaurant operating costs | 56,828 | 38,163 |
General and administrative costs | 6,288 | 4,167 |
Advertising costs | 1,540 | 1,198 |
Acquisition costs | 0 | 648 |
Franchise costs | 108 | 111 |
(Gain) loss on restaurant asset sale | (25) | 9 |
LOSS FROM OPERATIONS | (300) | (239) |
OTHER INCOME (EXPENSES): | ||
Interest income | 19 | 44 |
Interest expense | (126) | (93) |
Debt extinguishment costs | (57) | 0 |
Other expense | (1) | (7) |
Affiliate investment loss | 0 | (5) |
Total other expenses, net | (165) | (61) |
NET LOSS | (465) | (300) |
Income attributable to non-controlling interests | (856) | (491) |
NET LOSS ATTRIBUTABLE TO COMMON SHAREHOLDERS | $ (1,321) | $ (791) |
BASIC AND DILUTED LOSS PER SHARE: | ||
Net loss attributable to common shareholders | $ (0.11) | $ (0.08) |
WEIGHTED AVERAGE COMMON SHARES OUTSTANDING | ||
Basic | 12,269,036 | 10,510,105 |
Diluted |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands | Preferred Stock [Member] | Common Stock [Member] | Capital Contributed in Excess of Par Value [Member] | Non-Controlling Interest In Partnerships [Member] | Accumulated Deficit [Member] | Total |
BALANCES at Sep. 30, 2014 | $ 0 | $ 8 | $ 33,047 | $ 279 | $ (20,013) | $ 13,321 |
BALANCES, shares at Sep. 30, 2014 | 0 | 8,256,591 | ||||
Stock issuance expense | (2,070) | (2,070) | ||||
Stock sale | $ 3 | 22,685 | 22,688 | |||
Stock sale, shares | 2,783,810 | |||||
Stock compensation cost | 477 | 477 | ||||
Warrant exercise | $ 1 | 3,251 | 3,252 | |||
Warrant exercise, shares | 1,182,600 | |||||
Warrant exercise-costs | (31) | (31) | ||||
Stock option exercise | 75 | 75 | ||||
Stock option exercise, shares | 36,549 | |||||
Income | 491 | 491 | ||||
Distributions | (431) | (431) | ||||
Acquired through acquisition | 1,276 | 1,276 | ||||
Net Loss attributable to Good Times Restaurants Inc and comprehensive loss | (791) | (791) | ||||
BALANCES at Sep. 30, 2015 | $ 0 | $ 12 | 57,434 | 1,615 | (20,804) | 38,257 |
BALANCES, shares at Sep. 30, 2015 | 0 | 12,259,550 | ||||
Stock compensation cost | 718 | 718 | ||||
Restricted stock grant vesting | 3,544 | |||||
Stock option exercise | 39 | $ 39 | ||||
Stock option exercise, shares | 19,531 | 19,531 | ||||
Income | 856 | $ 856 | ||||
Contributions | 285 | 285 | ||||
Distributions | (1,036) | (1,036) | ||||
Net Loss attributable to Good Times Restaurants Inc and comprehensive loss | (1,321) | (1,321) | ||||
BALANCES at Sep. 27, 2016 | $ 0 | $ 12 | $ 58,191 | $ 1,720 | $ (22,125) | $ 37,798 |
BALANCES, shares at Sep. 27, 2016 | 0 | 12,282,625 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | |
Sep. 27, 2016 | Sep. 30, 2015 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ||
Net Loss | $ (465) | $ (300) |
Adjustments to reconcile net loss to net cash provided by operating activities: | ||
Depreciation and amortization | 2,336 | 1,332 |
Accretion of deferred rent | 423 | 234 |
Amortization of lease incentive obligation | (218) | (39) |
(Gain) loss on disposal of assets | (25) | 9 |
Affiliate investment loss | 0 | 5 |
Stock based compensation expense | 718 | 477 |
(Increase) decrease in: | ||
Other receivables | (236) | 118 |
Inventories | (121) | (95) |
Deposits and other assets | (341) | (96) |
(Decrease) increase in: | ||
Accounts payable | (89) | 1,442 |
Deferred liabilities | 2,161 | 0 |
Accrued and other liabilities | 1,255 | 81 |
Net cash provided by operating activities | 5,398 | 3,168 |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||
Payments for the purchase of property and equipment | (8,501) | (7,633) |
Proceeds from sale leaseback transactions | 0 | 1,522 |
BDI acquisition, net of cash acquired | 0 | (17,612) |
Proceeds from the sale of assets | 6 | 0 |
Payments received on loans to franchisees and to others | 13 | 8 |
Net cash used in investing activities | (8,482) | (23,715) |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||
Principal payments on notes payable, capital leases, and long-term debt | (3,683) | (139) |
Borrowings on notes payable and long-term debt | 0 | 1,118 |
Proceeds from stock sales | 0 | 20,618 |
Net proceeds from warrant exercises | 0 | 3,221 |
Proceeds from stock option exercises | 39 | 75 |
Contributions from non-controlling interests | 342 | 0 |
Distributions to non-controlling interests | (1,093) | (431) |
Net cash (used in) provided by financing activities | (4,395) | 24,462 |
(DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS | (7,479) | 3,915 |
CASH AND CASH EQUIVALENTS, beginning of year | 13,809 | 9,894 |
CASH AND CASH EQUIVALENTS, end of year | 6,330 | 13,809 |
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION: | ||
Cash paid for interest | 161 | 58 |
Non-cash additions of property and equipment | $ 726 | $ 2,454 |
Organization and Summary of Sig
Organization and Summary of Significant Accounting Policies | 12 Months Ended |
Sep. 27, 2016 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization and Summary of Significant Accounting Policies | 1. Organization and Summary of Significant Accounting Policies: Organization Drive Thru commenced operations in 1986 and, as of September 27, 2016, operates twenty company-owned and seven joint venture drive-thru fast food hamburger restaurants under the name Good Times Burgers & Frozen Custard. The Company’s restaurants are located in Colorado. In addition, Drive Thru has ten franchises, eight operating in Colorado and two in Wyoming. BD of Colo commenced operations in 2013 and, as of September 27, 2016, operates nine company-owned full-service upscale casual dining restaurants under the name Bad Daddy’s Burger Bar, all of which are located in Colorado. BDI and BDFD were acquired on May 7, 2015 (see Note 2 below). As of September 27, 2016, BDI operates four company-owned and three joint venture full-service upscale casual dining restaurants, also under the name Bad Daddy’s Burger Bar, all of which are located in North Carolina. BDFD has two franchises operating in South Carolina and Tennessee. Prior to the acquisition of BDFD in May 2015 the Company had a 48% voting ownership interest in the franchisor entity and the investment was accounted for using the equity method. We follow accounting standards set by the Financial Accounting Standards Board, commonly referred to as the “FASB”. The FASB sets generally accepted accounting principles (GAAP) that we follow to ensure we consistently report our financial condition, results of operations and cash flows. Fiscal Year Fiscal year 2016 began October 1, 2015 and ended September 27, 2016 and fiscal year 2015 consisted of twelve months ended September 30, 2015. Fiscal 2016 included two less operating days than the comparable prior fiscal year. Principles of Consolidation Reclassification Accounting Estimates Cash and Cash Equivalents Accounts Receivable Inventories Property and Equipment Assets are classified as held for sale if they meet the criteria outlined in ASC 360, Property, Plant and Equipment. We have classified $93,000 of assets as held for sale at September 27, 2016 which are related to a new Good Times restaurant under construction in Greeley, Colorado. The assets will be sold in a sale-leaseback transaction when the restaurant is completed. Subsequent to the fiscal year end we purchased the land underlying the site for $625,000. Maintenance and repairs are charged to expense as incurred, and expenditures for major improvements are capitalized. When assets are retired, or otherwise disposed of, the property accounts are relieved of costs and accumulated depreciation with any resulting gain or loss credited or charged to income. Impairment of Long-Lived Assets An analysis was performed for impairment at September 27, 2016 and given the results of our analysis there were no restaurants which are impaired. Trademarks Goodwill Sales of Restaurants and Restaurant Equity Interests The Company accounts for the sale of restaurants when the risks and other incidents of ownership have been transferred to the buyer. Specifically, a) no continuing involvement by the Company exists in restaurants that are sold, b) sales contracts and related income recognition are not dependent on the future successful operations of the sold restaurants, and c) the Company is not involved as a guarantor on the purchasers’ debts. Deferred Liabilities Lease incentives are recorded as a deferred liability when received and subsequently credited to rent expense on a straight line basis over the life of the lease. The balance of the lease incentive obligations at September 27, 2016 was $2,295,000 and is reflected in the accompanying consolidated balance sheet as a deferred liability. Also included in the $3,938,000 deferred and other liabilities balance are other long term liabilities of $22,000 and a $183,000 deferred gain on the sale of the building and improvements of one Company-owned Good Times restaurant in a sale leaseback transaction. The building and improvements were subsequently leased back from the third party purchaser. The gain will be recognized in future periods in proportion to the rents paid on the twenty year lease. Revenue Recognition Preopening Costs Advertising Franchise and Area Development Fees The Company has not recognized any franchise fees that have not been collected. The Company segregates initial franchise fees from other franchise revenue in the statement of operations. Revenues and costs related to company-owned restaurants are segregated from revenues and costs related to franchised restaurants in the statement of operations. Continuing royalties from franchisees, which are a percentage of the gross sales of franchised operations, are recognized as income when earned. Franchise development expenses, which consist primarily of legal costs and restaurant opening expenses associated with developing and opening franchise restaurants, are expensed against the related franchise fee income. Income Taxes The Company is subject to taxation in various jurisdictions. The Company continues to remain subject to examination by U.S. federal authorities for the years 2013 through 2016 and several state authorities for 2012 through 2016. The Company believes that its income tax filing positions and deductions will be sustained on audit and does not anticipate any adjustments that will result in a material adverse effect on the Company’s financial condition, results of operations, or cash flows. Therefore, no reserves for uncertain income tax positions have been recorded. The Company’s practice is to recognize interest and/or penalties related to income tax matters in income tax expense. No accrual for interest and penalties was considered necessary as of September 27, 2016. Net Income (Loss) Per Common Share Financial Instruments and Concentrations of Credit Risk Financial instruments potentially subjecting the Company to concentrations of credit risk consist principally of receivables. At September 27, 2016 notes receivable totaled $117,000 and is due from four entities. Additionally, the Company has other current receivables totaling $425,000, which includes $64,000 of franchise receivables, $200,000 related to a lease incentive and $161,000 for miscellaneous receivables which are all due in the normal course of business. The Company believes it will collect fully on all notes and receivables. The Company purchases most of its restaurant food and paper from two vendors. The Company believes a sufficient number of other suppliers exist from which food and paper could be purchased to prevent any long-term, adverse consequences. The Company operates in one industry segment, restaurants. A geographic concentration exists because the Company’s customers are generally located in the Colorado and North Carolina. Stock-Based Compensation Variable Interest Entities Fair Value of Financial Instruments The following three levels of inputs may be used to measure fair value and requires that the assets or liabilities carried at fair value are disclosed by the input level under which they were valued. Level 1: Quoted market prices in active markets for identical assets and liabilities. Level 2: Observable inputs other than defined in Level 1, 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 for substantially the full term of the assets or liabilities. Level 3: Unobservable inputs that are not corroborated by observable market data. Non-controlling Interests Prior to the acquisition of BDI our non-controlling interest consisted of one joint venture partnership involving Good Times restaurants, as part of the acquisition of BDI (see note 2 below) additional non-controlling interests were acquired in three joint venture partnerships. An additional joint venture entity was established in fiscal 2016 to fund the construction of a Bad Daddy’s restaurant in North Carolina. Recent Accounting Pronouncements In March 2016, the FASB issued ASU 2016-09, Improvements to Employee Share-Based Payment Accounting (ASU 2016-09). ASU 2016-09 includes provisions intended to simplify various aspects related to how share-based payments are accounted for and presented in the financial statements. The areas for simplification include income tax consequences, forfeitures, classification of awards as either equity or liabilities and classification on the statement of cash flows. This ASU is effective for annual periods and interim periods within those annual periods beginning after December 15, 2016 and early adoption is permitted for financial statements that have not been previously issued. The Company is currently evaluating the impact of the adoption of ASU 2016-09 on its financial statements and disclosures. |
