$BABB
BAB, INC.

2023 Q2 Form 10-Q Financial Statement

#000143774923010137 Filed on April 13, 2023

View on sec.gov

Income Statement

Concept 2023 Q2 2023 Q1 2022 Q1
Revenue $864.4K $745.6K $738.3K
YoY Change 4.85% 0.99% 2.13%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $628.5K $641.1K $606.0K
YoY Change -0.12% 5.79% 11.28%
% of Gross Profit
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $930.00 $923.00 $1.310K
YoY Change -27.34% -29.54% 8.0%
% of Gross Profit
Operating Expenses $693.3K $696.2K $649.7K
YoY Change 0.12% 7.15% 10.88%
Operating Profit $171.1K $49.40K $88.57K
YoY Change 29.66% -44.22% -35.34%
Interest Expense $5.440K $120.00 $70.00
YoY Change 8966.67% 71.43% -41.67%
% of Operating Profit 3.18% 0.24% 0.08%
Other Income/Expense, Net
YoY Change
Pretax Income $176.5K $49.52K $88.64K
YoY Change 33.73% -44.13% -75.73%
Income Tax $50.00K $14.20K $25.75K
% Of Pretax Income 28.32% 28.68% 29.05%
Net Earnings $126.5K $35.32K $62.89K
YoY Change 34.73% -43.84% -81.13%
Net Earnings / Revenue 14.64% 4.74% 8.52%
Basic Earnings Per Share $0.02 $0.00 $0.01
Diluted Earnings Per Share $0.02 $0.02 $8.658K
COMMON SHARES
Basic Shares Outstanding 7.264M 7.264M 7.264M
Diluted Shares Outstanding

Balance Sheet

Concept 2023 Q2 2023 Q1 2022 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $1.682M $1.598M $1.494M
YoY Change 15.92% 6.99% 12.12%
Cash & Equivalents $1.682M $1.598M $1.494M
Short-Term Investments
Other Short-Term Assets $428.1K $468.4K $713.7K
YoY Change -46.13% -34.37% 49.63%
Inventory
Prepaid Expenses
Receivables $59.34K $76.15K $68.33K
Other Receivables $28.23K $34.41K $24.30K
Total Short-Term Assets $2.198M $2.177M $2.300M
YoY Change -6.77% -5.34% 21.67%
LONG-TERM ASSETS
Property, Plant & Equipment $80.80K $0.00 $361.00
YoY Change -100.0% -81.1%
Goodwill $1.494M
YoY Change 0.0%
Intangibles $461.4K $461.4K $461.4K
YoY Change 0.0% 0.0% 0.0%
Long-Term Investments
YoY Change
Other Assets $10.43K
YoY Change
Total Long-Term Assets $2.089M $2.114M $2.183M
YoY Change -4.68% -3.15% -3.48%
TOTAL ASSETS
Total Short-Term Assets $2.198M $2.177M $2.300M
Total Long-Term Assets $2.089M $2.114M $2.183M
Total Assets $4.286M $4.292M $4.484M
YoY Change -5.76% -4.28% 7.97%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $14.06K $25.49K $4.946K
YoY Change 80.33% 415.33% 15.21%
Accrued Expenses $443.1K $446.0K $411.7K
YoY Change 18.07% 8.32% -2.78%
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 $854.6K $889.0K $1.141M
YoY Change -27.95% -22.1% 26.74%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $156.9K $156.1K $237.5K
YoY Change -28.55% -34.28% -24.08%
Total Long-Term Liabilities $156.9K $437.8K $418.6K
YoY Change -62.4% 4.58% -0.04%
TOTAL LIABILITIES
Total Short-Term Liabilities $854.6K $889.0K $1.141M
Total Long-Term Liabilities $156.9K $437.8K $418.6K
Total Liabilities $1.267M $1.327M $1.560M
YoY Change -20.96% -14.94% 18.24%
SHAREHOLDERS EQUITY
Retained Earnings -$11.25M -$11.31M -$11.35M
YoY Change -0.65% -0.36% -0.79%
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 $3.019M $2.965M $2.924M
YoY Change
Total Liabilities & Shareholders Equity $4.286M $4.292M $4.484M
YoY Change -5.76% -4.28% 7.97%

Cashflow Statement

Concept 2023 Q2 2023 Q1 2022 Q1
OPERATING ACTIVITIES
Net Income $126.5K $35.32K $62.89K
YoY Change 34.73% -43.84% -81.13%
Depreciation, Depletion And Amortization $930.00 $923.00 $1.310K
YoY Change -27.34% -29.54% 8.0%
Cash From Operating Activities $154.9K $180.0K $142.4K
YoY Change 6.81% 26.41% -12.1%
INVESTING ACTIVITIES
Capital Expenditures $0.00 $0.00 -$10.43K
YoY Change -100.0% -100.0%
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities $0.00 $0.00 -$10.43K
YoY Change -100.0% -100.0%
FINANCING ACTIVITIES
Cash Dividend Paid $145.3K $72.64K
YoY Change 100.0% 0.0%
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -72.64K -$145.3K -$72.64K
YoY Change 0.01% 100.0% 0.0%
NET CHANGE
Cash From Operating Activities 154.9K $180.0K $142.4K
Cash From Investing Activities 0.000 $0.00 -$10.43K
Cash From Financing Activities -72.64K -$145.3K -$72.64K
Net Change In Cash 82.21K $34.69K $59.30K
YoY Change 100.12% -41.51% -33.61%
FREE CASH FLOW
Cash From Operating Activities $154.9K $180.0K $142.4K
Capital Expenditures $0.00 $0.00 -$10.43K
Free Cash Flow $154.9K $180.0K $152.8K
YoY Change -12.14% 17.78% -5.66%

