Winmark (WINA) 10-K 8 Mar 22 2021 FY Annual report Financial data

Document and Entity Information

Document and Entity Information - USD ($)	12 Months Ended
	Dec. 25, 2021	Mar. 07, 2022	Jun. 26, 2021
Document and Entity Information
Entity Registrant Name	WINMARK CORPORATION
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 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 Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	false
Entity Shell Company	false
Entity Public Float			$ 360,112,649
Entity Common Stock, Shares Outstanding		3,585,831
Current Fiscal Year End Date	--12-25
Entity Central Index Key	0000908315
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	FY
Auditor Name	GRANT THORNTON LLP
Auditor Firm ID	248
Auditor Location	Minneapolis, Minnesota

CONSOLIDATED CONDENSED BALANCE

CONSOLIDATED CONDENSED BALANCE SHEETS - USD ($)	Dec. 25, 2021	Dec. 26, 2020
Current Assets:
Cash and cash equivalents	$ 11,407,000	$ 6,659,000
Restricted cash	30,000	25,000
Receivables, less allowance for doubtful accounts of $600 and $800	1,103,400	1,581,900
Net investment in leases - current	2,890,600	8,687,500
Income tax receivable	667,500	221,200
Inventories	325,200	106,600
Prepaid expenses	1,008,600	995,200
Total current assets	17,432,300	18,276,400
Net investment in leases - long-term	229,300	4,573,600
Property and equipment, net	1,976,900	2,332,800
Property and equipment:
Furniture and equipment	3,406,600	3,575,800
Building and building improvements	2,952,100	2,952,100
Less - accumulated depreciation and amortization	(4,381,800)	(4,195,100)
Operating lease right of use asset	2,982,000	3,226,300
Goodwill	607,500	607,500
Other assets	418,300	435,900
Deferred income taxes	3,252,700	1,890,700
Total assets	26,899,000	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	2,099,000	1,769,600
Accrued liabilities	2,001,000	2,624,000
Discounted lease rentals		1,096,600
Deferred revenue	1,645,000	1,657,400
Total current liabilities	9,977,600	11,383,700
Long-term Liabilities:
Notes payable, net of unamortized debt issuance costs of $61,100 and $54,800	43,376,400	17,632,700
Discounted lease rentals		574,000
Deferred revenue	6,863,500	7,050,900
Operating lease liabilities	4,810,100	5,307,400
Other liabilities	954,800	773,200
Total long-term liabilities	56,004,800	31,338,200
Commitments and Contingencies
Shareholders' Equity (Deficit):
Common stock, no par value, 10,000,000 shares authorized, 3,635,806 and 3,756,028 shares issued and outstanding		9,281,800
Retained earnings (accumulated deficit)	(39,083,400)	(20,660,500)
Total shareholders' equity (deficit)	(39,083,400)	(11,378,700)
Total liabilities and shareholders' equity (deficit)	$ 26,899,000	$ 31,343,200

CONSOLIDATED CONDENSED BALANC_2

CONSOLIDATED CONDENSED BALANCE SHEETS (Parenthetical) - USD ($)	Dec. 25, 2021	Dec. 26, 2020
CONSOLIDATED BALANCE SHEETS
Receivables, allowance for doubtful accounts	$ 600	$ 800
Unamortized debt issuance costs - Current	17,400	13,900
Unamortized debt issuance costs - Noncurrent	$ 61,100	$ 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	3,635,806	3,756,028
Common stock, shares outstanding	3,635,806	3,756,028

CONSOLIDATED CONDENSED STATEMEN

CONSOLIDATED CONDENSED STATEMENTS OF OPERATIONS - USD ($)	12 Months Ended
	Dec. 25, 2021	Dec. 26, 2020	Dec. 28, 2019
Revenue:
Leasing income	$ 11,148,300	$ 14,484,000	$ 16,055,800
Total revenue	78,216,200	66,061,800	73,298,900
Cost of merchandise sold	2,940,500	2,103,900	2,469,700
Leasing expense	1,850,300	2,622,600	2,031,100
Provisions for credit losses	(206,600)	(79,300)	(78,300)
Selling, general and administrative expenses	22,295,800	21,203,100	25,745,300
Income from operations	51,336,200	40,211,500	43,131,100
Interest expense	(1,453,900)	(1,737,500)	(1,731,100)
Interest and other income (expense)	(15,000)	43,400	67,400
Income before income taxes	49,867,300	38,517,400	41,467,400
Provision for income taxes	(9,947,400)	(8,694,100)	(9,318,100)
Net income	$ 39,919,900	$ 29,823,300	$ 32,149,300
Earnings per share - basic (in dollars per share)	$ 10.87	$ 8.02	$ 8.37
Earnings per share - diluted (in dollars per share)	$ 10.48	$ 7.72	$ 7.84
Weighted average shares outstanding - basic	3,671,980	3,719,485	3,840,638
Weighted average shares outstanding - diluted	3,810,480	3,863,264	4,100,629
Royalties
Revenue:
Revenue	$ 60,779,300	$ 46,286,200	$ 51,421,800
Merchandise sales
Revenue:
Revenue	3,100,100	2,215,400	2,618,800
Franchise fees
Revenue:
Revenue	1,496,900	1,444,500	1,540,900
Other
Revenue:
Revenue	$ 1,691,600	$ 1,631,700	$ 1,661,600

CONSOLIDATED CONDENSED STATEM_2

CONSOLIDATED CONDENSED STATEMENTS OF SHAREHOLDERS' EQUITY (DEFICIT) - USD ($)	Common Stock	Retained Earnings (Accumulated Deficit).	Total
BALANCE at Dec. 29, 2018	$ 4,425,600	$ (9,234,100)	$ (4,808,500)
BALANCE (in shares) at Dec. 29, 2018	3,907,686
Shareholders' Equity (Deficit)
Repurchase of common stock	$ (5,081,000)	(18,947,100)	(24,028,100)
Repurchase of common stock (in shares)	(150,000)
Stock options exercised	$ 10,918,300		10,918,300
Stock options exercised (in shares)	190,172
Compensation expense relating to stock options	$ 1,666,400		1,666,400
Cash dividends		(3,449,100)	(3,449,100)
Comprehensive income (Net income)		32,149,300	32,149,300
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	$ 8,252,800		8,252,800
Stock options exercised (in shares)	108,170
Compensation expense relating to stock options	$ 1,315,200		1,315,200
Cash dividends		(14,230,800)	(14,230,800)
Comprehensive income (Net income)		29,823,300	29,823,300
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	$ (19,037,300)	(25,180,200)	$ (44,217,500)
Repurchase of common stock (in shares)	(225,839)
Stock options exercised	$ 8,320,000		8,320,000
Stock options exercised (in shares)	105,617
Compensation expense relating to stock options	$ 1,435,500		1,435,500
Cash dividends		(33,162,600)	(33,162,600)
Comprehensive income (Net income)		39,919,900	39,919,900
BALANCE at Dec. 25, 2021		$ (39,083,400)	$ (39,083,400)
BALANCE (in shares) at Dec. 25, 2021	3,635,806		3,635,806

CONSOLIDATED CONDENSED STATEM_3

CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS - USD ($)	12 Months Ended
	Dec. 25, 2021	Dec. 26, 2020	Dec. 28, 2019
OPERATING ACTIVITIES:
Net Income	$ 39,919,900	$ 29,823,300	$ 32,149,300
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	430,600	484,700	400,100
Provisions for credit losses	(206,600)	(79,300)	(78,300)
Compensation expense related to stock options	1,435,500	1,315,200	1,666,400
Deferred income taxes	(1,362,000)	(1,223,700)	(1,815,300)
Loss from disposal of property and equipment		200	1,900
Deferred initial direct costs	(2,100)	(18,300)	(92,600)
Amortization of deferred initial direct costs	18,900	105,900	550,000
Operating lease right of use asset amortization	244,300	368,900	345,400
Tax benefits on exercised stock options	2,479,600	872,900	1,218,900
Change in operating assets and liabilities:
Receivables	478,500	87,600	(116,400)
Principal collections on lease receivables	9,915,400	14,829,200	19,421,400
Income tax receivable/payable	(2,925,900)	(596,200)	(1,151,300)
Inventories	(218,600)	(20,600)	21,600
Prepaid expenses	(13,400)	(27,100)	(66,500)
Other assets	17,600	56,600	(9,900)
Accounts payable	329,400	754,600	(336,800)
Accrued and other liabilities	(948,500)	(691,400)	(661,600)
Rents received in advance and security deposits	(1,046,600)	(1,954,000)	(197,300)
Deferred revenue	(199,800)	(867,200)	(601,800)
Net cash provided by operating activities	48,346,200	43,221,300	50,647,200
INVESTING ACTIVITIES:
Purchase of property and equipment	(74,700)	(45,100)	(169,400)
Purchase of equipment for lease contracts	(208,400)	(4,114,000)	(9,009,000)
Net cash used for investing activities	(283,100)	(4,159,100)	(9,178,400)
FINANCING ACTIVITIES:
Proceeds from borrowings on line of credit		46,600,000	18,800,000
Payments on line of credit		(46,600,000)	(18,800,000)
Proceeds from borrowings on notes payable	30,000,000
Payments on notes payable	(4,250,000)	(3,750,000)	(3,250,000)
Repurchases of common stock	(44,217,500)	(48,987,500)	(24,028,100)
Proceeds from exercises of stock options	8,320,000	8,252,800	10,918,300
Dividends paid	(33,162,600)	(14,230,800)	(3,449,100)
Proceeds from discounted lease rentals		1,157,000	944,400
Net cash used for financing activities	(43,310,100)	(57,558,500)	(18,864,500)
NET INCREASE (DECREASE) IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH	4,753,000	(18,496,300)	22,604,300
Cash, cash equivalents and restricted cash, beginning of period	6,684,000	25,180,300	2,576,000
Cash, cash equivalents and restricted cash, end of period	$ 11,437,000	$ 6,684,000	$ 25,180,300

CONSOLIDATED CONDENSED STATEM_4

CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS - Supplemental Disclosures - USD ($)	12 Months Ended
	Dec. 25, 2021	Dec. 26, 2020	Dec. 28, 2019
SUPPLEMENTAL DISCLOSURES:
Cash paid for interest	$ 1,388,900	$ 1,738,400	$ 1,705,600
Cash paid for income taxes	11,555,100	9,552,500	11,122,300
Non-cash landlord leasehold improvements			2,139,000
Reconciliation of cash, cash equivalents and restricted cash:
Cash and cash equivalents	11,407,000	6,659,000	25,130,300
Restricted cash	30,000	25,000	50,000
Total cash, cash equivalents and restricted cash	$ 11,437,000	$ 6,684,000	$ 25,180,300

Organization and Business_

Organization and Business:	12 Months Ended
	Dec. 25, 2021
Organization and Business:
Organization and Business:	1. Organization and Business: Winmark Corporation and subsidiaries (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®. In addition, the Company sells point-of-sale system hardware to its franchisees and certain merchandise to its Play It Again Sports franchisees. The Company also operates a middle-market equipment leasing businesses under the Winmark Capital® mark and operated a small-ticket financing business under the Wirth Business Credit® mark until November 2020. The Company has a 52/53-week fiscal year that ends on the last Saturday in December. Fiscal years 2021, 2020 and 2019 were ​

