$BABB
BAB, INC.

2023 Q4 Form 10-Q Financial Statement

#000143774923028120 Filed on October 12, 2023

View on sec.gov

Income Statement

Concept 2023 Q4 2023 Q3
Revenue $963.2K $936.7K
YoY Change 14.39% 6.16%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $786.7K $681.7K
YoY Change 24.53% 12.48%
% of Gross Profit
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $980.00 $980.00
YoY Change 6.52% 5.38%
% of Gross Profit
Operating Expenses $787.7K $717.8K
YoY Change 15.2% 9.87%
Operating Profit $218.8K
YoY Change -4.43%
Interest Expense $14.94K $15.05K
YoY Change 11392.31% 9933.33%
% of Operating Profit 6.88%
Other Income/Expense, Net
YoY Change
Pretax Income $190.4K $233.9K
YoY Change 20.19% 2.08%
Income Tax $52.70K $66.10K
% Of Pretax Income 27.68% 28.27%
Net Earnings $137.7K $167.8K
YoY Change 24.26% 2.07%
Net Earnings / Revenue 14.3% 17.91%
Basic Earnings Per Share $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 Q4 2023 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $1.889M $1.714M
YoY Change 16.35% 11.01%
Cash & Equivalents $1.889M $1.714M
Short-Term Investments
Other Short-Term Assets $280.5K $418.2K
YoY Change -36.06% -57.28%
Inventory
Prepaid Expenses
Receivables $71.68K $76.84K
Other Receivables $20.90K $22.99K
Total Short-Term Assets $2.262M $2.232M
YoY Change 4.98% -13.77%
LONG-TERM ASSETS
Property, Plant & Equipment $0.00 $0.00
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 $2.037M $2.066M
YoY Change -4.83% -4.62%
TOTAL ASSETS
Total Short-Term Assets $2.262M $2.232M
Total Long-Term Assets $2.037M $2.066M
Total Assets $4.299M $4.297M
YoY Change 0.09% -9.6%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $3.042K $4.072K
YoY Change -47.58% -17.15%
Accrued Expenses $365.7K $371.0K
YoY Change -16.62% -9.73%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $648.0K $754.3K
YoY Change -15.8% -43.2%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities $162.0K $143.7K
YoY Change -3.71% -24.88%
Total Long-Term Liabilities $471.3K $429.0K
YoY Change 4.74% 10.31%
TOTAL LIABILITIES
Total Short-Term Liabilities $648.0K $754.3K
Total Long-Term Liabilities $471.3K $429.0K
Total Liabilities $1.119M $1.183M
YoY Change -8.22% -31.08%
SHAREHOLDERS EQUITY
Retained Earnings -$11.09M -$11.16M
YoY Change -0.93% -0.69%
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 $3.179M $3.114M
YoY Change
Total Liabilities & Shareholders Equity $4.299M $4.297M
YoY Change 0.09% -9.6%

Cashflow Statement

Concept 2023 Q4 2023 Q3
OPERATING ACTIVITIES
Net Income $137.7K $167.8K
YoY Change 24.26% 2.07%
Depreciation, Depletion And Amortization $980.00 $980.00
YoY Change 6.52% 5.38%
Cash From Operating Activities $109.6K $89.95K
YoY Change -126.57% -65.44%
INVESTING ACTIVITIES
Capital Expenditures $0.00 $1.180K
YoY Change -97.17%
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities $0.00 -$1.180K
YoY Change -102.83%
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
YoY Change 0.01% -0.01%
NET CHANGE
Cash From Operating Activities 109.6K 89.95K
Cash From Investing Activities 0.000 -1.180K
Cash From Financing Activities -72.64K -72.63K
Net Change In Cash 36.97K 16.14K
YoY Change -107.62% -92.96%
FREE CASH FLOW
Cash From Operating Activities $109.6K $89.95K
Capital Expenditures $0.00 $1.180K
Free Cash Flow $109.6K $88.77K
YoY Change -126.57% -59.38%

