$GENK
GEN Restaurant Group, Inc.

2024 Q2 Form 10-Q Financial Statement

#000095017024088608 Filed on July 31, 2024

View on sec.gov

Income Statement

Concept 2024 Q2 2023 Q4
Revenue $53.86M $45.11M
YoY Change 15.9% 10.42%
Cost Of Revenue $17.70M $14.71M
YoY Change 19.68% 9.84%
Gross Profit $36.16M $30.40M
YoY Change 14.11% 10.71%
Gross Profit Margin 67.14% 67.39%
Selling, General & Admin $25.81M $23.37M
YoY Change 17.37% 25.3%
% of Gross Profit 71.37% 76.87%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $1.734M $1.358M
YoY Change 50.78% -58.72%
% of Gross Profit 4.8% 4.47%
Operating Expenses $52.25M $29.76M
YoY Change 21.21% 26.17%
Operating Profit $1.613M $637.0K
YoY Change -52.14% -83.54%
Interest Expense $90.00K $568.0K
YoY Change -70.1% -478.67%
% of Operating Profit 5.58% 89.17%
Other Income/Expense, Net $200.0K $7.000K
YoY Change -2957.14% -100.23%
Pretax Income $2.075M -$345.0K
YoY Change -54.5% -291.67%
Income Tax $11.00K -$150.0K
% Of Pretax Income 0.53%
Net Earnings $277.0K -$25.00K
YoY Change -93.01% -88.1%
Net Earnings / Revenue 0.51% -0.06%
Basic Earnings Per Share $0.06
Diluted Earnings Per Share $0.06 -$0.01
COMMON SHARES
Basic Shares Outstanding 4.572M
Diluted Shares Outstanding 4.572M

Balance Sheet

Concept 2024 Q2 2023 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $29.23M $32.63M
YoY Change -46.86% 191.35%
Cash & Equivalents $29.23M $32.63M
Short-Term Investments
Other Short-Term Assets $3.398M $3.726M
YoY Change 126.53% 272.6%
Inventory $416.0K $461.0K
Prepaid Expenses
Receivables $0.00
Other Receivables
Total Short-Term Assets $33.04M $36.82M
YoY Change -42.47% 149.94%
LONG-TERM ASSETS
Property, Plant & Equipment $39.63M $33.91M
YoY Change 63.25% 59.31%
Goodwill $9.498M $0.00
YoY Change
Intangibles
YoY Change
Long-Term Investments $0.00 $523.0K
YoY Change -100.0% -15.37%
Other Assets $892.0K $749.0K
YoY Change 29.65% 9.66%
Total Long-Term Assets $185.8M $147.1M
YoY Change 46.02% 18.45%
TOTAL ASSETS
Total Short-Term Assets $33.04M $36.82M
Total Long-Term Assets $185.8M $147.1M
Total Assets $218.8M $183.9M
YoY Change 18.5% 32.4%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $10.69M $10.70M
YoY Change 111.51% 43.22%
Accrued Expenses $13.26M $12.48M
YoY Change 14.28% 14.48%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change -100.0% -100.0%
Long-Term Debt Due $3.206M $165.0K
YoY Change 620.45% -95.66%
Total Short-Term Liabilities $31.33M $31.30M
YoY Change -30.52% -16.0%
LONG-TERM LIABILITIES
Long-Term Debt $4.425M $4.547M
YoY Change -31.15% -24.22%
Other Long-Term Liabilities $135.7M $110.5M
YoY Change 33.78% 9.52%
Total Long-Term Liabilities $4.425M $4.547M
YoY Change -31.15% -95.75%
TOTAL LIABILITIES
Total Short-Term Liabilities $31.33M $31.30M
Total Long-Term Liabilities $4.425M $4.547M
Total Liabilities $171.4M $146.4M
YoY Change 11.97% 1.54%
SHAREHOLDERS EQUITY
Retained Earnings $1.095M $322.0K
YoY Change 9854.55% -103.22%
Common Stock $11.49M $7.112M
YoY Change 218.88%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $14.11M $8.966M
YoY Change
Total Liabilities & Shareholders Equity $218.8M $183.9M
YoY Change 18.5% 32.4%

Cashflow Statement

Concept 2024 Q2 2023 Q4
OPERATING ACTIVITIES
Net Income $277.0K -$25.00K
YoY Change -93.01% -88.1%
Depreciation, Depletion And Amortization $1.734M $1.358M
YoY Change 50.78% -58.72%
Cash From Operating Activities $5.556M $8.678M
YoY Change -28.4% -57.77%
INVESTING ACTIVITIES
Capital Expenditures $4.307M $7.695M
YoY Change 111.13% 20.23%
Acquisitions
YoY Change
Other Investing Activities $0.00 $0.00
YoY Change -100.0% -100.0%
Cash From Investing Activities -$4.307M -$7.695M
YoY Change -139.44% -15.25%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -142.0K -501.0K
YoY Change -100.54% -96.01%
NET CHANGE
Cash From Operating Activities 5.556M 8.678M
Cash From Investing Activities -4.307M -7.695M
Cash From Financing Activities -142.0K -501.0K
