$BABB
BAB, INC.

2018 Q2 Form 10-Q Financial Statement

#000143774918013297 Filed on July 13, 2018

View on sec.gov

Income Statement

Concept 2018 Q2 2017 Q2
Revenue $560.5K $607.9K
YoY Change -7.8% 7.7%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $330.0K $390.0K
YoY Change -15.38% 8.33%
% of Gross Profit
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $0.00 $0.00
YoY Change -100.0%
% of Gross Profit
Operating Expenses $382.9K $471.9K
YoY Change -18.85% 9.1%
Operating Profit $177.5K $136.0K
YoY Change 30.55% 3.09%
Interest Expense $0.00
YoY Change
% of Operating Profit 0.0%
Other Income/Expense, Net
YoY Change
Pretax Income $177.6K $136.0K
YoY Change 30.54% 3.31%
Income Tax
% Of Pretax Income
Net Earnings $177.6K $136.0K
YoY Change 30.54% 3.31%
Net Earnings / Revenue 31.68% 22.37%
Basic Earnings Per Share
Diluted Earnings Per Share $24.79K $19.28K
COMMON SHARES
Basic Shares Outstanding
Diluted Shares Outstanding

Balance Sheet

Concept 2018 Q2 2017 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $860.0K $750.0K
YoY Change 14.67% 1.35%
Cash & Equivalents $863.9K $752.9K
Short-Term Investments
Other Short-Term Assets $670.0K $710.0K
YoY Change -5.63% 20.34%
Inventory $10.00K $30.00K
Prepaid Expenses
Receivables $59.31K $50.20K
Other Receivables $10.00K $10.00K
Total Short-Term Assets $1.613M $1.550M
YoY Change 4.09% 4.48%
LONG-TERM ASSETS
Property, Plant & Equipment $1.504K $4.871K
YoY Change -69.12% 116.1%
Goodwill $1.494M $1.494M
YoY Change 0.0% 0.0%
Intangibles $459.6K $459.6K
YoY Change 0.0% 0.98%
Long-Term Investments
YoY Change
Other Assets $250.0K $250.0K
YoY Change 0.0% 0.0%
Total Long-Term Assets $2.207M $2.206M
YoY Change 0.03% -0.5%
TOTAL ASSETS
Total Short-Term Assets $1.613M $1.550M
Total Long-Term Assets $2.207M $2.206M
Total Assets $3.820M $3.756M
YoY Change 1.71% 1.49%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $39.02K $53.46K
YoY Change -27.0% 242.82%
Accrued Expenses $230.0K $290.0K
YoY Change -20.69% -3.33%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $904.4K $1.021M
YoY Change -11.41% 0.11%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities
YoY Change
Total Long-Term Liabilities $0.00 $0.00
YoY Change
TOTAL LIABILITIES
Total Short-Term Liabilities $904.4K $1.021M
Total Long-Term Liabilities $0.00 $0.00
Total Liabilities $900.0K $1.020M
YoY Change -11.76% 0.0%
SHAREHOLDERS EQUITY
Retained Earnings -$11.36M -$11.54M
YoY Change -1.57% -0.47%
Common Stock $13.51M $13.51M
YoY Change 0.0% 0.0%
Preferred Stock
YoY Change
Treasury Stock (at cost) $222.8K $222.8K
YoY Change 0.0% 0.0%
Treasury Stock Shares
Shareholders Equity $2.916M $2.735M
YoY Change
Total Liabilities & Shareholders Equity $3.820M $3.756M
YoY Change 1.71% 1.49%