Significant Accounting Policies

Significant Accounting Policies:	12 Months Ended
	Dec. 25, 2021
Significant Accounting Policies:
Significant Accounting Policies:	2. Significant Accounting Policies: Principles of Consolidation The consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries, Winmark Capital Corporation, Wirth Business Credit, Inc. and Grow Biz Games, Inc. All material inter-company transactions have been eliminated in consolidation. ​ Cash Equivalents Cash equivalents consist of highly liquid investments with an original maturity of three months or less when purchased. Cash equivalents are stated at cost, which approximates fair value. As of December 25, 2021 and December 26, 2020, the Company had , respectively, of cash located in Canadian banks. The Company holds its cash and cash equivalents with financial institutions and at times, such balances may be in excess of insurance limits. ​ Receivables The Company provides an allowance for doubtful accounts on trade receivables. The allowance for doubtful accounts was at December 25, 2021 and December 26, 2020, respectively. If receivables in excess of the provided allowance are determined uncollectible, they are charged to expense in the year the determination is made. Trade receivables are written off when they become uncollectible (which generally occurs when the franchise terminates and there is no reasonable expectation of collection), and payments subsequently received on such receivable are credited to the allowance for doubtful accounts. Historically, receivables balances written off have not exceeded allowances provided. ​ Restricted Cash The Company is required by certain states to maintain initial franchise fees in a restricted bank account until the franchise opens. The use of these funds by the Company is restricted until the franchise opens. Cash held in escrow totaled ​ Investment in Leasing Operations The Company uses the direct finance method of accounting to record income from direct financing leases. At the inception of a lease, the Company records the minimum future lease payments receivable, the estimated residual value of the leased equipment and the unearned lease income. Initial direct costs related to lease originations are deferred as part of the investment and amortized over the lease term. Unearned lease income is the amount by which the total lease receivable plus the estimated residual value exceeds the cost of the equipment. ​ Leasing Income Recognition ​ Leasing income for direct financing leases is recognized under the effective interest method. The effective interest method of income recognition applies a constant rate of interest equal to the internal rate of return on the lease. ​ For sales-type leases in which the equipment has a fair value greater or less than its carrying amount, selling profit/loss is recognized at commencement. For subsequent periods or for leases in which the equipment’s fair value is equal to its carrying amount, the recording of income is consistent with the accounting for a direct financing lease. ​ For leases that are accounted for as operating leases, income is recognized on a straight-line basis when payments under the lease contract are due. ​ Generally, when a lease is more than 90 days delinquent (when more than three monthly payments are owed), the lease is classified as being on non-accrual and the Company stops recognizing leasing income on that date. Payments received on leases in non-accrual status generally reduce the lease receivable. Leases on non-accrual status remain classified as such until there is sustained payment performance that, in the Company’s judgment, would indicate that all contractual amounts will be collected in full. ​ Leasing Expense Leasing expense includes the cost of financing equipment purchases, the cost of equipment sales as well as depreciation expense for operating lease assets. ​ Initial Direct Costs The Company defers initial direct costs incurred to originate its leases in accordance with applicable accounting guidance . The initial direct costs deferred are part of the investment in leasing operations and are amortized using the effective interest method. Initial direct costs include commissions and other incremental costs related to originating a lease. ​ Lease Residual Values 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. ​ Allowance for Credit Losses The Company maintains an allowance for credit losses at an amount that it believes to be sufficient to absorb losses inherent in its existing lease portfolio as of the reporting dates. Leases are collectively evaluated for potential loss. The Company’s methodology for determining the allowance for credit losses includes consideration of the level of delinquencies and non-accrual leases, historical net charge-off amounts and review of any significant concentrations. ​ A provision is charged against earnings to maintain the allowance for credit losses at the appropriate level. If the actual results are different from the Company’s estimates, results could be different. The Company’s policy is to charge-off against the allowance the estimated unrecoverable portion of accounts once they reach 121 days delinquent. ​ Inventories The Company values its inventories at the lower of cost, as determined by the weighted average cost method, and net realizable values. Inventory consists of computer hardware and related accessories. ​ Impairment of Long-lived Assets The Company reviews its long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. If the carrying amount of the asset exceeds expected undiscounted future cash flows, the Company measures the amount of impairment by comparing the carrying amount of the asset to its fair value. ​ Property and Equipment Property and equipment is stated at cost. Depreciation and amortization for financial reporting purposes is provided on the straight-line method. Estimated useful lives used in calculating depreciation and amortization are: three to five years for computer and peripheral equipment, five to seven years for furniture and equipment and the shorter of the lease term or useful life for leasehold improvements. Major repairs, refurbishments and improvements which significantly extend the useful lives of the related assets are capitalized. Maintenance and repairs, supplies and accessories are charged to expense as incurred. ​ Goodwill The Company reviews its goodwill for impairment at its fiscal year end or whenever events or changes in circumstances indicate that there has been impairment in the value of its goodwill. impairment was noted during fiscal years ended 2021, 2020 and 2019. Goodwill of ​ Use of Estimates The preparation of financial statements in conformity with generally accepted U.S. accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. The ultimate results could differ from those estimates. ​ Advertising Advertising costs are charged to selling, general and administrative expenses as incurred. Advertising costs were ​ Accounting for Stock-Based Compensation The Company recognizes the cost of all share-based payments to employees, including grants of employee stock options, in the consolidated financial statements based on the grant date fair value of those awards. This cost is recognized over the period for which an employee is required to provide service in exchange for the award. ​ The Company estimates the fair value of options granted using the Black-Scholes option valuation model. The Company estimates the volatility of its common stock at the date of grant based on its historical volatility rate. The Company’s decision to use historical volatility was based upon the lack of actively traded options on its common stock. The Company estimates the expected term based upon historical option exercises. The risk-free interest rate assumption is based on observed interest rates for the expected term. The Company uses historical data to estimate pre-vesting option forfeitures and record share-based compensation expense only for those awards that are expected to vest. For options granted, the Company amortizes the fair value on a straight-line basis. All options are amortized over the vesting periods, which are generally four years beginning from the date of grant. ​ Revenue Recognition – Franchising The following is a description of the principal sources of revenue for the company’s franchising segment. The Company’s performance obligations under franchise agreements consist of (a) a franchise license, including a license to use one of our brands, (b) a point-of-sale software license, (c) initial services, such as pre-opening training and marketing support, and (d) ongoing services, such as marketing services and operational support. These performance obligations are highly interrelated so we do not consider them to be individually distinct and therefore account for them under ASC 606 as a single performance obligation, which is satisfied by providing a right to use our intellectual property over the estimated life of the franchise. The disaggregation of the Company’s franchise revenue is presented within the Revenue lines of the Consolidated Statements of Operations with the amounts included in Revenue: Other delineated below. For more detailed information about reportable segments, see Note 13 – “Segment Reporting”. ​ Royalties The Company collects royalties from each retail franchise based upon a percentage of retail store gross sales. The Company recognizes royalties as revenue when earned. ​ Merchandise Sales Merchandise sales include the sale of point-of-sale technology equipment to franchisees and the sale of a limited amount of sporting goods to certain Play It Again Sports franchisees. Merchandise sales, which includes shipping and handling charges, are recognized at a point in time when the product has been shipped to the franchisee. Shipping and handling costs associated with outbound freight are accounted for as a fulfillment cost and included in cost of merchandise sold. ​ Franchise Fees The Company collects initial franchise fees when franchise agreements are signed. The Company recognizes franchise fee revenue over the estimated life of the franchise, beginning with the opening of the franchise, which is when the Company has performed substantially all initial services required by the franchise agreement and the franchisee benefits from the rights afforded by the franchise agreement. The Company had deferred franchise fee revenue of ​ Marketing Fees Marketing fee revenue is included in the Revenue: Other line of the Consolidated Statements of Operations. The Company bills and collects annual marketing fees from its franchisees at various times throughout the year. The Company recognizes marketing fee revenue on a straight line basis over the franchise duration. The Company recognized ​ Software License Fees Software license fee revenue is included in the Revenue: Other line of the Consolidated Statements of Operations. The Company bills and collects software license fees from its franchisees when the point-of-sale system is provided to the franchisee. The Company recognizes software license fee revenue on a straight line basis over the franchise duration. The Company recognized ​ Contract Liabilities The Company’s contract liabilities for its franchise revenues consist of deferred revenue associated with franchise fees and software license fees described above. ​ Commission Fees The Company capitalizes incremental commission fees paid as a result of obtaining franchise agreement contracts. Capitalized commission fees of $0.5 million and $0.5 million are outstanding at December 25, 2021 and December 26, 2020, respectively and are included in Prepaid expenses and Other assets of the Consolidated Balance Sheets. ​ Capitalized commission fees are amortized over the life of the franchise and are included in selling, general and administrative expenses. During the fiscal years ended December 25, 2021, December 26, 2020 and December 28, 2019, the Company recognized $95,200, $102,600 and $107,200 of commission fee expense, respectively. ​ Income Taxes The Company accounts for incomes taxes under the asset and liability method. Under this method, deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. ​ The Company recognizes the effect of income tax positions only if those positions are more likely than not to be sustained. Recognized income tax positions are measured at the largest amount that is greater than 50% likely of being realized. Changes in recognition or measurement are reflected in the period in which the change in judgment occurs. The Company records interest and penalties related to unrecognized tax benefits in income tax expense. ​ Sales Tax The Company’s accounting policy is to present taxes collected from customers and remitted to government authorities on a net basis. ​ Discounted Lease Rentals The Company may utilize its lease rentals receivable and underlying equipment as collateral to borrow from financial institutions at fixed rates on a non-recourse basis. In the event of a default by a customer, the financial institution has a first lien on the underlying leased equipment, with no further recourse against the Company. Proceeds from discounting are recorded on the balance sheet as discounted lease rentals. As customers make payments, lease income and interest expense are recorded and discounted lease rentals are reduced by the effective interest method. ​ Earnings Per Share The Company calculates earnings per share by dividing net income by the weighted average number of shares of common stock outstanding to arrive at the Earnings Per Share — Basic. The Company calculates Earnings Per Share — Diluted by dividing net income by the weighted average number of shares of common stock and dilutive stock equivalents from the potential exercise of stock options using the treasury stock method. ​ The following table sets forth the presentation of shares outstanding used in the calculation of basic and diluted earnings per share (“EPS”): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended ​ December 25, 2021 December 26, 2020 December 28, 2019 Denominator for basic EPS — weighted average common shares 3,671,980 3,719,485 3,840,638 ​ Dilutive shares associated with option plans 138,500 143,779 259,991 ​ Denominator for diluted EPS — weighted average common shares and dilutive potential common shares 3,810,480 3,863,264 4,100,629 ​ Options excluded from EPS calculation — anti-dilutive 20,294 14,822 10,262 ​ ​ 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. ​ Recently Issued Accounting Pronouncements The Company reviewed all recently issued accounting pronouncements and concluded that they were either not applicable or not expected to have a significant impact on our consolidated financial statements. ​ 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.

Investment in Leasing Operation

Investment in Leasing Operations:	12 Months Ended
	Dec. 25, 2021
Investment in Leasing Operations:
Investment in Leasing Operations:	3. Investment in Leasing Operations: In May 2021, the Company made the decision to no longer solicit new leasing customers in its middle-market leasing business and will pursue an orderly run-off of this leasing portfolio. ​ In August 2020, the Company made the decision to no longer originate financing transactions in its small-ticket financing business. The Company sold the small-ticket portfolio in November 2020 for its approximate carrying value of $0.7 million. Investment in leasing operations consists of the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ December 25, 2021 December 26, 2020 Direct financing and sales-type leases: ​ ​ ​ ​ ​ ​ Minimum lease payments receivable ​ $ 3,387,500 ​ $ 12,536,300 Estimated unguaranteed residual value of equipment ​ 1,316,100 ​ 2,950,100 Unearned lease income, net of initial direct costs deferred ​ (418,100) ​ (1,439,500) Security deposits ​ (1,122,500) ​ (2,169,000) Equipment installed on leases not yet commenced ​ — ​ 1,634,400 Total investment in direct financing and sales-type leases ​ 3,163,000 ​ 13,512,300 Allowance for credit losses ​ (63,600) ​ (270,200) Net investment in direct financing and sales-type leases ​ 3,099,400 ​ 13,242,100 Operating leases: ​ ​ ​ ​ ​ ​ Operating lease assets ​ 626,200 ​ 599,100 Less accumulated depreciation and amortization ​ (605,700) ​ (580,100) Net investment in operating leases ​ 20,500 ​ 19,000 Total net investment in leasing operations ​ $ 3,119,900 ​ $ 13,261,100 ​ As of December 25, 2021, the $3.1 million total net investment in leases consisted of $2.9 million classified as current and $0.2 million classified as long-term. As of December 26, 2020, the $13.3 million total net investment in leases consisted of $8.7 million classified as current and $4.6 million classified as long-term. ​ As of December 25, 2021 and December 26, 2020, no customers had leased assets totaling more 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 as of December 25, 2021: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Direct Financing and Sales-Type Leases ​ Minimum Lease Income Fiscal Year ​ Payments Receivable ​ Amortization 2022 ​ 3,162,200 ​ 399,500 ​ 2023 ​ ​ 221,800 ​ ​ 18,500 ​ 2024 ​ 3,500 ​ 100 ​ ​ ​ $ 3,387,500 ​ $ 418,100 ​ ​ The activity in the allowance for credit losses for leasing operations during 2021, 2020 and 2019, respectively, is as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 25, 2021 December 26, 2020 December 28, 2019 Balance at beginning of period ​ $ 270,200 ​ $ 580,600 ​ $ 861,200 ​ Provisions charged to expense ​ (206,600) ​ (79,300) ​ (78,300) ​ Recoveries ​ — ​ (11,800) ​ 21,900 ​ Deductions for amounts written-off ​ — ​ (219,300) ​ (224,200) ​ Balance at end of period ​ $ 63,600 ​ $ 270,200 ​ $ 580,600 ​ ​ 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: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 25, 2021 ​ December 26, 2020 ​ Investment Allowance for Investment Allowance for ​ ​ In Leases ​ Credit Losses ​ In Leases ​ Credit Losses Collectively evaluated for loss potential ​ $ 3,163,000 ​ $ 63,600 ​ $ 13,512,300 ​ $ 270,200 Individually evaluated for loss potential ​ — ​ — ​ — ​ — Total ​ $ 3,163,000 ​ $ 63,600 ​ $ 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. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 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 ​ $ 3,163,000 ​ $ — ​ $ — ​ $ — ​ $ 3,163,000 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 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 its customers 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 Statements of Operations consists of the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended ​ Year Ended ​ Year Ended ​ December 25, 2021 December 26, 2020 December 28, 2019 Interest income on direct financing and sales-type leases $ 1,755,200 ​ $ 3,651,700 ​ $ 7,602,600 Selling profit (loss) at commencement of sales-type leases 1,829,800 ​ 2,117,500 ​ 2,470,300 Operating lease income ​ 2,017,300 ​ ​ 2,346,500 ​ ​ 2,525,600 Income on sales of equipment under lease ​ 4,799,400 ​ ​ 5,246,000 ​ ​ 2,855,400 Other ​ 746,600 ​ ​ 1,122,300 ​ ​ 601,900 Leasing income $ 11,148,300 ​ $ 14,484,000 ​ $ 16,055,800 ​

