Winmark (WINA) 10-Q 13 Oct 21 2021 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Sep. 25, 2021	Oct. 12, 2021
Document and Entity Information
Entity Registrant Name	WINMARK CORPORATION
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 25, 2021
Document Transition Report	false
Entity File Number	000-22012
Entity Incorporation, State or Country Code	MN
Entity Tax Identification Number	41-1622691
Entity Address, Address Line One	605 Highway 169 North, Suite 400
Entity Address, City or Town	Minneapolis
Entity Address, State or Province	MN
Entity Address, Postal Zip Code	55441
City Area Code	763
Local Phone Number	520-8500
Title of 12(b) Security	Common Stock, no par value per share
Trading Symbol	WINA
Security Exchange Name	NASDAQ
Amendment Flag	false
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		3,626,338
Current Fiscal Year End Date	--12-25
Entity Central Index Key	0000908315
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q3

CONSOLIDATED CONDENSED BALANCE

CONSOLIDATED CONDENSED BALANCE SHEETS - USD ($)	Sep. 25, 2021	Dec. 26, 2020
Current Assets:
Cash and cash equivalents	$ 37,569,100	$ 6,659,000
Restricted cash	15,000	25,000
Receivables, less allowance for doubtful accounts of $1,200 and $800	1,394,900	1,581,900
Net investment in leases - current	3,884,600	8,687,500
Income tax receivable	188,200	221,200
Inventories	408,600	106,600
Prepaid expenses	958,700	995,200
Total current assets	44,419,100	18,276,400
Net investment in leases - long-term	1,157,000	4,573,600
Property and equipment, net	2,055,800	2,332,800
Operating lease right of use asset	3,059,300	3,226,300
Goodwill	607,500	607,500
Other assets	416,900	435,900
Deferred income taxes	3,256,200	1,890,700
Total assets	54,971,800	31,343,200
Current Liabilities:
Notes payable, net of unamortized debt issuance costs of $17,400 and $13,900	4,232,600	4,236,100
Accounts payable	1,988,600	1,769,600
Accrued liabilities	2,918,800	2,624,000
Discounted lease rentals		1,096,600
Deferred revenue	1,643,900	1,657,400
Total current liabilities	10,783,900	11,383,700
Long-term Liabilities:
Notes payable, net of unamortized debt issuance costs of $65,500 and $54,800	44,434,500	17,632,700
Discounted lease rentals		574,000
Deferred revenue	6,849,600	7,050,900
Operating lease liabilities	4,946,900	5,307,400
Other liabilities	759,000	773,200
Total long-term liabilities	56,990,000	31,338,200
Shareholders' Equity (Deficit):
Common stock, no par value, 10,000,000 shares authorized, 3,623,538 and 3,756,028 shares issued and outstanding		9,281,800
Retained earnings (accumulated deficit)	(12,802,100)	(20,660,500)
Total shareholders' equity (deficit)	(12,802,100)	(11,378,700)
Total liabilities and shareholders' equity (deficit)	$ 54,971,800	$ 31,343,200

CONSOLIDATED CONDENSED BALANC_2

CONSOLIDATED CONDENSED BALANCE SHEETS (Parenthetical) - USD ($)	Sep. 25, 2021	Dec. 26, 2020
CONSOLIDATED BALANCE SHEETS
Receivables, allowance for doubtful accounts	$ 1,200	$ 800
Unamortized debt issuance costs - Current	17,400	13,900
Unamortized debt issuance costs - Noncurrent	$ 65,500	$ 54,800
Common stock, par value (in dollars per share)	$ 0	$ 0
Common stock, shares authorized	10,000,000	10,000,000
Common stock, shares issued	3,623,538	3,756,028
Common stock, shares outstanding	3,623,538	3,756,028

CONSOLIDATED CONDENSED STATEMEN

CONSOLIDATED CONDENSED STATEMENTS OF OPERATIONS - USD ($)	3 Months Ended		9 Months Ended
	Sep. 25, 2021	Sep. 26, 2020	Sep. 25, 2021	Sep. 26, 2020
Revenue:
Leasing income	$ 2,266,200	$ 2,695,800	$ 8,351,800	$ 12,040,800
Total revenue	20,153,400	18,277,000	57,841,900	49,266,500
Leasing expense	358,900	510,900	1,410,800	2,443,700
Provisions for credit losses	(55,900)	(339,600)	(167,300)	164,300
Selling, general and administrative expenses	5,380,100	5,009,700	16,287,600	15,719,100
Income from operations	13,789,200	12,497,800	38,423,100	29,277,400
Interest expense	(323,200)	(345,700)	(945,600)	(1,409,600)
Interest and other income (expense)	(18,800)	9,200	(7,100)	27,700
Income before income taxes	13,447,200	12,161,300	37,470,400	27,895,500
Provision for income taxes	(3,364,700)	(2,802,500)	(9,139,500)	(6,164,500)
Net income	$ 10,082,500	$ 9,358,800	$ 28,330,900	$ 21,731,000
Earnings per share - basic (in dollars per share)	$ 2.77	$ 2.51	$ 7.68	$ 5.86
Earnings per share - diluted (in dollars per share)	$ 2.67	$ 2.43	$ 7.40	$ 5.63
Weighted average shares outstanding - basic	3,635,055	3,730,490	3,688,419	3,710,112
Weighted average shares outstanding - diluted	3,782,873	3,857,702	3,829,322	3,857,754
Royalties
Revenue:
Revenue	$ 16,375,900	$ 14,210,000	$ 45,141,200	$ 33,188,300
Merchandise sales
Revenue:
Revenue	704,800	631,200	1,980,300	1,746,800
Cost of merchandise sold	681,100	598,200	1,887,700	1,662,000
Franchise fees
Revenue:
Revenue	383,400	335,400	1,101,300	1,064,900
Other
Revenue:
Revenue	$ 423,100	$ 404,600	$ 1,267,300	$ 1,225,700