Business Combinations
Business Combinations | 12 Months Ended |
Sep. 27, 2016 | |
Business Combinations [Abstract] | |
Business Combinations | 2. Business Combinations The Company believes the Bad Daddy Burger Bar brand has significant growth potential and can be expanded beyond its current regional footprint. In order to acquire control over the Bad Daddy’s Burger Bar brand to take advantage of this growth potential, on April 28, 2015, the Company entered into a Membership Interest Purchase Agreement (the “Purchase Agreement”) to purchase from five sellers all of the membership interests in BDI, a North Carolina limited liability company. The Company closed on the purchase of BDI on May 7, 2015, and BDI became a wholly-owned subsidiary of the Company. BDI owns all of the member interests in four limited liability companies, each of which owns and operates a Bad Daddy’s Burger Bar restaurant in North Carolina. In addition, BDI owns a portion of the member interests in three other limited liability companies, each of which also owns a Bad Daddy’s Burger Bar restaurant in North Carolina. BDI also owns the intellectual property associated with the Bad Daddy’s Burger Bar concept and owns 52% of the member interests in BDFD, which has granted franchises for the ownership and operation of Bad Daddy’s Burger Bar restaurants in South Carolina and Tennessee. BDI has also granted a license for the operation of a Bad Daddy’s Burger Bar at the Charlotte airport. As a result of the purchase of BDI, the Company has acquired all of the foregoing interests and assets. Prior to the acquisition, the Company owned the remaining 48% of the member interests in BDFD and carried an Investment in Affiliates balance of $498,000. The aggregate price paid by the Company for the purchase of BDI was $21,402,000, comprised of $18,988,000 payable in cash and a one-year secured promissory note bearing interest at 3.25% in the amount of $2,414,000. The total price paid was subject to adjustments for the final calculation of the net working capital balance. Pursuant to a Pledge Agreement (the “Pledge Agreement”), the promissory note is secured by a pledge of the ownership of the two entities which own two of the acquired restaurants. Upon the reduction of the principal of the promissory note by at least 50% the sellers are to select one of the entities for release from the pledge. The Company acquired all of BDI’s ownership interests. The Company incurred non-recurring costs of $648,000 for the fiscal year ended September 30, 2015 related to the BDI acquisition which are included in the condensed consolidated statements of operations. In accordance with Accounting Standards Codification (“ASC”) 805, Business Combinations (“ASC 805”), the total purchase consideration is allocated to the net tangible and identifiable intangible assets acquired and liabilities assumed based on their estimated fair values as of May 7, 2015 (the acquisition date). The purchase price was allocated based on information available at the time and was adjusted after obtaining more information regarding, among other things, liabilities assumed and revisions of preliminary estimates. The estimated fair values of the assets acquired and liabilities assumed for the acquisition approximated the following: Allocated Fair Value Cash $ 1,376 Receivables 124 Prepaid expenses and other 49 Inventories 133 Deposits 52 Property and equipment 3,672 Trademarks (1) 3,900 Franchise agreements (1) 116 Non-compete agreements (1) 15 Goodwill (2) 14,970 Total assets purchased 24,407 Accounts payable and other accrued liabilities (750 ) Unfavorable lease liability (481 ) Non-controlling interests (1,276 ) Total liabilities assumed (2,507 ) Investment in BDFD balance (498 ) Total purchase price $ 21,402 Cash $ 18,988 Notes payable 2,414 Total purchase price $ 21,402 (1) The value of the identifiable intangible assets were determined by an independent Corporate Finance and Business Valuation firm. (2) The excess of the purchase price over the aggregate fair value of net assets acquired was allocated to goodwill. The portion of the purchase price attributable to goodwill represents benefits expected as a result of the acquisition, including sales and unit growth opportunities. Included in the consolidated statement of operations for the fiscal year ended September 30, 2015 are revenues of $7,639,000 and net income of $189,000 attributed to BDI and BDFD from the date of acquisition. Estimates of acquired goodwill and identifiable intangible assets related to the acquisition are as follows: Estimated Fair Value Weighted Average Estimated Useful Life (yrs) Trademarks and trade names $ 3,900 Indefinite Franchise Agreements 116 3 – 9 Non-Compete Agreements 15 3 Goodwill, including assembled workforce 14,970 Indefinite The table below presents the proforma revenue and net income for the fiscal year ended September 30, 2015, assuming the acquisition had occurred on October 1, 2014. This proforma information does not purport to represent what the actual results of operations of the Company would have been had the acquisition occurred on this date nor does it purport to predict the results of operations for future periods. Fiscal Year Ended September 30 2015 Revenues $ 54,416 Net income $ 619 Net income (loss) attributable to Good Times Restaurants, Inc. $ 159 Net income (loss) attributable to common shareholders $ 159 Basic and diluted income (loss) per share $ .01 |
Investment in Affiliate
Investment in Affiliate | 12 Months Ended |
Sep. 27, 2016 | |
Investment in Affiliate [Abstract] | |
Investment in Affiliate | 3. Investment in Affiliate On April 15, 2013, the Company executed a Subscription Agreement for the purchase of 4,800 Class A Units of BDFD, representing a 48% non-controlling voting membership interest in BDFD, for the aggregate subscription price of $750,000. The Company acquired the remaining 52% interest in BDFD on May 7, 2015. Prior to the acquisition, the Company accounted for this investment using the equity method. For the fiscal year ended September 30, 2015 the Company recorded net income of $5,000 for its share of BDFD’s operating results. |
Goodwill and Intangible Assets
Goodwill and Intangible Assets | 12 Months Ended |
Sep. 27, 2016 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Intangible Assets | 4. Goodwill and Intangible Assets The following table presents goodwill and intangible assets as of September 27, 2016 and September 30, 2015: September 27, 2016 September 30, 2015 Gross Carrying Amount Accumulated Amortization Net Carrying Amount Gross Carrying Amount Accumulated Amortization Net Carrying Amount Intangible assets subject to Franchise rights 116 (34 ) 82 116 (11 ) 105 Non-compete agreements 15 (8 ) 7 15 (3 ) 12 $ 131 $ (42 ) $ 89 $ 131 $ (14 ) $ 117 Indefinite-lived intangible Trademarks $ 3,900 $ 0 $ 3,900 $ 3,900 $ 0 $ 3,900 Intangible assets, net $ 4,031 $ (42 ) $ 3,989 $ 4,031 $ (14 ) $ 4,017 Goodwill $ 15,076 $ 0 $ 15,076 $ 15,066 $ 0 $ 15,066 The Company had no goodwill impairment losses in the periods presented in the above table or any prior periods. There were no impairments to intangible assets during the fiscal years ended September 27, 2016 and September 30, 2015. The aggregate amortization expense related to intangible assets subject to amortization was $28,000 and $14,000 for the fiscal years ended September 27, 2016 and September 30, 2015, respectively. The estimated aggregate future amortization expense as of September 27, 2016 is as follows, (in thousands): 2017 $ 28 2018 19 2019 10 2020 10 2021 10 Thereafter 12 $ 89 |
Debt and Capital Leases
Debt and Capital Leases | 12 Months Ended |
Sep. 27, 2016 | |
Debt and Capital Lease Obligations [Abstract] | |
Debt and Capital Leases | 5. Debt and Capital Leases 2016 2015 Notes payable with Bridge Funding Group with payments of principal and interest 0 1,225 Note payable associated with the purchase of BDI and BDFD, due in full along with 0 2,414 Capital signage leases with Yesco, LLC with payments of principal and interest (8%) 11 42 Notes payable with Ally Financial with payments of principal and interest (3.9% to 5%) 27 40 38 3,721 Less current portion (19 ) (2,617 ) Long term portion $ 19 $ 1,104 Bridge Funding Credit Facility On July 30, 2014 Drive Thru entered into a Development Line Loan and Security Agreement with United Capital Business Lending, whose name was changed to Bridge Funding Group in February 2016 (“Lender”), pursuant to which Lender agreed to loan Drive Thru up to $2,100,000 (the “Loan Agreement”) and entered into a Collateral Assignment of Franchise Agreements, Management Agreement and Partnership Interests with Lender. In addition, on July 30, 2014, the Company entered into a Guaranty Agreement (the “Guaranty Agreement”) with Lender, pursuant to which the Company guaranteed the repayment of the Loan. The Loan Agreement, Collateral Assignment, Notes (as defined below) and Guaranty Agreement are referred to herein as the “Loan Documents.” In connection with each disbursement under the Loan Agreement, Drive Thru executed a Promissory Note (the “Notes”) in the full amount of each disbursement request. The Notes incurred interest at a rate of 6.69% per annum, were repayable in monthly installments of principal and interest over 84 months, and contained other customary terms and conditions. The Notes were subject to certain prepayment fees ranging between 1% and 3% of the unpaid balance at such time if Drive Thru repaid a Note in certain circumstances prior to the thirty seventh monthly installment under such Note. All promissory notes associated with the Loan Agreement, including all accrued interest, were paid off on September 9, 2016, and the Loan Agreement with the Lender was terminated. In connection with the termination of the Loan Agreement, the Company incurred Debt Extinguishment Costs of $57,000 for the fiscal year ended September 27, 2016 as a result of $20,000 of prepayment fees paid to Lender and the write off of $37,000 in unamortized loan fees associated with the Loan Agreement. Cadence Credit Facility On September 8, 2016 the Company entered into a credit agreement with Cadence Bank (“Cadence”) The Cadence Credit Facility contains certain affirmative and negative covenants and events of default that the Company considers customary for an agreement of this type, including covenants setting a maximum leverage ratio of 5.35:1 and a minimum fixed charge coverage ratio of 1.25:1. As of September 27, 2016, the Company was in compliance with its covenants. As a result of entering into the Cadence Credit Facility, the Company paid loan origination costs including professional fees of approximately $173,000 and will amortize these costs over the term of the credit agreement. The obligations under the Cadence Credit Facility are collateralized by a first priority lien on substantially all of the Company’s assets. As of September 27, 2016 the Company had not yet borrowed against the Cadence Credit Facility. BDI Note In May 2015, in connection with the BDI purchase, the Company entered into a one-year secured promissory note bearing interest at 3.25 percent in the amount of $2,414,000. The entire note and all accrued interest was paid off on May 6, 2016. As of September 27, 2016, principal payments on debt become due as follows: Periods Ending September, 2017 $ 19 2018 8 2018 9 2019 2 $ 38 Total interest expense on notes payable and capital leases was $126,000 and $93,000 for fiscal 2016 and fiscal 2015, respectively. |
