$BABB
BAB, INC.

2022 Q1 Form 10-Q Financial Statement

#000143774922008813 Filed on April 13, 2022

View on sec.gov

Income Statement

Concept 2022 Q1 2021 Q1
Revenue $738.3K $722.9K
YoY Change 2.13% 3.91%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $606.0K $544.6K
YoY Change 11.28% -9.21%
% of Gross Profit
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $1.310K $1.213K
YoY Change 8.0% 63.92%
% of Gross Profit
Operating Expenses $649.7K $585.9K
YoY Change 10.88% -8.1%
Operating Profit $88.57K $137.0K
YoY Change -35.34% 135.78%
Interest Expense $70.00 $120.00
YoY Change -41.67% 20.0%
% of Operating Profit 0.08% 0.09%
Other Income/Expense, Net
YoY Change
Pretax Income $88.64K $365.2K
YoY Change -75.73% 527.63%
Income Tax $25.75K $32.00K
% Of Pretax Income 29.05% 8.76%
Net Earnings $62.89K $333.2K
YoY Change -81.13% 671.51%
Net Earnings / Revenue 8.52% 46.1%
Basic Earnings Per Share $0.01
Diluted Earnings Per Share $8.658K $45.88K
COMMON SHARES
Basic Shares Outstanding 7.264M 7.264M
Diluted Shares Outstanding

Balance Sheet

Concept 2022 Q1 2021 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $1.494M $1.333M
YoY Change 12.12% 41.85%
Cash & Equivalents $1.494M $1.333M
Short-Term Investments
Other Short-Term Assets $713.7K $477.0K
YoY Change 49.63% 1.35%
Inventory
Prepaid Expenses
Receivables $68.33K $62.77K
Other Receivables $24.30K $18.43K
Total Short-Term Assets $2.300M $1.891M
YoY Change 21.67% 25.47%
LONG-TERM ASSETS
Property, Plant & Equipment $361.00 $1.910K
YoY Change -81.1% -42.54%
Goodwill $1.494M $1.494M
YoY Change 0.0% 0.0%
Intangibles $461.4K $461.4K
YoY Change 0.0% 0.0%
Long-Term Investments
YoY Change
Other Assets $10.43K
YoY Change
Total Long-Term Assets $2.183M $2.262M
YoY Change -3.48% -10.82%
TOTAL ASSETS
Total Short-Term Assets $2.300M $1.891M
Total Long-Term Assets $2.183M $2.262M
Total Assets $4.484M $4.153M
YoY Change 7.97% 2.71%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $4.946K $4.293K
YoY Change 15.21% -17.99%
Accrued Expenses $411.7K $423.5K
YoY Change -2.78% 9.04%
Deferred Revenue $615.8K
YoY Change 3.0%
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $1.141M $900.4K
YoY Change 26.74% 5.19%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities $237.5K $312.9K
YoY Change -24.08% -27.66%
Total Long-Term Liabilities $418.6K $418.8K
YoY Change -0.04% -3.16%
TOTAL LIABILITIES
Total Short-Term Liabilities $1.141M $900.4K
Total Long-Term Liabilities $418.6K $418.8K
Total Liabilities $1.560M $1.319M
YoY Change 18.24% 2.39%
SHAREHOLDERS EQUITY
Retained Earnings -$11.35M -$11.44M
YoY Change -0.79% -0.68%
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 $2.924M $2.834M
YoY Change
Total Liabilities & Shareholders Equity $4.484M $4.153M
YoY Change 7.97% 2.71%

Cashflow Statement

Concept 2022 Q1 2021 Q1
OPERATING ACTIVITIES
Net Income $62.89K $333.2K
YoY Change -81.13% 671.51%
Depreciation, Depletion And Amortization $1.310K $1.213K
YoY Change 8.0% 63.92%
Cash From Operating Activities $142.4K $162.0K
YoY Change -12.1% 221.53%
INVESTING ACTIVITIES
Capital Expenditures -$10.43K $0.00
YoY Change -100.0%
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities -$10.43K $0.00
YoY Change -100.0%
FINANCING ACTIVITIES
Cash Dividend Paid $72.64K $72.64K
YoY Change 0.0% -66.67%
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -$72.64K -$72.64K
YoY Change 0.0% -66.67%
NET CHANGE
Cash From Operating Activities $142.4K $162.0K
Cash From Investing Activities -$10.43K $0.00
Cash From Financing Activities -$72.64K -$72.64K
Net Change In Cash $59.30K $89.33K
YoY Change -33.61% -152.84%
FREE CASH FLOW
Cash From Operating Activities $142.4K $162.0K
Capital Expenditures -$10.43K $0.00
Free Cash Flow $152.8K $162.0K
YoY Change -5.66% 212.05%