CONSOLIDATED CONDENSED STATEM_2

CONSOLIDATED CONDENSED STATEMENTS OF SHAREHOLDERS' EQUITY (DEFICIT) - USD ($)	Common Stock	Retained Earnings (Accumulated Deficit).	Total
BALANCE at Dec. 28, 2019	$ 11,929,300	$ 519,000	$ 12,448,300
BALANCE (in shares) at Dec. 28, 2019	3,947,858
Shareholders' Equity (Deficit)
Repurchase of common stock	$ (12,215,500)	(36,772,000)	(48,987,500)
Repurchase of common stock (in shares)	(300,000)
Stock options exercised	$ 145,900		145,900
Stock options exercised (in shares)	2,895
Compensation expense relating to stock options	$ 140,300		140,300
Cash dividends		(912,200)	(912,200)
Comprehensive income (Net income)		7,317,000	7,317,000
BALANCE at Mar. 28, 2020		(29,848,200)	(29,848,200)
BALANCE (in shares) at Mar. 28, 2020	3,650,753
Shareholders' Equity (Deficit)
Stock options exercised	$ 6,013,600		6,013,600
Stock options exercised (in shares)	72,434
Compensation expense relating to stock options	$ 397,700		397,700
Cash dividends		(184,500)	(184,500)
Comprehensive income (Net income)		5,055,200	5,055,200
BALANCE at Jun. 27, 2020	$ 6,411,300	(24,977,500)	(18,566,200)
BALANCE (in shares) at Jun. 27, 2020	3,723,187
Shareholders' Equity (Deficit)
Repurchase of common stock	$ 914,600		914,600
Repurchase of common stock (in shares)	12,250
Compensation expense relating to stock options	$ 391,900		391,900
Cash dividends		(932,800)	(932,800)
Comprehensive income (Net income)		9,358,800	9,358,800
BALANCE at Sep. 26, 2020	$ 7,717,800	(16,551,500)	(8,833,700)
BALANCE (in shares) at Sep. 26, 2020	3,735,437
BALANCE at Dec. 26, 2020	$ 9,281,800	(20,660,500)	$ (11,378,700)
BALANCE (in shares) at Dec. 26, 2020	3,756,028		3,756,028
Shareholders' Equity (Deficit)
Repurchase of common stock	$ (9,935,800)	(519,400)	$ (10,455,200)
Repurchase of common stock (in shares)	(58,255)
Stock options exercised	$ 268,800		268,800
Stock options exercised (in shares)	2,950
Compensation expense relating to stock options	$ 385,200		385,200
Cash dividends		(935,400)	(935,400)
Comprehensive income (Net income)		9,311,100	9,311,100
BALANCE at Mar. 27, 2021		(12,804,200)	(12,804,200)
BALANCE (in shares) at Mar. 27, 2021	3,700,723
BALANCE at Dec. 26, 2020	$ 9,281,800	(20,660,500)	$ (11,378,700)
BALANCE (in shares) at Dec. 26, 2020	3,756,028		3,756,028
BALANCE at Sep. 25, 2021		(12,802,100)	$ (12,802,100)
BALANCE (in shares) at Sep. 25, 2021	3,623,538		3,623,538
BALANCE at Mar. 27, 2021		(12,804,200)	$ (12,804,200)
BALANCE (in shares) at Mar. 27, 2021	3,700,723
Shareholders' Equity (Deficit)
Repurchase of common stock	$ (1,254,400)	(7,208,600)	(8,463,000)
Repurchase of common stock (in shares)	(43,833)
Stock options exercised	$ 941,500		941,500
Stock options exercised (in shares)	11,129
Compensation expense relating to stock options	$ 312,900		312,900
Cash dividends		(1,665,000)	(1,665,000)
Comprehensive income (Net income)		8,937,300	8,937,300
BALANCE at Jun. 26, 2021		(12,740,500)	(12,740,500)
BALANCE (in shares) at Jun. 26, 2021	3,668,019
Shareholders' Equity (Deficit)
Repurchase of common stock	$ (465,100)	(8,509,600)	(8,974,700)
Repurchase of common stock (in shares)	(45,731)
Stock options exercised	$ 89,000		89,000
Stock options exercised (in shares)	1,250
Compensation expense relating to stock options	$ 376,100		376,100
Cash dividends		(1,634,500)	(1,634,500)
Comprehensive income (Net income)		10,082,500	10,082,500
BALANCE at Sep. 25, 2021		$ (12,802,100)	$ (12,802,100)
BALANCE (in shares) at Sep. 25, 2021	3,623,538		3,623,538

CONSOLIDATED CONDENSED STATEM_3

CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS - USD ($)	9 Months Ended
	Sep. 25, 2021	Sep. 26, 2020
OPERATING ACTIVITIES:
Net Income	$ 28,330,900	$ 21,731,000
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	328,800	366,700
Provisions for credit losses	(167,300)	164,300
Compensation expense related to stock options	1,074,200	929,900
Deferred income taxes	(1,365,500)	(1,251,000)
Loss from disposal of property and equipment		200
Deferred initial direct costs	(2,100)	(18,300)
Amortization of deferred initial direct costs	18,800	89,400
Operating lease right of use asset amortization	167,000	293,400
Tax benefits on exercised stock options	249,200	602,400
Change in operating assets and liabilities:
Receivables	187,000	(278,100)
Principal collections on lease receivables	7,452,200	11,418,500
Income tax receivable/payable	(216,200)	368,000
Inventories	(302,000)	900
Prepaid expenses	36,500	(190,700)
Other assets	19,000	34,200
Accounts payable	219,000	257,700
Accrued and other liabilities	(94,100)	(864,100)
Rents received in advance and security deposits	(674,500)	(1,252,000)
Deferred revenue	(214,800)	(630,300)
Net cash provided by operating activities	35,046,100	31,772,100
INVESTING ACTIVITIES:
Purchase of property and equipment	(51,800)	(33,400)
Purchase of equipment for lease contracts	(78,200)	(3,128,200)
Net cash used for investing activities	(130,000)	(3,161,600)
FINANCING ACTIVITIES:
Proceeds from borrowings on line of credit		46,600,000
Payments on line of credit		(46,600,000)
Proceeds from borrowings on notes payable	30,000,000
Payments on notes payable	(3,187,500)	(2,687,500)
Repurchases of common stock	(27,892,900)	(48,987,500)
Proceeds from exercises of stock options	1,299,300	7,074,100
Dividends paid	(4,234,900)	(2,029,500)
Proceeds from discounted lease rentals		1,157,000
Net cash used for financing activities	(4,016,000)	(45,473,400)
NET INCREASE (DECREASE) IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH	30,900,100	(16,862,900)
Cash, cash equivalents and restricted cash, beginning of period	6,684,000	25,180,300
Cash, cash equivalents and restricted cash, end of period	$ 37,584,100	$ 8,317,400

CONSOLIDATED CONDENSED STATEM_4

CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS - Supplemental Disclosures - USD ($)	9 Months Ended
	Sep. 25, 2021	Sep. 26, 2020
SUPPLEMENTAL DISCLOSURES:
Cash paid for interest	$ 884,100	$ 1,426,100
Cash paid for income taxes	10,472,000	6,445,200
Reconciliation of cash, cash equivalents and restricted cash:
Cash and cash equivalents	37,569,100	8,267,400
Restricted cash	15,000	50,000
Total cash, cash equivalents and restricted cash	$ 37,584,100	$ 8,317,400

Management's Interim Financial

Management's Interim Financial Statement Representation:	9 Months Ended
	Sep. 25, 2021
Management's Interim Financial Statement Representation:
Management's Interim Financial Statement Representation:	WINMARK CORPORATION AND SUBSIDIARIES NOTES TO CONSOLIDATED CONDENSED FINANCIAL STATEMENTS ​ 1. Management’s Interim Financial Statement Representation: ​ The accompanying consolidated condensed financial statements have been prepared by Winmark Corporation and subsidiaries (the Company), without audit, pursuant to the rules and regulations of the Securities and Exchange Commission. The Company has a 52/53 week year which ends on the last Saturday in December. The information in the consolidated condensed financial statements includes normal recurring adjustments and reflects all adjustments which are, in the opinion of management, necessary for a fair presentation of such financial statements. The consolidated condensed financial statements and notes are presented in accordance with accounting principles generally accepted in the United States of America for interim financial information and with the instructions for Form 10-Q, and therefore do not contain certain information included in the Company’s annual consolidated financial statements and notes. This report should be read in conjunction with the audited consolidated financial statements and the notes thereto included in the Company’s latest Annual Report on Form 10-K. ​ Revenues and operating results for the nine months ended September 25, 2021 are not necessarily indicative of the results to be expected for the full year. ​ Reclassifications ​ Certain reclassifications of previously reported amounts have been made to conform to the current year presentation. Such reclassifications did not impact net income or shareholders’ equity (deficit) as previously reported.