Other Accrued Liabilities
Other Accrued Liabilities | 12 Months Ended |
Sep. 27, 2016 | |
Accrued Liabilities and Other Liabilities [Abstract] | |
Other Accrued Liabilities | 6. Other Accrued Liabilities Other accrued liabilities consist of the following: Sept 27, 2016 Sept 30, 2015 Wages and other employee benefits $ 1,379 $ 583 Taxes, other than income tax 1,105 829 Other 678 471 Total $ 3,162 $ 1,883 |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Sep. 27, 2016 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 7. Commitments and Contingencies The Company’s office space, and the land and buildings related to the Drive Thru and Bad Daddy’s restaurant facilities are classified as operating leases and expire over the next 19 years. Some leases contain escalation clauses over the lives of the leases. Most of the leases contain one to three five-year renewal options at the end of the initial term. Certain leases include provisions for additional contingent rent payments if sales volumes exceed specified levels. The Company paid $74,000 and $41,000 in contingent rentals for fiscal 2016 and fiscal 2015, respectively. Following is a summary of operating lease activity for the fiscal years ended September 27, 2016 and September 30, 2015: 2016 2015 Minimum rentals $ 4,084 $ 2,944 Less sublease rentals (383 ) (375 ) Net rent paid $ 3,701 $ 2,569 As of September 27, 2016, future minimum rental commitments required under the Company’s operating leases that have initial or remaining non-cancellable lease terms in excess of one year are as follows: Years Ending September, 2017 $ 4,464 2018 4,496 2019 4,212 2020 3,603 2021 3,033 Thereafter 12,290 32,098 Less sublease rentals (1,535 ) $ 30,563 The Company is contingently liable on the sublease rentals disclosed above. The subleased and assigned leases expire between 2018 and 2024. In the past the Company has never been required to pay any significant amount in connection with its guarantees and currently we have not been notified nor are we aware of any leases in default by the franchisees, however there can be no assurance that there will not be such defaults in the future which could have a material effect on our future operating results. |
Income Taxes
Income Taxes | 12 Months Ended |
Sep. 27, 2016 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 8. Income Taxes Deferred tax assets (liabilities) are comprised of the following at the period end: 2016 2015 Current Long Term Current Long Term Deferred assets (liabilities): Tax effect of net operating loss carry-forward $ 0 $ 2,926 $ 0 $ 2,948 General business credits 0 680 0 201 Partnership/Joint Venture basis differences 0 (15 ) 0 84 Deferred revenue 0 79 0 88 Property and equipment basis differences 0 (567 ) 0 7 Intangibles basis differences 0 (190 ) 0 (225 ) Other accrued liability and asset difference 112 1,199 66 332 Net deferred tax assets 112 4,112 66 3,435 Less valuation allowance* (112 ) (4,112 ) (66 ) (3,435 ) Net deferred tax assets $ 0 $ 0 $ 0 $ 0 * The valuation allowance increased by $723,000 during the year ended September 27, 2016. The Company has net operating loss carry-forwards available for future periods, as discussed below, of approximately $1,915,000 from 2015, and $5,726,000 from 2014 and prior for income tax purposes which expire from 2025 through 2035. Based on the change in control, which occurred in 2011, the utilization of the loss carry-forwards incurred for periods prior to 2012 is limited to approximately $160,000 per year. The Company has general business tax credits of $654,000 from 2015 and 2016 which expire from 2034 through 2036. The Company continually reveiws the realizability of its deferred tax assets, including an analysis of factors such as future taxable income, reversal of existing taxable temporary differences, and tax planning strategies. The Company assessed whether a valuation allowance should be recorded against its deferred tax assets based on consideration of all available evidence, using a “more likely than not” standard. In assessing the need for a valuation allowance, the Company considered both positive and negative evidence related to the likelihood of realization of deferred tax assets. In making such assessment, more weight was given to evidence that could be objectively verified, including recent cumulative losses. Future sources of taxable income were also considered in determining the amount of the recorded valuation allowance. Based on the Company’s review of this evidence, management determined that a full valuation allowance against all of the Company’s deferred tax assets was appropriate. Total income tax expense for the years ended September 27, 2016 and September 30, 2015 differed from the amounts computed by applying the U.S. Federal statutory tax rates to pre-tax income as follows: 2016 2015 Total expense (benefit) computed by applying the U.S. Statutory rate (35%) $ (462 ) $ (277 ) State income tax, net of federal tax benefit (40 ) (24 ) FICA/WOTC tax credits (272 ) (108 ) Expiration of net operating loss carry-forward 0 616 Effect of change in valuation allowance 723 (256 ) Permanent differences 120 88 Other (69 ) (39 ) Provision for income taxes $ 0 $ 0 |
Related Parties
Related Parties | 12 Months Ended |
Sep. 27, 2016 | |
Related Party Transactions [Abstract] | |
Related Parties | 9. Related Parties In April 2012, the Company entered into a financial advisory services agreement with Heathcote Capital LLC (Heathcote) pursuant to which they were to provide the Company with exclusive financial advisory services in connection with a possible strategic transaction. Gary J. Heller, a member of the Company’s Board of Directors, is the principal of Heathcote. Accordingly, the agreement constitutes a related party transaction and was reviewed and approved by the Audit Committee of the Company’s Board of Directors. On March 25, 2013, the Company and Heathcote modified this agreement to exclude any transactions involving the Maxim Group LLC and for Heathcote to continue to provide non-exclusive financial advisory services to the Company. On September 27, 2013, the Company and Heathcote further modified this agreement to provide for investor relations activities specifically related to the exercise of the outstanding warrants and the trading volume in the Company’s stock and other corporate finance projects as determined by the CEO of the company. On November 5, 2014, the Company and Heathcote further modified this agreement to provide for investor relations activities and corporate finance projects as determined by the CEO of the company. The modifications were approved by the Audit Committee of the Company’s Board of Directors. Total amounts paid to Heathcote were $0 and $40,000 in fiscal 2016 and fiscal 2015, respectively. |
Stockholders' Equity
Stockholders' Equity | 12 Months Ended |
Sep. 27, 2016 | |
Stockholders' Equity Note [Abstract] | |
Stockholders' Equity | 10. Stockholders’ Equity Preferred Stock The Company has the authority to issue 5,000,000 shares of preferred stock. The Board of Directors has the authority to issue such preferred shares in series and determine the rights and preferences of the shares as may be determined by the Board of Directors. Common Stock On August 21, 2013, the Company completed a public offering of 2,200,000 shares of common stock, together with warrants to purchase 2,200,000 shares of our common stock (“A Warrants”) and additional warrants to purchase 1,100,000 shares of our common stock (“B Warrants”) with a per unit purchase price of $2.50. One share of common stock was sold together with one A Warrant, with each A Warrant being exercisable on or before August 16, 2018 for one share of common stock at an exercise price of $2.75 per share, and together with one B Warrant, with two B Warrants being exercisable on or before May 16, 2014 for one share of common stock at an exercise price of $2.50 per share. Additionally we issued 330,000 A warrants to purchase 330,000 shares of common stock and 330,000 B warrants to purchase 165,000 of common stock to the underwriters in connection with the public offering with the same terms as the A and B warrants sold in the offering. Also in connection with the public offering we issued 154,000 representative warrants to purchase 154,000 of common stock at an exercise price of $3.125 to the underwriters. The representative warrants were exercisable beginning May 16, 2014 and expired on August 16, 2016. As of September 27, 2016 we had received $9,782,000 in net proceeds from the exercise of warrants. There were no longer any warrants outstanding at September 27, 2016. On January 26, 2015, the Company filed a shelf registration statement on Form S-3 with the Securities and Exchange Commission (“SEC”) which was declared effective by the SEC on March 25, 2015. The registration statement allows the Company to issue common stock from time to time up to an aggregate amount of $75 million. On May 7, 2015, the Company completed a public offering of 2,783,810 shares of its common stock, which included the full exercise of the underwriters’ over-allotment option, at $8.15 per share for net proceeds, after deducting underwriting discounts and commissions and offering expenses, of approximately $20.6 million. Net proceeds were used for the acquisition of BDI and to fund the remodeling and reimaging of existing Good Times Burgers & Frozen Custard restaurants, for the development of new Bad Daddy’s Burger Bar restaurants, as working capital reserves and for future investment at the discretion of our Board of Directors. Stock Plans The Company has an Omnibus Equity Incentive Compensation Plan (the “2008 Plan”), approved by shareholders in fiscal 2008, which is the successor equity compensation plan to the Company’s 2001 Stock Option Plan (the “2001 Plan”). Pursuant to stockholder approval in September 2012, February 2014 and February 2016 the total number of shares available for issuance under the 2008 Plan was increased to 1,500,000. As of September 27, 2016, 478,590 shares were available for future grants of nonqualified stock options, incentive stock options, stock appreciation rights, restricted stock, restricted stock units, performance shares, performance units and stock-based awards. The 2008 Plan serves as the successor to our 2001 Plan, as amended (the “Predecessor Plan”), and no further awards shall be made under the Predecessor Plan from and after the effective date of the 2008 Plan. All outstanding awards under the Predecessor Plan immediately prior to the effective date of the 2008 Plan shall be incorporated into the 2008 Plan and shall accordingly be treated as awards under the 2008 Plan. However, each such award shall continue to be governed solely by the terms and conditions of the instrument evidencing such grant or issuance, and, except