Cashflow Statement

Concept 2018 Q2 2017 Q2
OPERATING ACTIVITIES
Net Income $177.6K $136.0K
YoY Change 30.54% 3.31%
Depreciation, Depletion And Amortization $0.00 $0.00
YoY Change -100.0%
Cash From Operating Activities $60.00K $150.0K
YoY Change -60.0% 66.67%
INVESTING ACTIVITIES
Capital Expenditures $0.00
YoY Change
Acquisitions
YoY Change
Other Investing Activities $0.00 $0.00
YoY Change
Cash From Investing Activities $0.00 -$10.00K
YoY Change -100.0%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -70.00K -70.00K
YoY Change 0.0% 0.0%
NET CHANGE
Cash From Operating Activities 60.00K 150.0K
Cash From Investing Activities 0.000 -10.00K
Cash From Financing Activities -70.00K -70.00K
Net Change In Cash -10.00K 70.00K
YoY Change -114.29% 250.0%
FREE CASH FLOW
Cash From Operating Activities $60.00K $150.0K
Capital Expenditures $0.00
Free Cash Flow $150.0K
YoY Change

Facts In Submission

Frame Concept Type Concept / XBRL Key Value Unit
CY2018Q2 babb Deferred Franchise Fee Revenue
DeferredFranchiseFeeRevenue
CY2017Q4 babb Deferred Franchise Fee Revenue
DeferredFranchiseFeeRevenue
CY2018Q2 babb Deferred Licensing Revenue
DeferredLicensingRevenue
23834
CY2017Q4 babb Deferred Licensing Revenue
DeferredLicensingRevenue
18155
CY2018Q2 babb Deferred Marketing Contribution Revenue
DeferredMarketingContributionRevenue
613340
CY2017Q4 babb Deferred Marketing Contribution Revenue
DeferredMarketingContributionRevenue
706856
babb Increase Decrease In Unexpended Marketing Contributions
IncreaseDecreaseInUnexpendedMarketingContributions
-93516
babb Increase Decrease In Unexpended Marketing Contributions
IncreaseDecreaseInUnexpendedMarketingContributions
32123
babb Increase Decrease Marketing Contributionsreceivable1
IncreaseDecreaseMarketingContributionsreceivable1
425
babb Increase Decrease Marketing Contributionsreceivable1
IncreaseDecreaseMarketingContributionsreceivable1
-1878
CY2018Q2 babb Marketing Contributions Receivable Fromfranchisees
MarketingContributionsReceivableFromfranchisees
13060
CY2017Q4 babb Marketing Contributions Receivable Fromfranchisees
MarketingContributionsReceivableFromfranchisees
12635
CY2018Q2 babb Number Of Wholly Owned Subsidiaries
NumberOfWhollyOwnedSubsidiaries
3
CY2018Q2 babb Occupancy Costs In Selling General And Administrative Expenses
OccupancyCostsInSellingGeneralAndAdministrativeExpenses
43052
CY2017Q2 babb Occupancy Costs In Selling General And Administrative Expenses
OccupancyCostsInSellingGeneralAndAdministrativeExpenses
43934
babb Occupancy Costs In Selling General And Administrative Expenses
OccupancyCostsInSellingGeneralAndAdministrativeExpenses
82891
babb Occupancy Costs In Selling General And Administrative Expenses
OccupancyCostsInSellingGeneralAndAdministrativeExpenses
89795
CY2013Q2 babb Preferred Stock Dividends Number Of Rights Declared1
PreferredStockDividendsNumberOfRightsDeclared1
1
CY2013Q2 babb Preferred Stock Dividends Number Of Rights Issued
PreferredStockDividendsNumberOfRightsIssued
1
CY2013Q2 babb Preferred Stock Dividends Number Of Rights Minimum Percent Of Common Stock That Must Be Acquired To Make Rights Exercisable
PreferredStockDividendsNumberOfRightsMinimumPercentOfCommonStockThatMustBeAcquiredToMakeRightsExercisable
0.15
CY2013Q2 babb Preferred Stock Dividends Number Of Rights Minimum Percent Of Common Stock That Must Be Acquired To Make Rights Exercisable Institutional Investors
PreferredStockDividendsNumberOfRightsMinimumPercentOfCommonStockThatMustBeAcquiredToMakeRightsExercisableInstitutionalInvestors
0.2
CY2018Q2 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
7263508
CY2018Q2 us-gaap Deferred Tax Assets Net Noncurrent
DeferredTaxAssetsNetNoncurrent
248000
CY2017Q4 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
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CY2018Q2 us-gaap Accounts Payable And Accrued Liabilities Current
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CY2017Q4 us-gaap Accounts Payable And Accrued Liabilities Current
AccountsPayableAndAccruedLiabilitiesCurrent
243397
CY2018Q2 us-gaap Common Stock Value
CommonStockValue
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CY2018Q2 us-gaap Accounts Payable Current
AccountsPayableCurrent
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CY2017Q4 us-gaap Accounts Payable Current
AccountsPayableCurrent
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CY2018Q2 us-gaap Accounts Receivable Net Current
AccountsReceivableNetCurrent
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us-gaap Depreciation And Amortization
DepreciationAndAmortization
10378
CY2017Q4 us-gaap Accounts Receivable Net Current
AccountsReceivableNetCurrent
56342
CY2018Q2 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
154662
CY2017Q4 us-gaap Common Stock Value
CommonStockValue
13508257
CY2017Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
154762
CY2018Q2 us-gaap Additional Paid In Capital
AdditionalPaidInCapital
987034
CY2017Q4 us-gaap Additional Paid In Capital
AdditionalPaidInCapital
987034
CY2018Q2 us-gaap Allowance For Doubtful Accounts Receivable Current
AllowanceForDoubtfulAccountsReceivableCurrent
17109
CY2017Q4 us-gaap Allowance For Doubtful Accounts Receivable Current
AllowanceForDoubtfulAccountsReceivableCurrent
19438
CY2018Q2 us-gaap Assets
Assets
3820251
CY2017Q4 us-gaap Assets
Assets
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CY2018Q2 us-gaap Assets Current
AssetsCurrent
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CY2017Q4 us-gaap Assets Current
AssetsCurrent
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CY2018Q2 us-gaap Assets Noncurrent
AssetsNoncurrent
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CY2017Q4 us-gaap Assets Noncurrent
AssetsNoncurrent