Net Change In Cash 1.107M 482.0K
YoY Change -97.55% -144.22%
FREE CASH FLOW
Cash From Operating Activities $5.556M $8.678M
Capital Expenditures $4.307M $7.695M
Free Cash Flow $1.249M $983.0K
YoY Change -78.16% -93.05%

Facts In Submission

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CY2024Q2 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
45896000
us-gaap Profit Loss
ProfitLoss
5761000
us-gaap Profit Loss
ProfitLoss
8996000
genk Depreciation And Amortization And Depreciation And Amortization Corporate
DepreciationAndAmortizationAndDepreciationAndAmortizationCorporate
3300000
genk Depreciation And Amortization And Depreciation And Amortization Corporate
DepreciationAndAmortizationAndDepreciationAndAmortizationCorporate
2281000
us-gaap Income Loss From Equity Method Investments Net Of Dividends Or Distributions
IncomeLossFromEquityMethodInvestmentsNetOfDividendsOrDistributions
-17000
us-gaap Income Loss From Equity Method Investments Net Of Dividends Or Distributions
IncomeLossFromEquityMethodInvestmentsNetOfDividendsOrDistributions
-34000
genk Gain Loss On Remeasurement Of Previously Held Interest
GainLossOnRemeasurementOfPreviouslyHeldInterest
3402000
us-gaap Business Combination Acquisition Related Costs
BusinessCombinationAcquisitionRelatedCosts
-370000
us-gaap Share Based Compensation
ShareBasedCompensation
1518000
genk Amortization Of Operating Lease Assets
AmortizationOfOperatingLeaseAssets
3708000
genk Amortization Of Operating Lease Assets
AmortizationOfOperatingLeaseAssets
2284000
genk Interest Income Earned On Notes Receivable From Related Party
InterestIncomeEarnedOnNotesReceivableFromRelatedParty
33000
genk Interest Income Earned On Notes Receivable From Related Party
InterestIncomeEarnedOnNotesReceivableFromRelatedParty
116000
us-gaap Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
-96000
us-gaap Increase Decrease In Inventories
IncreaseDecreaseInInventories
-45000
us-gaap Increase Decrease In Inventories
IncreaseDecreaseInInventories
-1594000
us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
-363000
us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
390000
us-gaap Increase Decrease In Other Current Assets
IncreaseDecreaseInOtherCurrentAssets
167000
us-gaap Increase Decrease In Other Current Assets
IncreaseDecreaseInOtherCurrentAssets
5000
us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
165000
us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
-2845000
us-gaap Increase Decrease In Employee Related Liabilities
IncreaseDecreaseInEmployeeRelatedLiabilities
-41000
us-gaap Increase Decrease In Employee Related Liabilities
IncreaseDecreaseInEmployeeRelatedLiabilities
121000
us-gaap Increase Decrease In Accrued Interest Receivable Net
IncreaseDecreaseInAccruedInterestReceivableNet
-34000
us-gaap Increase Decrease In Accrued Interest Receivable Net
IncreaseDecreaseInAccruedInterestReceivableNet
-25000
us-gaap Increase Decrease In Other Current Liabilities
IncreaseDecreaseInOtherCurrentLiabilities
731000
us-gaap Increase Decrease In Other Current Liabilities
IncreaseDecreaseInOtherCurrentLiabilities
392000
us-gaap Increase Decrease In Operating Lease Liability
IncreaseDecreaseInOperatingLeaseLiability
-2463000
us-gaap Increase Decrease In Operating Lease Liability
IncreaseDecreaseInOperatingLeaseLiability
-1919000
us-gaap Increase Decrease In Accrued Income Taxes Payable
IncreaseDecreaseInAccruedIncomeTaxesPayable
96000
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
9070000
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
10548000
us-gaap Repayment Of Notes Receivable From Related Parties
RepaymentOfNotesReceivableFromRelatedParties
12950000
genk Advances Made To Related Party
AdvancesMadeToRelatedParty
2100000
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
8407000
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
4845000
us-gaap Payments To Acquire Businesses Net Of Cash Acquired