Receivables_

Receivables:	12 Months Ended
	Dec. 25, 2021
Receivables:
Receivables:	4. Receivables: ​ The Company’s current receivables consisted of the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 25, 2021 December 26, 2020 Trade ​ $ 29,300 ​ $ 16,700 ​ Royalty ​ 1,013,800 ​ 1,518,000 ​ Other ​ 60,300 ​ 47,200 ​ ​ ​ $ 1,103,400 ​ $ 1,581,900 ​ ​ As part of its normal operating procedures, the Company requires Standby Letters of Credit as collateral for a portion of its trade receivables.

Shareholders' Equity (Deficit)_

Shareholders' Equity (Deficit):	12 Months Ended
	Dec. 25, 2021
Shareholders' Equity (Deficit):
Shareholders' Equity (Deficit):	5. Shareholders’ Equity (Deficit): Dividends ​ In 2021, the Company declared and paid quarterly cash dividends totaling $1.60 per share ($5.9 million) and a $7.50 per share special cash dividend (the “2021 Special Dividend”). The 2021 Special Dividend totaled $27.3 million and was paid by cash on hand. ​ In 2020, the Company declared and paid quarterly cash dividends totaling $0.80 per share ($3.0 million) and a $3.00 per share special cash dividend (the “2020 Special Dividend”). The 2020 Special Dividend totaled $11.3 million and was paid by cash on hand. ​ In 2019 the Company declared and paid quarterly cash dividends totaling $0.90 per share ($3.4 million). ​ Repurchase of Common Stock In 2021, the Company purchased 225,839 shares of our common stock for an aggregate purchase price of $44.2 million. ​ In December 2019, the Company’s Board of Directors authorized the repurchase of up to 300,000 shares of our common stock for a price of $163.00 per share through a tender offer (the “2020 Tender Offer”). The 2020 Tender Offer began on the date of the announcement, December 17, 2019 and expired on January 16, 2020. Upon expiration, the Company purchased 300,000 shares for a total purchase price of approximately $49.0 million, including fees and expenses related to the Tender Offer. The 2020 Tender Offer was financed in part by net borrowings under the Line of Credit. (See Note 6 – “Debt”). ​ In February 2019, the Company’s Board of Directors authorized the repurchase of up to 150,000 shares of our common stock for a price of $159.63 per share through a tender offer (the “2019 Tender Offer”). The 2019 Tender Offer began on the date of the announcement, February 28, 2019 and expired March 28, 2019. Upon expiration, the Company accepted for payment 150,000 shares for a total purchase price of approximately $24.0 million, including fees and expenses related to the 2019 Tender Offer. The 2019 Tender Offer was financed in part by net borrowings under the Line of Credit. (See Note 6 – “Debt”). ​ Under a previous Board of Directors’ authorization, as of December 25, 2021 the Company has the ability to repurchase an additional 304,765 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 The Company had authorized up to 750,000 shares of common stock for granting either nonqualified or incentive stock options to officers and key employees under the Company’s 2001 Stock Option Plan (the “2001 Plan”). The 2001 Plan expired on February 20, 2011. The Company had authorized up to 700,000 shares of common stock for granting either nonqualified or incentive stock options to officers and key employees under the Company’s 2010 Stock Option Plan (the “2010 Plan”). The 2010 Plan expired on February 24, 2020. The Company had also sponsored a Stock Option Plan for Nonemployee Directors (the “Nonemployee Directors Plan”), which had reserved a total of 350,000 shares for issuance to directors of the Company who are not employees. ​ At the April 29, 2020 Annual Shareholders Meeting, the Company’s shareholders approved a new stock option plan, the 2020 Stock Option Plan (the “2020 Plan”). The 2020 Plan (as described more completely in the Company’s definitive Proxy Statement filed with the United States Securities and Exchange Commission on March 10, 2020) provides for the issuance of up to shares) in the form of either nonqualified or incentive stock option grants. Participants in the 2020 Plan may include employees, officers, directors, consultants and advisors of the Company. ​ Grants under the 2020 Plan are (as they were under the 2001 Plan, 2010 Plan and Nonemployee Directors Plan) made by the Compensation Committee of the Board of Directors at a price of not less than 100% of the fair market value on the date of grant. If an incentive stock option is granted to an individual who owns more than the Company’s common stock, the option exercise price may not be less than 110% of the fair market value on the date of grant. The term of the options may not exceed 10 years , except in the case of nonqualified stock options, whereby the terms are established by the Compensation Committee. Options may be exercisable in whole or in installments, as determined by the Compensation Committee. ​ Stock option activity under the 2001 Plan, 2010 Plan, 2020 Plan and Nonemployee Directors Plan (collectively, the “Option Plans”) as of December 25, 2021 was as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted Average ​ ​ ​ ​ ​ ​ ​ ​ ​ Remaining ​ ​ ​ ​ ​ Number of ​ Weighted Average ​ Contractual Life ​ ​ ​ ​ ​ Shares ​ Exercise Price ​ (years) ​ Intrinsic Value Outstanding, December 29, 2018 639,380 ​ $ 84.12 5.61 ​ $ 47,808,100 Granted 54,800 ​ ​ 170.14 ​ ​ ​ ​ ​ Exercised (190,172) ​ ​ 57.41 ​ ​ ​ ​ ​ Forfeited ​ (24,450) ​ ​ 138.13 ​ ​ ​ ​ ​ Outstanding, December 28, 2019 479,558 ​ ​ 101.78 5.79 ​ ​ 45,283,200 Granted 45,100 ​ ​ 163.87 ​ ​ ​ ​ ​ Exercised (108,170) ​ ​ 76.29 ​ ​ ​ ​ ​ Forfeited ​ (23,000) ​ ​ 148.16 ​ ​ ​ ​ ​ Outstanding, December 26, 2020 393,488 ​ ​ 113.19 ​ 5.61 ​ ​ 27,864,900 Granted 72,600 ​ ​ 226.96 ​ ​ ​ ​ ​ Exercised (105,617) ​ ​ 78.78 ​ ​ ​ ​ ​ Forfeited (4,850) ​ ​ 158.48 ​ ​ ​ ​ ​ Outstanding, December 25, 2021 355,621 ​ $ 146.03 ​ 6.32 ​ $ 39,320,571 Exercisable, December 25, 2021 219,266 ​ $ 114.16 ​ 4.73 ​ $ 28,004,239 ​ The fair value of options granted under the Option Plans during 2021, 2020 and 2019 were estimated on the date of the grant using the Black-Scholes option pricing model with the following weighted average assumptions and results: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended ​ December 25, 2021 ​ December 26, 2020 December 28, 2019 Risk free interest rate ​ 1.13 % ​ 0.45 % ​ 1.85 % Expected life (years) ​ 6 ​ ​ 6 ​ ​ 6 ​ Expected volatility ​ 25.51 % ​ 25.03 % ​ 19.30 % Dividend yield ​ 3.13 % ​ 2.33 % ​ 1.38 % Option fair value ​ $ 37.90 ​ $ 28.25 ​ $ 30.96 ​ ​ The total intrinsic value of options exercised during 2021, 2020 and 2019 was $16.2 million, $8.4 million and $22.7 million, respectively. The total fair value of shares vested during 2021, 2020 and 2019 was ​ All unexercised options at December 25, 2021 have an exercise price equal to the fair market value on the date of the grant. ​ Compensation expense of $1,435,500 , $1,315,200 and $1,666,400 relating to the vested portion of the fair value of stock options granted was expensed to “Selling, General and Administrative Expenses” in 2021, 2020 and 2019, respectively. As of December 25, 2021, the Company had $4.0 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 2.9 years.

Debt_

Debt:	12 Months Ended
	Dec. 25, 2021
Debt:
Debt:	6. Debt: Line of Credit During 2019, the Company’s Line of Credit with CIBC Bank USA (formerly known as the PrivateBank and Trust Company) and BMO Harris Bank N.A. (the “Line of Credit”) was amended to, among other things: ​ ● Provide the consent of the lenders for the 2020 Tender Offer; ● Amend the tangible net worth covenant calculation to remove the effect of the 2020 Tender Offer; and ● Allow the replacement of LIBOR. ​ During 2020, the Line of Credit was amended to, among other things: ● Decrease the aggregate commitments from $40.0 million to $25.0 million; ● Remove BMO Harris Bank N.A. as a lender under the Credit Agreement; ● Extend the termination date from July 19, 2021 to August 31, 2024; ● Amend the tangible net worth covenant requirement to be reset as of September 26, 2020; ● Permit the Company to issue up to $25.0 million in additional term notes to one or more affiliates or managed accounts of Prudential Investment Management, Inc.; ● Provide the consent of CIBC Bank USA for the 2020 Special Dividend; ● Amend the fixed charge coverage ratio definition to remove the effect of the 2020 Special Dividend. ​ During 2021, the Line of Credit 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. ​ The Line of Credit has been and will continue to be used for general corporate purposes. During 2020 and 2019, the Line of Credit was used to finance in part the 2020 Tender Offer and 2019 Tender Offer (as indicated above in Note 5). Borrowings under the Line of Credit are subject to certain borrowing base limitations, and the Line of Credit 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 December 25, 2021, the Company was in compliance with all of its financial covenants, there were ​ The Line of Credit allows the Company to choose between two interest rate options in connection with its borrowings. The interest rate options are the Base Rate (as defined) and the LIBOR Rate (as defined) plus an applicable margin of 0% and 2.0% , respectively. Interest periods for LIBOR borrowings can be one , two , three , six or twelve months, as selected by the Company. The Line of Credit also provides for non-utilization fees of 0.25% per annum on the daily average of the unused commitment. ​ Notes Payable The Company has a Note Agreement (the “Note Agreement”) with Prudential. ​ During 2019, the Note Agreement was amended to, among other things, provide the consent of Prudential for the 2020 Tender Offer and to amend the tangible net worth covenant calculation to remove the effects of the 2020 Tender Offer. ​ During 2020, the Note Agreement was amended to, among other things, amend the tangible net worth covenant requirement to be reset as of September 26, 2020, provide the consent of Prudential for the declaration and payment of the 2020 Special Dividend and to approve the fixed charge coverage ratio definition to remove the effect of the 2020 Special Dividend. During 2021, the Note Agreement 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). ​ During 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 December 25, 2021, with the $10.5 million in principal outstanding from the $25.0 million Series A notes issued in May 2015 and $7.2 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 $47.7 million. ​ The final maturity of the Series A and Series B notes is 10 years from the issuance date. The final maturity of the Series C notes is 7 years from the issuance date. For the Series A notes, interest at a rate of 5.50% per annum on the outstanding principal balance is payable quarterly, along with required prepayments of the principal of $500,000 quarterly for the first five years, and $750,000 quarterly thereafter until the principal is paid in full. For the Series B notes, interest at a rate of 5.10% per annum on the outstanding principal balance is payable quarterly, along with required prepayments of the principal of $312,500 quarterly until the principal is paid in full. For the Series C notes, interest at a rate of 3.18% per annum on the outstanding principal balance is payable quarterly until the principal is paid in full. The Series A, Series B and Series C notes may be prepaid, at the option of the Company, in whole or in part (in a minimum amount of $1.0 million), but prepayments require payment of a Yield Maintenance Amount, as defined in the Note Agreement. ​ 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 with the Line of Credit), and the Note Agreement contains customary financial conditions and covenants, and requires maintenance of minimum levels of fixed charge coverage and maximum levels of leverage (all as defined within the Note Agreement). As of December 25, 2021, the Company was in compliance with all of its financial covenants. ​ 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. ​ As of December 25, 2021, required prepayments of the notes payable for each of the next five years and thereafter are as follows: ​ ​ ​ ​ 2022 $ 4,250,000 2023 4,250,000 2024 4,250,000 2025 2,750,000 2026 1,250,000 Thereafter 30,937,500 Total $ 47,687,500 ​