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CY2017Q4 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
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CY2017Q4 us-gaap Deferred Tax Assets Net Noncurrent
DeferredTaxAssetsNetNoncurrent
248000
CY2016Q4 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
907116
CY2018Q2 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
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CY2017Q2 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
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us-gaap Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
71278
us-gaap Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
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CY2018Q2 us-gaap Common Stock Dividends Per Share Declared
CommonStockDividendsPerShareDeclared
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CY2017Q2 us-gaap Common Stock Dividends Per Share Declared
CommonStockDividendsPerShareDeclared
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us-gaap Common Stock Dividends Per Share Declared
CommonStockDividendsPerShareDeclared
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CY2018Q2 us-gaap Depreciation And Amortization
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us-gaap Common Stock Dividends Per Share Declared
CommonStockDividendsPerShareDeclared
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CY2018Q2 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
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CY2017Q2 us-gaap Depreciation And Amortization
DepreciationAndAmortization
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CY2017Q4 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
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CY2018Q2 us-gaap Common Stock Shares Authorized
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CY2017Q4 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
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CY2018Q2 us-gaap Common Stock Shares Issued
CommonStockSharesIssued
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CY2017Q4 us-gaap Common Stock Shares Issued
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us-gaap Depreciation And Amortization
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us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
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us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
10378
us-gaap Description Of New Accounting Pronouncements Not Yet Adopted
DescriptionOfNewAccountingPronouncementsNotYetAdopted
<div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">5</div></div><div style="display: inline; font-weight: bold;">. Recent Accounting Pronouncements </div></div> <div style=" font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;">Revenue from Contracts with Customers, ASU <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2014</div>-<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">09</div> establishes a comprehensive revenue recognition standard for virtually all industries in U.S. GAAP, including those that previously followed industry-specific guidance such as the real estate, construction and software industries. The revenue standard&#x2019;s core principle is built on the contract between a vendor and a customer for the provision of goods and services. It attempts to depict the exchange of rights and obligations between the parties in the pattern of revenue recognition based on the consideration to which the vendor is entitled. The standard requires <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">five</div> basic steps: (i) identify the contract with the customer, (ii) identify the performance obligations in the contract, (iii) determine the transaction price, (iv) allocate the transaction price to the performance obligations in the contract, (v) recognize revenue when (or as) the entity satisfies a performance obligation. Entities will generally be required to make more estimates and use more judgment than under current guidance, which will be highlighted for users through increased disclosure requirements.</div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;">&nbsp;</div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;">The standard requires that the transaction price received from customers be allocated to each separate and distinct performance obligation. The transaction price attributable to each separate and distinct performance obligation is then recognized as the performance obligations are satisfied. We have evaluated franchise fees and have determined that under the new standard the franchise fee is <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> separate and distinct from the overall franchise right. Franchise fees received will be recorded as deferred revenue and recognized as revenue over the term of each respective franchise agreement, typically <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">10</div> years.&nbsp; The Company is still evaluating the financial impact that this change will have on our financial statements.</div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;">&nbsp;</div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;">We have evaluated the impact of our franchise contributions to and subsequent expenditures from our marketing fund. We act as an agent in regard to these franchisee contributions and expenditures and as such we do <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> currently include them in our Consolidated Statements of Income. We have determined we are the principal in these arrangements and under the new standard we will include them as revenue and expense items.