Organization and Business_

Organization and Business:	9 Months Ended
	Sep. 25, 2021
Organization and Business:
Organization and Business:	2. Organization and Business: ​ The Company offers licenses to operate franchises using the service marks Plato’s Closet®, Once Upon A Child®, Play It Again Sports®, Style Encore® and Music Go Round®. The Company also operates a middle market equipment leasing business under the Winmark Capital® mark. ​

Contract Liabilities_

Contract Liabilities:	9 Months Ended
	Sep. 25, 2021
Contract Liabilities:
Contract Liabilities:	3. Contract Liabilities: ​ The Company’s contract liabilities for its franchise revenues consist of deferred revenue associated with franchise fees and software license fees. The table below presents the activity of the current and noncurrent deferred franchise revenue during the first nine months of 2021 and 2020, respectively: ​ ​ ​ ​ ​ ​ ​ ​ ​ September 25, 2021 September 26, 2020 Balance at beginning of period ​ $ 8,708,300 ​ $ 9,575,500 Franchise and software license fees collected from franchisees, excluding amount earned as revenue during the period ​ 1,110,600 ​ 656,700 Fees earned that were included in the balance at the beginning of the period ​ (1,325,400) ​ (1,287,000) Balance at end of period ​ $ 8,493,500 ​ $ 8,945,200 ​ ​ The following table illustrates future estimated revenue to be recognized for the remainder of 2021 and full fiscal years thereafter related to performance obligations that are unsatisfied (or partially unsatisfied) as of September 25, 2021. ​ ​ ​ ​ ​ Contract Liabilities expected to be recognized in ​ Amount 2021 ​ $ 418,400 2022 ​ 1,605,500 2023 ​ 1,434,200 2024 ​ 1,236,500 2025 ​ 1,020,100 Thereafter ​ 2,778,800 ​ ​ $ 8,493,500 ​

Fair Value Measurements_

Fair Value Measurements:	9 Months Ended
	Sep. 25, 2021
Fair Value Measurements:
Fair Value Measurements:	4. Fair Value Measurements: ​ The Company defines fair value as the price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. The Company uses three levels of inputs to measure fair value: ​ ● Level 1 – quoted prices in active markets for identical assets and liabilities. ● Level 2 – observable inputs other than quoted prices in active markets for identical assets and liabilities. ● Level 3 – unobservable inputs in which there is little or no market data available, which require the reporting entity to develop its own assumptions. ​ Due to their nature, the carrying value of cash equivalents, receivables, payables and debt obligations approximates fair value.

Investment in Leasing Operation

Investment in Leasing Operations:	9 Months Ended
	Sep. 25, 2021
Investment in Leasing Operations:
Investment in Leasing Operations:	​ 5. Investment in Leasing Operations: ​ In May 2021, the Company made the decision to no longer solicit new leasing customers and will pursue an orderly run-off for its leasing portfolio. ​ Investment in leasing operations consists of the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ September 25, 2021 December 26, 2020 Direct financing and sales-type leases: ​ ​ ​ ​ ​ ​ Minimum lease payments receivable ​ $ 5,111,300 ​ $ 12,536,300 Estimated unguaranteed residual value of equipment ​ 1,643,300 ​ 2,950,100 Unearned lease income, net of initial direct costs deferred ​ (611,100) ​ (1,439,500) Security deposits ​ (1,494,500) ​ (2,169,000) Equipment installed on leases not yet commenced ​ 431,800 ​ 1,634,400 Total investment in direct financing and sales-type leases ​ 5,080,800 ​ 13,512,300 Allowance for credit losses ​ (102,900) ​ (270,200) Net investment in direct financing and sales-type leases ​ 4,977,900 ​ 13,242,100 Operating leases: ​ ​ ​ ​ ​ ​ Operating lease assets ​ 469,800 ​ 599,100 Less accumulated depreciation and amortization ​ (406,100) ​ (580,100) Net investment in operating leases ​ 63,700 ​ 19,000 Total net investment in leasing operations ​ $ 5,041,600 ​ $ 13,261,100 ​ As of September 25, 2021, the $5.0 million total net investment in leases consists of $3.9 million classified as current and $1.1 million classified as long-term. As of December 26, 2020, the $13.3 million total net investment in leases consists of $8.7 million classified as current and $4.6 million classified as long-term. ​ As of September 25, 2021, there were no customers with leased assets greater than 10% of the Company’s total assets. ​ Future minimum lease payments receivable under lease contracts and the amortization of unearned lease income, net of initial direct costs deferred, is as follows for the remainder of fiscal 2021 and the full fiscal years thereafter as of September 25, 2021: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Direct Financing and Sales-Type Leases ​ Minimum Lease Income Fiscal Year ​ Payments Receivable ​ Amortization 2021 ​ $ 1,442,000 ​ $ 278,200 ​ 2022 ​ 3,538,900 ​ 321,600 ​ 2023 ​ ​ 126,900 ​ ​ 11,200 ​ 2024 ​ 3,500 ​ 100 ​ ​ ​ $ 5,111,300 ​ $ 611,100 ​ ​ The activity in the allowance for credit losses for leasing operations during the first nine months of 2021 and 2020, respectively, is as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ September 25, 2021 September 26, 2020 Balance at beginning of period ​ $ 270,200 ​ $ 580,600 ​ Provisions charged to expense ​ (167,300) ​ 164,300 ​ Recoveries ​ — ​ (12,400) ​ Deductions for amounts written-off ​ — ​ (148,900) ​ Balance at end of period ​ $ 102,900 ​ $ 583,600 ​ ​ The Company’s investment in direct financing and sales-type leases (“Investment In Leases”) and allowance for credit losses by loss evaluation methodology are as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ September 25, 2021 ​ December 26, 2020 ​ Investment Allowance for Investment Allowance for ​ ​ In Leases ​ Credit Losses ​ In Leases ​ Credit Losses Collectively evaluated for loss potential ​ $ 5,080,800 ​ $ 102,900 ​ $ 13,512,300 ​ $ 270,200 Individually evaluated for loss potential ​ — ​ — ​ — ​ — Total ​ $ 5,080,800 ​ $ 102,900 ​ $ 13,512,300 ​ $ 270,200 ​ The Company’s key credit quality indicator for its investment in direct financing and sales-type leases is the status of the lease, defined as accruing or non-accrual. Leases that are accruing income are considered to have a lower risk of loss. Non-accrual leases are those that the Company believes have a higher risk of loss. The following table sets forth information regarding the Company’s accruing and non-accrual leases. Delinquent balances are determined based on the contractual terms of the lease. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ September 25, 2021 ​ 0-60 Days 61-90 Days Over 90 Days ​ ​ ​ ​ ​ ​ Delinquent ​ Delinquent ​ Delinquent and ​ ​ ​ ​ ​ ​ ​ ​ and Accruing ​ and Accruing ​ Accruing ​ Non-Accrual ​ Total ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total investment in leases ​ $ 5,080,800 ​ $ — ​ $ — ​ $ — ​ $ 5,080,800 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 26, 2020 ​ 0-60 Days 61-90 Days Over 90 Days ​ ​ ​ ​ ​ ​ Delinquent ​ Delinquent ​ Delinquent and ​ ​ ​ ​ ​ ​ ​ ​ and Accruing ​ and Accruing ​ Accruing ​ Non-Accrual ​ Total ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total investment in leases ​ $ 13,512,300 ​ $ — ​ $ — ​ $ — ​ $ 13,512,300 ​ ​ The Company leases high-technology and other business-essential equipment to its leasing customers. Upon expiration of the initial term or extended lease term, depending on the structure of the lease, the customer may return the equipment, renew the lease for an additional term, or purchase the equipment. Due to the uncertainty of such outcome at the end of the lease term, the lease as recorded at commencement represents only the current terms of the agreement. As a lessor, the Company’s leases do not contain non-lease components. The residual values reflect the estimated amounts to be received at lease termination from sales or other dispositions of leased equipment to unrelated parties. The leased equipment residual values are based on the Company’s best estimate. The Company’s risk management strategy for its residual value includes the contractual obligations of customer to maintain, service, and insure the leased equipment, the use of third party remarketers as well as the analytical review of historical asset dispositions. ​ Leasing income as presented on the Consolidated Condensed Statements of Operations consists of the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ Three Months Ended ​ Nine Months Ended ​ Nine Months Ended ​ September 25, 2021 September 26, 2020 September 25, 2021 September 26, 2020 Interest income on direct financing and sales-type leases ​ $ 362,200 ​ $ 839,600 ​ $ 1,464,700 ​ $ 2,947,900 Selling profit (loss) at commencement of sales-type leases ​ 164,300 ​ 267,700 ​ 1,594,300 ​ 1,453,600 Operating lease income ​ ​ 436,700 ​ ​ 668,600 ​ ​ 1,397,500 ​ ​ 1,758,500 Income on sales of equipment under lease ​ ​ 988,500 ​ ​ 913,400 ​ ​ 3,214,000 ​ ​ 5,078,300 Other ​ ​ 314,500 ​ ​ 6,500 ​ ​ 681,300 ​ ​ 802,500 Leasing income ​ $ 2,266,200 ​ $ 2,695,800 ​ $ 8,351,800 ​ $ 12,040,800 ​