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:c303">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 August 31, 2023, the Company had 66 franchise units and 3 licensed units in operation in 20 states. There are 5 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 Company has a minority interest in Athletes HQ Systems, Inc. (“AHQ”). AHQ franchises indoor baseball and softball practice and coaching facilities with knowledgeable instructors.</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>
CY2023Q3 us-gaap Number Of States In Which Entity Operates
NumberOfStatesInWhichEntityOperates
20 pure
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>
us-gaap Prior Period Reclassification Adjustment Description
PriorPeriodReclassificationAdjustmentDescription
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><b><span style="text-decoration: underline; ">Reclassifications</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;margin:0pt;">Certain prior period amounts have been reclassified for consistency with the current year presentation.</p>
CY2023Q3 us-gaap Other Assets
OtherAssets
2250 usd
CY2023Q3 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
1713798 usd
CY2022Q3 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
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CY2023Q3 us-gaap Restricted Cash And Cash Equivalents
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321901 usd
CY2022Q3 us-gaap Restricted Cash And Cash Equivalents
RestrictedCashAndCashEquivalents
844041 usd
CY2023Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
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2035699 usd
CY2022Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
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2387856 usd
babb Initial Franchise Term
InitialFranchiseTerm
P10Y
babb Royalty Fees From Franchisespercentage
RoyaltyFeesFromFranchisespercentage
0.05 pure
CY2023Q3 us-gaap Revenue From Contract With Customer Including Assessed Tax
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936651 usd
CY2022Q3 us-gaap Revenue From Contract With Customer Including Assessed Tax
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882289 usd
us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
2546644 usd
us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
2445029 usd
CY2023Q3 us-gaap Contract With Customer Liability Noncurrent
ContractWithCustomerLiabilityNoncurrent
143694 usd
CY2022Q4 us-gaap Contract With Customer Liability Noncurrent
ContractWithCustomerLiabilityNoncurrent
128465 usd
CY2023Q3 us-gaap Contract With Customer Liability
ContractWithCustomerLiability
761066 usd
CY2022Q4 us-gaap Contract With Customer Liability
ContractWithCustomerLiability
692360 usd
CY2021Q4 us-gaap Contract With Customer Asset Net
ContractWithCustomerAssetNet
972470 usd
babb Contract With Customer Asset Revenue Recognized
ContractWithCustomerAssetRevenueRecognized
1139434 usd
babb Contract With Customer Asset Revenue Recognized
ContractWithCustomerAssetRevenueRecognized
1742303 usd
babb Contract With Customer Asset Amounts Invoiced Collected Net
ContractWithCustomerAssetAmountsInvoicedCollectedNet
1208140 usd
babb Contract With Customer Asset Amounts Invoiced Collected Net
ContractWithCustomerAssetAmountsInvoicedCollectedNet
1462193 usd
CY2023Q3 us-gaap Contract With Customer Asset Net
ContractWithCustomerAssetNet
761066 usd
CY2022Q3 us-gaap Contract With Customer Asset Net
ContractWithCustomerAssetNet
692360 usd
CY2023Q3 us-gaap Revenue Remaining Performance Obligation
RevenueRemainingPerformanceObligation
34054 usd
CY2023Q3 us-gaap Revenue Remaining Performance Obligation
RevenueRemainingPerformanceObligation
71109 usd
CY2023Q3 us-gaap Revenue Remaining Performance Obligation
RevenueRemainingPerformanceObligation
181787 usd
CY2023Q3 us-gaap Number Of Stores
NumberOfStores
74 pure
CY2022Q3 us-gaap Number Of Stores
NumberOfStores
74 pure
CY2023Q3 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
167758 usd
CY2022Q3 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
164355 usd
us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
329606 usd
us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
321161 usd
CY2023Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
7263508
CY2022Q3 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
CY2023Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.02