&nbsp; The Company is still evaluating the specific effect of this change. We believe it will have a material impact on our gross amount of reported revenues and expenses but we do <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> expect a significant impact on our net income.&nbsp; The Company will adopt ASU <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2014</div>-<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">09</div> for fiscal year ending <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> November 30, 2019.</div></div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;">&nbsp;</div><div style=" font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;"></div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;">On <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> February 25, 2016, </div>the FASB issued ASU <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">No.</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2016</div>-<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">02,</div> Leases, requiring lessees to recognize a right-of-use asset and a lease liability on the balance sheet for all leases with the exception of short-term leases. For lessees, leases will continue to be classified as either operating or finance leases in the income statement. Lessor accounting is similar to the current model but updated to align with certain changes to the lessee model. Lessors will continue to&nbsp;classify leases as operating, direct financing or sales-type leases. The effective date of the new standard for public companies is for fiscal years beginning after <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 15, 2018. </div>Early adoption is permitted. The new standard must be adopted using a modified retrospective transition and requires application of the new guidance at the beginning of the earliest comparative period presented. The Company is planning on early adoption of this standard at the commencement of the new lease beginning <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> October 1, 2018. </div>The Company will classify the new office lease as an operating lease. The adoption of ASU <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">No.</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2016</div>-<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">02</div> is expected to increase the Company&#x2019;s total assets and liabilities by approximately <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$500,000</div></div> based on a discounted calculation of the future lease payments, as of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> October 1, 2018. </div>A discount rate of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">4%</div> is used for the present value calculation of the future lease payments. The Company expects the impact on the results of its operations to equal the amortization of the asset, net of the present value discount, on a straight line basis over the lease term.</div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;">&nbsp;</div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;">In <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> March 2016, </div>the Financial Accounting Standards Board issued ASU <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2016</div>-<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">04,</div>&nbsp;Liabilities &#x2013; Extinguishments of Liabilities (Subtopic <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">405</div>-<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">20</div>): Recognition of Breakage for Certain Prepaid Stored-Value Products. The amendments in the ASU are designed to provide guidance and eliminate diversity in the accounting for derecognition of prepaid stored-value product liabilities. Typically, a prepaid stored-value product liability is to be derecognized when it is probable that a significant reversal of the recognized breakage amount will <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> subsequently occur. This is when the likelihood of the product holder exercising its remaining rights becomes remote. This estimate shall be updated at the end of each reporting period. The amendments in this ASU are effective for the annual reporting periods beginning after <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 15, 2017, </div>including the interim periods within that reporting period. Early adoption is permitted. The Company does <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> believe that adoption of this guidance will have a material impact on the Company&#x2019;s financial position, cash flows or results of operations.</div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;">&nbsp;</div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;">Management does <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> believe that there are any other recently issued and effective or <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> yet effective pronouncements as of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> May 31, 2018 </div>that would have or are expected to have any significant effect on the Company&#x2019;s financial position, cash flows or results of operations.</div></div>
CY2018Q2 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
0.02
CY2017Q2 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
0.02
us-gaap Earnings Per Share Basic And Diluted
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us-gaap Earnings Per Share Basic And Diluted
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0.03
CY2018Q2 us-gaap Employee Benefits And Share Based Compensation