Earnings Per Share_

Earnings Per Share:	9 Months Ended
	Sep. 25, 2021
Earnings Per Share:
Earnings Per Share:	6. Earnings Per Share: ​ The following table sets forth the presentation of shares outstanding used in the calculation of basic and diluted earnings per share (“EPS”): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ Nine Months Ended ​ ​ September 25, 2021 September 26, 2020 September 25, 2021 September 26, 2020 Denominator for basic EPS — weighted average common shares 3,635,055 3,730,490 3,688,419 3,710,112 Dilutive shares associated with option plans 147,818 127,212 140,903 147,642 Denominator for diluted EPS — weighted average common shares and dilutive potential common shares 3,782,873 3,857,702 3,829,322 3,857,754 Options excluded from EPS calculation — anti-dilutive 3,038 11,979 6,833 11,057 ​

Shareholders' Equity (Deficit)_

Shareholders' Equity (Deficit):	9 Months Ended
	Sep. 25, 2021
Shareholders' Equity (Deficit):
Shareholders' Equity (Deficit):	7. Shareholders’ Equity (Deficit): ​ Dividends ​ On January 27, 2021, the Company’s Board of Directors approved the payment of a $0.25 per share quarterly cash dividend to shareholders of record at the close of business on February 10, 2021, which was paid on March 1, 2021. ​ On April 14, 2021, the Company’s Board of Directors approved the payment of a $0.45 per share quarterly cash dividend to shareholders of record at the close of business on May 12, 2021, which was paid on June 1, 2021. ​ On July 14, 2021, the Company’s Board of Directors approved the payment of a $0.45 per share quarterly cash dividend to shareholders of record at the close of business on August 11, 2021, which was paid on September 1, 2021 ​ Repurchase of Common Stock ​ In the first nine months of 2021, the Company repurchased 147,819 shares of its common stock. Under the Board of Directors’ authorization, as of September 25, 2021, the Company has the ability to repurchase an additional 382,785 shares of its common stock. Repurchases may be made from time to time at prevailing prices, subject to certain restrictions on volume, pricing and timing. ​ Stock Option Plans and Stock-Based Compensation ​ Stock option activity under the Company’s option plans as of September 25, 2021 was as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted Average ​ ​ ​ ​ ​ ​ ​ ​ ​ Remaining ​ ​ ​ ​ ​ Number of ​ Weighted Average ​ Contractual Life ​ ​ ​ ​ Shares Exercise Price (years) Intrinsic Value Outstanding, December 26, 2020 393,488 ​ $ 113.19 ​ 5.61 ​ $ 27,864,900 Granted 34,000 ​ ​ 191.82 ​ ​ ​ ​ ​ Exercised (15,329) ​ ​ 84.76 ​ ​ ​ ​ ​ Forfeited (2,700) ​ ​ 151.06 ​ ​ ​ ​ ​ Outstanding, September 25, 2021 409,459 ​ $ 120.54 ​ 5.29 ​ $ 39,222,800 Exercisable, September 25, 2021 287,729 ​ $ 99.03 ​ 3.93 ​ $ 33,749,500 ​ The fair value of options granted under the Option Plans during the first nine months of 2021 and 2020 were estimated on the date of grant using the Black-Scholes option pricing model with the following weighted average assumptions and results: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Nine Months Ended ​ ​ ​ September 25, 2021 ​ September 26, 2020 ​ Risk free interest rate ​ 0.90 % ​ 0.40 % Expected life (years) ​ 6 ​ ​ 6 ​ Expected volatility ​ 25.07 % ​ 25.03 % Dividend yield ​ 2.74 % ​ 1.92 % Option fair value ​ $ 32.70 ​ $ 26.55 ​ ​ ​ All unexercised options at September 25, 2021 have an exercise price equal to the fair market value on the date of the grant. ​ Compensation expense of $1,074,200 and $929,900 relating to the vested portion of the fair value of stock options granted was expensed to “Selling, General and Administrative Expenses” in the first nine months of 2021 and 2020, respectively. As of September 25, 2021, the Company had $2.8 million of total unrecognized compensation expense related to stock options that is expected to be recognized over the remaining weighted average vesting period of approximately 2.5

Debt_

Debt:	9 Months Ended
	Sep. 25, 2021
Debt:
Debt:	8. Debt: ​ Line of Credit ​ In September 2021, the Company’s Line of Credit with CIBC Bank USA was amended to, among other things: ​ ● Permit the Company to issue up to $30.0 million in additional term notes to one or more affiliates or managed accounts of PGIM, Inc. (formerly Prudential Investment Management, Inc.) (collectively, “Prudential”); ● Remove the tangible net worth covenant minimum requirement, amend the fixed charge coverage ratio definition, and amend the restricted payments covenant to allow the Company more flexibility with respect to shareholder distributions and/or common stock repurchases as long as certain conditions are met (as defined within the amendment); ● Amend the provisions that allow for the replacement of LIBOR as an interest rate option in connection with borrowings under the Line of Credit. ​ As of September 25, 2021, there were no borrowings outstanding under the Company’s Line of Credit, leaving $25.0 million available for additional borrowings. ​ The Line of Credit has been and will continue to be used for general corporate purposes. The Line of Credit, which terminates in August 2024 is secured by a lien against substantially all of the Company’s assets, contains customary financial conditions and covenants, and requires maintenance of minimum levels of debt service coverage and maximum levels of leverage (all as defined within the Line of Credit). As of September 25, 2021, the Company was in compliance with all of its financial covenants. Notes Payable ​ In September 2021, the Note Agreement with Prudential was amended to, among other things: ​ ● Provide for the issuance of $30.0 million in new senior secured notes; ● Remove the tangible net worth covenant minimum requirement, amend the fixed charge coverage ratio definition, and amend the restricted payments covenant to allow the Company more flexibility with respect to shareholder distributions and/or common stock repurchase as long as certain conditions are met (as defined within the amendment). ​ In September 2021, the Company issued $30.0 million of Series C notes, with the proceeds to be used for general corporate purposes, including share repurchases and dividends. As of September 25, 2021, with the $11.25 million in principal outstanding from the $25.0 million Series A notes issued in May 2015 and $7.5 million in principal outstanding from the $12.5 million Series B notes issued in August 2017, the aggregate principal outstanding under the Note Agreement was $48.75 million. ​ The final maturity of the Series A and Series B ​ The Company’s obligations under the Note Agreement are secured by a lien against substantially all of the Company’s assets (as the notes rank pari passu ​ In connection with the Note Agreement, the Company incurred debt issuance costs, of which unamortized amounts are presented as a direct deduction from the carrying amount of the related liability. ​