Accrued Liabilities_

Accrued Liabilities:	12 Months Ended
	Dec. 25, 2021
Accrued Liabilities
Accrued Liabilities:	7. Accrued Liabilities: ​ Accrued liabilities at December 25, 2021 and December 26, 2020 are as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 25, 2021 December 26, 2020 Accrued compensation and benefits ​ $ 1,085,800 ​ $ 1,051,800 ​ Rent related liabilities ​ 497,600 ​ 437,400 ​ Accrued interest ​ 162,200 ​ 157,200 ​ Accrued purchases of goods and services ​ ​ 175,100 ​ ​ 97,800 ​ Other ​ 80,300 ​ 879,800 ​ ​ ​ $ 2,001,000 ​ $ 2,624,000 ​ ​

Discounted Lease Rentals_

Discounted Lease Rentals:	12 Months Ended
	Dec. 25, 2021
Discounted Lease Rentals:
Discounted Lease Rentals:	8. Discounted Lease Rentals: The Company utilized certain lease receivables and underlying equipment as collateral to borrow from financial institutions on a non-recourse basis. As of December 26, 2020,

Contract Liabilities_

Contract Liabilities:	12 Months Ended
	Dec. 25, 2021
Contract Liabilities:
Contract Liabilities:	​ 9. 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 fiscal years 2021 and 2020, respectively: ​ ​ ​ ​ ​ ​ ​ ​ ​ December 25, 2021 December 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 ​ 1,583,700 ​ 860,100 Fees earned that were included in the balance at the beginning of the period ​ (1,783,500) ​ (1,727,300) Balance at end of period ​ $ 8,508,500 ​ $ 8,708,300 ​ The following table illustrates future estimated revenue to be recognized for the next five fiscal years and fiscal years thereafter related to performance obligations that are unsatisfied (or partially unsatisfied) as of December 25, 2021: ​ ​ ​ ​ ​ Contract Liabilities expected to be recognized in ​ Amount 2022 ​ $ 1,645,000 2023 ​ 1,473,700 2024 ​ 1,276,000 2025 ​ 1,059,600 2026 ​ 855,200 Thereafter ​ 2,199,000 ​ ​ $ 8,508,500 ​

Operating Leases_

Operating Leases:	12 Months Ended
	Dec. 25, 2021
Operating Leases:
Operating Leases:	10. Operating Leases As of December 25, 2021, the Company leases its Minnesota corporate headquarters in a facility with an operating lease that expires in December 2029. Our lease includes both lease (fixed payments including rent) and non-lease components (common area or other maintenance costs and taxes) which are accounted for as a single lease component as we have elected the practical expedient to group lease and non-lease components for all leases. The lease provides us the option to extend the lease for two additional five year periods. The lease renewal option is at our sole discretion; therefore, the renewals to extend the lease term are not included in our right of use asset and lease liabilities as they are not reasonably certain of exercise. The weighted average remaining lease term for this lease is 8.0 years and the discount rate is 5.5% . As our lease does not provide an implicit rate, we use our incremental borrowing rate based on the information available at the lease commencement date in determining the present value of the lease payments. The Company recognized $1,178,400 , $1,195,000 and $1,358,000 of rent expense for the periods ended December 25, 2021, December 26, 2020 and December 28, 2019, respectively. ​ Maturities of operating lease liabilities is as follows as of December 25, 2021: ​ ​ ​ ​ ​ Operating Lease Liabilities expected to be recognized in Amount 2022 ​ $ 742,900 2023 ​ 763,300 2024 ​ 784,400 2025 ​ 806,000 2026 ​ 828,200 Thereafter ​ 2,624,400 Total lease payments ​ ​ 6,549,200 Less imputed interest ​ ​ (1,260,500) Present value of lease liabilities ​ $ 5,288,700 ​ Of the $5.3 million operating lease liability outstanding at December 25, 2021, $0.5 million is included in Accrued liabilities in the Current liabilities section of the Consolidated Balance Sheets. ​ For leases that contain predetermined fixed escalations of the minimum rent, we recognize the related rent expense on a straight-line basis from the date we take possession of the property to the end of the initial lease term. We record any difference between the straight-line rent amounts and amounts payable under the leases as an adjustment to the amortization of the operating lease right of use asset and operating lease liabilities. ​ Cash or lease incentives received upon entering into certain leases (“tenant allowances”) are recognized on a straight-line basis as a reduction to rent from the date we take possession of the property through the end of the initial lease term. In 2019, we recorded a $2.1 million tenant allowance for non-cash landlord leasehold improvements received as a reduction to the operating lease right of use asset. The reduction in rent also causes a reduction in the amortization of the operating lease right of use asset through the end of the initial lease term. ​ The Company’s policy for leases with a term of twelve months or less is to exclude these short-term leases from our right of use asset and lease liabilities. ​ Supplemental cash flow information related to our operating leases is as follows for the periods ended December 25, 2021 and December 26, 2020: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended ​ December 25, 2021 December 26, 2020 Cash paid for amounts included in the measurement of lease liabilities: ​ ​ ​ ​ ​ ​ Operating cash flow outflow from operating leases ​ $ 723,100 ​ $ 703,700 ​ ​

Income Taxes_

Income Taxes:	12 Months Ended
	Dec. 25, 2021
Income Taxes:
Income Taxes:	11. Income Taxes: A reconciliation of the expected federal income tax expense based on the federal statutory tax rate to the actual income tax expense is provided below: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended ​ December 25, 2021 December 26, 2020 December 28, 2019 Federal income tax expense at statutory rate (21%, 21%, 21%) ​ $ 10,472,100 ​ $ 8,088,600 ​ $ 8,708,200 ​ Change in valuation allowance ​ (1,914,400) ​ 54,000 ​ 147,900 ​ State and local income taxes, net of federal benefit ​ 1,546,400 ​ 1,368,500 ​ 1,310,800 ​ Permanent differences, including stock option expenses ​ (2,332,600) ​ (1,027,300) ​ (1,056,800) ​ Expiration of attributes ​ ​ 2,057,000 ​ ​ — ​ ​ — ​ Adjustment to uncertain tax positions ​ ​ 163,400 ​ ​ 85,100 ​ ​ (58,500) ​ Other, net ​ (44,500) ​ 125,200 ​ 266,500 ​ Actual income tax expense ​ $ 9,947,400 ​ $ 8,694,100 ​ $ 9,318,100 ​ ​ Components of the provision for income taxes are as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended ​ December 25, 2021 December 26, 2020 December 28, 2019 Current: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Federal ​ $ 8,782,000 ​ $ 7,836,000 ​ $ 9,076,400 ​ State ​ 2,193,900 ​ 1,795,800 ​ 1,693,800 ​ Foreign ​ 333,500 ​ 286,000 ​ 363,200 ​ Current provision ​ 11,309,400 ​ 9,917,800 ​ 11,133,400 ​ Deferred: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Federal ​ (1,435,000) ​ (1,202,100) ​ (1,834,800) ​ State ​ 73,000 ​ (21,600) ​ 19,500 ​ Deferred provision ​ (1,362,000) ​ (1,223,700) ​ (1,815,300) ​ Total provision for income taxes ​ $ 9,947,400 ​ $ 8,694,100 ​ $ 9,318,100 ​ ​ The tax effects of temporary differences that give rise to the net deferred income tax assets and liabilities are presented below: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 25, 2021 December 26, 2020 Deferred tax assets: ​ ​ ​ ​ ​ ​ ​ Accounts receivable and lease reserves ​ $ 15,500 ​ $ 66,600 ​ Non-qualified stock option expense ​ 1,405,400 ​ 1,581,900 ​ Deferred revenue ​ 1,663,500 ​ 1,885,400 ​ Trademarks ​ 32,600 ​ 36,100 ​ Lease deposits ​ 270,500 ​ 532,600 ​ Loss from and impairment of equity and note investments ​ 532,000 ​ 2,637,600 ​ Foreign tax credits ​ ​ 376,200 ​ ​ 185,000 ​ Valuation allowance ​ (908,200) ​ (2,822,600) ​ Other ​ 276,500 ​ 204,600 ​ Total deferred tax assets ​ 3,664,000 ​ 4,307,200 ​ Deferred tax liabilities: ​ ​ ​ ​ ​ ​ ​ Lease revenue and initial direct costs ​ (362,200) ​ (2,330,700) ​ Depreciation and amortization ​ (49,100) ​ (85,800) ​ Total deferred tax liabilities ​ (411,300) ​ (2,416,500) ​ Total net deferred tax assets ​ $ 3,252,700 ​ $ 1,890,700 ​ ​ The Company has assessed its taxable earnings history and prospective future taxable income. Based upon this assessment, the Company has determined that it is more likely than not that its deferred tax assets will be realized in future periods and no valuation allowance is necessary, except for the deferred tax assets related to the loss from and impairment of equity and note investments (which are capital losses for tax purposes) and the foreign tax credits. As a result, valuation allowances of ​ The amount of unrecognized tax benefits, including interest and penalties, as of December 25, 2021 and December 26, 2020, was $821,700 and $621,100, respectively, primarily for potential state taxes. ​ The Company recognizes interest accrued related to unrecognized tax benefits and penalties as income tax expense for all periods presented. The Company had accrued approximately ​ The following table summarizes the activity related to the Company’s unrecognized tax benefits: ​ ​ ​ ​ ​ ​ ​ Total Balance at December 28, 2019 ​ $ 499,000 ​ Increases related to current year tax positions ​ 144,500 ​ Expiration of the statute of limitations for the assessment of taxes ​ (133,400) ​ Balance at December 26, 2020 ​ ​ 510,100 ​ Increases related to current year tax positions ​ 190,000 ​ Subtractions for tax positions of prior years ​ (22,900) ​ Balance at December 25, 2021 ​ $ 677,200 ​ ​ The Company and its subsidiaries file income tax returns in the U.S. federal, numerous state and certain foreign jurisdictions. With few exceptions, we are no longer subject to U.S. federal, state and local, or non-U.S. income tax examinations by tax authorities for years before 2017. We expect various statutes of limitation to expire during the next 12 months. Due to the uncertain response of taxing authorities, a range of outcomes cannot be reasonably estimated at this time.

Commitments and Contingencies_

Commitments and Contingencies:	12 Months Ended
	Dec. 25, 2021
Commitments and Contingencies:
Commitments and Contingencies:	12. Commitments and Contingencies: Employee Benefit Plan ​ The Company provides a 401(k) Savings Incentive Plan which covers substantially all employees. The plan provides for matching contributions and optional profit-sharing contributions at the discretion of the Board of Directors. Employee contributions are fully vested; matching and profit sharing contributions are subject to a five-year service vesting schedule. Company contributions to the plan for 2021, 2020 and 2019 were $348,200 , $324,000 and $343,500 , respectively. ​ Litigation The Company is exposed to a number of asserted and unasserted legal claims encountered in the normal course of business. Management believes that the ultimate resolution of these matters will not have a material adverse effect on the consolidated financial position or results of operations of the Company.

Segment Reporting_

Segment Reporting:	12 Months Ended
	Dec. 25, 2021
Segment Reporting:
Segment Reporting:	13. 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: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year ended ​ December 25, 2021 December 26, 2020 December 28, 2019 Revenue: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Franchising ​ $ 67,067,900 ​ $ 51,577,800 ​ $ 57,243,100 ​ Leasing ​ 11,148,300 ​ 14,484,000 ​ 16,055,800 ​ Total revenue ​ $ 78,216,200 ​ $ 66,061,800 ​ $ 73,298,900 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Reconciliation to operating income: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Franchising segment contribution ​ $ 44,832,100 ​ $ 31,880,200 ​ $ 35,169,900 ​ Leasing segment contribution ​ 6,504,100 ​ 8,331,300 ​ 7,961,200 ​ Total operating income ​ $ 51,336,200 ​ $ 40,211,500 ​ $ 43,131,100 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Depreciation and amortization: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Franchising ​ $ 243,900 ​ $ 285,300 ​ $ 281,600 ​ Leasing ​ 186,700 ​ 199,400 ​ 118,500 ​ Total depreciation and amortization ​ $ 430,600 ​ $ 484,700 ​ $ 400,100 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of ​ December 25, 2021 December 26, 2020 Identifiable assets: ​ ​ ​ ​ ​ ​ Franchising ​ $ 4,907,800 ​ $ 4,848,300 Leasing ​ 3,600,500 ​ 14,462,600 Unallocated ​ 18,390,700 ​ 12,032,300 Total ​ $ 26,899,000 ​ $ 31,343,200 ​ Revenues are all generated from United States operations other than franchising revenues from Canadian operations of $4.9 million, $4.0 million and $4.7 million in each of fiscal 2021, 2020 and 2019, respectively. All long-lived assets are located within the United States.