as otherwise expressly provided in the 2008 Plan or by the Committee that administers the 2008 Plan, no provision of the 2008 Plan shall affect or otherwise modify the rights or obligations of holders of such incorporated awards. Stock-based compensation is measured at the grant date, based on the calculated fair value of the award, and is recognized as an expense over the requisite service period (generally the vesting period of the grant). The Company recorded $718,000 and $478,000 in total stock option and restricted stock compensation expense during fiscal years 2015 and 2014, respectively, that was classified as general and administrative costs . Stock Option Awards The Company measures the compensation cost associated with stock option awards by estimating the fair value of the award as of the grant date using the Black-Scholes pricing model. The Company believes that the valuation technique and the approach utilized to develop the underlying assumptions are appropriate in calculating the fair values of the Company’s stock options and stock awards granted during fiscal 2016 and fiscal 2015. Estimates of fair value are not intended to predict actual future events or the value ultimately realized by the employees who receive equity awards. During the fiscal year ended September 27, 2016, the Company granted a total of 22,686 non-statutory stock options and a total of 72,178 incentive stock options, from available shares under its 2008 Plan, as amended, with exercise prices between of $4.04 and $6.23 and per-share weighted average fair values between $2.85 and $4.52. During the fiscal year ended September 30, 2015, the Company granted a total of 80,871 non-statutory stock options and a total of 112,593 incentive stock options, from available shares under its 2008 Plan, as amended, with exercise prices between of $6.64 and $9.17 and per-share weighted average fair values between $4.82 and $6.88. In addition to the exercise and grant date prices of the stock option awards, certain weighted average assumptions that were used to estimate the fair value of stock option grants are listed in the following table: Incentive and Non-Statutory Stock Options Fiscal 2016 Fiscal 2015 Expected term (years) 6.5 to 7.5 6.5 Expected volatility 79.75% to 89.08% 87.40% to 112.11% Risk-free interest rate 1.35% to 2.07% 1.84% to 1.94% Expected dividends 0 0 We estimate expected volatility based on historical weekly price changes of our common stock for a period equal to the current expected term of the options. The risk-free interest rate is based on the United States treasury yields in effect at the time of grant corresponding with the expected term of the options. The expected option term is the number of years we estimate that options will be outstanding prior to exercise considering vesting schedules and our historical exercise patterns. The following table summarizes stock option activity for fiscal year 2016 under all plans: Shares Weighted Average Exercise Price Weighted Average Remaining Contractual Life (Yrs.) Outstanding-beg of year 540,444 $5.27 Options granted 94,864 $5.07 Options exercised (19,530 ) $2.02 Forfeited (15,779 ) $8.07 Expired (13,916 ) $17.04 Outstanding Sept 27, 2016 586,082 $4.99 7.0 Exercisable Sept 27, 2016 282,884 $4.58 5.6 As of September 27, 2016, the aggregate intrinsic value of the outstanding and exercisable options was $340,000 and $249,000, respectively. Only options whose exercise price is below the current market price of the underlying stock are included in the intrinsic value calculation. As of September 27, 2016, the total remaining unrecognized compensation cost related to non-vested stock options was $751,000 and is expected to be recognized over a weighted average period of approximately 1.60 years. There were 19,531 stock options exercised during the fiscal year ended September 27, 2016 with proceeds of $39,000. Restricted Stock Grants During the fiscal year 2016, the Company granted a total of 44,755 shares of restricted stock to certain employees and executive officers from available shares under its 2008 Plan, as amended. The shares were issued with a grant date fair market values of $4.18, which is equal to the closing price of the stock on the date of the grant. The restricted stock grants vest over three years following the grant date. During the fiscal year 2015, the Company granted a total of 24,586 shares of restricted stock to certain employees and executive officers from available shares under its 2008 Plan, as amended. The shares were issued with grant date fair market values between $8.23 and $8.60 which is equal to the closing price of the stock on the date of the grants. The restricted stock grants vest over three years following the grant date. A summary of the status of non-vested restricted stock as of September 27, 2016 and changes during fiscal 2016 is presented below: Shares Grant Date Fair Value Per Share Non-vested shares at beg of year 148,426 $ Granted 44,755 $ 4.18 Forfeited (8,721 ) $ 8.60 Vested 3,544 $ 8.23 Non-vested shares at Sept 27, 2016 180,916 $ As of September 27, 2016, there was $314,000 of total unrecognized compensation cost related to non-vested restricted stock. This cost is expected to be recognized over a weighted average period of approximately 1.35 years. Warrants In connection with the public offering in August 2013 we issued 2,200,000 warrants to purchase 2,200,000 shares of our common stock (“A Warrants”) and an additional 2,200,000 warrants to purchase 1,100,000 shares of our common stock (“B Warrants”). Additionally we issued 330,000 A warrants to purchase 330,000 shares of common stock and 330,000 B warrants to purchase 165,000 of common stock to the underwriters in connection with the public offering. Each A Warrant was exercisable on or before August 16, 2018 for one share of common stock at an exercise price of $2.75 per share and two B Warrants were exercisable on or before May 16, 2014 for one share of common stock at an exercise price of $2.50 per share. Also, in connection with the public offering we issued 154,000 representative warrants to purchase 154,000 shares of common stock at an exercise price of $3.125 to the underwriters. The representative warrants were exercisable beginning May 16, 2014 and expired on August 16, 2016. As of September 30, 2015 we had received proceeds, net of expenses related to the exercise of the warrants, of $9,782,000, including $3,221,000 during the twelve-month period ending September 30, 2015. No other warrants remain outstanding. Non-controlling Interests The equity interests of the unrelated limited partners and members are shown on the accompanying consolidated balance sheet in the stockholders’ equity section as a non-controlling interest and is adjusted each period to reflect the limited partners’ and members’ share of the net income or loss as well as any cash distributions to the limited partners and members for the period. The limited partners’ and members’ share of the net income or loss in the partnership is shown as non-controlling interest income or expense in the accompanying consolidated statement of operations. All inter-company accounts and transactions are eliminated. The following table summarizes the activity in non-controlling interests during the year ended September 27, 2016 (in thousands): Good Times Bad Daddy’s Total Balance at September 30, 2015 $ 320 $ 1,295 $ 1,615 Income $ 427 $ 429 $ 856 Contributions $ 57 $ 285 $ 342 Distributions $ (448 ) $ (645 ) $ (1,093 ) Balance at September 27, 2016 $ 356 $ 1,364 $ 1,720 Prior to the acquisition of BDI our non-controlling interest consisted of one joint venture partnership involving Good Times restaurants, as part of the acquisition of BDI additional non-controlling interests were acquired in three joint venture entities. An additional joint venture entity was established in fiscal 2016 to fund the construction of a Bad Daddy’s in North Carolina. |
Retirement Plan
Retirement Plan | 12 Months Ended |
Sep. 27, 2016 | |
Compensation and Retirement Disclosure [Abstract] | |
Retirement Plan | 11. Retirement Plan The Company sponsors a qualified defined contribution 401(k) plan for employees meeting certain eligibility requirements. Under the plan, employees are entitled to make contributions on both a pre-tax basis or on an after-tax basis (Roth Contributions). In fiscal 2015 the Company modified the plan to include a provision to make a Safe Harbor Matching Contribution to all participating employees. The Company will match, on a dollar-for-dollar basis, the first 3% of eligible pay contributed by employees. The Company will also match 50% of each dollar contributed between 3% and 5% of eligible pay contributed by employees. The Company may, at its discretion, make additional contributions to the Plan or change the matching percentage. The Company’s matching contributions in fiscal 2016 and 2015 were $108,000 and $79,000, respectively. |
Segment Reporting
Segment Reporting | 12 Months Ended |
Sep. 27, 2016 | |
Segment Reporting [Abstract] | |
Segment Reporting | 12. Segment Reporting: All of our Good Times Burgers and Frozen Custard restaurants (Good Times) compete in the quick-service drive-through dining industry while our Bad Daddy’s Burger Bar restaurants (Bad Daddy’s) compete in the full-service upscale casual dining industry. We believe that providing this additional financial information for each of our brands will provide a better understanding of our overall operating results. Income (loss) from operations represents revenues less restaurant operating costs and expenses, directly allocable general and administrative expenses, and other restaurant-level expenses directly associated with each brand including depreciation and amortization, pre-opening costs and losses or gains on disposal of property and equipment. Unallocated corporate capital expenditures are presented below as reconciling items to the amounts presented in the consolidated financial statements. The following tables present information about our reportable segments for the respective periods: Period Ended 2016 2015 Revenues Good Times $ 29,217 $ 28,901 Bad Daddy’s 35,222 15,156 $ 64,439 $ 44,057 Income (loss) from operations Good Times $ 505 $ 520 Bad Daddy’s (805 ) (759 ) $ (300 ) $ (239 ) Capital Expenditures Good Times $ 940 $ 4,006 Bad Daddy’s 7,465 3,549 Corporate 97 118 $ 8,502 $ 7,673 Property & Equipment, net Good Times $ 5,361 $ 5,268 Bad Daddy’s 14,174 8,836 Corporate 157 118 $ 19,692 $ 14,222 |
Subsequent Events
Subsequent Events | 12 Months Ended |
Sep. 27, 2016 | |
Subsequent Events [Abstract] | |
Subsequent Events | 13. Subsequent Events: None. |
Organization and Summary of S20
Organization and Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Sep. 27, 2016 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization | Organization Drive Thru commenced operations in 1986 and, as of September 27, 2016, operates twenty company-owned and seven joint venture drive-thru fast food hamburger restaurants under the name Good Times Burgers & Frozen Custard. The Company’s restaurants are located in Colorado. In addition, Drive Thru has ten franchises, eight operating in Colorado and two in Wyoming. BD of Colo commenced operations in 2013 and, as of September 27, 2016, operates nine company-owned full-service upscale casual dining restaurants under the name Bad Daddy’s Burger Bar, all of which are located in Colorado. BDI and BDFD were acquired on May 7, 2015 (see Note 2 below). As of September 27, 2016, BDI operates four company-owned and three joint venture full-service upscale casual dining restaurants, also under the name Bad Daddy’s Burger Bar, all of which are located in North Carolina. BDFD has two franchises operating in South Carolina and Tennessee. Prior to the acquisition of BDFD in May 2015 the Company had a 48% voting ownership interest in the franchisor entity and the investment was accounted for using the equity method. We follow accounting standards set by the Financial Accounting Standards Board, commonly referred to as the “FASB”. The FASB sets generally accepted accounting principles (GAAP) that we follow to ensure we consistently report our financial condition, results of operations and cash flows. |