Operating Leases_

Operating Leases:	9 Months Ended
	Sep. 25, 2021
Operating Leases:
Operating Leases:	9. Operating Leases: ​ As of September 25, 2021, the Company leases its Minnesota corporate headquarters in a facility with an operating lease that expires in December 2029. The remaining lease term for this lease is 8.25 years and the discount rate is 5.5 %. The Company recognized $879,200 and $896,400 of rent expense for the periods ended September 25, 2021 and September 26, 2020, respectively. ​ Maturities of operating lease liabilities is as follows for the remainder of fiscal 2021 and full fiscal years thereafter as of September 25, 2021: ​ ​ ​ ​ ​ Operating Lease Liabilities expected to be recognized in Amount 2021 ​ $ 184,000 2022 ​ 742,900 2023 ​ 763,300 2024 ​ 784,400 2025 ​ 806,000 Thereafter ​ 3,452,600 Total lease payments ​ ​ 6,733,200 Less imputed interest ​ ​ (1,315,700) Present value of lease liabilities ​ $ 5,417,500 ​ Of the $5.4 million operating lease liability outstanding at September 25, 2021, $0.5 million is included in Accrued liabilities in the Current liabilities ​ Supplemental cash flow information related to our operating leases is as follows for the period ended September 25, 2021: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Nine Months Ended ​ September 25, 2021 September 26, 2020 Cash paid for amounts included in the measurement of lease liabilities: ​ ​ ​ ​ ​ ​ Operating cash flow outflow from operating leases ​ $ 539,100 ​ $ 524,600 ​

Segment Reporting_

Segment Reporting:	9 Months Ended
	Sep. 25, 2021
Segment Reporting:
Segment Reporting:	10. Segment Reporting: ​ The Company currently has two reportable business segments, franchising and leasing. The franchising segment franchises value-oriented retail store concepts that buy, sell, trade and consign merchandise. The leasing segment includes the Company’s equipment leasing business. Segment reporting is intended to give financial statement users a better view of how the Company manages and evaluates its businesses. The Company’s internal management reporting is the basis for the information disclosed for its business segments and includes allocation of shared-service costs. Segment assets are those that are directly used in or identified with segment operations, including cash, restricted cash, accounts receivable, prepaid expenses, inventory, property and equipment, investment in leasing operations and goodwill. Unallocated assets include corporate cash and cash equivalents, current and deferred tax amounts, operating lease right of use assets and other corporate assets. Inter-segment balances and transactions have been eliminated. The following tables summarize financial information by segment and provide a reconciliation of segment contribution to operating income: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ Nine Months Ended ​ ​ September 25, 2021 September 26, 2020 September 25, 2021 September 26, 2020 Revenue: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Franchising ​ $ 17,887,200 ​ $ 15,581,200 ​ $ 49,490,100 ​ $ 37,225,700 ​ Leasing ​ 2,266,200 ​ 2,695,800 ​ 8,351,800 ​ 12,040,800 ​ Total revenue ​ $ 20,153,400 ​ $ 18,277,000 ​ $ 57,841,900 ​ $ 49,266,500 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Reconciliation to operating income: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Franchising segment contribution ​ $ 12,330,200 ​ $ 10,789,900 ​ $ 33,601,600 ​ $ 22,601,000 ​ Leasing segment contribution ​ 1,459,000 ​ 1,707,900 ​ 4,821,500 ​ 6,676,400 ​ Total operating income ​ $ 13,789,200 ​ $ 12,497,800 ​ $ 38,423,100 ​ $ 29,277,400 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Depreciation and amortization: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Franchising ​ $ 59,400 ​ $ 70,800 ​ $ 187,600 ​ $ 216,100 ​ Leasing ​ 46,200 ​ 49,900 ​ 141,200 ​ 150,600 ​ Total depreciation and amortization ​ $ 105,600 ​ $ 120,700 ​ $ 328,800 ​ $ 366,700 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of ​ September 25, 2021 December 26, 2020 Identifiable assets: ​ ​ ​ ​ ​ ​ Franchising ​ $ 3,953,200 ​ $ 4,848,300 Leasing ​ 5,691,100 ​ 14,462,600 Unallocated ​ 45,327,500 ​ 12,032,300 Total ​ $ 54,971,800 ​ $ 31,343,200 ​

Subsequent Events_

Subsequent Events:	9 Months Ended
	Sep. 25, 2021
Subsequent Events:
Subsequent Events:	​ 11. Subsequent Events: ​ On October 13, 2021, the Company’s Board of Directors approved the payment of a $7.50 per share special cash dividend (the “2021 Special Dividend”) to shareholders of record at the close of business November 10, 2021, which will be paid on December 1, 2021. The 2021 Special Dividend will be approximately $27.2 million based on the current number of shares outstanding and is expected to be financed by cash on hand. ​

Contract Liabilities_ (Tables)

Contract Liabilities: (Tables)	9 Months Ended
	Sep. 25, 2021
Contract Liabilities:
Schedule of activity of current and noncurrent deferred franchise revenue	​ ​ ​ ​ ​ ​ ​ ​ ​ September 25, 2021 September 26, 2020 Balance at beginning of period ​ $ 8,708,300 ​ $ 9,575,500 Franchise and software license fees collected from franchisees, excluding amount earned as revenue during the period ​ 1,110,600 ​ 656,700 Fees earned that were included in the balance at the beginning of the period ​ (1,325,400) ​ (1,287,000) Balance at end of period ​ $ 8,493,500 ​ $ 8,945,200
Schedule of future estimated revenue to be recognized related to performance obligations	​ ​ ​ ​ ​ Contract Liabilities expected to be recognized in ​ Amount 2021 ​ $ 418,400 2022 ​ 1,605,500 2023 ​ 1,434,200 2024 ​ 1,236,500 2025 ​ 1,020,100 Thereafter ​ 2,778,800 ​ ​ $ 8,493,500

