$BABB
BAB, INC.

2020 Q2 Form 10-Q Financial Statement

#000143774920007588 Filed on April 13, 2020

View on sec.gov

Income Statement

Concept 2020 Q2 2020 Q1 2019 Q1
Revenue $351.8K $695.7K $712.3K
YoY Change -55.65% -2.33% 42.33%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $377.5K $599.8K $583.0K
YoY Change -36.98% 2.88% 66.57%
% of Gross Profit
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $770.00 $740.00 $399.00
YoY Change 92.5% 85.46% 162.5%
% of Gross Profit
Operating Expenses $423.5K $637.6K $610.7K
YoY Change -33.72% 4.4% 58.76%
Operating Profit -$71.66K $58.09K $101.6K
YoY Change -146.42% -42.82% -12.27%
Interest Expense $100.00 $100.00 $260.00
YoY Change -16.67% -61.54%
% of Operating Profit 0.17% 0.26%
Other Income/Expense, Net
YoY Change
Pretax Income -$71.56K $58.19K $101.9K
YoY Change -146.32% -42.87% -12.06%
Income Tax $15.00K $5.000K
% Of Pretax Income 25.78% 4.91%
Net Earnings -$71.56K $43.19K $96.86K
YoY Change -147.87% -55.41% -3.94%
Net Earnings / Revenue -20.34% 6.21% 13.6%
Basic Earnings Per Share
Diluted Earnings Per Share -$9.852K $5.946K $13.34K
COMMON SHARES
Basic Shares Outstanding 7.264M 7.264M 7.264M
Diluted Shares Outstanding

Balance Sheet

Concept 2020 Q2 2020 Q1 2019 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $1.007M $939.4K $965.5K
YoY Change -2.41% -2.71% 20.69%
Cash & Equivalents $1.007M $939.4K $965.5K
Short-Term Investments
Other Short-Term Assets $338.1K $470.6K $484.2K
YoY Change -27.16% -2.8% -36.29%
Inventory
Prepaid Expenses
Receivables $49.14K $77.03K $84.90K
Other Receivables $0.00 $19.83K $13.08K
Total Short-Term Assets $1.394M $1.507M $1.548M
YoY Change -11.59% -2.64% -5.19%
LONG-TERM ASSETS
Property, Plant & Equipment $2.984K $3.324K $1.029K
YoY Change 226.48% 223.03% -38.93%
Goodwill $1.494M $1.494M $1.494M
YoY Change 0.0% 0.0% 0.0%
Intangibles $461.4K $461.4K $459.6K
YoY Change 0.0% 0.39% 0.0%
Long-Term Investments
YoY Change
Other Assets $200.0K $200.0K $248.0K
YoY Change -19.35% -19.35% -0.8%
Total Long-Term Assets $2.517M $2.537M $2.674M
YoY Change -4.64% -5.13% 21.13%
TOTAL ASSETS
Total Short-Term Assets $1.394M $1.507M $1.548M
Total Long-Term Assets $2.517M $2.537M $2.674M
Total Assets $3.911M $4.043M $4.221M
YoY Change -7.24% -4.22% 9.94%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $6.648K $5.235K $37.27K
YoY Change -85.43% -85.95% -22.21%
Accrued Expenses $342.0K $388.4K $355.5K
YoY Change -0.68% 9.25% 31.66%
Deferred Revenue $485.4K $597.9K $603.9K
YoY Change -17.38% -1.0%
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $660.9K $856.0K $902.4K
YoY Change -22.8% -5.14% -12.29%
LONG-TERM LIABILITIES
Long-Term Debt $228.2K $0.00 $0.00
YoY Change
Other Long-Term Liabilities $410.9K $432.5K $523.7K
YoY Change -19.29% -17.42%
Total Long-Term Liabilities $639.1K $432.5K $523.7K
YoY Change 25.52% -17.42%
TOTAL LIABILITIES
Total Short-Term Liabilities $660.9K $856.0K $902.4K
Total Long-Term Liabilities $639.1K $432.5K $523.7K
Total Liabilities $1.300M $1.288M $1.426M
YoY Change -4.78% -9.65% 38.45%
SHAREHOLDERS EQUITY
Retained Earnings -$11.66M -$11.52M -$11.48M
YoY Change 2.1% 0.35% 0.14%
Common Stock $13.51M $13.51M $13.51M
YoY Change 0.0% 0.0% 0.0%
Preferred Stock
YoY Change
Treasury Stock (at cost) $222.8K $222.8K $222.8K
YoY Change 0.0% 0.0% 0.0%
Treasury Stock Shares
Shareholders Equity $2.611M $2.755M $2.795M
YoY Change
Total Liabilities & Shareholders Equity $3.911M $4.043M $4.221M
YoY Change -7.24% -4.22% 9.94%