Fiscal Year | Fiscal Year Fiscal year 2016 began October 1, 2015 and ended September 27, 2016 and fiscal year 2015 consisted of twelve months ended September 30, 2015. Fiscal 2016 included two less operating days than the comparable prior fiscal year. |
Principles of Consolidation | Principles of Consolidation |
Reclassification | Reclassification |
Accounting Estimates | Accounting Estimates |
Cash and Cash Equivalents | Cash and Cash Equivalents |
Accounts Receivable | Accounts Receivable |
Inventories | Inventories |
Property and Equipment | Property and Equipment Assets are classified as held for sale if they meet the criteria outlined in ASC 360, Property, Plant and Equipment. We have classified $93,000 of assets as held for sale at September 27, 2016 which are related to a new Good Times restaurant under construction in Greeley, Colorado. The assets will be sold in a sale-leaseback transaction when the restaurant is completed. Subsequent to the fiscal year end we purchased the land underlying the site for $625,000. Maintenance and repairs are charged to expense as incurred, and expenditures for major improvements are capitalized. When assets are retired, or otherwise disposed of, the property accounts are relieved of costs and accumulated depreciation with any resulting gain or loss credited or charged to income. |
Impairment of Long-Lived Assets | Impairment of Long-Lived Assets An analysis was performed for impairment at September 27, 2016 and given the results of our analysis there were no restaurants which are impaired. |
Trademarks | Trademarks |
Goodwill | Goodwill |
Sales of Restaurants and Restaurant Equity Interests | Sales of Restaurants and Restaurant Equity Interests The Company accounts for the sale of restaurants when the risks and other incidents of ownership have been transferred to the buyer. Specifically, a) no continuing involvement by the Company exists in restaurants that are sold, b) sales contracts and related income recognition are not dependent on the future successful operations of the sold restaurants, and c) the Company is not involved as a guarantor on the purchasers’ debts. |
Deferred Liabilities | Deferred Liabilities Lease incentives are recorded as a deferred liability when received and subsequently credited to rent expense on a straight line basis over the life of the lease. The balance of the lease incentive obligations at September 27, 2016 was $2,295,000 and is reflected in the accompanying consolidated balance sheet as a deferred liability. Also included in the $3,938,000 deferred and other liabilities balance are other long term liabilities of $22,000 and a $183,000 deferred gain on the sale of the building and improvements of one Company-owned Good Times restaurant in a sale leaseback transaction. The building and improvements were subsequently leased back from the third party purchaser. The gain will be recognized in future periods in proportion to the rents paid on the twenty year lease. |
Revenue Recognition | Revenue Recognition |
Preopening Costs | Preopening Costs |
Advertising | Advertising |
Franchise and Area Development Fees | Franchise and Area Development Fees The Company has not recognized any franchise fees that have not been collected. The Company segregates initial franchise fees from other franchise revenue in the statement of operations. Revenues and costs related to company-owned restaurants are segregated from revenues and costs related to franchised restaurants in the statement of operations. Continuing royalties from franchisees, which are a percentage of the gross sales of franchised operations, are recognized as income when earned. Franchise development expenses, which consist primarily of legal costs and restaurant opening expenses associated with developing and opening franchise restaurants, are expensed against the related franchise fee income. |
Income Taxes | Income Taxes The Company is subject to taxation in various jurisdictions. The Company continues to remain subject to examination by U.S. federal authorities for the years 2013 through 2016 and several state authorities for 2012 through 2016. The Company believes that its income tax filing positions and deductions will be sustained on audit and does not anticipate any adjustments that will result in a material adverse effect on the Company’s financial condition, results of operations, or cash flows. Therefore, no reserves for uncertain income tax positions have been recorded. The Company’s practice is to recognize interest and/or penalties related to income tax matters in income tax expense. No accrual for interest and penalties was considered necessary as of September 27, 2016. |
Net Income (Loss) Per Common Share | Net Income (Loss) Per Common Share |
Financial Instruments and Concentrations of Credit Risk | Financial Instruments and Concentrations of Credit Risk Financial instruments potentially subjecting the Company to concentrations of credit risk consist principally of receivables. At September 27, 2016 notes receivable totaled $117,000 and is due from four entities. Additionally, the Company has other current receivables totaling $425,000, which includes $64,000 of franchise receivables, $200,000 related to a lease incentive and $161,000 for miscellaneous receivables which are all due in the normal course of business. The Company believes it will collect fully on all notes and receivables. The Company purchases most of its restaurant food and paper from two vendors. The Company believes a sufficient number of other suppliers exist from which food and paper could be purchased to prevent any long-term, adverse consequences. The Company operates in one industry segment, restaurants. A geographic concentration exists because the Company’s customers are generally located in the Colorado and North Carolina. |
Stock-Based Compensation | Stock-Based Compensation |
Variable Interest Entities | Variable Interest Entities |
Fair Value of Financial Instruments | Fair Value of Financial Instruments The following three levels of inputs may be used to measure fair value and requires that the assets or liabilities carried at fair value are disclosed by the input level under which they were valued. Level 1: Quoted market prices in active markets for identical assets and liabilities. Level 2: Observable inputs other than defined in Level 1, 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 for substantially the full term of the assets or liabilities. Level 3: Unobservable inputs that are not corroborated by observable market data. |
Non-controlling Interests | Non-controlling Interests Prior to the acquisition of BDI our non-controlling interest consisted of one joint venture partnership involving Good Times restaurants, as part of the acquisition of BDI (see note 2 below) additional non-controlling interests were acquired in three joint venture partnerships. An additional joint venture entity was established in fiscal 2016 to fund the construction of a Bad Daddy’s restaurant in North Carolina. |
Recent Accounting Pronouncements | Recent Accounting Pronouncements In March 2016, the FASB issued ASU 2016-09, Improvements to Employee Share-Based Payment Accounting (ASU 2016-09). ASU 2016-09 includes provisions intended to simplify various aspects related to how share-based payments are accounted for and presented in the financial statements. The areas for simplification include income tax consequences, forfeitures, classification of awards as either equity or liabilities and classification on the statement of cash flows. This ASU is effective for annual periods and interim periods within those annual periods beginning after December 15, 2016 and early adoption is permitted for financial statements that have not been previously issued. The Company is currently evaluating the impact of the adoption of ASU 2016-09 on its financial statements and disclosures. |
Business Combinations (Tables)
Business Combinations (Tables) | 12 Months Ended |
Sep. 27, 2016 | |
Business Combinations [Abstract] | |
Schedule of Fair Value Estimate of Assets Acquired and Liabilities Assumed | The estimated fair values of the assets acquired and liabilities assumed for the acquisition approximated the following: Allocated Fair Value Cash $ 1,376 Receivables 124 Prepaid expenses and other 49 Inventories 133 Deposits 52 Property and equipment 3,672 Trademarks (1) 3,900 Franchise agreements (1) 116 Non-compete agreements (1) 15 Goodwill (2) 14,970 Total assets purchased 24,407 Accounts payable and other accrued liabilities (750 ) Unfavorable lease liability (481 ) Non-controlling interests (1,276 ) Total liabilities assumed (2,507 ) Investment in BDFD balance (498 ) Total purchase price $ 21,402 Cash $ 18,988 Notes payable 2,414 Total purchase price $ 21,402 (1) The value of the identifiable intangible assets were determined by an independent Corporate Finance and Business Valuation firm. (2) The excess of the purchase price over the aggregate fair value of net assets acquired was allocated to goodwill. The portion of the purchase price attributable to goodwill represents benefits expected as a result of the acquisition, including sales and unit growth opportunities. |
Schedule of Intangible Assets Acquired | Estimates of acquired goodwill and identifiable intangible assets related to the acquisition are as follows: Estimated Fair Value Weighted Average Estimated Useful Life (yrs) Trademarks and trade names $ 3,900 Indefinite Franchise Agreements 116 3 – 9 Non-Compete Agreements 15 3 Goodwill, including assembled workforce 14,970 Indefinite |
Pro-Forma Revenue and Net Income | The table below presents the proforma revenue and net income for the fiscal year ended September 30, 2015, assuming the acquisition had occurred on October 1, 2014. This proforma information does not purport to represent what the actual results of operations of the Company would have been had the acquisition occurred on this date nor does it purport to predict the results of operations for future periods. Fiscal Year Ended September 30 2015 Revenues $ 54,416 Net income $ 619 Net income (loss) attributable to Good Times Restaurants, Inc. $ 159 Net income (loss) attributable to common shareholders $ 159 Basic and diluted income (loss) per share $ .01 |
Goodwill and Intangible Assets
Goodwill and Intangible Assets (Tables) | 12 Months Ended |
Sep. 27, 2016 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Goodwill and Intangible Assets | The following table presents goodwill and intangible assets as of September 27, 2016 and September 30, 2015: September 27, 2016 September 30, 2015 Gross Carrying Amount Accumulated Amortization Net Carrying Amount Gross Carrying Amount Accumulated Amortization Net Carrying Amount Intangible assets subject to Franchise rights 116 (34 ) 82 116 (11 ) 105 Non-compete agreements 15 (8 ) 7 15 (3 ) 12 $ 131 $ (42 ) $ 89 $ 131 $ (14 ) $ 117 Indefinite-lived intangible Trademarks $ 3,900 $ 0 $ 3,900 $ 3,900 $ 0 $ 3,900 Intangible assets, net $ 4,031 $ (42 ) $ 3,989 $ 4,031 $ (14 ) $ 4,017 Goodwill $ 15,076 $ 0 $ 15,076 $ 15,066 $ 0 $ 15,066 |
Schedule of Estimated Aggregate Future Amortization Expense For Finite-Lived Intangible Assets | The estimated aggregate future amortization expense as of September 27, 2016 is as follows, (in thousands): 2017 $ 28 2018 19 2019 10 2020 10 2021 10 Thereafter 12 $ 89 |
Debt and Capital Leases (Tables
Debt and Capital Leases (Tables) | 12 Months Ended |
Sep. 27, 2016 | |
Debt and Capital Lease Obligations [Abstract] | |