Investment in Leasing Operati_2

Investment in Leasing Operations: (Tables)	9 Months Ended
	Sep. 25, 2021
Investment in Leasing Operations:
Schedule of investment in leasing operations	​ ​ ​ ​ ​ ​ ​ ​ ​ September 25, 2021 December 26, 2020 Direct financing and sales-type leases: ​ ​ ​ ​ ​ ​ Minimum lease payments receivable ​ $ 5,111,300 ​ $ 12,536,300 Estimated unguaranteed residual value of equipment ​ 1,643,300 ​ 2,950,100 Unearned lease income, net of initial direct costs deferred ​ (611,100) ​ (1,439,500) Security deposits ​ (1,494,500) ​ (2,169,000) Equipment installed on leases not yet commenced ​ 431,800 ​ 1,634,400 Total investment in direct financing and sales-type leases ​ 5,080,800 ​ 13,512,300 Allowance for credit losses ​ (102,900) ​ (270,200) Net investment in direct financing and sales-type leases ​ 4,977,900 ​ 13,242,100 Operating leases: ​ ​ ​ ​ ​ ​ Operating lease assets ​ 469,800 ​ 599,100 Less accumulated depreciation and amortization ​ (406,100) ​ (580,100) Net investment in operating leases ​ 63,700 ​ 19,000 Total net investment in leasing operations ​ $ 5,041,600 ​ $ 13,261,100
Schedule of future minimum lease payments receivable under lease contracts and the amortization of unearned lease income, net of initial direct costs deferred	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Direct Financing and Sales-Type Leases ​ Minimum Lease Income Fiscal Year ​ Payments Receivable ​ Amortization 2021 ​ $ 1,442,000 ​ $ 278,200 ​ 2022 ​ 3,538,900 ​ 321,600 ​ 2023 ​ ​ 126,900 ​ ​ 11,200 ​ 2024 ​ 3,500 ​ 100 ​ ​ ​ $ 5,111,300 ​ $ 611,100 ​
Schedule of activity in the allowance for credit losses for leasing operations	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ September 25, 2021 September 26, 2020 Balance at beginning of period ​ $ 270,200 ​ $ 580,600 ​ Provisions charged to expense ​ (167,300) ​ 164,300 ​ Recoveries ​ — ​ (12,400) ​ Deductions for amounts written-off ​ — ​ (148,900) ​ Balance at end of period ​ $ 102,900 ​ $ 583,600 ​
Schedule of investment in direct financing and sales-type leases ("Investment in Leases") and allowance for credit losses by loss evaluation methodology	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ September 25, 2021 ​ December 26, 2020 ​ Investment Allowance for Investment Allowance for ​ ​ In Leases ​ Credit Losses ​ In Leases ​ Credit Losses Collectively evaluated for loss potential ​ $ 5,080,800 ​ $ 102,900 ​ $ 13,512,300 ​ $ 270,200 Individually evaluated for loss potential ​ — ​ — ​ — ​ — Total ​ $ 5,080,800 ​ $ 102,900 ​ $ 13,512,300 ​ $ 270,200
Schedule of information regarding accruing and non-accrual leases	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ September 25, 2021 ​ 0-60 Days 61-90 Days Over 90 Days ​ ​ ​ ​ ​ ​ Delinquent ​ Delinquent ​ Delinquent and ​ ​ ​ ​ ​ ​ ​ ​ and Accruing ​ and Accruing ​ Accruing ​ Non-Accrual ​ Total ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total investment in leases ​ $ 5,080,800 ​ $ — ​ $ — ​ $ — ​ $ 5,080,800 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 26, 2020 ​ 0-60 Days 61-90 Days Over 90 Days ​ ​ ​ ​ ​ ​ Delinquent ​ Delinquent ​ Delinquent and ​ ​ ​ ​ ​ ​ ​ ​ and Accruing ​ and Accruing ​ Accruing ​ Non-Accrual ​ Total ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total investment in leases ​ $ 13,512,300 ​ $ — ​ $ — ​ $ — ​ $ 13,512,300
Schedule of components of leasing income	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ Three Months Ended ​ Nine Months Ended ​ Nine Months Ended ​ September 25, 2021 September 26, 2020 September 25, 2021 September 26, 2020 Interest income on direct financing and sales-type leases ​ $ 362,200 ​ $ 839,600 ​ $ 1,464,700 ​ $ 2,947,900 Selling profit (loss) at commencement of sales-type leases ​ 164,300 ​ 267,700 ​ 1,594,300 ​ 1,453,600 Operating lease income ​ ​ 436,700 ​ ​ 668,600 ​ ​ 1,397,500 ​ ​ 1,758,500 Income on sales of equipment under lease ​ ​ 988,500 ​ ​ 913,400 ​ ​ 3,214,000 ​ ​ 5,078,300 Other ​ ​ 314,500 ​ ​ 6,500 ​ ​ 681,300 ​ ​ 802,500 Leasing income ​ $ 2,266,200 ​ $ 2,695,800 ​ $ 8,351,800 ​ $ 12,040,800

Earnings Per Share_ (Tables)

Earnings Per Share: (Tables)	9 Months Ended
	Sep. 25, 2021
Earnings Per Share:
Schedule of shares outstanding used in the calculation of basic and diluted earnings per share	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ Nine Months Ended ​ ​ September 25, 2021 September 26, 2020 September 25, 2021 September 26, 2020 Denominator for basic EPS — weighted average common shares 3,635,055 3,730,490 3,688,419 3,710,112 Dilutive shares associated with option plans 147,818 127,212 140,903 147,642 Denominator for diluted EPS — weighted average common shares and dilutive potential common shares 3,782,873 3,857,702 3,829,322 3,857,754 Options excluded from EPS calculation — anti-dilutive 3,038 11,979 6,833 11,057

Shareholders' Equity (Deficit_2

Shareholders' Equity (Deficit): (Tables)	9 Months Ended
	Sep. 25, 2021
Shareholders' Equity (Deficit):
Schedule of stock option activity	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted Average ​ ​ ​ ​ ​ ​ ​ ​ ​ Remaining ​ ​ ​ ​ ​ Number of ​ Weighted Average ​ Contractual Life ​ ​ ​ ​ Shares Exercise Price (years) Intrinsic Value Outstanding, December 26, 2020 393,488 ​ $ 113.19 ​ 5.61 ​ $ 27,864,900 Granted 34,000 ​ ​ 191.82 ​ ​ ​ ​ ​ Exercised (15,329) ​ ​ 84.76 ​ ​ ​ ​ ​ Forfeited (2,700) ​ ​ 151.06 ​ ​ ​ ​ ​ Outstanding, September 25, 2021 409,459 ​ $ 120.54 ​ 5.29 ​ $ 39,222,800 Exercisable, September 25, 2021 287,729 ​ $ 99.03 ​ 3.93 ​ $ 33,749,500
Schedule of weighted average assumptions used in estimation of fair value of options granted	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Nine Months Ended ​ ​ ​ September 25, 2021 ​ September 26, 2020 ​ Risk free interest rate ​ 0.90 % ​ 0.40 % Expected life (years) ​ 6 ​ ​ 6 ​ Expected volatility ​ 25.07 % ​ 25.03 % Dividend yield ​ 2.74 % ​ 1.92 % Option fair value ​ $ 32.70 ​ $ 26.55 ​ ​

Operating Leases_ (Tables)

Operating Leases: (Tables)	9 Months Ended
	Sep. 25, 2021
Operating Leases:
Schedule of maturities of operating lease liabilities	​ ​ ​ ​ ​ Operating Lease Liabilities expected to be recognized in Amount 2021 ​ $ 184,000 2022 ​ 742,900 2023 ​ 763,300 2024 ​ 784,400 2025 ​ 806,000 Thereafter ​ 3,452,600 Total lease payments ​ ​ 6,733,200 Less imputed interest ​ ​ (1,315,700) Present value of lease liabilities ​ $ 5,417,500
Schedule of supplemental cash flow information related to operating leases	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Nine Months Ended ​ September 25, 2021 September 26, 2020 Cash paid for amounts included in the measurement of lease liabilities: ​ ​ ​ ​ ​ ​ Operating cash flow outflow from operating leases ​ $ 539,100 ​ $ 524,600

Segment Reporting_ (Tables)

