$BABB
BAB, INC.

2023 Q3 Form 10-Q Financial Statement

#000143774923019849 Filed on July 13, 2023

View on sec.gov

Income Statement

Concept 2023 Q3 2023 Q2
Revenue $936.7K $864.4K
YoY Change 6.16% 4.85%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $681.7K $628.5K
YoY Change 12.48% -0.12%
% of Gross Profit
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $980.00 $930.00
YoY Change 5.38% -27.34%
% of Gross Profit
Operating Expenses $717.8K $693.3K
YoY Change 9.87% 0.12%
Operating Profit $218.8K $171.1K
YoY Change -4.43% 29.66%
Interest Expense $15.05K $5.440K
YoY Change 9933.33% 8966.67%
% of Operating Profit 6.88% 3.18%
Other Income/Expense, Net
YoY Change
Pretax Income $233.9K $176.5K
YoY Change 2.08% 33.73%
Income Tax $66.10K $50.00K
% Of Pretax Income 28.27% 28.32%
Net Earnings $167.8K $126.5K
YoY Change 2.07% 34.73%
Net Earnings / Revenue 17.91% 14.64%
Basic Earnings Per Share $0.02 $0.02
Diluted Earnings Per Share $0.02 $0.02
COMMON SHARES
Basic Shares Outstanding 7.264M 7.264M
Diluted Shares Outstanding

Balance Sheet

Concept 2023 Q3 2023 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $1.714M $1.682M
YoY Change 11.01% 15.92%
Cash & Equivalents $1.714M $1.682M
Short-Term Investments
Other Short-Term Assets $418.2K $428.1K
YoY Change -57.28% -46.13%
Inventory
Prepaid Expenses
Receivables $76.84K $59.34K
Other Receivables $22.99K $28.23K
Total Short-Term Assets $2.232M $2.198M
YoY Change -13.77% -6.77%
LONG-TERM ASSETS
Property, Plant & Equipment $0.00 $80.80K
YoY Change
Goodwill
YoY Change
Intangibles $461.4K $461.4K
YoY Change 0.0% 0.0%
Long-Term Investments
YoY Change
Other Assets $2.250K
YoY Change
Total Long-Term Assets $2.066M $2.089M
YoY Change -4.62% -4.68%
TOTAL ASSETS
Total Short-Term Assets $2.232M $2.198M
Total Long-Term Assets $2.066M $2.089M
Total Assets $4.297M $4.286M
YoY Change -9.6% -5.76%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $4.072K $14.06K
YoY Change -17.15% 80.33%
Accrued Expenses $371.0K $443.1K
YoY Change -9.73% 18.07%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $754.3K $854.6K
YoY Change -43.2% -27.95%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities $143.7K $156.9K
YoY Change -24.88% -28.55%
Total Long-Term Liabilities $429.0K $156.9K
YoY Change 10.31% -62.4%
TOTAL LIABILITIES
Total Short-Term Liabilities $754.3K $854.6K
Total Long-Term Liabilities $429.0K $156.9K
Total Liabilities $1.183M $1.267M
YoY Change -31.08% -20.96%
SHAREHOLDERS EQUITY
Retained Earnings -$11.16M -$11.25M
YoY Change -0.69% -0.65%
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 $3.114M $3.019M
YoY Change
Total Liabilities & Shareholders Equity $4.297M $4.286M
YoY Change -9.6% -5.76%

Cashflow Statement

Concept 2023 Q3 2023 Q2
OPERATING ACTIVITIES
Net Income $167.8K $126.5K
YoY Change 2.07% 34.73%
Depreciation, Depletion And Amortization $980.00 $930.00
YoY Change 5.38% -27.34%
Cash From Operating Activities $89.95K $154.9K
YoY Change -65.44% 6.81%
INVESTING ACTIVITIES
Capital Expenditures $1.180K $0.00
YoY Change -97.17% -100.0%
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities -$1.180K $0.00
YoY Change -102.83% -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 -72.63K -72.64K
YoY Change -0.01% 0.01%
NET CHANGE
Cash From Operating Activities 89.95K 154.9K
Cash From Investing Activities -1.180K 0.000
Cash From Financing Activities -72.63K -72.64K
Net Change In Cash 16.14K 82.21K
YoY Change -92.96% 100.12%
FREE CASH FLOW
Cash From Operating Activities $89.95K $154.9K
Capital Expenditures $1.180K $0.00
Free Cash Flow $88.77K $154.9K
YoY Change -59.38% -12.14%

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; margin: 0pt; text-align: justify;">BAB, Inc. (“the Company”) has <span style="-sec-ix-hidden:c296">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; margin: 0pt; text-align: justify;"> </p> <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: justify;">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, 2023, the Company had 67 franchise units and 3 licensed units in operation in 20 states. There are 4 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: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: justify;"> </p> <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: justify;">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: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: justify;"> </p> <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; 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.</p> <p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: justify;"> </p> <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; 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 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: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: justify;"> </p> <p style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin: 0pt; text-align: left"> </p>
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<p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: justify;"><b><span style="text-decoration: underline; ">Use of Estimates</span></b></p> <p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: justify;"> </p> <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; 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.</p> <p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: justify;"> </p>
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