$BABB
BAB, INC.

2022 Q3 Form 10-Q Financial Statement

#000143774922017049 Filed on July 13, 2022

View on sec.gov

Income Statement

Concept 2022 Q3 2022 Q2 2021 Q4
Revenue $882.3K $824.4K $811.7K
YoY Change 11.86% 10.1% 16.02%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $606.1K $629.3K $686.4K
YoY Change 10.5% 9.99% 34.46%
% of Gross Profit
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $930.00 $1.280K $1.410K
YoY Change -32.61% 14.29% 25.89%
% of Gross Profit
Operating Expenses $653.3K $692.5K $727.3K
YoY Change 10.63% 10.51% 30.76%
Operating Profit $228.9K $131.9K
YoY Change 15.52% 8.01%
Interest Expense $150.00 $60.00 $90.00
YoY Change 50.0% -45.45% 0.0%
% of Operating Profit 0.07% 0.05%
Other Income/Expense, Net
YoY Change
Pretax Income $229.1K $132.0K $84.49K
YoY Change 15.54% 7.96% -41.13%
Income Tax $64.75K $38.09K -$13.85K
% Of Pretax Income 28.26% 28.85% -16.39%
Net Earnings $164.4K $93.92K $98.34K
YoY Change 23.8% 8.22% -169.54%
Net Earnings / Revenue 18.63% 11.39% 12.12%
Basic Earnings Per Share $0.02 $0.01
Diluted Earnings Per Share $22.63K $12.93K $13.54K
COMMON SHARES
Basic Shares Outstanding 7.264M 7.264M 7.264M
Diluted Shares Outstanding

Balance Sheet

Concept 2022 Q3 2022 Q2 2021 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $1.544M $1.451M $1.462M
YoY Change 5.89% 6.69% 18.28%
Cash & Equivalents $1.544M $1.451M $1.462M
Short-Term Investments
Other Short-Term Assets $978.9K $794.6K $684.5K
YoY Change 48.72% 50.07% 38.68%
Inventory
Prepaid Expenses
Receivables $47.04K $81.91K $91.31K
Other Receivables $18.60K $29.88K $26.08K
Total Short-Term Assets $2.588M $2.358M $2.264M
YoY Change 16.46% 19.11% 25.06%
LONG-TERM ASSETS
Property, Plant & Equipment $0.00 $0.00 $748.00
YoY Change -100.0% -100.0% -67.42%
Goodwill $1.494M $1.494M $1.494M
YoY Change 0.0% 0.0% 0.0%
Intangibles $461.4K $461.4K $461.4K
YoY Change 0.0% 0.0% 0.0%
Long-Term Investments
YoY Change
Other Assets $41.70K
YoY Change
Total Long-Term Assets $2.166M $2.191M $2.196M
YoY Change -2.43% -2.18% -3.85%
TOTAL ASSETS
Total Short-Term Assets $2.588M $2.358M $2.264M
Total Long-Term Assets $2.166M $2.191M $2.196M
Total Assets $4.754M $4.549M $4.460M
YoY Change 7.02% 7.81% 8.93%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $4.915K $7.797K $2.064K
YoY Change 31.28% -22.15% -79.92%
Accrued Expenses $411.0K $375.3K $422.9K
YoY Change -3.87% -2.7% 8.99%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $0.00
YoY Change -100.0%
Total Short-Term Liabilities $1.328M $1.186M $1.098M
YoY Change 26.55% 27.94% 1.79%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $191.3K $219.6K $264.6K
YoY Change -35.86% -29.22% -26.08%
Total Long-Term Liabilities $388.9K $417.2K $428.7K
YoY Change -19.76% -6.08% -3.2%
TOTAL LIABILITIES
Total Short-Term Liabilities $1.328M $1.186M $1.098M
Total Long-Term Liabilities $388.9K $417.2K $428.7K
Total Liabilities $1.717M $1.603M $1.527M
YoY Change 11.92% 16.92% 0.34%
SHAREHOLDERS EQUITY
Retained Earnings -$11.24M -$11.33M -$11.34M
YoY Change -1.13% -0.85% -3.08%
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 $3.037M $2.945M $2.934M
YoY Change
Total Liabilities & Shareholders Equity $4.754M $4.549M $4.460M
YoY Change 7.02% 7.81% 8.93%