Significant Accounting Polici_2

Significant Accounting Policies: (Policies)	12 Months Ended
	Dec. 25, 2021
Significant Accounting Policies:
Principles of Consolidation	Principles of Consolidation The consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries, Winmark Capital Corporation, Wirth Business Credit, Inc. and Grow Biz Games, Inc. All material inter-company transactions have been eliminated in consolidation.
Cash Equivalents	Cash Equivalents Cash equivalents consist of highly liquid investments with an original maturity of three months or less when purchased. Cash equivalents are stated at cost, which approximates fair value. As of December 25, 2021 and December 26, 2020, the Company had , respectively, of cash located in Canadian banks. The Company holds its cash and cash equivalents with financial institutions and at times, such balances may be in excess of insurance limits.
Receivables	Receivables The Company provides an allowance for doubtful accounts on trade receivables. The allowance for doubtful accounts was at December 25, 2021 and December 26, 2020, respectively. If receivables in excess of the provided allowance are determined uncollectible, they are charged to expense in the year the determination is made. Trade receivables are written off when they become uncollectible (which generally occurs when the franchise terminates and there is no reasonable expectation of collection), and payments subsequently received on such receivable are credited to the allowance for doubtful accounts. Historically, receivables balances written off have not exceeded allowances provided. ​
Restricted Cash	Restricted Cash The Company is required by certain states to maintain initial franchise fees in a restricted bank account until the franchise opens. The use of these funds by the Company is restricted until the franchise opens. Cash held in escrow totaled ​
Investment in Leasing Operations	Investment in Leasing Operations The Company uses the direct finance method of accounting to record income from direct financing leases. At the inception of a lease, the Company records the minimum future lease payments receivable, the estimated residual value of the leased equipment and the unearned lease income. Initial direct costs related to lease originations are deferred as part of the investment and amortized over the lease term. Unearned lease income is the amount by which the total lease receivable plus the estimated residual value exceeds the cost of the equipment. ​ Leasing Income Recognition ​ Leasing income for direct financing leases is recognized under the effective interest method. The effective interest method of income recognition applies a constant rate of interest equal to the internal rate of return on the lease. ​ For sales-type leases in which the equipment has a fair value greater or less than its carrying amount, selling profit/loss is recognized at commencement. For subsequent periods or for leases in which the equipment’s fair value is equal to its carrying amount, the recording of income is consistent with the accounting for a direct financing lease. ​ For leases that are accounted for as operating leases, income is recognized on a straight-line basis when payments under the lease contract are due. ​ Generally, when a lease is more than 90 days delinquent (when more than three monthly payments are owed), the lease is classified as being on non-accrual and the Company stops recognizing leasing income on that date. Payments received on leases in non-accrual status generally reduce the lease receivable. Leases on non-accrual status remain classified as such until there is sustained payment performance that, in the Company’s judgment, would indicate that all contractual amounts will be collected in full. ​ Leasing Expense Leasing expense includes the cost of financing equipment purchases, the cost of equipment sales as well as depreciation expense for operating lease assets. ​ Initial Direct Costs The Company defers initial direct costs incurred to originate its leases in accordance with applicable accounting guidance . The initial direct costs deferred are part of the investment in leasing operations and are amortized using the effective interest method. Initial direct costs include commissions and other incremental costs related to originating a lease. ​ Lease Residual Values 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. ​ Allowance for Credit Losses The Company maintains an allowance for credit losses at an amount that it believes to be sufficient to absorb losses inherent in its existing lease portfolio as of the reporting dates. Leases are collectively evaluated for potential loss. The Company’s methodology for determining the allowance for credit losses includes consideration of the level of delinquencies and non-accrual leases, historical net charge-off amounts and review of any significant concentrations. ​ A provision is charged against earnings to maintain the allowance for credit losses at the appropriate level. If the actual results are different from the Company’s estimates, results could be different. The Company’s policy is to charge-off against the allowance the estimated unrecoverable portion of accounts once they reach 121 days delinquent.
Inventories	Inventories The Company values its inventories at the lower of cost, as determined by the weighted average cost method, and net realizable values. Inventory consists of computer hardware and related accessories.
Impairment of Long-lived Assets	Impairment of Long-lived Assets The Company reviews its long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. If the carrying amount of the asset exceeds expected undiscounted future cash flows, the Company measures the amount of impairment by comparing the carrying amount of the asset to its fair value.
Property and Equipment	Property and Equipment Property and equipment is stated at cost. Depreciation and amortization for financial reporting purposes is provided on the straight-line method. Estimated useful lives used in calculating depreciation and amortization are: three to five years for computer and peripheral equipment, five to seven years for furniture and equipment and the shorter of the lease term or useful life for leasehold improvements. Major repairs, refurbishments and improvements which significantly extend the useful lives of the related assets are capitalized. Maintenance and repairs, supplies and accessories are charged to expense as incurred.
Goodwill	Goodwill The Company reviews its goodwill for impairment at its fiscal year end or whenever events or changes in circumstances indicate that there has been impairment in the value of its goodwill. impairment was noted during fiscal years ended 2021, 2020 and 2019. Goodwill of ​
Use of Estimates	Use of Estimates The preparation of financial statements in conformity with generally accepted U.S. accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. The ultimate results could differ from those estimates.
Advertising	Advertising Advertising costs are charged to selling, general and administrative expenses as incurred. Advertising costs were
Accounting for Stock-Based Compensation	Accounting for Stock-Based Compensation The Company recognizes the cost of all share-based payments to employees, including grants of employee stock options, in the consolidated financial statements based on the grant date fair value of those awards. This cost is recognized over the period for which an employee is required to provide service in exchange for the award. ​ The Company estimates the fair value of options granted using the Black-Scholes option valuation model. The Company estimates the volatility of its common stock at the date of grant based on its historical volatility rate. The Company’s decision to use historical volatility was based upon the lack of actively traded options on its common stock. The Company estimates the expected term based upon historical option exercises. The risk-free interest rate assumption is based on observed interest rates for the expected term. The Company uses historical data to estimate pre-vesting option forfeitures and record share-based compensation expense only for those awards that are expected to vest. For options granted, the Company amortizes the fair value on a straight-line basis. All options are amortized over the vesting periods, which are generally four years beginning from the date of grant.
Revenue Recognition - Franchising	​ Revenue Recognition – Franchising The following is a description of the principal sources of revenue for the company’s franchising segment. The Company’s performance obligations under franchise agreements consist of (a) a franchise license, including a license to use one of our brands, (b) a point-of-sale software license, (c) initial services, such as pre-opening training and marketing support, and (d) ongoing services, such as marketing services and operational support. These performance obligations are highly interrelated so we do not consider them to be individually distinct and therefore account for them under ASC 606 as a single performance obligation, which is satisfied by providing a right to use our intellectual property over the estimated life of the franchise. The disaggregation of the Company’s franchise revenue is presented within the Revenue lines of the Consolidated Statements of Operations with the amounts included in Revenue: Other delineated below. For more detailed information about reportable segments, see Note 13 – “Segment Reporting”. ​ Royalties The Company collects royalties from each retail franchise based upon a percentage of retail store gross sales. The Company recognizes royalties as revenue when earned. ​ Merchandise Sales Merchandise sales include the sale of point-of-sale technology equipment to franchisees and the sale of a limited amount of sporting goods to certain Play It Again Sports franchisees. Merchandise sales, which includes shipping and handling charges, are recognized at a point in time when the product has been shipped to the franchisee. Shipping and handling costs associated with outbound freight are accounted for as a fulfillment cost and included in cost of merchandise sold. ​ Franchise Fees The Company collects initial franchise fees when franchise agreements are signed. The Company recognizes franchise fee revenue over the estimated life of the franchise, beginning with the opening of the franchise, which is when the Company has performed substantially all initial services required by the franchise agreement and the franchisee benefits from the rights afforded by the franchise agreement. The Company had deferred franchise fee revenue of ​ Marketing Fees Marketing fee revenue is included in the Revenue: Other line of the Consolidated Statements of Operations. The Company bills and collects annual marketing fees from its franchisees at various times throughout the year. The Company recognizes marketing fee revenue on a straight line basis over the franchise duration. The Company recognized ​ Software License Fees Software license fee revenue is included in the Revenue: Other line of the Consolidated Statements of Operations. The Company bills and collects software license fees from its franchisees when the point-of-sale system is provided to the franchisee. The Company recognizes software license fee revenue on a straight line basis over the franchise duration. The Company recognized ​ Contract Liabilities The Company’s contract liabilities for its franchise revenues consist of deferred revenue associated with franchise fees and software license fees described above. ​ Commission Fees The Company capitalizes incremental commission fees paid as a result of obtaining franchise agreement contracts. Capitalized commission fees of $0.5 million and $0.5 million are outstanding at December 25, 2021 and December 26, 2020, respectively and are included in Prepaid expenses and Other assets of the Consolidated Balance Sheets. ​ Capitalized commission fees are amortized over the life of the franchise and are included in selling, general and administrative expenses. During the fiscal years ended December 25, 2021, December 26, 2020 and December 28, 2019, the Company recognized $95,200, $102,600 and $107,200 of commission fee expense, respectively. ​
Income Taxes	Income Taxes The Company accounts for incomes taxes under the asset and liability method. Under this method, deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. ​ The Company recognizes the effect of income tax positions only if those positions are more likely than not to be sustained. Recognized income tax positions are measured at the largest amount that is greater than 50% likely of being realized. Changes in recognition or measurement are reflected in the period in which the change in judgment occurs. The Company records interest and penalties related to unrecognized tax benefits in income tax expense.
Sales Tax	Sales Tax The Company’s accounting policy is to present taxes collected from customers and remitted to government authorities on a net basis.
Discounted Lease Rentals	Discounted Lease Rentals The Company may utilize its lease rentals receivable and underlying equipment as collateral to borrow from financial institutions at fixed rates on a non-recourse basis. In the event of a default by a customer, the financial institution has a first lien on the underlying leased equipment, with no further recourse against the Company. Proceeds from discounting are recorded on the balance sheet as discounted lease rentals. As customers make payments, lease income and interest expense are recorded and discounted lease rentals are reduced by the effective interest method.
Earnings Per Share	Earnings Per Share The Company calculates earnings per share by dividing net income by the weighted average number of shares of common stock outstanding to arrive at the Earnings Per Share — Basic. The Company calculates Earnings Per Share — Diluted by dividing net income by the weighted average number of shares of common stock and dilutive stock equivalents from the potential exercise of stock options using the treasury stock method. ​ The following table sets forth the presentation of shares outstanding used in the calculation of basic and diluted earnings per share (“EPS”): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended ​ December 25, 2021 December 26, 2020 December 28, 2019 Denominator for basic EPS — weighted average common shares 3,671,980 3,719,485 3,840,638 ​ Dilutive shares associated with option plans 138,500 143,779 259,991 ​ Denominator for diluted EPS — weighted average common shares and dilutive potential common shares 3,810,480 3,863,264 4,100,629 ​ Options excluded from EPS calculation — anti-dilutive 20,294 14,822 10,262 ​ ​
Fair Value Measurements	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. ​
Recent Accounting Pronouncements:	Recently Issued Accounting Pronouncements The Company reviewed all recently issued accounting pronouncements and concluded that they were either not applicable or not expected to have a significant impact on our consolidated financial statements.
Reclassifications	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.