Facts In Submission

Frame Concept Type Concept / XBRL Key Value Unit
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1632923 USD
CY2022Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
2117459 USD
CY2021Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
1722250 USD
CY2022Q1 us-gaap Interest Paid Net
InterestPaidNet
0 USD
CY2021Q1 us-gaap Interest Paid Net
InterestPaidNet
0 USD
CY2022Q1 us-gaap Income Taxes Paid
IncomeTaxesPaid
1000 USD
CY2021Q1 us-gaap Income Taxes Paid
IncomeTaxesPaid
1700 USD
CY2022Q1 us-gaap Nature Of Operations
NatureOfOperations
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><b>Note <em style="font: inherit;">1.</em> Nature of Operations </b></p> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </p> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;">BAB, Inc. (“the Company”) has <span style="-sec-ix-hidden:c82900152">three</span> wholly owned subsidiaries: BAB Systems, Inc. (“Systems”), BAB Operations, Inc. (“Operations”) and BAB Investments, Inc. (“Investments”). Systems was incorporated on <em style="font: inherit;"> December 2, 1992, </em>and was primarily established to franchise Big Apple Bagels® (“BAB”) specialty bagel retail stores. My Favorite Muffin (“MFM”) was acquired in <em style="font: inherit;">1997</em> and is included as a part of Systems. Brewster’s (“Brewster’s”) was established in <em style="font: inherit;">1996</em> and the coffee is sold in BAB and MFM locations. SweetDuet® (“SD”) frozen yogurt can be added as an additional brand in a BAB location. Operations was formed in <em style="font: inherit;">1995,</em> primarily to operate Company-owned stores of which there are currently <em style="font: inherit;">none.</em> The assets of Jacobs Bros. Bagels (“Jacobs Bros.”) were acquired in <em style="font: inherit;">1999,</em> and any branded wholesale business uses this trademark. Investments was incorporated in <em style="font: inherit;">2009</em> to be used for the purpose of acquisitions. To date there have been <em style="font: inherit;">no</em> acquisitions.</p> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;"> </p> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;">The Company was incorporated under the laws of the State of Delaware on <em style="font: inherit;"> July 12, 2000.  </em>The Company currently franchises and licenses bagel and muffin retail units under the BAB, MFM and SD trade names. At <em style="font: inherit;"> February 28, 2022, </em>the Company had 69 franchise units and 4 licensed units in operation in 20 states. There are 2 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 licensing agreements.</p> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </p> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;">The BAB franchised brand consists of units operating as “Big Apple Bagels®,” 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.  The MFM brand consists of units operating as “My Favorite Muffin Gourmet Muffin Bakery™” (“MFM Bakery”), featuring a large variety of freshly baked muffins and coffees and units operating as “My Favorite Muffin Your All-Day Bakery Café®” (“MFM Cafe”) featuring these products as well as a variety of specialty bagel sandwiches and related products.  The SweetDuet® is a branded self-serve frozen yogurt that can be added as an additional brand in a BAB location.  Although the Company doesn't actively market Brewster's stand-alone franchises, Brewster's coffee products are sold in most franchised units.     </p> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </p> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;">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.</p> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </p> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;">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 <em style="font: inherit;">not</em> misleading.  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 <em style="font: inherit;">10</em>-K for the year ended <em style="font: inherit;"> November 30, 2021 </em>which was filed <em style="font: inherit;"> February 25, 2022.  </em>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 <em style="font: inherit;">not</em> necessarily indicative of the results for the full year.</p> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </p>
CY2022Q1 us-gaap Number Of States In Which Entity Operates
NumberOfStatesInWhichEntityOperates
20 pure
CY2022Q1 us-gaap Contract With Customer Liability
ContractWithCustomerLiability
1011310 USD
CY2021Q4 us-gaap Contract With Customer Liability
ContractWithCustomerLiability
972470 USD
CY2021Q4 us-gaap Contract With Customer Asset Net
ContractWithCustomerAssetNet
972470 USD
CY2022Q1 us-gaap Use Of Estimates
UseOfEstimates
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;"><b><span style="text-decoration: underline; ">Use of Estimates</span></b></p> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </p> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;">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.</p>
CY2022Q1 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
1494001 USD