Cashflow Statement

Concept 2022 Q3 2022 Q2 2021 Q4
OPERATING ACTIVITIES
Net Income $164.4K $93.92K $98.34K
YoY Change 23.8% 8.22% -169.54%
Depreciation, Depletion And Amortization $930.00 $1.280K $1.410K
YoY Change -32.61% 14.29% 25.89%
Cash From Operating Activities $260.3K $145.0K $123.3K
YoY Change -0.42% -15.55% -52.88%
INVESTING ACTIVITIES
Capital Expenditures $41.70K -$31.27K $0.00
YoY Change -1748.22% -100.0%
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities $41.70K -$31.27K $0.00
YoY Change -1748.22% -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 -72.64K -72.63K -72.63K
YoY Change 0.0% 0.0%
NET CHANGE
Cash From Operating Activities 260.3K 145.0K 123.3K
Cash From Investing Activities 41.70K -31.27K 0.000
Cash From Financing Activities -72.64K -72.63K -72.63K
Net Change In Cash 229.3K 41.08K 50.66K
YoY Change 23.16% -58.53% -80.43%
FREE CASH FLOW
Cash From Operating Activities $260.3K $145.0K $123.3K
Capital Expenditures $41.70K -$31.27K $0.00
Free Cash Flow $218.6K $176.3K $123.3K
YoY Change -17.18% 2.66% -53.37%