Facts In Submission

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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:c244">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 February 28, 2023, 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, 2022 which was filed February 24, 2023. 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>
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WeightedAverageNumberOfSharesOutstandingBasic
7263508
CY2022Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
7263508
CY2023Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.00
CY2022Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.01
CY2022Q2 babb Lessor Sales Type Lease Weekly Payments
LessorSalesTypeLeaseWeeklyPayments
121 usd
CY2022Q2 babb Lessor Salestype Lease Optional Buyout Payment
LessorSalestypeLeaseOptionalBuyoutPayment
4800 usd
CY2023Q1 us-gaap Sales Type Lease Residual Value Of Leased Asset
SalesTypeLeaseResidualValueOfLeasedAsset
4800 usd
CY2023Q1 us-gaap Sales Type And Direct Financing Leases Lease Receivable Payments To Be Received Next Twelve Months
SalesTypeAndDirectFinancingLeasesLeaseReceivablePaymentsToBeReceivedNextTwelveMonths
4712 usd
CY2023Q1 us-gaap Sales Type And Direct Financing Leases Lease Receivable Payments To Be Received Two Years
SalesTypeAndDirectFinancingLeasesLeaseReceivablePaymentsToBeReceivedTwoYears
6283 usd
CY2023Q1 us-gaap Sales Type And Direct Financing Leases Lease Receivable Payments To Be Received Three Years
SalesTypeAndDirectFinancingLeasesLeaseReceivablePaymentsToBeReceivedThreeYears
6283 usd
CY2023Q1 us-gaap Sales Type And Direct Financing Leases Lease Receivable Payments To Be Received Four Years
SalesTypeAndDirectFinancingLeasesLeaseReceivablePaymentsToBeReceivedFourYears
6283 usd
CY2023Q1 us-gaap Sales Type And Direct Financing Leases Lease Receivable Payments To Be Received Five Years
SalesTypeAndDirectFinancingLeasesLeaseReceivablePaymentsToBeReceivedFiveYears
6283 usd
CY2023Q1 us-gaap Sales Type And Direct Financing Leases Lease Receivable Payments To Be Received Thereafter
SalesTypeAndDirectFinancingLeasesLeaseReceivablePaymentsToBeReceivedThereafter
14347 usd
CY2023Q1 us-gaap Sales Type And Direct Financing Leases Lease Receivable Payments To Be Received
SalesTypeAndDirectFinancingLeasesLeaseReceivablePaymentsToBeReceived
44191 usd
CY2023Q1 us-gaap Sales Type And Direct Financing Leases Lease Receivable Undiscounted Excess Amount
SalesTypeAndDirectFinancingLeasesLeaseReceivableUndiscountedExcessAmount
1508 usd
CY2023Q1 us-gaap Sales Type And Direct Financing Leases Lease Receivable
SalesTypeAndDirectFinancingLeasesLeaseReceivable
42683 usd
CY2023Q1 us-gaap Sales Type Lease Net Investment In Lease After Allowance For Credit Loss Current
SalesTypeLeaseNetInvestmentInLeaseAfterAllowanceForCreditLossCurrent
5845 usd
CY2023Q1 us-gaap Sales Type Lease Net Investment In Lease After Allowance For Credit Loss Noncurrent
SalesTypeLeaseNetInvestmentInLeaseAfterAllowanceForCreditLossNoncurrent
36838 usd
CY2023Q1 us-gaap Sales Type Lease Net Investment In Lease After Allowance For Credit Loss
SalesTypeLeaseNetInvestmentInLeaseAfterAllowanceForCreditLoss
42683 usd
CY2018Q4 us-gaap Lessee Operating Lease Renewal Term
LesseeOperatingLeaseRenewalTerm
P5Y
CY2018Q4 us-gaap Operating Lease Expense
OperatingLeaseExpense
21300 usd
CY2023Q1 us-gaap Lessee Operating Lease Remaining Lease Term
LesseeOperatingLeaseRemainingLeaseTerm
P13M
CY2023Q1 us-gaap Lessee Operating Lease Discount Rate
LesseeOperatingLeaseDiscountRate
0.0525 pure
CY2023Q1 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
88852 usd
CY2023Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
40177 usd
CY2023Q1 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
129029 usd
CY2023Q1 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
3224 usd
CY2023Q1 us-gaap Operating Lease Liability
OperatingLeaseLiability
125805 usd
CY2023Q1 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
115796 usd
CY2023Q1 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
10009 usd
CY2023Q1 us-gaap Operating Lease Liability
OperatingLeaseLiability
125805 usd
CY2023Q1 us-gaap Current Income Tax Expense Benefit
CurrentIncomeTaxExpenseBenefit
14200 usd
CY2023Q1 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.287 pure
CY2022Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
25750 usd
CY2022Q1 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
29.0 pure
CY2023Q1 us-gaap Common Stock Dividends Per Share Declared
CommonStockDividendsPerShareDeclared
0.01
CY2022Q4 us-gaap Common Stock Dividends Per Share Declared
CommonStockDividendsPerShareDeclared
0.02
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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0001437749-23-010137-index-headers.html Edgar Link pending
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0001437749-23-010137.txt Edgar Link pending
0001437749-23-010137-xbrl.zip Edgar Link pending
babb-20230228.xsd Edgar Link pending
babs20230228_10q.htm Edgar Link pending
ex_498243.htm Edgar Link pending
ex_498244.htm Edgar Link pending
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babb-20230228_cal.xml Edgar Link unprocessable
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babs20230228_10q_htm.xml Edgar Link completed
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babb-20230228_def.xml Edgar Link unprocessable
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