Schedule of Debt and Capital Leases | 2016 2015 Notes payable with Bridge Funding Group with payments of principal and interest 0 1,225 Note payable associated with the purchase of BDI and BDFD, due in full along with 0 2,414 Capital signage leases with Yesco, LLC with payments of principal and interest (8%) 11 42 Notes payable with Ally Financial with payments of principal and interest (3.9% to 5%) 27 40 38 3,721 Less current portion (19 ) (2,617 ) Long term portion $ 19 $ 1,104 |
Schedule of Principal Payments of Debt | As of September 27, 2016, principal payments on debt become due as follows: Periods Ending September, 2017 $ 19 2018 8 2018 9 2019 2 $ 38 |
Other Accrued Liabilities (Tabl
Other Accrued Liabilities (Tables) | 12 Months Ended |
Sep. 27, 2016 | |
Accrued Liabilities and Other Liabilities [Abstract] | |
Schedule of Other Accrued Liabilities | Other accrued liabilities consist of the following: Sept 27, 2016 Sept 30, 2015 Wages and other employee benefits $ 1,379 $ 583 Taxes, other than income tax 1,105 829 Other 678 471 Total $ 3,162 $ 1,883 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Sep. 27, 2016 | |
Commitments and Contingencies Disclosure [Abstract] | |
Summary of Operating Lease Activities | Following is a summary of operating lease activity for the fiscal years ended September 27, 2016 and September 30, 2015: 2016 2015 Minimum rentals $ 4,084 $ 2,944 Less sublease rentals (383 ) (375 ) Net rent paid $ 3,701 $ 2,569 |
Schedule of Future Minimum Rental Commitments | As of September 27, 2016, future minimum rental commitments required under the Company’s operating leases that have initial or remaining non-cancellable lease terms in excess of one year are as follows: Years Ending September, 2017 $ 4,464 2018 4,496 2019 4,212 2020 3,603 2021 3,033 Thereafter 12,290 32,098 Less sublease rentals (1,535 ) $ 30,563 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Sep. 27, 2016 | |
Income Tax Disclosure [Abstract] | |
Schedule of Deferred Tax Assets and Liabilities | Deferred tax assets (liabilities) are comprised of the following at the period end: 2016 2015 Current Long Term Current Long Term Deferred assets (liabilities): Tax effect of net operating loss carry-forward $ 0 $ 2,926 $ 0 $ 2,948 General business credits 0 680 0 201 Partnership/Joint Venture basis differences 0 (15 ) 0 84 Deferred revenue 0 79 0 88 Property and equipment basis differences 0 (567 ) 0 7 Intangibles basis differences 0 (190 ) 0 (225 ) Other accrued liability and asset difference 112 1,199 66 332 Net deferred tax assets 112 4,112 66 3,435 Less valuation allowance* (112 ) (4,112 ) (66 ) (3,435 ) Net deferred tax assets $ 0 $ 0 $ 0 $ 0 * The valuation allowance increased by $723,000 during the year ended September 27, 2016. |
Schedule of Income Tax Expense | Total income tax expense for the years ended September 27, 2016 and September 30, 2015 differed from the amounts computed by applying the U.S. Federal statutory tax rates to pre-tax income as follows: 2016 2015 Total expense (benefit) computed by applying the U.S. Statutory rate (35%) $ (462 ) $ (277 ) State income tax, net of federal tax benefit (40 ) (24 ) FICA/WOTC tax credits (272 ) (108 ) Expiration of net operating loss carry-forward 0 616 Effect of change in valuation allowance 723 (256 ) Permanent differences 120 88 Other (69 ) (39 ) Provision for income taxes $ 0 $ 0 |
Stockholders' Equity (Tables)
Stockholders' Equity (Tables) | 12 Months Ended |
Sep. 27, 2016 | |
Stockholders' Equity Note [Abstract] | |
Schedule of Weighted Average Assumptions Used to Estimate Fair Value of Stock Option Grants | In addition to the exercise and grant date prices of the stock option awards, certain weighted average assumptions that were used to estimate the fair value of stock option grants are listed in the following table: Incentive and Non-Statutory Stock Options Fiscal 2016 Fiscal 2015 Expected term (years) 6.5 to 7.5 6.5 Expected volatility 79.75% to 89.08% 87.40% to 112.11% Risk-free interest rate 1.35% to 2.07% 1.84% to 1.94% Expected dividends 0 0 |
Schedule of Stock Option Activity under Share Based Compensation Plan | The following table summarizes stock option activity for fiscal year 2016 under all plans: Shares Weighted Average Exercise Price Weighted Average Remaining Contractual Life (Yrs.) Outstanding-beg of year 540,444 $5.27 Options granted 94,864 $5.07 Options exercised (19,530 ) $2.02 Forfeited (15,779 ) $8.07 Expired (13,916 ) $17.04 Outstanding Sept 27, 2016 586,082 $4.99 7.0 Exercisable Sept 27, 2016 282,884 $4.58 5.6 |
Schedule of Non-vested Restricted Stock Activity | A summary of the status of non-vested restricted stock as of September 27, 2016 and changes during fiscal 2016 is presented below: Shares Grant Date Fair Value Per Share Non-vested shares at beg of year 148,426 $ Granted 44,755 $ 4.18 Forfeited (8,721 ) $ 8.60 Vested 3,544 $ 8.23 Non-vested shares at Sept 27, 2016 180,916 $ |
Schedule of Noncontrolling Interest | The following table summarizes the activity in non-controlling interests during the year ended September 27, 2016 (in thousands): Good Times Bad Daddy’s Total Balance at September 30, 2015 $ 320 $ 1,295 $ 1,615 Income $ 427 $ 429 $ 856 Contributions $ 57 $ 285 $ 342 Distributions $ (448 ) $ (645 ) $ (1,093 ) Balance at September 27, 2016 $ 356 $ 1,364 $ 1,720 |
Segment Reporting (Tables)
Segment Reporting (Tables) | 12 Months Ended |
Sep. 27, 2016 | |
Segment Reporting [Abstract] | |
Schedule of Reportable Segments | The following tables present information about our reportable segments for the respective periods: Period Ended 2016 2015 Revenues Good Times $ 29,217 $ 28,901 Bad Daddy’s 35,222 15,156 $ 64,439 $ 44,057 Income (loss) from operations Good Times $ 505 $ 520 Bad Daddy’s (805 ) (759 ) $ (300 ) $ (239 ) Capital Expenditures Good Times $ 940 $ 4,006 Bad Daddy’s 7,465 3,549 Corporate 97 118 $ 8,502 $ 7,673 Property & Equipment, net Good Times $ 5,361 $ 5,268 Bad Daddy’s 14,174 8,836 Corporate 157 118 $ 19,692 $ 14,222 |
Organization and Summary of S29
Organization and Summary of Significant Accounting Policies (Details) - USD ($) | 1 Months Ended | 12 Months Ended | |||
May 07, 2015 | Sep. 27, 2016 | Sep. 30, 2015 | Apr. 15, 2013 | ||
Organization And Summary Of Significant Accounting Policies [Line Items] | |||||
FDIC insured limit | $ 250,000 | ||||
Goodwill | $ 14,970,000 | [1] | 15,076,000 | $ 15,066,000 | |
Deferred rent | 1,437,000 | ||||
Lease incentive obligation | 2,295,000 | ||||
Deferred and other liabilities | 3,938,000 | 1,609,000 | |||
Other long term liabilities | 22,000 | ||||
Deferred gain on sale of building and improvements | 183,000 | ||||
Notes receivable | 117,000 | ||||
Receivables | 425,000 | 189,000 | |||
Franchise receivables | 64,000 | ||||
Lease incentive | 200,000 | ||||
Receivable from advertising cooperative fund | 161,000 | ||||
Purchase of land | 625,000 | ||||
Assets held for sale | $ 93,000 | $ 0 | |||
Minimum [Member] | |||||
Organization And Summary Of Significant Accounting Policies [Line Items] | |||||
Estimated useful lives | 3 years | ||||
Maximum [Member] | |||||
Organization And Summary Of Significant Accounting Policies [Line Items] | |||||
Estimated useful lives | 8 years | ||||
BDFD [Member] | |||||
Organization And Summary Of Significant Accounting Policies [Line Items] | |||||
Ownership interest | 48.00% | ||||
Bad Daddy's International, LLC [Member] | |||||
Organization And Summary Of Significant Accounting Policies [Line Items] | |||||
Investment in affiliate, payment | $ 498,000 | ||||
Goodwill | $ 14,980,000 | ||||
Good Times Drive Thru Inc. [Member] | |||||
Organization And Summary Of Significant Accounting Policies [Line Items] | |||||
Goodwill | $ 96,000 | ||||
Stock Options [Member] | |||||
Organization And Summary Of Significant Accounting Policies [Line Items] | |||||
Shares with anti-dilutive effect excluded from the computation of Diluted EPS | 766,999 | 688,870 | |||
[1] | The excess of the purchase price over the aggregate fair value of net assets acquired was allocated to goodwill. The portion of the purchase price attributable to goodwill represents benefits expected as a result of the acquisition, including sales and unit growth opportunities. |
Business Combinations (Narrativ
Business Combinations (Narrative) (Details) - USD ($) | 1 Months Ended | 12 Months Ended | |
May 07, 2015 | Sep. 27, 2016 | Sep. 30, 2015 | |
Business Acquisition [Line Items] | |||
Aggregate price paid | $ 21,402,000 | ||
Cash purchase price | 18,988,000 | ||
Amount of promissory note | $ 2,414,000 | ||
Acquisition costs | $ 0 | $ 648,000 | |
Bad Daddy's International, LLC [Member] | |||
Business Acquisition [Line Items] | |||
Remaining interest acquired | 52.00% | ||
Ownership interest in affiliate | 48.00% | ||
Investment in affiliate, payment | $ 498,000 | ||
Aggregate price paid | 21,402,000 | ||
Cash purchase price | 18,988,000 | ||
Amount of promissory note | $ 2,414,000 | ||
Payment period | 1 year | ||
Interest rate | 3.25% | ||
Payment threshold for release of subsidiary | 50.00% | ||
Revenue attributed to BDI from acquisition date included in statement of operations | 7,639,000 | ||
Acquisition costs | 648,000 | ||
BDFD [Member] | |||
Business Acquisition [Line Items] | |||
Revenue attributed to BDI from acquisition date included in statement of operations | $ 189,000 |
Business Combinations (Prelimin
Business Combinations (Preliminary Estimated Fair Values of Assets Acquired and Liabilities Assumed) (Details) - USD ($) $ in Thousands | 1 Months Ended | ||||
May 07, 2015 | Sep. 27, 2016 | Sep. 30, 2015 | |||
Business Combinations [Abstract] | |||||
Cash | $ 1,376 | ||||
Receivables | 124 | ||||
Prepaid expenses and others | 49 | ||||
Inventories | 133 | ||||
Deposits | 52 | ||||
Property and equipment | 3,672 | ||||
Trademarks | [1] | 3,900 | |||
Franchise agreements | [1] | 116 | |||
Non-compete agreements | [1] | 15 | |||
Goodwill | 14,970 | [2] | $ 15,076 | $ 15,066 | |
Total assets purchased | 24,407 | ||||
Accounts payable and other accrued liabilities | (750) | ||||
Unfavorable lease liability | (481) | ||||
Non-controlling interests | (1,276) | ||||
Total liabilities assumed | (2,507) | ||||
Investment in BDFD balance | (498) | ||||
Total purchase price | 21,402 | ||||
Cash purchase price | 18,988 | ||||
Notes payable | 2,414 | ||||
Total purchase price | $ 21,402 | ||||
[1] | The value of the identifiable intangible assets were determined by an independent Corporate Finance and Business Valuation firm. | ||||
[2] | The excess of the purchase price over the aggregate fair value of net assets acquired was allocated to goodwill. The portion of the purchase price attributable to goodwill represents benefits expected as a result of the acquisition, including sales and unit growth opportunities. |
Business Combinations (Estimate
Business Combinations (Estimates of Acquired Intangible Assets) (Details) - USD ($) $ in Thousands | 1 Months Ended | 12 Months Ended | ||
May 07, 2015 | Sep. 27, 2016 | Sep. 30, 2015 | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||||
Goodwill, including assembled Workforce | $ 14,970 | [1] | $ 15,076 | $ 15,066 |
Trademarks and Trade Names [Member] | ||||
Acquired Finite-Lived Intangible Assets [Line Items] | ||||
Estimated Fair Value | 3,900 | |||
Noncompete Agreements [Member] | ||||
Acquired Finite-Lived Intangible Assets [Line Items] | ||||
Estimated Fair Value | 15 | |||
Weighted Average Estimated Useful Life | 3 years | |||
Franchise Rights [Member] | ||||
Acquired Finite-Lived Intangible Assets [Line Items] | ||||
Estimated Fair Value | $ 116 | |||
Franchise Rights [Member] | Maximum [Member] | ||||
Acquired Finite-Lived Intangible Assets [Line Items] | ||||
Weighted Average Estimated Useful Life | 9 years | |||
Franchise Rights [Member] | Minimum [Member] | ||||
Acquired Finite-Lived Intangible Assets [Line Items] | ||||
Weighted Average Estimated Useful Life | 3 years | |||
[1] | The excess of the purchase price over the aggregate fair value of net assets acquired was allocated to goodwill. The portion of the purchase price attributable to goodwill represents benefits expected as a result of the acquisition, including sales and unit growth opportunities. |