CY2021Q1 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
1332529 USD
CY2022Q1 us-gaap Restricted Cash And Cash Equivalents
RestrictedCashAndCashEquivalents
623458 USD
CY2021Q1 us-gaap Restricted Cash And Cash Equivalents
RestrictedCashAndCashEquivalents
389721 USD
CY2022Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
2117459 USD
CY2021Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
1722250 USD
CY2022Q1 babb Initial Franchise Term
InitialFranchiseTerm
P10Y
CY2022Q1 babb Royalty Fees From Franchisespercentage
RoyaltyFeesFromFranchisespercentage
0.05 pure
CY2022Q1 us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
738276 USD
CY2021Q1 us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
722905 USD
CY2022Q1 us-gaap Contract With Customer Liability Noncurrent
ContractWithCustomerLiabilityNoncurrent
111703 USD
CY2021Q4 us-gaap Contract With Customer Liability Noncurrent
ContractWithCustomerLiabilityNoncurrent
110855 USD
CY2020Q4 us-gaap Contract With Customer Asset Net
ContractWithCustomerAssetNet
697763 USD
CY2022Q1 babb Contract With Customer Asset Revenue Recognized
ContractWithCustomerAssetRevenueRecognized
337211 USD
CY2021 babb Contract With Customer Asset Revenue Recognized
ContractWithCustomerAssetRevenueRecognized
1063614 USD
CY2022Q1 babb Contract With Customer Asset Amounts Invoiced Collected Net
ContractWithCustomerAssetAmountsInvoicedCollectedNet
376051 USD
CY2021 babb Contract With Customer Asset Amounts Invoiced Collected Net
ContractWithCustomerAssetAmountsInvoicedCollectedNet
1338321 USD
CY2022Q1 us-gaap Contract With Customer Asset Net
ContractWithCustomerAssetNet
1011310 USD
CY2021Q4 us-gaap Contract With Customer Asset Net
ContractWithCustomerAssetNet
972470 USD
CY2022Q1 us-gaap Revenue Remaining Performance Obligation
RevenueRemainingPerformanceObligation
55034 USD
CY2022Q1 us-gaap Revenue Remaining Performance Obligation
RevenueRemainingPerformanceObligation
20256 USD
CY2022Q1 us-gaap Revenue Remaining Performance Obligation
RevenueRemainingPerformanceObligation
18125 USD
CY2022Q1 us-gaap Revenue Remaining Performance Obligation
RevenueRemainingPerformanceObligation
17958 USD
CY2022Q1 us-gaap Revenue Remaining Performance Obligation
RevenueRemainingPerformanceObligation
13908 USD
CY2022Q1 us-gaap Revenue Remaining Performance Obligation
RevenueRemainingPerformanceObligation
46445 USD
CY2022Q1 us-gaap Revenue Remaining Performance Obligation
RevenueRemainingPerformanceObligation
171726 USD
CY2022Q1 us-gaap Number Of Stores
NumberOfStores
75 pure
CY2021Q1 us-gaap Number Of Stores
NumberOfStores
75 pure
CY2022Q1 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
62889 USD
CY2021Q1 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
333245 USD
CY2022Q1 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
7263508
CY2021Q1 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
7263508
CY2022Q1 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
0.01
CY2021Q1 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
0.05
CY2018Q4 us-gaap Lessee Operating Lease Renewal Term
LesseeOperatingLeaseRenewalTerm
P5Y
CY2018Q4 us-gaap Operating Lease Expense
OperatingLeaseExpense
21300 USD
CY2022Q1 us-gaap Lessee Operating Lease Remaining Lease Term
LesseeOperatingLeaseRemainingLeaseTerm
P25M
CY2022Q1 us-gaap Lessee Operating Lease Discount Rate
LesseeOperatingLeaseDiscountRate
0.0525 pure
CY2022Q1 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
86865 USD
CY2022Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
118322 USD
CY2022Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
40177 USD
CY2022Q1 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
245364 USD
CY2022Q1 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
11317 USD
CY2022Q1 us-gaap Operating Lease Liability
OperatingLeaseLiability
234047 USD
CY2022Q1 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
108241 USD
CY2022Q1 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
125806 USD
CY2022Q1 us-gaap Operating Lease Liability
OperatingLeaseLiability
234047 USD
CY2022Q1 us-gaap Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
17000 USD
CY2022Q1 us-gaap Current Income Tax Expense Benefit
CurrentIncomeTaxExpenseBenefit
8750 USD
CY2022Q1 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.290 pure
CY2021Q1 us-gaap Current Income Tax Expense Benefit
CurrentIncomeTaxExpenseBenefit
11000 USD
CY2021Q1 us-gaap Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
21000 USD
CY2021Q1 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.088 pure
CY2013Q2 babb Preferred Stock Dividends Number Of Rights Minimum Percent Of Common Stock That Must Be Acquired To Make Rights Exercisable
PreferredStockDividendsNumberOfRightsMinimumPercentOfCommonStockThatMustBeAcquiredToMakeRightsExercisable
0.15 pure
CY2013Q2 babb Preferred Stock Dividends Number Of Rights Minimum Percent Of Common Stock That Must Be Acquired To Make Rights Exercisable Institutional Investors
PreferredStockDividendsNumberOfRightsMinimumPercentOfCommonStockThatMustBeAcquiredToMakeRightsExercisableInstitutionalInvestors
0.20 pure

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