PaymentsToAcquireBusinessesNetOfCashAcquired
2976000
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-11383000
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
6005000
us-gaap Proceeds From Issuance Initial Public Offering
ProceedsFromIssuanceInitialPublicOffering
46167000
genk Payments To Members For Advances
PaymentsToMembersForAdvances
881000
genk Payments To Members For Advances
PaymentsToMembersForAdvances
2000000
genk Advances From Members
AdvancesFromMembers
485000
genk Payments For Deferred Offering Costs
PaymentsForDeferredOfferingCosts
59000
genk Payments For Deferred Offering Costs
PaymentsForDeferredOfferingCosts
398000
genk Payments On Ppp And Eidl Loans
PaymentsOnPppAndEidlLoans
46000
genk Payments On Ppp And Eidl Loans
PaymentsOnPppAndEidlLoans
43000
us-gaap Finance Lease Principal Payments
FinanceLeasePrincipalPayments
70000
us-gaap Finance Lease Principal Payments
FinanceLeasePrincipalPayments
102000
genk Payments On Third Party Loans
PaymentsOnThirdPartyLoans
33000
genk Payments On Third Party Loans
PaymentsOnThirdPartyLoans
324000
us-gaap Repayments Of Related Party Debt
RepaymentsOfRelatedPartyDebt
1000000
us-gaap Repayments Of Lines Of Credit
RepaymentsOfLinesOfCredit
153000
us-gaap Proceeds From Lines Of Credit
ProceedsFromLinesOfCredit
1100000
genk Proceeds From Third Party Loans
ProceedsFromThirdPartyLoans
1300000
us-gaap Proceeds From Related Party Debt
ProceedsFromRelatedPartyDebt
500000
genk Distributions To Member Partners
DistributionsToMemberPartners
18293000
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-1089000
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
27239000
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Excluding Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect
-3402000
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Excluding Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect
43792000
CY2023Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
32631000
CY2022Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
11195000
CY2024Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
29229000
CY2023Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
54987000
us-gaap Interest Paid Net
InterestPaidNet
71000
us-gaap Interest Paid Net
InterestPaidNet
558000
us-gaap Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
755000
us-gaap Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
996000
genk Unpaid Deferred Offering Cost
UnpaidDeferredOfferingCost
66000
genk Unpaid Deferred Offering Cost
UnpaidDeferredOfferingCost
2867000
us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
27172000
us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
2284000
genk Distributions Payable Noncash Investing And Financing Activities
DistributionsPayableNoncashInvestingAndFinancingActivities
8176000
us-gaap Debt Conversion Original Debt Amount1
DebtConversionOriginalDebtAmount1
1436000
us-gaap Debt Conversion Original Debt Amount1
DebtConversionOriginalDebtAmount1
871000
genk Issuance Of Promissory Note For Business Acquisition
IssuanceOfPromissoryNoteForBusinessAcquisition
3000000
genk Contribution By Shareholder In Final Ipo Settlement
ContributionByShareholderInFinalIpoSettlement
1275000
CY2024Q2 us-gaap Number Of Restaurants
NumberOfRestaurants
40
CY2023Q4 us-gaap Number Of Restaurants
NumberOfRestaurants
37
us-gaap Use Of Estimates
UseOfEstimates