Segment Reporting: (Tables)	9 Months Ended
	Sep. 25, 2021
Segment Reporting:
Schedule of financial information by segment and reconciliation of segment contribution to operating income	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ Nine Months Ended ​ ​ September 25, 2021 September 26, 2020 September 25, 2021 September 26, 2020 Revenue: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Franchising ​ $ 17,887,200 ​ $ 15,581,200 ​ $ 49,490,100 ​ $ 37,225,700 ​ Leasing ​ 2,266,200 ​ 2,695,800 ​ 8,351,800 ​ 12,040,800 ​ Total revenue ​ $ 20,153,400 ​ $ 18,277,000 ​ $ 57,841,900 ​ $ 49,266,500 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Reconciliation to operating income: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Franchising segment contribution ​ $ 12,330,200 ​ $ 10,789,900 ​ $ 33,601,600 ​ $ 22,601,000 ​ Leasing segment contribution ​ 1,459,000 ​ 1,707,900 ​ 4,821,500 ​ 6,676,400 ​ Total operating income ​ $ 13,789,200 ​ $ 12,497,800 ​ $ 38,423,100 ​ $ 29,277,400 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Depreciation and amortization: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Franchising ​ $ 59,400 ​ $ 70,800 ​ $ 187,600 ​ $ 216,100 ​ Leasing ​ 46,200 ​ 49,900 ​ 141,200 ​ 150,600 ​ Total depreciation and amortization ​ $ 105,600 ​ $ 120,700 ​ $ 328,800 ​ $ 366,700 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of ​ September 25, 2021 December 26, 2020 Identifiable assets: ​ ​ ​ ​ ​ ​ Franchising ​ $ 3,953,200 ​ $ 4,848,300 Leasing ​ 5,691,100 ​ 14,462,600 Unallocated ​ 45,327,500 ​ 12,032,300 Total ​ $ 54,971,800 ​ $ 31,343,200

Management's Interim Financia_2

Management's Interim Financial Statement Representation: (Details)	9 Months Ended
	Sep. 25, 2021item
Minimum
Number of Weeks in Fiscal Year	52
Maximum
Number of Weeks in Fiscal Year	53

Contract Liabilities_ Activity

Contract Liabilities: Activity (Details) - USD ($)	9 Months Ended
	Sep. 25, 2021	Sep. 26, 2020
Activity of the current and noncurrent deferred franchise revenue
Balance at beginning of period	$ 8,708,300	$ 9,575,500
Franchise and software license fees collected from franchisees, excluding amount earned as revenue during the period	1,110,600	656,700
Fees earned that were included in the balance at the beginning of the period	(1,325,400)	(1,287,000)
Balance at end of period	$ 8,493,500	$ 8,945,200

Contract Liabilities_ Performan

Contract Liabilities: Performance Obligations (Details)	Sep. 25, 2021USD ($)
Future estimated revenue to be recognized related to performance obligations
Revenue, remaining performance obligation	$ 8,493,500
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-09-26
Future estimated revenue to be recognized related to performance obligations
Duration of expected recognition period for remaining performance obligation	3 months
Revenue, remaining performance obligation	$ 418,400
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-12-26
Future estimated revenue to be recognized related to performance obligations
Duration of expected recognition period for remaining performance obligation	1 year
Revenue, remaining performance obligation	$ 1,605,500
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-01-01
Future estimated revenue to be recognized related to performance obligations
Duration of expected recognition period for remaining performance obligation	1 year
Revenue, remaining performance obligation	$ 1,434,200
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-12-31
Future estimated revenue to be recognized related to performance obligations
Duration of expected recognition period for remaining performance obligation	1 year
Revenue, remaining performance obligation	$ 1,236,500
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-12-29
Future estimated revenue to be recognized related to performance obligations
Duration of expected recognition period for remaining performance obligation	1 year
Revenue, remaining performance obligation	$ 1,020,100
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-12-28
Future estimated revenue to be recognized related to performance obligations
Duration of expected recognition period for remaining performance obligation
Revenue, remaining performance obligation	$ 2,778,800

Investment in Leasing Operati_3

Investment in Leasing Operations: Summary of Leasing Operations (Details) - USD ($)	Sep. 25, 2021	Dec. 26, 2020
Direct financing and sales-type leases:
Minimum lease payments receivable	$ 5,111,300	$ 12,536,300
Estimated unguaranteed residual value of equipment	1,643,300	2,950,100
Unearned lease income net of initial direct costs deferred	(611,100)	(1,439,500)
Security deposits	(1,494,500)	(2,169,000)
Equipment installed on leases not yet commenced	431,800	1,634,400
Total investment in direct financing and sales-type leases	5,080,800	13,512,300
Allowance for credit losses	(102,900)	(270,200)
Net investment in direct financing and sales-type leases	4,977,900	13,242,100
Operating leases:
Operating lease assets	469,800	599,100
Less accumulated depreciation and amortization	(406,100)	(580,100)
Net investment in operating leases	63,700	19,000
Total net investment in leasing operations	5,041,600	13,261,100
Net investment in leases - current	3,884,600	8,687,500
Net investment in leases - long-term	1,157,000	$ 4,573,600
Net investment in leases - long-term	$ 1,100,000

Investment in Leasing Operati_4

Investment in Leasing Operations: Minimum Lease Payments Receivable (Details) - USD ($)	Sep. 25, 2021	Dec. 26, 2020
Direct Financing and Sales-Type Leases, Minimum Lease Payments Receivable
2021	$ 1,442,000
2022	3,538,900
2023	126,900
2024	3,500
Total	5,111,300	$ 12,536,300
Direct Financing and Sales-Type Leases, Income Amortization
2021	278,200
2022	321,600
2023	11,200
2024	100
Total	$ 611,100

Investment in Leasing Operati_5

Investment in Leasing Operations: Credit Losses (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 25, 2021	Sep. 26, 2020	Sep. 25, 2021	Sep. 26, 2020	Dec. 26, 2020
Activity in the allowance for credit losses for leasing operations
Balance at beginning of period			$ 270,200	$ 580,600
Provisions for credit losses	$ (55,900)	$ (339,600)	(167,300)	164,300
Recoveries				(12,400)
Deductions for amounts written-off				(148,900)
Balance at end of period	102,900	$ 583,600	102,900	$ 583,600
Investment In Leases
Total investment in direct financing and sales-type leases	5,080,800		5,080,800		$ 13,512,300
Allowance for Credit Losses
Total	102,900		102,900		270,200
Investment in leases
Investment In Leases
Collectively evaluated for loss potential	5,080,800		5,080,800		13,512,300
Total investment in direct financing and sales-type leases	5,080,800		5,080,800		13,512,300
Allowance for Credit Losses
Collectively evaluated for loss potential	102,900		102,900		270,200
Total	$ 102,900		$ 102,900		$ 270,200

Investment in Leasing Operati_6

Investment in Leasing Operations: Investment Aging (Details) - USD ($)	Sep. 25, 2021	Dec. 26, 2020
Investment in Leasing Operations:
0-60 Days Delinquent and Accruing	$ 5,080,800	$ 13,512,300
Total investment in direct financing and sales-type leases	$ 5,080,800	$ 13,512,300