Business Combinations (Schedule
Business Combinations (Schedule of Proforma Revenue and Net Income) (Details) $ / shares in Units, $ in Thousands | 12 Months Ended |
Sep. 30, 2015USD ($)$ / shares | |
Business Combinations [Abstract] | |
Revenues | $ 54,416 |
Net income | 619 |
Net income (loss) attributable to Good Times Restaurants, Inc. | 159 |
Net income (loss) attributable to common shareholders | $ 159 |
Basic and diluted income (loss) per share | $ / shares | $ 0.01 |
Investment in Affiliate (Detail
Investment in Affiliate (Details) - USD ($) | 12 Months Ended | |||
Sep. 27, 2016 | Sep. 30, 2015 | May 07, 2015 | Apr. 15, 2013 | |
Investments in and Advances to Affiliates [Line Items] | ||||
Affiliate investment net income (loss) | $ 0 | $ (5,000) | ||
BDFD [Member] | ||||
Investments in and Advances to Affiliates [Line Items] | ||||
Subscription agreement for the purchase of Class A Units | 4,800 | |||
Ownership interest | 48.00% | |||
Aggregate subscription price | $ 750,000 | |||
Affiliate investment net income (loss) | $ 5,000 | |||
Bad Daddy's International, LLC [Member] | ||||
Investments in and Advances to Affiliates [Line Items] | ||||
Remaining interest acquired | 52.00% |
Goodwill and Intangible Asset35
Goodwill and Intangible Assets (Narrative) (Details) - USD ($) | 12 Months Ended | |
Sep. 27, 2016 | Sep. 30, 2015 | |
Goodwill and Intangible Assets Disclosure [Abstract] | ||
Amortization of Intangible Assets | $ 28,000 | $ 14,000 |
Goodwill and Intangible Asset36
Goodwill and Intangible Assets (Intangible Assets Subject to Amortization) (Details) - USD ($) $ in Thousands | Sep. 27, 2016 | Sep. 30, 2015 |
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | $ 131 | $ 131 |
Accumulated Amortization | (42) | (14) |
Net Carrying Amount | 89 | 117 |
Franchise Rights [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 116 | 116 |
Accumulated Amortization | (34) | (11) |
Net Carrying Amount | 82 | 105 |
Noncompete Agreements [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 15 | 15 |
Accumulated Amortization | (8) | (3) |
Net Carrying Amount | $ 7 | $ 12 |
Goodwill and Intangible Asset37
Goodwill and Intangible Assets (Indefinite-lived Intangible Assets) (Details) - USD ($) $ in Thousands | Sep. 27, 2016 | Sep. 30, 2015 |
Trademarks and Trade Names [Member] | ||
Indefinite-lived Intangible Assets [Line Items] | ||
Indefinite-Lived Intangible Assets (Excluding Goodwill) | $ 3,900 | $ 3,900 |
Goodwill and Intangible Asset38
Goodwill and Intangible Assets (Schedule of Goodwill and Intangible Assets) (Details) - USD ($) $ in Thousands | Sep. 27, 2016 | Sep. 30, 2015 | May 07, 2015 | [1] |
Goodwill and Intangible Assets Disclosure [Abstract] | ||||
Intangible assets, gross carrying amount | $ 4,031 | $ 4,031 | ||
Accumulated Amortization | (42) | (14) | ||
Intangible Assets, Net (Excluding Goodwill) | 3,989 | 4,017 | ||
Goodwill, Gross | 15,076 | 15,066 | ||
Goodwill, Impaired, Accumulated Impairment Loss | 0 | 0 | ||
Goodwill | $ 15,076 | $ 15,066 | $ 14,970 | |
[1] | The excess of the purchase price over the aggregate fair value of net assets acquired was allocated to goodwill. The portion of the purchase price attributable to goodwill represents benefits expected as a result of the acquisition, including sales and unit growth opportunities. |
Goodwill and Intangible Asset39
Goodwill and Intangible Assets (Estimated Aggregate Future Amortization Expense) (Details) - USD ($) $ in Thousands | Sep. 27, 2016 | Sep. 30, 2015 |
Goodwill and Intangible Assets Disclosure [Abstract] | ||
2,017 | $ 28 | |
2,018 | 19 | |
2,019 | 10 | |
2,020 | 10 | |
2,021 | 10 | |
Thereafter | 12 | |
Net Carrying Amount | $ 89 | $ 117 |
Debt and Capital Leases (Narrat
Debt and Capital Leases (Narrative) (Details) - USD ($) | 1 Months Ended | 12 Months Ended | ||
May 07, 2015 | Jul. 31, 2014 | Sep. 27, 2016 | Sep. 30, 2015 | |
Debt Instrument [Line Items] | ||||
Loan Agreement, amount | $ 2,414,000 | |||
Borrowings on notes payable and long-term debt | $ 0 | $ 1,118,000 | ||
Debt extinguishment costs | 57,000 | |||
Interest expense | $ 126,000 | $ 93,000 | ||
Good Times Drive Thru Inc. [Member] | ||||
Debt Instrument [Line Items] | ||||
Loan Agreement, amount | $ 2,100,000 | |||
Promissory Note [Member] | Good Times Drive Thru Inc. [Member] | ||||
Debt Instrument [Line Items] | ||||
Interest rate | 6.69% | |||
Frequency of payment | monthly | |||
Payment period | 84 months | |||
Promissory Note [Member] | Maximum [Member] | Good Times Drive Thru Inc. [Member] | ||||
Debt Instrument [Line Items] | ||||
Prepayment fees, percent | 3.00% | |||
Promissory Note [Member] | Minimum [Member] | Good Times Drive Thru Inc. [Member] | ||||
Debt Instrument [Line Items] | ||||
Prepayment fees, percent | 1.00% | |||
Cadence Credit Facility [Member] | ||||
Debt Instrument [Line Items] | ||||
Loan Agreement, amount | $ 9,000,000 | |||
Interest rate | 0.25% | |||
Interest rate description | All borrowings under the Cadence Credit Facility bear interest at a variable rate based upon the Company's election of (i) 3.0% plus the base rate, which is the highest of the (a) Federal Funds Rate plus 0.5%, (b) the Cadence bank publicly-announced prime rate, and (c) LIBOR plus 1.0%, or (ii) LIBOR, with a 0.125% floor, plus 4.0%. Interest is due at the end of each calendar quarter if the Company selects to pay interest based on the base rate and at the end of each LIBOR period if it selects to pay interest based on LIBOR. | |||
Payment of debt issuance costs | $ 173,000 | |||
Bad Daddy's International, LLC [Member] | ||||
Debt Instrument [Line Items] | ||||
Interest rate | 3.25% | |||
Payment period | 1 year |
Debt and Capital Leases (Schedu
Debt and Capital Leases (Schedule of Debt and Capital Leases) (Details) - USD ($) $ in Thousands | Sep. 27, 2016 | Sep. 30, 2015 |
Debt Instrument [Line Items] | ||
Capital signage leases with Yesco, LLC with payments of principal and interest (8%) due monthly | $ 11 | $ 42 |
Debt and Capital Leases | 38 | 3,721 |
Less current portion | (19) | (2,617) |
Long term portion | 19 | 1,104 |
Notes payable with Bridge Funding Group with payments of principal and interest (6.7%) due monthly through April 2022 [Member] | ||
Debt Instrument [Line Items] | ||
Notes payable | 0 | 1,225 |
Note payable associated with the purchase of BDI and BDFD, due in full along with accrued interest of 3.25% in May 2016. The promissory note is secured by a pledge of the ownership of the two entities which own two of the acquired restaurants [Member] | ||
Debt Instrument [Line Items] | ||
Notes payable | 0 | 2,414 |
Notes payable with Ally Financial with payments of principal and interest (3.9% to 5%) due monthly [Member] | ||
Debt Instrument [Line Items] | ||
Notes payable | $ 27 | $ 40 |
Debt and Capital Leases (Sche42
Debt and Capital Leases (Schedule of Debt and Capital Leases) (Paranthetical) (Details) | 12 Months Ended |
Sep. 27, 2016 | |
Notes payable with Bridge Funding Group with payments of principal and interest (6.7%) due monthly through April 2022 [Member] | |
Debt Instrument [Line Items] | |
Interest rate | 6.70% |
Maturity date | Apr. 30, 2022 |
Note payable associated with the purchase of BDI and BDFD, due in full along with accrued interest of 3.25% in May 2016. The promissory note is secured by a pledge of the ownership of the two entities which own two of the acquired restaurants [Member] | |
Debt Instrument [Line Items] | |
Interest rate | 3.25% |
Maturity date | May 31, 2016 |
Notes payable with Ally Financial with payments of principal and interest (3.9% to 5%) due monthly [Member] | Minimum [Member] | |
Debt Instrument [Line Items] | |
Interest rate | 3.90% |
Notes payable with Ally Financial with payments of principal and interest (3.9% to 5%) due monthly [Member] | Maximum [Member] | |
Debt Instrument [Line Items] | |
Interest rate | 5.00% |
Capital signage leases with Yesco, LLC with payments of principal and interest (8%) [Member] | |
Debt Instrument [Line Items] | |
Interest rate | 8.00% |
Debt and Capital Leases (Sche43
Debt and Capital Leases (Schedule of Principal Payments on Debt) (Details) $ in Thousands | Sep. 27, 2016USD ($) |
Debt and Capital Lease Obligations [Abstract] | |
2,017 | $ 19 |
2,018 | 8 |
2,018 | 9 |
2,019 | 2 |
Long-term Debt, Total | $ 38 |
Other Accrued Liabilities (Deta
Other Accrued Liabilities (Details) - USD ($) $ in Thousands | Sep. 27, 2016 | Sep. 30, 2015 |
Accrued Liabilities and Other Liabilities [Abstract] | ||
Wages and other employee benefits | $ 1,379 | $ 583 |
Taxes, other than income tax | 1,105 | 829 |
Other | 678 | 471 |
Total | $ 3,162 | $ 1,883 |
Commitments and Contingencies45
Commitments and Contingencies (Narrative) (Details) - USD ($) | 12 Months Ended | |
Sep. 27, 2016 | Sep. 30, 2015 | |
Operating Leased Assets [Line Items] | ||
Term of operating leases | 19 years | |
Contingent rent | $ 74,000 | $ 41,000 |
Minimum [Member] | ||
Operating Leased Assets [Line Items] | ||
Lease Expiration Date | Jan. 1, 2018 | |
Maximum [Member] | ||
Operating Leased Assets [Line Items] | ||
Lease Expiration Date | Dec. 31, 2024 |
Commitments and Contingencies46
Commitments and Contingencies (Summary of Operating Lease Activities) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Sep. 27, 2016 | Sep. 30, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | ||
Minimum rentals | $ 4,084 | $ 2,944 |
Less sublease rentals | (383) | (375) |
Net rent paid | $ 3,701 | $ 2,569 |
Commitments and Contingencies47
Commitments and Contingencies (Future Minimum Rental Commitments) (Details) $ in Thousands | Sep. 27, 2016USD ($) |
Commitments and Contingencies Disclosure [Abstract] | |
2,017 | $ 4,464 |
2,018 | 4,496 |
2,019 | 4,212 |
2,020 | 3,603 |
2,021 | 3,033 |
Thereafter | 12,290 |
Total | 32,098 |
Less sublease rentals | (1,535) |
Operating Leases Future Minimum Payments Due, Net | $ 30,563 |
Income Taxes (Schedule of Defer
Income Taxes (Schedule of Deferred Tax Assets and Liabilities) (Details) - USD ($) $ in Thousands | Sep. 27, 2016 | Sep. 30, 2015 | |
Current [Member] | |||
Deferred assets (liabilities): | |||
Tax effect of net operating loss carry-forward | $ 0 | $ 0 | |
General business credits | 0 | 0 | |
Partnership/Joint Venture basis differences | 0 | 0 | |
Deferred revenue | 0 | 0 | |
Property and equipment basis differences | 0 | 0 | |
Intangibles basis difference | 0 | 0 | |
Other accrued liability and asset difference | 112 | 66 | |
Net deferred tax assets | 112 | 66 | |
Less valuation allowance | [1] | (112) | (66) |
Net deferred tax assets | 0 | 0 | |
Long Term [Member] | |||
Deferred assets (liabilities): | |||
Tax effect of net operating loss carry-forward | 2,926 | 2,948 | |
General business credits | 680 | 201 | |
Partnership/Joint Venture basis differences | (15) | 84 | |
Deferred revenue | 79 | 88 | |
Property and equipment basis differences | 7 | ||
Property and equipment basis differences | (567) | ||
Intangibles basis difference | (190) | (225) | |
Other accrued liability and asset difference | 1,199 | 332 | |
Net deferred tax assets | 4,112 | 3,435 | |
Less valuation allowance | [1] | (4,112) | (3,435) |
Net deferred tax assets | $ 0 | $ 0 | |
[1] | The valuation allowance increased by $723,000 during the year ended September 27, 2016. |
Income Taxes (Schedule of Def49
Income Taxes (Schedule of Deferred Tax Assets and Liabilities) (Paranthetical) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Sep. 27, 2016 | Sep. 30, 2015 | |
Income Tax Disclosure [Abstract] | ||
Effect of increase in valuation allowance | $ 723 | $ (256) |
Income Taxes (Schedule of Incom
Income Taxes (Schedule of Income Tax Expense) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Sep. 27, 2016 | Sep. 30, 2015 | |
Income Tax Disclosure [Abstract] | ||
Total expense (benefit) computed by applying the U.S. Statutory rate (35%) | $ (462) | $ (277) |
State income tax, net of federal tax benefit | (40) | (24) |