CY2022Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.02
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.05
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.04
CY2022Q2 babb Lessor Sales Type Lease Weekly Payments
LessorSalesTypeLeaseWeeklyPayments
121 usd
CY2022Q2 babb Lessor Salestype Lease Optional Buyout Payment
LessorSalestypeLeaseOptionalBuyoutPayment
4800 usd
CY2023Q3 us-gaap Sales Type Lease Residual Value Of Leased Asset
SalesTypeLeaseResidualValueOfLeasedAsset
4800 usd
us-gaap Lease Income
LeaseIncome
349 usd
CY2023Q3 babb Lessor Sales Type Lease Applicable Discount Rate
LessorSalesTypeLeaseApplicableDiscountRate
0.0125 pure
CY2023Q3 us-gaap Sales Type And Direct Financing Leases Lease Receivable Payments To Be Received Next Twelve Months
SalesTypeAndDirectFinancingLeasesLeaseReceivablePaymentsToBeReceivedNextTwelveMonths
1570 usd
CY2023Q3 us-gaap Sales Type And Direct Financing Leases Lease Receivable Payments To Be Received Two Years
SalesTypeAndDirectFinancingLeasesLeaseReceivablePaymentsToBeReceivedTwoYears
6283 usd
CY2023Q3 us-gaap Sales Type And Direct Financing Leases Lease Receivable Payments To Be Received Three Years
SalesTypeAndDirectFinancingLeasesLeaseReceivablePaymentsToBeReceivedThreeYears
6283 usd
CY2023Q3 us-gaap Sales Type And Direct Financing Leases Lease Receivable Payments To Be Received Four Years
SalesTypeAndDirectFinancingLeasesLeaseReceivablePaymentsToBeReceivedFourYears
6283 usd
CY2023Q3 us-gaap Sales Type And Direct Financing Leases Lease Receivable Payments To Be Received Five Years
SalesTypeAndDirectFinancingLeasesLeaseReceivablePaymentsToBeReceivedFiveYears
6283 usd
CY2023Q3 us-gaap Sales Type And Direct Financing Leases Lease Receivable Payments To Be Received Thereafter
SalesTypeAndDirectFinancingLeasesLeaseReceivablePaymentsToBeReceivedThereafter
14347 usd
CY2023Q3 us-gaap Sales Type And Direct Financing Leases Lease Receivable Payments To Be Received
SalesTypeAndDirectFinancingLeasesLeaseReceivablePaymentsToBeReceived
41049 usd
CY2023Q3 us-gaap Sales Type And Direct Financing Leases Lease Receivable Undiscounted Excess Amount
SalesTypeAndDirectFinancingLeasesLeaseReceivableUndiscountedExcessAmount
1280 usd
CY2023Q3 us-gaap Sales Type And Direct Financing Leases Lease Receivable
SalesTypeAndDirectFinancingLeasesLeaseReceivable
39769 usd
CY2023Q3 us-gaap Sales Type Lease Net Investment In Lease After Allowance For Credit Loss Current
SalesTypeLeaseNetInvestmentInLeaseAfterAllowanceForCreditLossCurrent
5882 usd
CY2023Q3 us-gaap Sales Type Lease Net Investment In Lease After Allowance For Credit Loss Noncurrent
SalesTypeLeaseNetInvestmentInLeaseAfterAllowanceForCreditLossNoncurrent
33887 usd
CY2023Q3 us-gaap Sales Type Lease Net Investment In Lease After Allowance For Credit Loss
SalesTypeLeaseNetInvestmentInLeaseAfterAllowanceForCreditLoss
39769 usd
CY2018Q4 us-gaap Lessee Operating Lease Renewal Term
LesseeOperatingLeaseRenewalTerm
P5Y
CY2018Q4 us-gaap Operating Lease Expense
OperatingLeaseExpense
21300 usd
CY2023Q3 us-gaap Lessee Operating Lease Remaining Lease Term
LesseeOperatingLeaseRemainingLeaseTerm
P7M
CY2023Q3 us-gaap Lessee Operating Lease Discount Rate
LesseeOperatingLeaseDiscountRate
0.0525 pure
CY2023Q3 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
29911 usd
CY2023Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
40177 usd
CY2023Q3 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
70088 usd
CY2023Q3 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
1000 usd
CY2023Q3 us-gaap Operating Lease Liability
OperatingLeaseLiability
69088 usd
CY2023Q3 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
69088 usd
CY2023Q3 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
0 usd
CY2023Q3 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
69088 usd
CY2023Q3 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
66100 usd
CY2023Q3 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.283 pure
CY2022Q3 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
64746 usd
CY2022Q3 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.283 pure
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
130300 usd
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.283 pure
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
128587 usd
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.286 pure
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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