$BABB
BAB, INC.

2023 Q1 Form 10-K Financial Statement

#000143774923004508 Filed on February 24, 2023

View on sec.gov

Income Statement

Concept 2023 Q1 2022 Q4 2022
Revenue $745.6K $842.1K $3.287M
YoY Change 0.99% 3.75% 7.0%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $641.1K $631.8K $2.473M
YoY Change 5.79% -7.95% 5.17%
% of Gross Profit
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $923.00 $920.00 $4.440K
YoY Change -29.54% -34.75% -13.21%
% of Gross Profit
Operating Expenses $696.2K $683.8K $2.679M
YoY Change 7.15% -5.98% 5.88%
Operating Profit $49.40K $607.8K
YoY Change -44.22% 12.19%
Interest Expense $120.00 $130.00 $410.00
YoY Change 71.43% 44.44% -2.38%
% of Operating Profit 0.24% 0.07%
Other Income/Expense, Net
YoY Change
Pretax Income $49.52K $158.4K $608.2K
YoY Change -44.13% 87.51% -21.05%
Income Tax $14.20K $47.60K $176.2K
% Of Pretax Income 28.68% 30.04% 28.97%
Net Earnings $35.32K $110.8K $432.0K
YoY Change -43.84% 12.7% -33.65%
Net Earnings / Revenue 4.74% 13.16% 13.14%
Basic Earnings Per Share $0.00 $0.06
Diluted Earnings Per Share $0.02 $0.02 $0.06
COMMON SHARES
Basic Shares Outstanding 7.264M 7.264M 7.264M
Diluted Shares Outstanding

Balance Sheet

Concept 2023 Q1 2022 Q4 2022
SHORT-TERM ASSETS
Cash & Short-Term Investments $1.598M $1.623M $1.623M
YoY Change 6.99% 11.03% 11.03%
Cash & Equivalents $1.598M $1.623M
Short-Term Investments
Other Short-Term Assets $468.4K $438.6K $438.6K
YoY Change -34.37% -35.91% -35.91%
Inventory
Prepaid Expenses
Receivables $76.15K $73.97K $73.97K
Other Receivables $34.41K $18.64K $18.64K
Total Short-Term Assets $2.177M $2.154M $2.155M
YoY Change -5.34% -4.83% -4.83%
LONG-TERM ASSETS
Property, Plant & Equipment $0.00 $0.00 $127.6K
YoY Change -100.0% -100.0% -41.57%
Goodwill
YoY Change
Intangibles $461.4K $461.4K
YoY Change 0.0% 0.0%
Long-Term Investments
YoY Change
Other Assets
YoY Change
Total Long-Term Assets $2.114M $2.140M $2.140M
YoY Change -3.15% -2.56% -2.56%
TOTAL ASSETS
Total Short-Term Assets $2.177M $2.154M $2.155M
Total Long-Term Assets $2.114M $2.140M $2.140M
Total Assets $4.292M $4.295M $4.295M
YoY Change -4.28% -3.71% -3.71%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $25.49K $5.803K $5.800K
YoY Change 415.33% 181.15% 181.55%
Accrued Expenses $446.0K $438.6K $438.6K
YoY Change 8.32% 3.7% 3.7%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $889.0K $769.6K $769.6K
YoY Change -22.1% -29.9% -29.9%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $156.1K $168.3K $168.3K
YoY Change -34.28% -36.39% -36.39%
Total Long-Term Liabilities $437.8K $450.0K $168.3K
YoY Change 4.58% 4.97% -36.39%
TOTAL LIABILITIES
Total Short-Term Liabilities $889.0K $769.6K $769.6K
Total Long-Term Liabilities $437.8K $450.0K $168.3K
Total Liabilities $1.327M $1.220M $1.220M
YoY Change -14.94% -20.11% -20.11%
SHAREHOLDERS EQUITY
Retained Earnings -$11.31M -$11.20M
YoY Change -0.36% -1.25%
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 $2.965M $3.075M $3.075M
YoY Change
Total Liabilities & Shareholders Equity $4.292M $4.295M $4.295M
YoY Change -4.28% -3.71% -3.71%

Cashflow Statement

Concept 2023 Q1 2022 Q4 2022
OPERATING ACTIVITIES
Net Income $35.32K $110.8K $432.0K
YoY Change -43.84% 12.7% -33.65%
Depreciation, Depletion And Amortization $923.00 $920.00 $4.440K
YoY Change -29.54% -34.75% -13.21%
Cash From Operating Activities $180.0K -$412.6K $135.0K
YoY Change 26.41% -434.63% -81.2%
INVESTING ACTIVITIES
Capital Expenditures $0.00 $0.00 $0.00
YoY Change -100.0% -100.0%
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities $0.00 $0.00 $0.00
YoY Change -100.0% -100.0%
FINANCING ACTIVITIES
Cash Dividend Paid $145.3K $290.5K
YoY Change 100.0% 0.0%
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -$145.3K -72.63K -$290.5K
YoY Change 100.0% 0.0% 0.0%
NET CHANGE
Cash From Operating Activities $180.0K -412.6K $135.0K
Cash From Investing Activities $0.00 0.000 $0.00
Cash From Financing Activities -$145.3K -72.63K -$290.5K
Net Change In Cash $34.69K -485.2K -$155.5K
YoY Change -41.51% -1057.74% -136.57%
FREE CASH FLOW
Cash From Operating Activities $180.0K -$412.6K $135.0K
Capital Expenditures $0.00 $0.00 $0.00
Free Cash Flow $180.0K -$412.6K $135.0K
YoY Change 17.78% -434.63% -81.27%