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CY2017Q2 us-gaap Employee Benefits And Share Based Compensation
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us-gaap Employee Benefits And Share Based Compensation
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us-gaap Employee Benefits And Share Based Compensation
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CY2018Q2 us-gaap Finite Lived Intangible Assets Accumulated Amortization
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CY2017Q4 us-gaap Finite Lived Intangible Assets Accumulated Amortization
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CY2018Q2 us-gaap Finite Lived Intangible Assets Net
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CY2017Q4 us-gaap Finite Lived Intangible Assets Net
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us-gaap Gain Loss On Disposition Of Assets
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us-gaap Gain Loss On Disposition Of Assets
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CY2018Q2 us-gaap Goodwill
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CY2017Q4 us-gaap Goodwill
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CY2018Q2 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
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us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
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us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
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CY2018Q2 us-gaap Income Tax Expense Benefit
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CY2017Q2 us-gaap Income Tax Expense Benefit
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us-gaap Income Tax Expense Benefit
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us-gaap Income Tax Expense Benefit
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us-gaap Income Taxes Paid
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us-gaap Income Taxes Paid
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us-gaap Increase Decrease In Accounts And Notes Receivable
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644
us-gaap Increase Decrease In Accounts And Notes Receivable
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us-gaap Increase Decrease In Accounts Payable
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us-gaap Increase Decrease In Accounts Payable
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us-gaap Increase Decrease In Accrued Liabilities
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us-gaap Increase Decrease In Accrued Liabilities
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-71641
us-gaap Increase Decrease In Deferred Revenue
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5679
us-gaap Increase Decrease In Deferred Revenue
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us-gaap Increase Decrease In Inventories
IncreaseDecreaseInInventories
-10219
us-gaap Increase Decrease In Inventories
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10611
us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
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us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
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-1777
us-gaap Increase Decrease In Restricted Cash
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-93320
us-gaap Increase Decrease In Restricted Cash
IncreaseDecreaseInRestrictedCash
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CY2018Q2 us-gaap Indefinite Lived Trademarks
IndefiniteLivedTrademarks
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CY2017Q4 us-gaap Indefinite Lived Trademarks
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us-gaap Interest Paid Net
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us-gaap Interest Paid Net
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CY2018Q2 us-gaap Inventory Gross
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us-gaap Nature Of Operations
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<div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;"><div style="display: inline; font-weight: bold;">Note <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1</div></div><div style="display: inline; font-weight: bold;">.</div><div style="display: inline; font-weight: bold;"> </div><div style="display: inline; font-weight: bold;"> N</div><div style="display: inline; font-weight: bold;">ature of Operations </div></div> <div style=" font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;">BAB, Inc. (&#x201c;the Company&#x201d;) has <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">three</div> wholly owned subsidiaries: BAB Systems, Inc. (&#x201c;Systems&#x201d;), BAB Operations, Inc. (&#x201c;Operations&#x201d;) and BAB Investments, Inc (&#x201c;Investments&#x201d;). Systems was incorporated on <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 2, 1992, </div>and was primarily established to franchise Big Apple Bagels&reg; (&#x201c;BAB&#x201d;) specialty bagel retail stores. My Favorite Muffin&reg; (&#x201c;MFM&#x201d;), was acquired in <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1997</div> and is included as a part of Systems. Brewster&#x2019;s&reg; Coffee (&#x201c;Brewster&#x2019;s&#x201d;) was established in <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1996</div> and the coffee is sold in BAB and MFM locations as well as through license agreements. SweetDuet (&#x201c;SD&#x201d;) frozen yogurt can be added as an additional brand in a BAB or MFM location. Operations was formed on <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> August 30, 1995, </div>primarily to operate Company-owned stores of which there are currently <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">none.