Significant Accounting Polici_3

Significant Accounting Policies: (Tables)	12 Months Ended
	Dec. 25, 2021
Significant Accounting Policies:
Schedule of shares outstanding used in the calculation of basic and diluted earnings per share	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended ​ December 25, 2021 December 26, 2020 December 28, 2019 Denominator for basic EPS — weighted average common shares 3,671,980 3,719,485 3,840,638 ​ Dilutive shares associated with option plans 138,500 143,779 259,991 ​ Denominator for diluted EPS — weighted average common shares and dilutive potential common shares 3,810,480 3,863,264 4,100,629 ​ Options excluded from EPS calculation — anti-dilutive 20,294 14,822 10,262 ​

Investment in Leasing Operati_2

Investment in Leasing Operations: (Tables)	12 Months Ended
	Dec. 25, 2021
Investment in Leasing Operations:
Schedule of investment in leasing operations	​ ​ ​ ​ ​ ​ ​ ​ ​ December 25, 2021 December 26, 2020 Direct financing and sales-type leases: ​ ​ ​ ​ ​ ​ Minimum lease payments receivable ​ $ 3,387,500 ​ $ 12,536,300 Estimated unguaranteed residual value of equipment ​ 1,316,100 ​ 2,950,100 Unearned lease income, net of initial direct costs deferred ​ (418,100) ​ (1,439,500) Security deposits ​ (1,122,500) ​ (2,169,000) Equipment installed on leases not yet commenced ​ — ​ 1,634,400 Total investment in direct financing and sales-type leases ​ 3,163,000 ​ 13,512,300 Allowance for credit losses ​ (63,600) ​ (270,200) Net investment in direct financing and sales-type leases ​ 3,099,400 ​ 13,242,100 Operating leases: ​ ​ ​ ​ ​ ​ Operating lease assets ​ 626,200 ​ 599,100 Less accumulated depreciation and amortization ​ (605,700) ​ (580,100) Net investment in operating leases ​ 20,500 ​ 19,000 Total net investment in leasing operations ​ $ 3,119,900 ​ $ 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	Future minimum lease payments receivable under lease contracts and the amortization of unearned lease income, net of initial direct costs deferred, is as follows as of December 25, 2021: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Direct Financing and Sales-Type Leases ​ Minimum Lease Income Fiscal Year ​ Payments Receivable ​ Amortization 2022 ​ 3,162,200 ​ 399,500 ​ 2023 ​ ​ 221,800 ​ ​ 18,500 ​ 2024 ​ 3,500 ​ 100 ​ ​ ​ $ 3,387,500 ​ $ 418,100 ​
Schedule of activity in the allowance for credit losses for leasing operations	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 25, 2021 December 26, 2020 December 28, 2019 Balance at beginning of period ​ $ 270,200 ​ $ 580,600 ​ $ 861,200 ​ Provisions charged to expense ​ (206,600) ​ (79,300) ​ (78,300) ​ Recoveries ​ — ​ (11,800) ​ 21,900 ​ Deductions for amounts written-off ​ — ​ (219,300) ​ (224,200) ​ Balance at end of period ​ $ 63,600 ​ $ 270,200 ​ $ 580,600 ​
Schedule of investment in direct financing and sales-type leases ("Investment in Leases") and allowance for credit losses by loss evaluation methodology	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 25, 2021 ​ December 26, 2020 ​ Investment Allowance for Investment Allowance for ​ ​ In Leases ​ Credit Losses ​ In Leases ​ Credit Losses Collectively evaluated for loss potential ​ $ 3,163,000 ​ $ 63,600 ​ $ 13,512,300 ​ $ 270,200 Individually evaluated for loss potential ​ — ​ — ​ — ​ — Total ​ $ 3,163,000 ​ $ 63,600 ​ $ 13,512,300 ​ $ 270,200
Schedule of information regarding accruing and non-accrual leases	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 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 ​ $ 3,163,000 ​ $ — ​ $ — ​ $ — ​ $ 3,163,000 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 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	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended ​ Year Ended ​ Year Ended ​ December 25, 2021 December 26, 2020 December 28, 2019 Interest income on direct financing and sales-type leases $ 1,755,200 ​ $ 3,651,700 ​ $ 7,602,600 Selling profit (loss) at commencement of sales-type leases 1,829,800 ​ 2,117,500 ​ 2,470,300 Operating lease income ​ 2,017,300 ​ ​ 2,346,500 ​ ​ 2,525,600 Income on sales of equipment under lease ​ 4,799,400 ​ ​ 5,246,000 ​ ​ 2,855,400 Other ​ 746,600 ​ ​ 1,122,300 ​ ​ 601,900 Leasing income $ 11,148,300 ​ $ 14,484,000 ​ $ 16,055,800

Receivables_ (Tables)

Receivables: (Tables)	12 Months Ended
	Dec. 25, 2021
Receivables:
Schedule of the Company's current receivables	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 25, 2021 December 26, 2020 Trade ​ $ 29,300 ​ $ 16,700 ​ Royalty ​ 1,013,800 ​ 1,518,000 ​ Other ​ 60,300 ​ 47,200 ​ ​ ​ $ 1,103,400 ​ $ 1,581,900 ​

Shareholders' Equity (Deficit_2

Shareholders' Equity (Deficit): (Tables)	12 Months Ended
	Dec. 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 29, 2018 639,380 ​ $ 84.12 5.61 ​ $ 47,808,100 Granted 54,800 ​ ​ 170.14 ​ ​ ​ ​ ​ Exercised (190,172) ​ ​ 57.41 ​ ​ ​ ​ ​ Forfeited ​ (24,450) ​ ​ 138.13 ​ ​ ​ ​ ​ Outstanding, December 28, 2019 479,558 ​ ​ 101.78 5.79 ​ ​ 45,283,200 Granted 45,100 ​ ​ 163.87 ​ ​ ​ ​ ​ Exercised (108,170) ​ ​ 76.29 ​ ​ ​ ​ ​ Forfeited ​ (23,000) ​ ​ 148.16 ​ ​ ​ ​ ​ Outstanding, December 26, 2020 393,488 ​ ​ 113.19 ​ 5.61 ​ ​ 27,864,900 Granted 72,600 ​ ​ 226.96 ​ ​ ​ ​ ​ Exercised (105,617) ​ ​ 78.78 ​ ​ ​ ​ ​ Forfeited (4,850) ​ ​ 158.48 ​ ​ ​ ​ ​ Outstanding, December 25, 2021 355,621 ​ $ 146.03 ​ 6.32 ​ $ 39,320,571 Exercisable, December 25, 2021 219,266 ​ $ 114.16 ​ 4.73 ​ $ 28,004,239
Schedule of weighted average assumptions used in estimation of fair value of options granted	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended ​ December 25, 2021 ​ December 26, 2020 December 28, 2019 Risk free interest rate ​ 1.13 % ​ 0.45 % ​ 1.85 % Expected life (years) ​ 6 ​ ​ 6 ​ ​ 6 ​ Expected volatility ​ 25.51 % ​ 25.03 % ​ 19.30 % Dividend yield ​ 3.13 % ​ 2.33 % ​ 1.38 % Option fair value ​ $ 37.90 ​ $ 28.25 ​ $ 30.96 ​

Debt (Tables)

Debt (Tables)	12 Months Ended
	Dec. 25, 2021
Debt:
Schedule of required prepayments of the notes payable for each of the next five years and thereafter	​ ​ ​ ​ 2022 $ 4,250,000 2023 4,250,000 2024 4,250,000 2025 2,750,000 2026 1,250,000 Thereafter 30,937,500 Total $ 47,687,500

Accrued Liabilities (Tables)

Accrued Liabilities (Tables)	12 Months Ended
	Dec. 25, 2021
Accrued Liabilities
Schedule of accrued liabilities	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 25, 2021 December 26, 2020 Accrued compensation and benefits ​ $ 1,085,800 ​ $ 1,051,800 ​ Rent related liabilities ​ 497,600 ​ 437,400 ​ Accrued interest ​ 162,200 ​ 157,200 ​ Accrued purchases of goods and services ​ ​ 175,100 ​ ​ 97,800 ​ Other ​ 80,300 ​ 879,800 ​ ​ ​ $ 2,001,000 ​ $ 2,624,000 ​

Contract Liabilities_ (Tables)

Contract Liabilities: (Tables)	12 Months Ended
	Dec. 25, 2021
Contract Liabilities:
Schedule of activity of current and noncurrent deferred franchise revenue	​ ​ ​ ​ ​ ​ ​ ​ ​ December 25, 2021 December 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 ​ 1,583,700 ​ 860,100 Fees earned that were included in the balance at the beginning of the period ​ (1,783,500) ​ (1,727,300) Balance at end of period ​ $ 8,508,500 ​ $ 8,708,300
Schedule of future estimated revenue to be recognized related to performance obligations	​ ​ ​ ​ ​ Contract Liabilities expected to be recognized in ​ Amount 2022 ​ $ 1,645,000 2023 ​ 1,473,700 2024 ​ 1,276,000 2025 ​ 1,059,600 2026 ​ 855,200 Thereafter ​ 2,199,000 ​ ​ $ 8,508,500

Operating Leases_ (Tables)

Operating Leases: (Tables)	12 Months Ended
	Dec. 25, 2021
Operating Leases:
Schedule of maturities of operating lease liabilities	​ ​ ​ ​ ​ Operating Lease Liabilities expected to be recognized in Amount 2022 ​ $ 742,900 2023 ​ 763,300 2024 ​ 784,400 2025 ​ 806,000 2026 ​ 828,200 Thereafter ​ 2,624,400 Total lease payments ​ ​ 6,549,200 Less imputed interest ​ ​ (1,260,500) Present value of lease liabilities ​ $ 5,288,700
Schedule of supplemental cash flow information related to operating leases	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended ​ December 25, 2021 December 26, 2020 Cash paid for amounts included in the measurement of lease liabilities: ​ ​ ​ ​ ​ ​ Operating cash flow outflow from operating leases ​ $ 723,100 ​ $ 703,700

Income Taxes_ (Tables)

Income Taxes: (Tables)	12 Months Ended
	Dec. 25, 2021
Income Taxes:
Schedule of reconciliation of the expected federal income tax expense based on the federal statutory tax rate to the actual income tax expense	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended ​ December 25, 2021 December 26, 2020 December 28, 2019 Federal income tax expense at statutory rate (21%, 21%, 21%) ​ $ 10,472,100 ​ $ 8,088,600 ​ $ 8,708,200 ​ Change in valuation allowance ​ (1,914,400) ​ 54,000 ​ 147,900 ​ State and local income taxes, net of federal benefit ​ 1,546,400 ​ 1,368,500 ​ 1,310,800 ​ Permanent differences, including stock option expenses ​ (2,332,600) ​ (1,027,300) ​ (1,056,800) ​ Expiration of attributes ​ ​ 2,057,000 ​ ​ — ​ ​ — ​ Adjustment to uncertain tax positions ​ ​ 163,400 ​ ​ 85,100 ​ ​ (58,500) ​ Other, net ​ (44,500) ​ 125,200 ​ 266,500 ​ Actual income tax expense ​ $ 9,947,400 ​ $ 8,694,100 ​ $ 9,318,100 ​
Schedule of components of the provision for income taxes	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended ​ December 25, 2021 December 26, 2020 December 28, 2019 Current: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Federal ​ $ 8,782,000 ​ $ 7,836,000 ​ $ 9,076,400 ​ State ​ 2,193,900 ​ 1,795,800 ​ 1,693,800 ​ Foreign ​ 333,500 ​ 286,000 ​ 363,200 ​ Current provision ​ 11,309,400 ​ 9,917,800 ​ 11,133,400 ​ Deferred: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Federal ​ (1,435,000) ​ (1,202,100) ​ (1,834,800) ​ State ​ 73,000 ​ (21,600) ​ 19,500 ​ Deferred provision ​ (1,362,000) ​ (1,223,700) ​ (1,815,300) ​ Total provision for income taxes ​ $ 9,947,400 ​ $ 8,694,100 ​ $ 9,318,100 ​
Schedule of tax effects of temporary differences that give rise to the net deferred income tax assets and liabilities	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 25, 2021 December 26, 2020 Deferred tax assets: ​ ​ ​ ​ ​ ​ ​ Accounts receivable and lease reserves ​ $ 15,500 ​ $ 66,600 ​ Non-qualified stock option expense ​ 1,405,400 ​ 1,581,900 ​ Deferred revenue ​ 1,663,500 ​ 1,885,400 ​ Trademarks ​ 32,600 ​ 36,100 ​ Lease deposits ​ 270,500 ​ 532,600 ​ Loss from and impairment of equity and note investments ​ 532,000 ​ 2,637,600 ​ Foreign tax credits ​ ​ 376,200 ​ ​ 185,000 ​ Valuation allowance ​ (908,200) ​ (2,822,600) ​ Other ​ 276,500 ​ 204,600 ​ Total deferred tax assets ​ 3,664,000 ​ 4,307,200 ​ Deferred tax liabilities: ​ ​ ​ ​ ​ ​ ​ Lease revenue and initial direct costs ​ (362,200) ​ (2,330,700) ​ Depreciation and amortization ​ (49,100) ​ (85,800) ​ Total deferred tax liabilities ​ (411,300) ​ (2,416,500) ​ Total net deferred tax assets ​ $ 3,252,700 ​ $ 1,890,700 ​
Summary of activity related to the Company's unrecognized tax benefits	​ ​ ​ ​ ​ ​ ​ Total Balance at December 28, 2019 ​ $ 499,000 ​ Increases related to current year tax positions ​ 144,500 ​ Expiration of the statute of limitations for the assessment of taxes ​ (133,400) ​ Balance at December 26, 2020 ​ ​ 510,100 ​ Increases related to current year tax positions ​ 190,000 ​ Subtractions for tax positions of prior years ​ (22,900) ​ Balance at December 25, 2021 ​ $ 677,200 ​