<div class="item-list-element-wrapper" style="margin-left:6.667%;display:flex;margin-top:18pt;justify-content:flex-start;align-items:baseline;margin-bottom:0;min-width:4.537%;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:italic;min-width:4.86108878960282%;display:inline-flex;justify-content:flex-start;">(c)</span><div style="width:100%;display:inline;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:italic;min-width:fit-content;">Use of Estimates</span></div></div><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">The preparation of financial statements in conformity with GAAP requires the Company to make estimates and assumptions that affect the reported amounts of assets and liabilities in the accompanying unaudited condensed consolidated financial statements of the Company. Certain information and note disclosures normally included in the financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to such rules and regulations. As such, these unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and accompanying notes included in the Annual Report.</span>
CY2024Q2 genk Deposits In Excess Of Federally Insured Amounts
DepositsInExcessOfFederallyInsuredAmounts
3900000
CY2023Q4 genk Deposits In Excess Of Federally Insured Amounts
DepositsInExcessOfFederallyInsuredAmounts
8800000
CY2024Q2 us-gaap Held To Maturity Securities
HeldToMaturitySecurities
23475000
CY2024Q2 us-gaap Held To Maturity Securities Accumulated Unrecognized Holding Gain
HeldToMaturitySecuritiesAccumulatedUnrecognizedHoldingGain
858000
CY2024Q2 us-gaap Held To Maturity Securities Fair Value
HeldToMaturitySecuritiesFairValue
24333000
CY2024Q2 genk Cash And Cash Equivalents Of Money Market Accounts
CashAndCashEquivalentsOfMoneyMarketAccounts
4900000
us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<div class="item-list-element-wrapper" style="margin-left:6.667%;display:flex;margin-top:8pt;justify-content:flex-start;align-items:baseline;margin-bottom:0;min-width:4.537%;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:italic;min-width:4.86108878960282%;display:inline-flex;justify-content:flex-start;">(h)</span><div style="width:100%;display:inline;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:italic;min-width:fit-content;">Concentration Risk</span></div></div><p style="text-indent:4.533%;font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">The Company relies on third parties for specified food products and supplies. In instances where these parties fail to perform their obligation, the Company may be unable to find alternative suppliers.</span></p><p style="text-indent:4.533%;font-size:10pt;margin-top:12pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">The Company relies on Sysco Los Angeles, Inc., or Sysco, an unrelated third-party, for a significant portion of its food supplies. During the fourth quarter of 2023, the Company entered into an agreement with Sysco to purchase certain food supplies. For the three and six months ended June 30, 2023, the Company did not purchase from Sysco. For the three and six months ended June 30, 2024 Sysco accounted for approximately </span><span style="font-size:10pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;min-width:fit-content;">74.0</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">% and </span><span style="font-size:10pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;min-width:fit-content;">73.3</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">% of total food costs, respectively.</span></p><p style="text-indent:4.533%;font-size:10pt;margin-top:12pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">The Company previously relied on U.S. Foods, an unrelated third-party for a significant portion of its food products. For the six months ending June 30, 2024, the Company did not purchase from U.S. Foods. For the three months ended June 30, 2023, U.S. Foods account for approximately </span><span style="font-size:10pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;min-width:fit-content;">50.6</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">% of total food costs. For the six months ended June 30, 2023, U.S. Foods accounted for approximately </span><span style="font-size:10pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;min-width:fit-content;">46.3</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">% of total food costs.