Facts In Submission

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us-gaap Nature Of Operations
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<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><b>Note 1. 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:c313">three</span> wholly owned subsidiaries: BAB Systems, Inc. (“Systems”), BAB Operations, Inc. (“Operations”) and BAB Investments, Inc. (“Investments”). Systems was incorporated on December 2, 1992, and was primarily established to franchise Big Apple Bagels® (“BAB”) specialty bagel retail stores. My Favorite Muffin (“MFM”) was acquired in 1997 and is included as a part of Systems. Brewster’s (“Brewster’s”) was established in 1996 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 1995, primarily to operate Company-owned stores of which there are currently none. The assets of Jacobs Bros. Bagels (“Jacobs Bros.”) were acquired in 1999, and any branded wholesale business uses this trademark. Investments was incorporated in 2009 to be used for the purpose of acquisitions. To date there have been no 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 July 12, 2000. The Company currently franchises and licenses bagel and muffin retail units under the BAB, MFM and SD trade names. At May 31, 2022, the Company had 68 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 not 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 10-K for the year ended November 30, 2021 which was filed February 25, 2022. 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 not 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> <p style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin: 0pt; text-align: left"> </p>
CY2022Q2 us-gaap Number Of States In Which Entity Operates
NumberOfStatesInWhichEntityOperates
20 pure
us-gaap Use Of Estimates
UseOfEstimates
<b><span style="text-decoration: underline; ">Use of Estimates</span></b> 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. 
us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
1471724 usd
CY2022Q2 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
1451214 usd
CY2021Q2 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
1360173 usd
CY2022Q2 us-gaap Restricted Cash And Cash Equivalents
RestrictedCashAndCashEquivalents
707311 usd
CY2021Q2 us-gaap Restricted Cash And Cash Equivalents
RestrictedCashAndCashEquivalents
461120 usd
CY2022Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
2158525 usd
CY2021Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
1821293 usd
babb Initial Franchise Term
InitialFranchiseTerm
P10Y
babb Royalty Fees From Franchisespercentage
RoyaltyFeesFromFranchisespercentage
0.05 pure
CY2021Q4 us-gaap Contract With Customer Asset Net
ContractWithCustomerAssetNet
972470 usd
CY2020Q4 us-gaap Contract With Customer Asset Net
ContractWithCustomerAssetNet
697763 usd
babb Contract With Customer Asset Revenue Recognized
ContractWithCustomerAssetRevenueRecognized
593477 usd
CY2022Q2 us-gaap Revenue Remaining Performance Obligation
RevenueRemainingPerformanceObligation
40875 usd
CY2022Q2 us-gaap Revenue Remaining Performance Obligation Expected Timing Of Satisfaction Period1
RevenueRemainingPerformanceObligationExpectedTimingOfSatisfactionPeriod1
P1Y
CY2022Q2 us-gaap Revenue Remaining Performance Obligation
RevenueRemainingPerformanceObligation
19125 usd
CY2022Q2 us-gaap Revenue Remaining Performance Obligation Expected Timing Of Satisfaction Period1
RevenueRemainingPerformanceObligationExpectedTimingOfSatisfactionPeriod1
P1Y
CY2022Q2 us-gaap Revenue Remaining Performance Obligation
RevenueRemainingPerformanceObligation
18958 usd
CY2022Q2 us-gaap Revenue Remaining Performance Obligation Expected Timing Of Satisfaction Period1
RevenueRemainingPerformanceObligationExpectedTimingOfSatisfactionPeriod1
P1Y
CY2022Q2 us-gaap Revenue Remaining Performance Obligation
RevenueRemainingPerformanceObligation
14908 usd
CY2022Q2 us-gaap Revenue Remaining Performance Obligation Expected Timing Of Satisfaction Period1
RevenueRemainingPerformanceObligationExpectedTimingOfSatisfactionPeriod1
P1Y
CY2022Q2 us-gaap Revenue Remaining Performance Obligation
RevenueRemainingPerformanceObligation
53532 usd
CY2022Q2 us-gaap Revenue Remaining Performance Obligation Expected Timing Of Satisfaction Period1
RevenueRemainingPerformanceObligationExpectedTimingOfSatisfactionPeriod1
P1Y
CY2022Q2 us-gaap Revenue Remaining Performance Obligation
RevenueRemainingPerformanceObligation
167856 usd
CY2022Q2 us-gaap Number Of Stores
NumberOfStores
74 pure
CY2021Q2 us-gaap Number Of Stores
NumberOfStores
75 pure
CY2022Q2 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
93916 usd
CY2021Q2 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
86779 usd
us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
156806 usd
us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
420024 usd
CY2022Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
7263508
CY2021Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
7263508
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
7263508
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
7263508
CY2022Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.01
CY2021Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.01
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.02
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.06
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
CY2022Q2 us-gaap Lessee Operating Lease Remaining Lease Term
LesseeOperatingLeaseRemainingLeaseTerm
P21M
CY2022Q2 us-gaap Lessee Operating Lease Discount Rate
LesseeOperatingLeaseDiscountRate
0.0525 pure
CY2022Q2 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
58057 usd
CY2022Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
118322 usd
CY2022Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
40177 usd
CY2022Q2 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
216556 usd
CY2022Q2 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
8848 usd
CY2022Q2 us-gaap Operating Lease Liability
OperatingLeaseLiability
207708 usd
CY2022Q2 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
110106 usd
CY2022Q2 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
97602 usd
CY2022Q2 us-gaap Operating Lease Liability
OperatingLeaseLiability
207708 usd
us-gaap Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
33500 usd
us-gaap Current Income Tax Expense Benefit
CurrentIncomeTaxExpenseBenefit
30341 usd
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.289 pure
us-gaap Current Income Tax Expense Benefit
CurrentIncomeTaxExpenseBenefit
18500 usd
us-gaap Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
49000 usd
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.138 pure
CY2021Q2 us-gaap Common Stock Dividends Per Share Declared
CommonStockDividendsPerShareDeclared
0.01

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