</div> The assets of Jacobs Bros. Bagels&reg; (&#x201c;Jacobs Bros.&#x201d;) were acquired on <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> February 1, 1999, </div>and any branded wholesale business uses this trademark. Investments was incorporated <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> September 9, 2009 </div>to be used for the purpose of acquisitions. To date, there have been <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">no</div> acquisitions.</div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;">&nbsp;</div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;">The Company was incorporated under the laws of the State of Delaware on <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> July 12, 2000.&nbsp; </div>The Company currently franchises and licenses bagel and muffin retail units under the BAB and MFM and SD trade names. At <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> May 31, 2018, </div>the Company had <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">80</div> franchise units and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">3</div> licensed units in operation in <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">23</div> states and the United Arab Emirates. The Company additionally derives income from the sale of its trademark bagels, muffins and coffee through nontraditional channels of distribution including under a licensing agreement with Green Beans Coffee. Also, included in licensing fees and other income is Operations Sign Shop results. For franchise consistency and convenience, the Sign Shop provided the majority of signage to franchisees, including but <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> limited to, menu panels, build charts, interior and exterior signage and point of purchase materials. Beginning <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 2017, </div>a majority of franchise signage and point of sale materials is being outsourced to a printer that will be able to provide consistency and convenience to the franchisees. Outsourcing signage will <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> have a material effect on revenues or net income.</div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;">&nbsp;</div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;">The BAB franchised brand consists of units operating as &#x201c;Big Apple Bagels,&#x201d; featuring daily baked bagels, flavored cream cheeses, premium coffees, gourmet bagel sandwiches and other related products. Licensed BAB units serve the Company's frozen bagel and related products baked daily.&nbsp; BAB units are primarily concentrated in the Midwest and Western United States. The MFM brand consists of units operating as "My Favorite Muffin," featuring a large variety of freshly baked muffins, coffees and related products, and units operating as "My Favorite Muffin and Bagel Cafe&reg;," featuring these products as well as a variety of specialty bagel sandwiches and related products.&nbsp; The SweetDuet Frozen Yogurt &amp; Gourmet Muffins&reg; brand is a fusion concept, pairing self-serve frozen yogurt with MFM&#x2019;s exclusive line of My Favorite Muffin gourmet muffins. SD frozen yogurt can be added as an additional brand in a BAB or MFM location. Although the Company doesn't actively market Brewster's stand-alone franchises, Brewster's coffee products are sold in most franchised units. &nbsp;&nbsp;&nbsp;</div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;">&nbsp;</div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;">The Company is leveraging on the natural synergy of distributing muffin products in existing BAB units and, alternatively, bagel products and Brewster's Coffee in existing MFM units. The Company expects to continue to realize efficiencies in servicing the combined base of BAB and MFM franchisees.</div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;">&nbsp;</div><div style=" font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;"></div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;">The accompanying condensed consolidated financial statements are unaudited. These financial statements have been prepared in accordance with the rules and regulations of the Securities and Exchange Commission. Certain information and footnote disclosures normally included in financial statements prepared in accordance with U.S. generally accepted accounting principles have been omitted pursuant to such SEC rules and regulations; nevertheless, the Company believes that the disclosures are adequate to make the information presented <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> misleading.&nbsp; These financial statements and the notes hereto should be read in conjunction with the financial statements and notes thereto included in the Company's Annual Report on Form <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">10</div>-K for the year ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> November 30, 2017 </div>which was filed <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> February 26, 2018.&nbsp; </div>In the opinion of the Company's management, the condensed consolidated financial statements for the unaudited interim period presented include all adjustments, including normal recurring adjustments, necessary to fairly present the results of such interim period and the financial position as of the end of said period. The results of operations for the interim period are <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> necessarily indicative of the results for the full year.</div></div>
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