</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> </span></p><p style="text-indent:4.533%;font-size:10pt;margin-top:12pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">The Company relies on Pacific Global Distribution, Inc. (“PGD”), which provides restaurant supplies such as tableware, napkins, soda, and sauces. PGD is owned by a related party. For the three months ended June 30, 2024 and June 30, 2023</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">, PGD accounted for approximately </span><span style="font-size:10pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;min-width:fit-content;">3.7</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">% and </span><span style="font-size:10pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;min-width:fit-content;">13.9</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">% of total operating expenses, respectively. For the </span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">six months ended June 30, 2024 and 2023</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">, PGD accounted for approximately </span><span style="font-size:10pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;min-width:fit-content;">4.1</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">% and </span><span style="font-size:10pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;min-width:fit-content;">16.4</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">% of total operating expenses, respectively.</span></p><p style="text-indent:4.533%;font-size:10pt;margin-top:12pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">The Company previously relied on Wise Universal, Inc. (“Wise”), an entity </span><span style="font-size:10pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;min-width:fit-content;">60</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">% owned by a related party, for food supplies for </span><span style="font-size:10pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;min-width:fit-content;">13</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> restaurants. For the three months and six months ended June 30, 2024 the Company did not purchase from Wise. For the three months and six months ended </span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">June 30, 2023</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">, Wise accounted for approximately </span><span style="font-size:10pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;min-width:fit-content;">22.6</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">% and </span><span style="font-size:10pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;min-width:fit-content;">23.7</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">% of total food supplies, respectively.</span></p>
genk Related Party Ownership Percent
RelatedPartyOwnershipPercent
0.60
CY2024Q2 us-gaap Other Assets Noncurrent
OtherAssetsNoncurrent
892000
CY2023Q4 us-gaap Other Assets Noncurrent
OtherAssetsNoncurrent
749000
CY2024Q2 us-gaap Other Liabilities Current
OtherLiabilitiesCurrent
6046000
CY2023Q4 us-gaap Other Liabilities Current
OtherLiabilitiesCurrent
5366000
CY2024Q2 genk Advances From Members Repaid
AdvancesFromMembersRepaid
2700000
CY2024Q2 genk Advance From Members Balance
AdvanceFromMembersBalance
0
CY2023Q4 genk Advance From Members Balance
AdvanceFromMembersBalance
2700000
CY2024Q2 us-gaap Pre Opening Costs
PreOpeningCosts
1600000
CY2023Q2 us-gaap Pre Opening Costs
PreOpeningCosts
900000
us-gaap Pre Opening Costs
PreOpeningCosts
3500000
us-gaap Pre Opening Costs
PreOpeningCosts
1400000
us-gaap Asset Impairment Charges
AssetImpairmentCharges
0
CY2024Q2 us-gaap Interest Expense
InterestExpense
90000
CY2023Q2 us-gaap Interest Expense
InterestExpense
301000
us-gaap Interest Expense
InterestExpense
177000
us-gaap Interest Expense
InterestExpense
557000
CY2024Q2 us-gaap Interest Income Operating
InterestIncomeOperating
352000