Segment Reporting_ (Tables)

Segment Reporting: (Tables)	12 Months Ended
	Dec. 25, 2021
Segment Reporting:
Schedule of financial information by segment and reconciliation of segment contribution to operating income	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year ended ​ December 25, 2021 December 26, 2020 December 28, 2019 Revenue: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Franchising ​ $ 67,067,900 ​ $ 51,577,800 ​ $ 57,243,100 ​ Leasing ​ 11,148,300 ​ 14,484,000 ​ 16,055,800 ​ Total revenue ​ $ 78,216,200 ​ $ 66,061,800 ​ $ 73,298,900 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Reconciliation to operating income: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Franchising segment contribution ​ $ 44,832,100 ​ $ 31,880,200 ​ $ 35,169,900 ​ Leasing segment contribution ​ 6,504,100 ​ 8,331,300 ​ 7,961,200 ​ Total operating income ​ $ 51,336,200 ​ $ 40,211,500 ​ $ 43,131,100 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Depreciation and amortization: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Franchising ​ $ 243,900 ​ $ 285,300 ​ $ 281,600 ​ Leasing ​ 186,700 ​ 199,400 ​ 118,500 ​ Total depreciation and amortization ​ $ 430,600 ​ $ 484,700 ​ $ 400,100 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of ​ December 25, 2021 December 26, 2020 Identifiable assets: ​ ​ ​ ​ ​ ​ Franchising ​ $ 4,907,800 ​ $ 4,848,300 Leasing ​ 3,600,500 ​ 14,462,600 Unallocated ​ 18,390,700 ​ 12,032,300 Total ​ $ 26,899,000 ​ $ 31,343,200

Organization and Business_ (Det

Organization and Business: (Details) - item	12 Months Ended
	Dec. 25, 2021	Dec. 26, 2020	Dec. 28, 2019
Organization and Business:
Number of weeks in a fiscal year	52	52	52

Significant Accounting Polici_4

Significant Accounting Policies: Balance Sheet Disclosures (Details) - USD ($)	12 Months Ended
	Dec. 25, 2021	Dec. 26, 2020	Dec. 28, 2019
Receivables
Allowance for Doubtful Accounts Receivable, Current	$ 600	$ 800
Restricted Cash
Restricted cash held in escrow	$ 30,000	25,000	$ 50,000
Allowance for Credit Losses
Delinquent period for charging-off against allowance for credit losses	121 days
Canadian operations
Cash Equivalents
Cash located in banks	$ 70,400	$ 77,100

Significant Accounting Polici_5

Significant Accounting Policies: PPE, Goodwill, Advertising, Stock-Based Comp (Details) - USD ($)	12 Months Ended
	Dec. 25, 2021	Dec. 26, 2020	Dec. 28, 2019
Goodwill
Goodwill impairment	$ 0	$ 0	$ 0
Goodwill	607,500	607,500
Advertising
Advertising costs	$ 348,200	$ 273,900	$ 402,700
Accounting for Stock-Based Compensation
Stock options, vesting period	4 years
Computer and peripheral equipment | Minimum
Property, plant and equipment
Estimated useful lives	3 years
Computer and peripheral equipment | Maximum
Property, plant and equipment
Estimated useful lives	5 years
Furniture and equipment | Minimum
Property, plant and equipment
Estimated useful lives	5 years
Furniture and equipment | Maximum
Property, plant and equipment
Estimated useful lives	7 years

Significant Accounting Polici_6

Significant Accounting Policies: Marketing Fees and Software License Fees (Details) - USD ($)	12 Months Ended
	Dec. 25, 2021	Dec. 26, 2020	Dec. 28, 2019
Revenue recognition
Deferred revenue	$ 8,508,500	$ 8,708,300	$ 9,575,500
Franchise fees
Revenue recognition
Deferred revenue	6,555,300	6,823,100
Revenue	1,496,900	1,444,500	1,540,900
Marketing Fees
Revenue recognition
Revenue	1,300,000	1,300,000	1,300,000
Software License Fees
Revenue recognition
Deferred revenue	1,608,200	1,655,100
Revenue	$ 300,000	$ 300,000	$ 300,000

Significant Accounting Polici_7

Significant Accounting Policies: Commission Fees (Details) - Commission Fees - USD ($)	12 Months Ended
	Dec. 25, 2021	Dec. 26, 2020	Dec. 28, 2019
Commission Fees
Capitalized contract costs	$ 500,000	$ 500,000
Expense	$ 95,200	$ 102,600	$ 107,200

Significant Accounting Polici_8

Significant Accounting Policies: Earnings Per Share (Details) - shares	12 Months Ended
	Dec. 25, 2021	Dec. 26, 2020	Dec. 28, 2019
Earnings Per Share
Denominator for basic EPS - weighted average common shares	3,671,980	3,719,485	3,840,638
Dilutive shares associated with option plans	138,500	143,779	259,991
Denominator for diluted EPS - weighted average common shares and dilutive potential common shares	3,810,480	3,863,264	4,100,629
Options excluded from EPS calculation - anti-dilutive (in shares)	20,294	14,822	10,262

Investment in Leasing Operati_3

Investment in Leasing Operations: Summary of Leasing Operations (Details) - USD ($)	Dec. 25, 2021	Dec. 26, 2020	Nov. 30, 2020
Investment in Leasing Operations:
Sale of small-ticket portfolio			$ 700,000
Direct financing and sales-type leases:
Minimum lease payments receivable	$ 3,387,500	$ 12,536,300
Estimated unguaranteed residual value of equipment	1,316,100	2,950,100
Unearned lease income net of initial direct costs deferred	(418,100)	(1,439,500)
Security deposits	(1,122,500)	(2,169,000)
Equipment installed on leases not yet commenced		1,634,400
Total investment in direct financing and sales-type leases	3,163,000	13,512,300
Allowance for credit losses	(63,600)	(270,200)
Net investment in direct financing and sales-type leases	3,099,400	13,242,100
Operating leases:
Operating lease assets	626,200	599,100
Less accumulated depreciation and amortization	(605,700)	(580,100)
Net investment in operating leases	20,500	19,000
Total net investment in leasing operations	3,119,900	13,261,100
Net investment in leases - current	2,890,600	8,687,500
Net investment in leases - long-term	$ 229,300	$ 4,573,600

Investment in Leasing Operati_4

Investment in Leasing Operations: Risk Concentration (Details) - customer	12 Months Ended
	Dec. 25, 2021	Dec. 26, 2020
Total assets
Investment in leasing operations
Number of customers	0	0

Investment in Leasing Operati_5

Investment in Leasing Operations: Minimum Lease Payments Receivable (Details) - USD ($)	Dec. 25, 2021	Dec. 26, 2020
Direct Financing and Sales-Type Leases, Minimum Lease Payments Receivable
2022	$ 3,162,200
2023	221,800
2024	3,500
Total	3,387,500	$ 12,536,300
Direct Financing and Sales-Type Leases, Income Amortization
2022	399,500
2023	18,500
2024	100
Total	$ 418,100

Investment in Leasing Operati_6

Investment in Leasing Operations: Credit Losses (Details) - USD ($)	12 Months Ended
	Dec. 25, 2021	Dec. 26, 2020	Dec. 28, 2019
Activity in the allowance for credit losses for leasing operations
Balance at beginning of period	$ 270,200	$ 580,600	$ 861,200
Provisions for credit losses	(206,600)	(79,300)	(78,300)
Recoveries		(11,800)	21,900
Deductions for amounts written-off		(219,300)	(224,200)
Balance at end of period	63,600	270,200	$ 580,600
Investment In Leases
Total investment in direct financing and sales-type leases	3,163,000	13,512,300
Allowance for Credit Losses
Total	63,600	270,200
Investment in leases
Investment In Leases
Collectively evaluated for loss potential	3,163,000	13,512,300
Total investment in direct financing and sales-type leases	3,163,000	13,512,300
Allowance for Credit Losses
Collectively evaluated for loss potential	63,600	270,200
Total	$ 63,600	$ 270,200

Investment in Leasing Operati_7

Investment in Leasing Operations: Investment Aging (Details) - USD ($)	Dec. 25, 2021	Dec. 26, 2020
Investment in Leasing Operations:
0-60 Days Delinquent and Accruing	$ 3,163,000	$ 13,512,300
Total investment in direct financing and sales-type leases	$ 3,163,000	$ 13,512,300

Investment in Leasing Operati_8

Investment in Leasing Operations: Leasing Income (Details) - USD ($)	12 Months Ended
	Dec. 25, 2021	Dec. 26, 2020	Dec. 28, 2019
Leasing income
Interest income on direct financing and sales-type leases	$ 1,755,200	$ 3,651,700	$ 7,602,600
Selling profit (loss) at commencement of sales-type leases	1,829,800	2,117,500	2,470,300
Operating lease income	2,017,300	2,346,500	2,525,600
Income on sales of equipment under lease	4,799,400	5,246,000	2,855,400
Other	746,600	1,122,300	601,900
Leasing income	$ 11,148,300	$ 14,484,000	$ 16,055,800

Receivables_ (Details)

Receivables: (Details) - USD ($)	Dec. 25, 2021	Dec. 26, 2020
Current receivables
Trade	$ 29,300	$ 16,700
Royalty	1,013,800	1,518,000
Other	60,300	47,200
Total current receivables	$ 1,103,400	$ 1,581,900

Shareholders' Equity (Deficit_3

Shareholders' Equity (Deficit): Dividends and Repurchase of Common Stock (Details) - USD ($)	Jan. 16, 2020	Mar. 28, 2019	Feb. 28, 2019	Dec. 25, 2021	Dec. 26, 2020	Dec. 28, 2019
Repurchase of Common Stock
Aggregate purchase price of shares repurchased				$ 44,217,500	$ 48,987,500	$ 24,028,100
Dividends
Cash dividends declared and paid (in dollars per share)				$ 1.60	$ 0.80	$ 0.90
Aggregate quarterly cash dividends declared and paid, excluding special dividend				$ 5,900,000	$ 3,000,000
Special cash dividend approved by Board of Directors (in dollars per share)				$ 7.50	$ 3
Total special dividend in cash				$ 27,300,000	$ 11,300,000
Aggregate quarterly cash dividends declared and paid				$ 33,162,600	$ 14,230,800	$ 3,449,100
2020 Tender Offer
Repurchase of Common Stock
Shares authorized for repurchase per tender offer				300,000
Price per share of common stock per tender offer				$ 163
Number of shares repurchased	300,000
Purchase price of shares per tender offer	$ 49,000,000
2019 Tender Offer
Repurchase of Common Stock
Shares authorized for repurchase per tender offer			150,000
Price per share of common stock per tender offer			$ 159.63
Number of shares repurchased		150,000
Purchase price of shares per tender offer		$ 24,000,000
Common Stock Repurchase Program
Repurchase of Common Stock
Number of shares repurchased				225,839
Aggregate purchase price of shares repurchased				$ 44,200,000
Number of additional shares that can be repurchased				304,765

Shareholders' Equity (Deficit_4

Shareholders' Equity (Deficit): Stock Options (Details) - shares	12 Months Ended
	Dec. 25, 2021	Apr. 29, 2020	Feb. 24, 2020	Feb. 20, 2011
2020 Plan
Stock Option Plans
Number of shares authorized for issuance		100,000
2020 Plan | Stock options | Minimum
Stock Option Plans
Exercise price of stock options as a percentage of fair value on the date of grant	100.00%
Threshold voting rights above which the option exercise price may not be less than 110% of the fair market value (as a percent)	10.00%
Exercise price of stock options as a percentage of fair value on the date of grant for an individual who owns more than 10% of voting rights	110.00%
2020 Plan | Stock options | Maximum
Stock Option Plans
Term of the option	10 years
2001 Plan
Stock Option Plans
Number of shares authorized for issuance				750,000
2010 Plan
Stock Option Plans
Number of shares authorized for issuance			700,000
Number of shares authorized and unissued under the plan		125,465
Nonemployee Directors Plan
Stock Option Plans
Number of shares authorized for issuance			350,000
Number of shares authorized and unissued under the plan		24,500