Cashflow Statement

Concept 2020 Q2 2020 Q1 2019 Q1
OPERATING ACTIVITIES
Net Income -$71.56K $43.19K $96.86K
YoY Change -147.87% -55.41% -3.94%
Depreciation, Depletion And Amortization $770.00 $740.00 $399.00
YoY Change 92.5% 85.46% 162.5%
Cash From Operating Activities -$205.0K $50.37K $96.91K
YoY Change -274.31% -48.02% -31.05%
INVESTING ACTIVITIES
Capital Expenditures -$1.060K -$1.530K -$750.00
YoY Change -72.96% 104.0%
Acquisitions
YoY Change
Other Investing Activities $0.00
YoY Change
Cash From Investing Activities -$1.060K -$1.525K -$750.00
YoY Change -72.96% 103.33% -377.78%
FINANCING ACTIVITIES
Cash Dividend Paid $217.9K $217.9K
YoY Change 0.0% 50.0%
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 155.5K -217.9K -217.9K
YoY Change -314.13% 0.0% 50.0%
NET CHANGE
Cash From Operating Activities -205.0K 50.37K 96.91K
Cash From Investing Activities -1.060K -1.525K -750.0
Cash From Financing Activities 155.5K -217.9K -217.9K
Net Change In Cash -50.49K -169.1K -121.7K
YoY Change -223.06% 38.86% 2642.03%
FREE CASH FLOW
Cash From Operating Activities -$205.0K $50.37K $96.91K
Capital Expenditures -$1.060K -$1.530K -$750.00
Free Cash Flow -$203.9K $51.90K $97.66K
YoY Change -267.81% -46.85%

Facts In Submission

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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: inherit;">1.</div> Nature 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: inherit;">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: inherit;"> December 2, 1992, </div>and was primarily established to franchise Big Apple Bagels&reg; (&#x201c;BAB&#x201d;) specialty bagel retail stores. My Favorite Muffin (&#x201c;MFM&#x201d;) was acquired in <div style="display: inline; font-style: italic; font: inherit;">1997</div> and is included as a part of Systems. Brewster&#x2019;s (&#x201c;Brewster&#x2019;s&#x201d;) was established in <div style="display: inline; font-style: italic; font: inherit;">1996</div> and the coffee is sold in BAB and MFM locations. SweetDuet&reg; (&#x201c;SD&#x201d;) frozen yogurt can be added as an additional brand in a BAB location. Operations was formed in <div style="display: inline; font-style: italic; font: inherit;">1995,</div> primarily to operate Company-owned stores of which there are currently <div style="display: inline; font-style: italic; font: inherit;">none.</div> The assets of Jacobs Bros. Bagels (&#x201c;Jacobs Bros.&#x201d;) were acquired in <div style="display: inline; font-style: italic; font: inherit;">1999,</div> and any branded wholesale business uses this trademark. Investments was incorporated in <div style="display: inline; font-style: italic; font: inherit;">2009</div> to be used for the purpose of acquisitions. To date there have been <div style="display: inline; font-style: italic; font: inherit;">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: inherit;"> July 12, 2000.&nbsp; </div>The Company currently franchises and licenses bagel and muffin retail units under the BAB, MFM and SD trade names. At <div style="display: inline; font-style: italic; font: inherit;"> February </div><div style="display: inline; font-style: italic; font: inherit;">29,</div> <div style="display: inline; font-style: italic; font: inherit;">2020,</div> the Company had <div style="display: inline; font-style: italic; font: inherit;">73</div> franchise units and <div style="display: inline; font-style: italic; font: inherit;">7</div> licensed units in operation in <div style="display: inline; font-style: italic; font: inherit;">22</div> states and the United Arab Emirates. There are <div style="display: inline; font-style: italic; font: inherit;">2</div> units under development. 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.</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&reg;,&#x201d; featuring daily baked bagels, flavored cream cheeses, premium coffees, gourmet bagel sandwiches and other related products. BAB units are primarily concentrated in the Midwest and Western United States.&nbsp; The MFM brand consists of units operating as &#x201c;My Favorite Muffin Gourmet Muffin Bakery&#x2122;&#x201d; (&#x201c;MFM Bakery&#x201d;), featuring a large variety of freshly baked muffins and coffees and units operating as &#x201c;My Favorite Muffin Your All Day Bakery Caf&eacute;&reg;&#x201d; (&#x201c;MFM Cafe&#x201d;) featuring these products as well as a variety of specialty bagel sandwiches and related products.&nbsp; The SweetDuet&reg; is a branded self-serve frozen yogurt that can be added as an additional brand in a BAB location.&nbsp; 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;&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: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: inherit;">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: inherit;">10</div>-K for the year ended <div style="display: inline; font-style: italic; font: inherit;"> November 30, 2019 </div>which was filed <div style="display: inline; font-style: italic; font: inherit;"> February 24, 2020.&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: inherit;">not</div> necessarily indicative of the results for the full year.</div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><div style="display: inline; font-weight: bold;">&nbsp;</div></div> <div style="width: 100%; margin-left: 0pt; margin-right: 0pt"> <div style="text-align: center; width: 100%"> <div> <div style="text-align: center; font-size: 10pt; font-family: Times New Roman;"> <div style="display: inline; font-style: italic; font: inherit;"></div></div></div></div></div></div>
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<div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><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:justify;"><div style="display: inline; text-decoration: underline;"><div style="display: inline; font-weight: bold;">Uses of </div></div><div style="display: inline; text-decoration: underline;"><div style="display: inline; font-weight: bold;">E</div></div><div style="display: inline; text-decoration: underline;"><div style="display: inline; font-weight: bold;">stimates</div></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;">The preparation of the financial statements and accompanying notes are in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenue and expenses and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reported periods. Actual results could differ from those estimates.</div></div></div></div></div></div></div></div></div>
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CY2020Q1 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
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