CY2023Q2 us-gaap Interest Income Operating
InterestIncomeOperating
94000
us-gaap Interest Income Operating
InterestIncomeOperating
715000
us-gaap Interest Income Operating
InterestIncomeOperating
161000
CY2024Q2 us-gaap Interest Income Expense Net
InterestIncomeExpenseNet
262000
CY2023Q2 us-gaap Interest Income Expense Net
InterestIncomeExpenseNet
-207000
us-gaap Interest Income Expense Net
InterestIncomeExpenseNet
538000
us-gaap Interest Income Expense Net
InterestIncomeExpenseNet
-396000
CY2024Q2 us-gaap Advertising Expense
AdvertisingExpense
77000
CY2023Q2 us-gaap Advertising Expense
AdvertisingExpense
54000
us-gaap Advertising Expense
AdvertisingExpense
90000
us-gaap Advertising Expense
AdvertisingExpense
90000
genk Restaurant Revitalization Fund Received
RestaurantRevitalizationFundReceived
16800000
CY2021 genk Restaurant Revitalization Fund Grant Income
RestaurantRevitalizationFundGrantIncome
13000000
CY2021 genk Restaurant Revitalization Fund Grant Income Deferred
RestaurantRevitalizationFundGrantIncomeDeferred
3800000
genk Restaurant Revitalization Fund Grant Income
RestaurantRevitalizationFundGrantIncome
0
genk Restaurant Revitalization Fund Grant Income
RestaurantRevitalizationFundGrantIncome
0
CY2024Q2 genk Employee Retention Credits
EmployeeRetentionCredits
200000
CY2023Q2 genk Employee Retention Credits
EmployeeRetentionCredits
1300000
genk Employee Retention Credits
EmployeeRetentionCredits
200000
genk Employee Retention Credits
EmployeeRetentionCredits
2500000
CY2024Q2 us-gaap Deferred Offering Costs
DeferredOfferingCosts
0
CY2024Q2 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
75205000
CY2023Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
66184000
CY2024Q2 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
35577000
CY2023Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
32277000
CY2024Q2 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
39628000
CY2023Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
33907000
CY2024Q2 genk Depreciation And Amortization And Depreciation And Amortization Corporate
DepreciationAndAmortizationAndDepreciationAndAmortizationCorporate
1700000
CY2023Q2 genk Depreciation And Amortization And Depreciation And Amortization Corporate
DepreciationAndAmortizationAndDepreciationAndAmortizationCorporate
1100000
CY2024Q2 us-gaap Finance Lease Right Of Use Asset Amortization
FinanceLeaseRightOfUseAssetAmortization
5000
CY2023Q2 us-gaap Finance Lease Right Of Use Asset Amortization
FinanceLeaseRightOfUseAssetAmortization
61000
genk Depreciation And Amortization And Depreciation And Amortization Corporate
DepreciationAndAmortizationAndDepreciationAndAmortizationCorporate
3300000
genk Depreciation And Amortization And Depreciation And Amortization Corporate
DepreciationAndAmortizationAndDepreciationAndAmortizationCorporate
2300000
us-gaap Finance Lease Right Of Use Asset Amortization
FinanceLeaseRightOfUseAssetAmortization
36000
us-gaap Finance Lease Right Of Use Asset Amortization
FinanceLeaseRightOfUseAssetAmortization
89000
us-gaap Line Of Credit Facility Expiration Date1
LineOfCreditFacilityExpirationDate1
2023-09-03
CY2023Q3 us-gaap Line Of Credit Facility Interest Rate At Period End
LineOfCreditFacilityInterestRateAtPeriodEnd
0.1025
CY2023Q3 us-gaap Line Of Credit Facility Expiration Date1
LineOfCreditFacilityExpirationDate1
2024-09-25
us-gaap Line Of Credit Facility Interest Rate During Period
LineOfCreditFacilityInterestRateDuringPeriod
0.0875
CY2024Q2 us-gaap Line Of Credit Facility Remaining Borrowing Capacity
LineOfCreditFacilityRemainingBorrowingCapacity
20000000
CY2023Q4 us-gaap Line Of Credit Facility Remaining Borrowing Capacity
LineOfCreditFacilityRemainingBorrowingCapacity
20000000
us-gaap Proceeds From Lines Of Credit
ProceedsFromLinesOfCredit
0
CY2024Q2 us-gaap Long Term Debt Maturities Repayments Of Principal Remainder Of Fiscal Year
LongTermDebtMaturitiesRepaymentsOfPrincipalRemainderOfFiscalYear