Shareholders' Equity (Deficit_5

Shareholders' Equity (Deficit): Stock Options Activity (Details) - Stock options - USD ($)	12 Months Ended
	Dec. 25, 2021	Dec. 26, 2020	Dec. 28, 2019	Dec. 29, 2018
Number of Shares
Outstanding at the beginning of the period (in shares)	393,488	479,558	639,380
Granted (in shares)	72,600	45,100	54,800
Exercised (in shares)	(105,617)	(108,170)	(190,172)
Forfeited (in shares)	(4,850)	(23,000)	(24,450)
Outstanding at the end of the period (in shares)	355,621	393,488	479,558	639,380
Exercisable at the end of the period (in shares)	219,266
Weighted Average Exercise Price
Outstanding at the beginning of the period (in dollars per share)	$ 113.19	$ 101.78	$ 84.12
Granted (in dollars per share)	226.96	163.87	170.14
Exercised (in dollars per share)	78.78	76.29	57.41
Forfeited (in dollars per share)	158.48	148.16	138.13
Outstanding at the end of the period (in dollars per share)	146.03	$ 113.19	$ 101.78	$ 84.12
Exercisable at the end of the period (in dollars per share)	$ 114.16
Weighted Average Remaining Contractual Life (years)
Outstanding	6 years 3 months 25 days	5 years 7 months 9 days	5 years 9 months 14 days	5 years 7 months 9 days
Exercisable at the end of the period	4 years 8 months 23 days
Intrinsic Value
Outstanding at the beginning of the period	$ 27,864,900	$ 45,283,200	$ 47,808,100
Outstanding at the end of the period	39,320,571	$ 27,864,900	$ 45,283,200	$ 47,808,100
Exercisable at the end of the period	$ 28,004,239
Weighted average assumptions and results used in estimation of fair value of options granted
Risk free interest rate (as a percent)	1.13%	0.45%	1.85%
Expected life (years)	6 years	6 years	6 years
Expected volatility (as a percent)	25.51%	25.03%	19.30%
Dividend yield (as a percent)	3.13%	2.33%	1.38%
Option fair value (in dollars per share)	$ 37.90	$ 28.25	$ 30.96

Shareholders' Equity (Deficit_6

Shareholders' Equity (Deficit): Additional Information (Details) - Stock options - USD ($)	12 Months Ended
	Dec. 25, 2021	Dec. 26, 2020	Dec. 28, 2019
Additional disclosures
Total intrinsic value of options exercised	$ 16,200,000	$ 8,400,000	$ 22,700,000
Total fair value of shares vested	9,000,000	9,100,000	8,600,000
Compensation expense	1,435,500	$ 1,315,200	$ 1,666,400
Total unrecognized compensation expense	$ 4,000,000
Weighted average period for recognition of unrecognized compensation expense	2 years 10 months 24 days

Debt_ Line of Credit (Details)

Debt: Line of Credit (Details) - Line of Credit $ in Millions	12 Months Ended
	Dec. 25, 2021USD ($)item	Dec. 26, 2020USD ($)	Dec. 28, 2019USD ($)
Line of Credit
Aggregate commitments		$ 25	$ 40
Maximum amount of additional term notes available for issuance	$ 30	$ 25
Borrowings outstanding	0
Line of credit available for additional borrowings	$ 25
Number of interest rate options | item	2
Non-utilization fees (as a percent)	0.25%
Base Rate
Line of Credit
Variable rate basis	Base Rate
Applicable margin (as a percent)	0.00%
LIBOR
Line of Credit
Variable rate basis	LIBOR
Applicable margin (as a percent)	2.00%
One month LIBOR
Line of Credit
Variable rate basis	one month LIBOR
Two month LIBOR
Line of Credit
Variable rate basis	two month LIBOR
Three month LIBOR
Line of Credit
Variable rate basis	three month LIBOR
Six month LIBOR
Line of Credit
Variable rate basis	six month LIBOR
Twelve month LIBOR
Line of Credit
Variable rate basis	twelve month LIBOR

Debt_ Notes Payable (Details)

Debt: Notes Payable (Details) - Prudential Investment Management, Inc - USD ($)	12 Months Ended
	Dec. 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	47,700,000
Minimum prepayment	1,000,000
Series A Notes
Notes Payable
Principal amount outstanding	$ 10,500,000
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	$ 7,200,000
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%

Debt_ Maturities (Details)

Debt: Maturities (Details)	Dec. 25, 2021USD ($)
Required prepayments of the notes payable for each of the next five years and thereafter
2022	$ 4,250,000
2023	4,250,000
2024	4,250,000
2025	2,750,000
2026	1,250,000
Thereafter	30,937,500
Total	$ 47,687,500

Accrued Liabilities_ (Details)

Accrued Liabilities: (Details) - USD ($)	Dec. 25, 2021	Dec. 26, 2020
Accrued Liabilities
Accrued compensation and benefits	$ 1,085,800	$ 1,051,800
Rent related liabilities	497,600	437,400
Accrued interest	162,200	157,200
Accrued purchases of goods and services	175,100	97,800
Other	80,300	879,800
Accrued liabilities	$ 2,001,000	$ 2,624,000

Discounted Lease Rentals_ (Deta

Discounted Lease Rentals: (Details)	Dec. 26, 2020USD ($)
Discounted Lease Rentals:
Discounted lease rentals, current	$ 1,096,600
Discounted lease rentals	$ 1,700,000

Contract Liabilities_ Activity

Contract Liabilities: Activity (Details) - USD ($)	12 Months Ended
	Dec. 25, 2021	Dec. 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	1,583,700	860,100
Fees earned that were included in the balance at the beginning of the period	(1,783,500)	(1,727,300)
Balance at end of period	$ 8,508,500	$ 8,708,300

Contract Liabilities_ Performan

Contract Liabilities: Performance Obligations (Details)	Dec. 25, 2021USD ($)
Future estimated revenue to be recognized related to performance obligations
Revenue, remaining performance obligation	$ 8,508,500
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	$ 1,645,000
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	$ 1,473,700
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	$ 1,276,000
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	$ 1,059,600
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	1 year
Revenue, remaining performance obligation	$ 855,200
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-12-27
Future estimated revenue to be recognized related to performance obligations
Duration of expected recognition period for remaining performance obligation
Revenue, remaining performance obligation	$ 2,199,000

Operating Leases_ Summary (Deta

Operating Leases: Summary (Details)	12 Months Ended
	Dec. 25, 2021USD ($)item	Dec. 26, 2020USD ($)	Dec. 28, 2019USD ($)
Operating Leases
Remaining lease term	8 years
Discount rate (as a percent)	5.50%
Rent expense | $	$ 1,178,400	$ 1,195,000	$ 1,358,000
Corporate headquarters, Minnesota
Operating Leases
Lease renewal option	true
Number of lease extension periods | item	2
Lease renewal term	5 years

Operating Leases_ Maturities an

Operating Leases: Maturities and other (Details) - USD ($)	12 Months Ended
	Dec. 25, 2021	Dec. 26, 2020
Maturities of operating lease liabilities:
2022	$ 742,900
2023	763,300
2024	784,400
2025	806,000
2026	828,200
Thereafter	2,624,400
Total	6,549,200
Less imputed interest	(1,260,500)
Present value of lease liabilities	5,288,700
Operating lease liability
Operating lease liability, current	$ 500,000
Operating Lease, Liability, Current, Statement of Financial Position [Extensible List]	Accrued Liabilities, Current
Other disclosures
Tenant allowance recorded during the year as a reduction to the operating lease right of use asset	$ 2,100,000
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flow outflow from operating leases	$ 723,100	$ 703,700

Income Taxes_ Reconciliation, C

Income Taxes: Reconciliation, Components and Deferred Taxes (Details) - USD ($)	12 Months Ended
	Dec. 25, 2021	Dec. 26, 2020	Dec. 28, 2019
Income Taxes:
Federal statutory tax rate (as a percent)	21.00%	21.00%	21.00%
Reconciliation of the expected federal income tax expense based on the federal statutory tax rate to the actual income tax expense
Federal income tax expense at statutory rate (21%, 21%, 35%)	$ 10,472,100	$ 8,088,600	$ 8,708,200
Change in valuation allowance	(1,914,400)	54,000	147,900
State and local income taxes, net of federal benefit	1,546,400	1,368,500	1,310,800
Permanent differences, including stock option expenses	(2,332,600)	(1,027,300)	(1,056,800)
Expiration of attributes	2,057,000
Adjustment to uncertain tax positions	163,400	85,100	(58,500)
Other, net	(44,500)	125,200	266,500
Total provision for income taxes	9,947,400	8,694,100	9,318,100
Current provision for income taxes:
Federal	8,782,000	7,836,000	9,076,400
State	2,193,900	1,795,800	1,693,800
Foreign	333,500	286,000	363,200
Current provision	11,309,400	9,917,800	11,133,400
Deferred provision for income taxes:
Federal	(1,435,000)	(1,202,100)	(1,834,800)
State	73,000	(21,600)	19,500
Deferred provision	(1,362,000)	(1,223,700)	(1,815,300)
Total provision for income taxes	9,947,400	8,694,100	$ 9,318,100
Deferred tax assets:
Accounts receivable and lease reserves	15,500	66,600
Non-qualified stock option expense	1,405,400	1,581,900
Deferred revenue	1,663,500	1,885,400
Trademarks	32,600	36,100
Lease deposits	270,500	532,600
Loss from and impairment of equity and note investments	532,000	2,637,600
Foreign tax credits	376,200	185,000
Valuation allowance	(908,200)	(2,822,600)
Other	276,500	204,600
Total deferred tax assets	3,664,000	4,307,200
Deferred tax liabilities:
Lease revenue and initial direct costs	(362,200)	(2,330,700)
Depreciation and amortization	(49,100)	(85,800)
Total deferred tax liabilities	(411,300)	(2,416,500)
Total net deferred tax liabilities	$ 3,252,700	$ 1,890,700

Income Taxes_ Other (Details)

Income Taxes: Other (Details) - USD ($)	12 Months Ended
	Dec. 25, 2021	Dec. 26, 2020
Deferred tax assets, valuation allowance
Valuation allowance	$ 908,200	$ 2,822,600
Unrecognized Tax Benefits
Unrecognized tax benefits, including interest and penalties	821,700	621,100
Interest and penalties accrued related to unrecognized tax benefit	144,500	111,000
Activity related to the company's unrecognized tax benefits
Balance at the beginning of the period	510,100	499,000
Increases related to current year tax positions	190,000	144,500
Subtractions for tax positions of prior years	(22,900)
Expiration of the statute of limitations for the assessment of taxes		(133,400)
Balance at the end of the period	$ 677,200	$ 510,100
Period over which various statutes of limitations are expected to expire	12 months

Commitments and Contingencies_

Commitments and Contingencies: (Details) - USD ($)	12 Months Ended
	Dec. 25, 2021	Dec. 26, 2020	Dec. 28, 2019
Employee Benefit Plan
Service period for vesting of employer contribution	5 years
Company contributions	$ 348,200	$ 324,000	$ 343,500

Segment Reporting_ (Details)

Segment Reporting: (Details)	12 Months Ended
	Dec. 25, 2021USD ($)item	Dec. 26, 2020USD ($)	Dec. 28, 2019USD ($)
Segment Reporting
Number of reportable business segments | item	2
Total revenue	$ 78,216,200	$ 66,061,800	$ 73,298,900
Total operating income	51,336,200	40,211,500	43,131,100
Total depreciation and amortization	430,600	484,700	400,100
Total identifiable assets	26,899,000	31,343,200
Franchising | Canadian operations
Segment Reporting
Total revenue	4,900,000	4,000,000	4,700,000
Operating | Franchising
Segment Reporting
Total revenue	67,067,900	51,577,800	57,243,100
Total operating income	44,832,100	31,880,200	35,169,900
Total depreciation and amortization	243,900	285,300	281,600
Total identifiable assets	4,907,800	4,848,300
Operating | Leasing
Segment Reporting
Total revenue	11,148,300	14,484,000	16,055,800
Total operating income	6,504,100	8,331,300	7,961,200
Total depreciation and amortization	186,700	199,400	$ 118,500
Total identifiable assets	3,600,500	14,462,600
Unallocated
Segment Reporting
Total identifiable assets	$ 18,390,700	$ 12,032,300