Investment in Leasing Operati_7

Investment in Leasing Operations: Leasing Income (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 25, 2021	Sep. 26, 2020	Sep. 25, 2021	Sep. 26, 2020
Leasing income
Interest income on direct financing and sales-type leases	$ 362,200	$ 839,600	$ 1,464,700	$ 2,947,900
Selling profit (loss) at commencement of sales-type leases	164,300	267,700	1,594,300	1,453,600
Operating lease income	436,700	668,600	1,397,500	1,758,500
Income on sales of equipment under lease	988,500	913,400	3,214,000	5,078,300
Other	314,500	6,500	681,300	802,500
Leasing income	$ 2,266,200	$ 2,695,800	$ 8,351,800	$ 12,040,800

Earnings Per Share_ (Details)

Earnings Per Share: (Details) - shares	3 Months Ended		9 Months Ended
	Sep. 25, 2021	Sep. 26, 2020	Sep. 25, 2021	Sep. 26, 2020
Earnings Per Share:
Denominator for basic EPS - weighted average common shares	3,635,055	3,730,490	3,688,419	3,710,112
Dilutive shares associated with option plans	147,818	127,212	140,903	147,642
Denominator for diluted EPS - weighted average common shares and dilutive potential common shares	3,782,873	3,857,702	3,829,322	3,857,754
Options excluded from EPS calculation - anti-dilutive (in shares)	3,038	11,979	6,833	11,057

Shareholders' Equity (Deficit_3

Shareholders' Equity (Deficit): Dividends and Repurchase of Common Stock (Details) - $ / shares	Jul. 14, 2021	Apr. 14, 2021	Jan. 27, 2021	Sep. 25, 2021
Dividends
Cash dividends declared and paid (in dollars per share)	$ 0.45	$ 0.45	$ 0.25
Common Stock Repurchase Program
Repurchase of Common Stock
Number of shares repurchased				147,819
Number of additional shares that can be repurchased				382,785

Shareholders' Equity (Deficit_4

Shareholders' Equity (Deficit): Stock Option Plans and Stock-Based Compensation (Details) - Stock options - USD ($)	9 Months Ended		12 Months Ended
	Sep. 25, 2021	Sep. 26, 2020	Dec. 26, 2020
Number of Shares
Outstanding at the beginning of the period (in shares)	393,488
Granted (in shares)	34,000
Exercised (in shares)	(15,329)
Forfeited (in shares)	(2,700)
Outstanding at the end of the period (in shares)	409,459		393,488
Exercisable at the end of the period (in shares)	287,729
Weighted Average Exercise Price
Outstanding at the beginning of the period (in dollars per share)	$ 113.19
Granted (in dollars per share)	191.82
Exercised (in dollars per share)	84.76
Forfeited (in dollars per share)	151.06
Outstanding at the end of the period (in dollars per share)	120.54		$ 113.19
Exercisable at the end of the period (in dollars per share)	$ 99.03
Weighted Average Remaining Contractual Life (years)
Outstanding	5 years 3 months 14 days		5 years 7 months 9 days
Exercisable at the end of the period	3 years 11 months 4 days
Intrinsic Value
Outstanding	$ 39,222,800		$ 27,864,900
Exercisable at the end of the period	$ 33,749,500
Weighted average assumptions and results used in estimation of fair value of options granted
Risk free interest rate (as a percent)	0.90%	0.40%
Expected life (years)	6 years	6 years
Expected volatility (as a percent)	25.07%	25.03%
Dividend yield (as a percent)	2.74%	1.92%
Option fair value (in dollars per share)	$ 32.70	$ 26.55
Additional disclosures
Compensation expense	$ 1,074,200	$ 929,900
Total unrecognized compensation expense	$ 2,800,000
Weighted average period for recognition of unrecognized compensation expense	2 years 6 months

Debt_ Line of Credit (Details)

Debt: Line of Credit (Details) - Line of Credit - USD ($) $ in Millions	Sep. 30, 2021	Sep. 25, 2021
Line of Credit
Maximum amount of additional term notes available for issuance	$ 30
Borrowings outstanding		$ 0
Line of credit available for additional borrowings		$ 25

Debt_ Notes Payable (Details)

Debt: Notes Payable (Details) - Prudential Investment Management, Inc - USD ($)	1 Months Ended	9 Months Ended
	Sep. 30, 2021	Sep. 25, 2021	Aug. 31, 2017	May 31, 2015
Notes Payable.
Notes Payable
Amount of additional senior secured notes available for issuance	$ 30,000,000
Principal amount outstanding		$ 48,750,000
Minimum prepayment		1,000,000
Series A Notes
Notes Payable
Principal amount outstanding		$ 11,250,000
Note payable, face amount				$ 25,000,000
Term of notes payable		10 years
Interest rate (as a percent)		5.50%
Quarterly principal payment, first five years		$ 500,000
Quarterly principal payment, thereafter		750,000
Series B Notes
Notes Payable
Principal amount outstanding		$ 7,500,000
Note payable, face amount			$ 12,500,000
Term of notes payable		10 years
Interest rate (as a percent)		5.10%
Quarterly principal payment		$ 312,500
Series C Notes
Notes Payable
Note payable, face amount	$ 30,000,000
Term of notes payable	7 years
Interest rate (as a percent)	3.18%

Operating Leases_ (Details)

Operating Leases: (Details) - USD ($)	9 Months Ended
	Sep. 25, 2021	Sep. 26, 2020
Operating Leases:
Remaining lease term	8 years 3 months
Discount rate (as a percent)	5.50%
Rent expense	$ 879,200	$ 896,400
Maturities of operating lease liabilities:
2021	184,000
2022	742,900
2023	763,300
2024	784,400
2025	806,000
Thereafter	3,452,600
Total	6,733,200
Less imputed interest	(1,315,700)
Present value of lease liabilities	5,417,500
Operating lease liability
Operating lease liability, current	$ 500,000
Operating Lease, Liability, Current, Statement of Financial Position [Extensible List]	Accrued Liabilities, Current
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flow outflow from operating leases	$ 539,100	$ 524,600

Segment Reporting_ (Details)

Segment Reporting: (Details)	3 Months Ended		9 Months Ended
	Sep. 25, 2021USD ($)	Sep. 26, 2020USD ($)	Sep. 25, 2021USD ($)item	Sep. 26, 2020USD ($)	Dec. 26, 2020USD ($)
Segment Reporting
Number of reportable business segments | item			2
Total revenue	$ 20,153,400	$ 18,277,000	$ 57,841,900	$ 49,266,500
Total operating income	13,789,200	12,497,800	38,423,100	29,277,400
Total depreciation and amortization	105,600	120,700	328,800	366,700
Total identifiable assets	54,971,800		54,971,800		$ 31,343,200
Operating | Franchising
Segment Reporting
Total revenue	17,887,200	15,581,200	49,490,100	37,225,700
Total operating income	12,330,200	10,789,900	33,601,600	22,601,000
Total depreciation and amortization	59,400	70,800	187,600	216,100
Total identifiable assets	3,953,200		3,953,200		4,848,300
Operating | Leasing
Segment Reporting
Total revenue	2,266,200	2,695,800	8,351,800	12,040,800
Total operating income	1,459,000	1,707,900	4,821,500	6,676,400
Total depreciation and amortization	46,200	$ 49,900	141,200	$ 150,600
Total identifiable assets	5,691,100		5,691,100		14,462,600
Unallocated
Segment Reporting
Total identifiable assets	$ 45,327,500		$ 45,327,500		$ 12,032,300

Subsequent Events_ (Details)

Subsequent Events: (Details) - Subsequent Event $ / shares in Units, $ in Millions	Oct. 13, 2021USD ($)$ / shares
Subsequent Events
Special cash dividend (in dollars per share) | $ / shares	$ 7.50
Special cash dividend | $	$ 27.2