3149000
CY2024Q2 us-gaap Long Term Debt Maturities Repayments Of Principal In Next Twelve Months
LongTermDebtMaturitiesRepaymentsOfPrincipalInNextTwelveMonths
179000
CY2024Q2 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Two
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearTwo
189000
CY2024Q2 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Three
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearThree
146000
CY2024Q2 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Four
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFour
117000
CY2024Q2 genk Long Term Debt Maturities Repayments Of Principal After Year Four
LongTermDebtMaturitiesRepaymentsOfPrincipalAfterYearFour
3851000
CY2024Q2 us-gaap Long Term Debt
LongTermDebt
7631000
CY2024Q2 us-gaap Long Term Debt Current
LongTermDebtCurrent
3206000
CY2024Q2 us-gaap Long Term Debt Noncurrent
LongTermDebtNoncurrent
4425000
CY2024Q2 genk Advances From Members Repaid
AdvancesFromMembersRepaid
2700000
CY2024Q2 us-gaap Operating Lease Expense
OperatingLeaseExpense
4389000
CY2023Q2 us-gaap Operating Lease Expense
OperatingLeaseExpense
3673000
us-gaap Operating Lease Expense
OperatingLeaseExpense
8682000
us-gaap Operating Lease Expense
OperatingLeaseExpense
7104000
CY2024Q2 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
122560000
CY2023Q4 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
99255000
CY2024Q2 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
4516000
CY2023Q4 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
4535000
CY2024Q2 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
135071000
CY2023Q4 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
110501000
CY2024Q2 us-gaap Operating Lease Liability
OperatingLeaseLiability
139587000
CY2023Q4 us-gaap Operating Lease Liability
OperatingLeaseLiability
115036000
CY2024Q2 us-gaap Property Plant And Equipment And Finance Lease Right Of Use Asset Before Accumulated Depreciation And Amortization
PropertyPlantAndEquipmentAndFinanceLeaseRightOfUseAssetBeforeAccumulatedDepreciationAndAmortization
444000
CY2023Q4 us-gaap Property Plant And Equipment And Finance Lease Right Of Use Asset Before Accumulated Depreciation And Amortization
PropertyPlantAndEquipmentAndFinanceLeaseRightOfUseAssetBeforeAccumulatedDepreciationAndAmortization
902000
CY2024Q2 us-gaap Property Plant And Equipment And Finance Lease Right Of Use Asset Accumulated Depreciation And Amortization
PropertyPlantAndEquipmentAndFinanceLeaseRightOfUseAssetAccumulatedDepreciationAndAmortization
442000
CY2023Q4 us-gaap Property Plant And Equipment And Finance Lease Right Of Use Asset Accumulated Depreciation And Amortization
PropertyPlantAndEquipmentAndFinanceLeaseRightOfUseAssetAccumulatedDepreciationAndAmortization
861000
CY2024Q2 us-gaap Property Plant And Equipment And Finance Lease Right Of Use Asset After Accumulated Depreciation And Amortization
PropertyPlantAndEquipmentAndFinanceLeaseRightOfUseAssetAfterAccumulatedDepreciationAndAmortization
2000
CY2023Q4 us-gaap Property Plant And Equipment And Finance Lease Right Of Use Asset After Accumulated Depreciation And Amortization
PropertyPlantAndEquipmentAndFinanceLeaseRightOfUseAssetAfterAccumulatedDepreciationAndAmortization
41000
CY2024Q2 us-gaap Finance Lease Liability Current
FinanceLeaseLiabilityCurrent
56000
CY2023Q4 us-gaap Finance Lease Liability Current
FinanceLeaseLiabilityCurrent
125000
CY2024Q2 us-gaap Finance Lease Liability Noncurrent
FinanceLeaseLiabilityNoncurrent
0
CY2023Q4 us-gaap Finance Lease Liability Noncurrent
FinanceLeaseLiabilityNoncurrent
0
CY2024Q2 us-gaap Finance Lease Liability
FinanceLeaseLiability
56000
CY2023Q4 us-gaap Finance Lease Liability
FinanceLeaseLiability
125000
CY2024Q2 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P15Y2M12D
CY2024Q2 us-gaap Finance Lease Weighted Average Remaining Lease Term1
FinanceLeaseWeightedAverageRemainingLeaseTerm1