FICA/WOTC tax credits | (272) | (108) |
Expiration of net operating loss carry-forward | 0 | 616 |
Effect of change in valuation allowance | 723 | (256) |
Permanent differences | 120 | 88 |
Other | (69) | (39) |
Provision for income taxes | $ 0 | $ 0 |
U.S. statutory rate | 35.00% | 35.00% |
Income Taxes (Narrative) (Detai
Income Taxes (Narrative) (Detail) - USD ($) | 12 Months Ended | |||
Sep. 27, 2016 | Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2012 | |
Operating Loss Carryforwards [Line Items] | ||||
Net operating loss carry forwards | $ 1,915,000 | $ 5,726,000 | ||
Operating loss carry-forwards utilization limit | $ 160,000 | |||
General business tax credits | $ 654,000 | $ 654,000 | ||
Minimum [Member] | ||||
Operating Loss Carryforwards [Line Items] | ||||
Operating Loss Carryforwards, Expiration year | 2,025 | |||
General business tax credits expiration year | 2,034 | |||
Maximum [Member] | ||||
Operating Loss Carryforwards [Line Items] | ||||
Operating Loss Carryforwards, Expiration year | 2,035 | |||
General business tax credits expiration year | 2,036 |
Related Parties (Details)
Related Parties (Details) - USD ($) | 12 Months Ended | |
Sep. 27, 2016 | Sep. 30, 2015 | |
Heathcote Capital Llc [Member] | ||
Related Party Transaction [Line Items] | ||
Total amount paid to advisory service agreement | $ 0 | $ 40,000 |
Stockholders' Equity (Narrative
Stockholders' Equity (Narrative) (Details) - USD ($) | May 07, 2015 | Aug. 21, 2013 | Sep. 27, 2016 | Sep. 30, 2015 |
Schedule Of Stockholders Equity [Line Items] | ||||
Preferred stock, shares authorized | 5,000,000 | 5,000,000 | ||
Preferred stock, par value | $ 0.01 | $ 0.01 | ||
Common stock, par value | $ 0.001 | $ 0.001 | ||
Aggregate amount of stock value authorized by SEC to be issued | $ 75,000,000 | |||
Issuance of common shares and warrants in public offering, shares | 2,783,810 | |||
Public offering, shares issued, price per unit | $ 8.15 | $ 2.50 | ||
Proceeds from shares issued | $ 20,600,000 | |||
Stock based compensation expense | $ 718,000 | $ 478,000 | ||
Stock option exercise | $ 39,000 | 75,000 | ||
Stock option exercise, shares | 19,531 | |||
Net proceeds from warrant exercises | $ 0 | $ 3,221,000 | ||
Aggregate intrinsic value of outstanding options | 340,000 | |||
Aggregate intrinsic value of exercisable options | 249,000 | |||
Common Stock [Member] | ||||
Schedule Of Stockholders Equity [Line Items] | ||||
Issuance of common shares and warrants in public offering, shares | 2,200,000 | 2,783,810 | ||
Stock option exercise | ||||
Stock option exercise, shares | 19,531 | 36,549 | ||
Stock issued from exercise of warrants | 1,182,600 | |||
Two Thousand Eight Equity Incentive Compensation Plan [Member] | ||||
Schedule Of Stockholders Equity [Line Items] | ||||
Shares authorized to issue under plan | 1,500,000 | |||
Shares available for future grants | 478,590 | |||
Classa Warrants [Member] | ||||
Schedule Of Stockholders Equity [Line Items] | ||||
Warrants issued | 2,200,000 | |||
Number of common stock to be purchased by warrants | 2,200,000 | |||
Number of shares in each unit | 1 | |||
Number of warrants in each unit | 1 | |||
Shares covered by each warrant | 1 | |||
Exercise date | Aug. 16, 2018 | |||
Exercise price | $ 2.75 | |||
Classb Warrants [Member] | ||||
Schedule Of Stockholders Equity [Line Items] | ||||
Warrants issued | 2,200,000 | |||
Number of common stock to be purchased by warrants | 1,100,000 | |||
Number of shares in each unit | 1 | |||
Number of warrants in each unit | 2 | |||
Shares covered by each warrant | 1 | |||
Exercise date | May 16, 2014 | |||
Exercise price | $ 2.50 | |||
Underwriters [Member] | Classa Warrants [Member] | ||||
Schedule Of Stockholders Equity [Line Items] | ||||
Warrants issued | 330,000 | |||
Number of common stock to be purchased by warrants | 330,000 | |||
Underwriters [Member] | Classb Warrants [Member] | ||||
Schedule Of Stockholders Equity [Line Items] | ||||
Warrants issued | 330,000 | |||
Number of common stock to be purchased by warrants | 165,000 | |||
Underwriters [Member] | Representative Warrants [Member] | ||||
Schedule Of Stockholders Equity [Line Items] | ||||
Warrants issued | 154,000 | |||
Number of common stock to be purchased by warrants | 154,000 | |||
Exercise price | $ 3.125 | |||
Underwriters [Member] | Representative Warrants [Member] | Minimum [Member] | ||||
Schedule Of Stockholders Equity [Line Items] | ||||
Exercise date | May 16, 2014 | |||
Underwriters [Member] | Representative Warrants [Member] | Maximum [Member] | ||||
Schedule Of Stockholders Equity [Line Items] | ||||
Exercise date | Aug. 16, 2016 | |||
Warrant [Member] | ||||
Schedule Of Stockholders Equity [Line Items] | ||||
Net proceeds from warrant exercises | $ 9,782,000 | |||
Restricted Stock [Member] | ||||
Schedule Of Stockholders Equity [Line Items] | ||||
Restricted stock granted, shares | 44,755 | 24,586 | ||
Restricted stock granted, weighted average grant date fair value per share | $ 4.18 | |||
Vesting period | 3 years | 3 years | ||
Remaining total unrecognized compensation cost related to unvested stock-based arrangements | $ 314,000 | |||
Employee service share-based compensation, nonvested awards, total compensation cost not yet recognized, period for recognition | 1 year 4 months 6 days | |||
Restricted Stock [Member] | Minimum [Member] | ||||
Schedule Of Stockholders Equity [Line Items] | ||||
Restricted stock granted, weighted average grant date fair value per share | $ 8.23 | |||
Restricted Stock [Member] | Maximum [Member] | ||||
Schedule Of Stockholders Equity [Line Items] | ||||
Restricted stock granted, weighted average grant date fair value per share | $ 8.60 | |||
Stock Options [Member] | ||||
Schedule Of Stockholders Equity [Line Items] | ||||
Stock options granted, shares | 94,864 | |||
Stock options granted, exercise price | $ 5.07 | |||
Remaining total unrecognized compensation cost related to unvested stock-based arrangements | $ 751,000 | |||
Employee service share-based compensation, nonvested awards, total compensation cost not yet recognized, period for recognition | 1 year 7 months 6 days | |||
Stock option exercise, shares | 19,530 | |||
Incentive and Non-Statutory Stock Options [Member] | ||||
Schedule Of Stockholders Equity [Line Items] | ||||
Stock options granted, shares | 22,686 | 80,871 | ||
Incentive and Non-Statutory Stock Options [Member] | Minimum [Member] | ||||
Schedule Of Stockholders Equity [Line Items] | ||||
Stock options granted, exercise price | $ 4.04 | $ 6.64 | ||
Stock options granted, per-share weighted average fair value | 2.85 | 4.82 | ||
Incentive and Non-Statutory Stock Options [Member] | Maximum [Member] | ||||
Schedule Of Stockholders Equity [Line Items] | ||||
Stock options granted, exercise price | 6.23 | 9.17 | ||
Stock options granted, per-share weighted average fair value | $ 4.52 | $ 6.88 | ||
Incentive Stock Option [Member] | ||||
Schedule Of Stockholders Equity [Line Items] | ||||
Stock options granted, shares | 72,178 | 112,593 |
Stockholders' Equity (Weighted
Stockholders' Equity (Weighted Average Assumptions Used to Estimate Fair Value of Stock Option Grants) (Details) - Incentive and Non-Statutory Stock Options [Member] - USD ($) | 12 Months Ended | |
Sep. 27, 2016 | Sep. 30, 2015 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Expected term (years) | 6 years 6 months | |
Expected volatility, minimum | 79.75% | 87.40% |
Expected volatility, maximum | 89.08% | 112.11% |
Risk free interest rate, minimum | 1.35% | 1.84% |
Risk free interest rate, maximum | 2.07% | 1.94% |
Expected dividends | $ 0 | $ 0 |
Minimum [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Expected term (years) | 6 years 6 months | |
Maximum [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Expected term (years) | 7 years 6 months |
Stockholders' Equity (Summary o
Stockholders' Equity (Summary of Stock Option Activity under Share Based Compensation Plan) (Details) | 12 Months Ended |
Sep. 27, 2016$ / sharesshares | |
Shares | |
Options exercised | (19,531) |
Stock Options [Member] | |
Shares | |
Outstanding-beg of year | 540,444 |
Options granted | 94,864 |
Options exercised | (19,530) |
Forfeited | (15,779) |
Expired | (13,916) |
Outstanding Sept 27, 2016 | 586,082 |
Exercisable Sept 27, 2016 | 282,884 |
Weighted Average Exercise Price | |
Outstanding-beg of year | $ / shares | $ 5.27 |
Options granted | $ / shares | 5.07 |
Options exercised | $ / shares | 2.02 |
Forfeited | $ / shares | 8.07 |
Expired | $ / shares | 17.04 |
Outstanding Sept 27, 2016 | $ / shares | 4.99 |
Exercisable Sept 27, 2016 | $ / shares | $ 4.58 |
Weighted Average Remaining Contractual Life (Yrs.) | |
Outstanding Sept 27, 2016 | 7 years |
Exercisable Sept 27, 2016 | 5 years 7 months 6 days |
Stockholders' Equity (Summary56
Stockholders' Equity (Summary of Non-vested Restricted Stock Activity) (Details) - Restricted Stock [Member] - $ / shares | 12 Months Ended | |
Sep. 27, 2016 | Sep. 30, 2015 | |
Shares | ||
Non-vested shares at beg of year | 148,426 | |
Granted | 44,755 | 24,586 |
Forfeited | (8,721) | |
Vested | 3,544 | |
Non-vested shares at Sept 27, 2016 | 180,916 | 148,426 |
Weighted Average Grant Date Fair Value Per Share | ||
Granted | $ 4.18 | |
Forfeited | 8.60 | |
Vested | 8.23 | |
Minimum [Member] | ||
Weighted Average Grant Date Fair Value Per Share | ||
Non-vested shares at beg of year | 3.23 | |
Granted | $ 8.23 | |
Non-vested shares at Sept 27, 2016 | 3.23 | 3.23 |
Maximum [Member] | ||
Weighted Average Grant Date Fair Value Per Share | ||
Non-vested shares at beg of year | 8.60 | |
Granted | 8.60 | |
Non-vested shares at Sept 27, 2016 | $ 8.60 | $ 8.60 |
Stockholders' Equity (Summary57
Stockholders' Equity (Summary of Activity in Non-Controlling Interests) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Sep. 27, 2016 | Sep. 30, 2015 | |
Noncontrolling Interest [Line Items] | ||
Balance at September 30, 2015 | $ 1,615 | |
Income | 856 | $ 491 |
Contributions | 285 | |
Distributions | (1,036) | (431) |
Balance at September 27, 2016 | 1,720 | 1,615 |
Good Times Drive Thru Inc. [Member] | ||
Noncontrolling Interest [Line Items] | ||
Balance at September 30, 2015 | 320 | |
Income | 427 | |
Contributions | 57 | |
Distributions | (448) | |
Balance at September 27, 2016 | 356 | 320 |
Bad Daddy's International, LLC [Member] | ||
Noncontrolling Interest [Line Items] | ||
Balance at September 30, 2015 | 1,295 | |
Income | 429 | |
Contributions | 285 | |
Distributions | (645) | |
Balance at September 27, 2016 | $ 1,364 | $ 1,295 |
Retirement Plan (Details)
Retirement Plan (Details) - USD ($) | 12 Months Ended | |
Sep. 27, 2016 | Sep. 30, 2015 | |
Compensation and Retirement Disclosure [Abstract] | ||
Percentage of gross pay matched by employer on dollar-for-dollar basis | 3.00% | |
Percentage of each dollar of employee contributions matched by employer | 50.00% | |
Maximum employee contribution percentage | 5.00% | |
Matching contributions | $ 108,000 | $ 79,000 |
Segment Reporting (Details)
Segment Reporting (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Sep. 27, 2016 | Sep. 30, 2015 | |
Segment Reporting Information [Line Items] | ||
Revenues | $ 64,439 | $ 44,057 |
Income (loss) from operations | (300) | (239) |
Capital Expenditures | 8,502 | 7,673 |
Property & Equipment, net | 19,599 | 14,222 |
Bad Daddys Burger Bar Restaurant [Member] | ||
Segment Reporting Information [Line Items] | ||
Revenues | 35,222 | 15,156 |
Income (loss) from operations | (805) | (759) |
Capital Expenditures | 7,465 | 3,549 |
Property & Equipment, net | 14,174 | 8,836 |
Good Times Burgers And Frozen Custard Restaurants [Member] | ||
Segment Reporting Information [Line Items] | ||
Revenues | 29,217 | 28,901 |
Income (loss) from operations | 505 | 520 |
Capital Expenditures | 940 | 4,006 |
Property & Equipment, net | 5,361 | 5,268 |
Corporate Segment [Member] | ||
Segment Reporting Information [Line Items] | ||
Capital Expenditures | 97 | 118 |
Property & Equipment, net | $ 157 | $ 118 |