Facts In Submission

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<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;"><b><span style="text-decoration: underline; ">Note 1 - Nature of Operations</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;">BAB, Inc (“the Company”) has <span style="-sec-ix-hidden:c302">three</span> wholly owned subsidiaries: BAB Systems, Inc. (“Systems”) and 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 or MFM 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 November 30, 2022, the Company had 68 franchise units and 4 licensed units in operation in 20 states. There are 2 units under development. The Company's revenues are derived primarily from the ongoing royalties paid to the Company by its franchisees and from receipt of initial franchise fees. Additionally, the Company derives revenue from the sale of licensed products (My Favorite Muffin mix, Big Apple Bagels cream cheese and Brewster's coffee) to franchisees, licensees and other approved customers.</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>
CY2022Q4 us-gaap Number Of States In Which Entity Operates
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20 pure
CY2022 us-gaap Use Of Estimates
UseOfEstimates
<b><span style="text-decoration: underline; ">Uses 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.
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CY2022Q4 us-gaap Number Of Stores
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CY2022Q4 us-gaap Deferred Tax Assets Tax Deferred Expense Reserves And Accruals Accrued Liabilities
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CY2022Q4 us-gaap Deferred Tax Liabilities Leasing Arrangements
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CY2013Q2 babb Preferred Stock Dividends Number Of Rights Minimum Percent Of Common Stock That Must Be Acquired To Make Rights Exercisable Institutional Investors
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0.20 pure
CY2022Q4 us-gaap Deferred Tax Assets Liabilities Net
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281700 usd
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CY2022Q4 us-gaap Deferred Income Tax Liabilities
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CY2021Q4 us-gaap Operating Loss Carryforwards
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CY2022Q4 us-gaap Common Stock Dividends Per Share Declared
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0.02
CY2013Q2 babb Preferred Stock Dividends Number Of Rights Minimum Percent Of Common Stock That Must Be Acquired To Make Rights Exercisable
PreferredStockDividendsNumberOfRightsMinimumPercentOfCommonStockThatMustBeAcquiredToMakeRightsExercisable
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CY2022 us-gaap Sales Type Lease Lease Income
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5319 usd
CY2022 us-gaap Sales Type Lease Interest Income
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256 usd
CY2022 us-gaap Sales Type Lease Revenue
SalesTypeLeaseRevenue
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CY2022Q4 babb Lessor Sales Type Lease Applicable Discount Rate
LessorSalesTypeLeaseApplicableDiscountRate
0.0125 pure
CY2022Q4 us-gaap Sales Type And Direct Financing Leases Lease Receivable Payments To Be Received Next Twelve Months
SalesTypeAndDirectFinancingLeasesLeaseReceivablePaymentsToBeReceivedNextTwelveMonths
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CY2022Q4 us-gaap Sales Type And Direct Financing Leases Lease Receivable Payments To Be Received Two Years
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P5Y
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21300 usd
CY2022 us-gaap Operating Lease Expense
OperatingLeaseExpense
91100 usd
CY2021 us-gaap Operating Lease Expense
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91300 usd
CY2022Q4 us-gaap Lessee Operating Lease Remaining Lease Term
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P16M
CY2022Q4 us-gaap Lessee Operating Lease Discount Rate
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0.0525 pure
CY2022Q4 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
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CY2022Q4 us-gaap Lessee Operating Lease Liability Payments Due Year Two
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CY2022Q4 us-gaap Lessee Operating Lease Liability Payments Due
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CY2022Q4 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
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CY2022Q4 us-gaap Operating Lease Liability
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CY2022Q4 us-gaap Operating Lease Liability Current
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CY2022Q4 us-gaap Operating Lease Liability Noncurrent
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CY2022Q4 us-gaap Operating Lease Liability
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153702 usd
CY2022 us-gaap Defined Contribution Plan Maximum Annual Contributions Per Employee Percent
DefinedContributionPlanMaximumAnnualContributionsPerEmployeePercent
0.04 pure
CY2022 us-gaap Defined Contribution Plan Cost Recognized
DefinedContributionPlanCostRecognized
40100 usd
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CY2022 us-gaap Loss Contingency Disclosures
LossContingencyDisclosures
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;"><b><span style="text-decoration: underline; ">Note 11 </span></b><span style="text-decoration: underline; ">–</span><b><span style="text-decoration: underline; "> Contingencies</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;">We may be subject to various legal proceedings and claims, either asserted or unasserted, which arise in the ordinary course of business. While the outcome of such proceedings or claims cannot be predicted with certainty, management does not believe that the outcome of any such proceedings or claims will have a material effect on our financial position. We know of no pending or threatened proceeding or claim to which we are or will be a party.</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>

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