P0Y4M24D
CY2024Q2 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.0671
CY2024Q2 us-gaap Finance Lease Weighted Average Discount Rate Percent
FinanceLeaseWeightedAverageDiscountRatePercent
0.0745
CY2024Q2 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
6050000
CY2024Q2 us-gaap Finance Lease Liability Payments Remainder Of Fiscal Year
FinanceLeaseLiabilityPaymentsRemainderOfFiscalYear
57000
CY2024Q2 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
13680000
CY2024Q2 us-gaap Finance Lease Liability Payments Due Next Twelve Months
FinanceLeaseLiabilityPaymentsDueNextTwelveMonths
0
CY2024Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
14121000
CY2024Q2 us-gaap Finance Lease Liability Payments Due Year Three
FinanceLeaseLiabilityPaymentsDueYearThree
0
CY2024Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
14434000
CY2024Q2 us-gaap Finance Lease Liability Payments Due Year Four
FinanceLeaseLiabilityPaymentsDueYearFour
0
CY2024Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
14655000
CY2024Q2 us-gaap Finance Lease Liability Payments Due Year Two
FinanceLeaseLiabilityPaymentsDueYearTwo
0
CY2024Q2 genk Lessee Operating Lease Liability To Be Paid After Year Four
LesseeOperatingLeaseLiabilityToBePaidAfterYearFour
172398000
CY2024Q2 genk Finance Lease Liability To Be Paid After Year Four
FinanceLeaseLiabilityToBePaidAfterYearFour
0
CY2024Q2 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
235338000
CY2024Q2 us-gaap Finance Lease Liability Payments Due
FinanceLeaseLiabilityPaymentsDue
57000
CY2024Q2 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
95751000
CY2024Q2 us-gaap Finance Lease Liability Undiscounted Excess Amount
FinanceLeaseLiabilityUndiscountedExcessAmount
1000
CY2024Q2 genk Operating Lease Liability Discounted By Present Value Of Interest Rate
OperatingLeaseLiabilityDiscountedByPresentValueOfInterestRate
139587000
CY2024Q2 genk Finance Lease Liability Discounted By Present Value Of Interest Rate
FinanceLeaseLiabilityDiscountedByPresentValueOfInterestRate
56000
CY2024Q2 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
4516000
CY2024Q2 us-gaap Finance Lease Liability Current
FinanceLeaseLiabilityCurrent
56000
CY2024Q2 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
135071000
CY2024Q2 us-gaap Finance Lease Liability Noncurrent
FinanceLeaseLiabilityNoncurrent
0
CY2024Q2 us-gaap Operating Lease Liability
OperatingLeaseLiability
139587000
CY2024Q2 us-gaap Finance Lease Liability
FinanceLeaseLiability
56000
CY2024Q2 genk Additional Operating Leases Future Payments
AdditionalOperatingLeasesFuturePayments
50000000
CY2024Q2 us-gaap Lessee Finance Lease Term Of Contract1
LesseeFinanceLeaseTermOfContract1
P2Y
CY2024Q2 us-gaap Property Plant And Equipment And Finance Lease Right Of Use Asset Before Accumulated Depreciation And Amortization
PropertyPlantAndEquipmentAndFinanceLeaseRightOfUseAssetBeforeAccumulatedDepreciationAndAmortization
444000
CY2023Q2 us-gaap Property Plant And Equipment And Finance Lease Right Of Use Asset Before Accumulated Depreciation And Amortization
PropertyPlantAndEquipmentAndFinanceLeaseRightOfUseAssetBeforeAccumulatedDepreciationAndAmortization
902000
CY2024Q2 us-gaap Property Plant And Equipment And Finance Lease Right Of Use Asset Accumulated Depreciation And Amortization
PropertyPlantAndEquipmentAndFinanceLeaseRightOfUseAssetAccumulatedDepreciationAndAmortization
442000
CY2023Q2 us-gaap Property Plant And Equipment And Finance Lease Right Of Use Asset Accumulated Depreciation And Amortization
PropertyPlantAndEquipmentAndFinanceLeaseRightOfUseAssetAccumulatedDepreciationAndAmortization
804000
CY2024Q2 us-gaap Property Plant And Equipment And Finance Lease Right Of Use Asset After Accumulated Depreciation And Amortization
PropertyPlantAndEquipmentAndFinanceLeaseRightOfUseAssetAfterAccumulatedDepreciationAndAmortization
2000
CY2023Q2 us-gaap Property Plant And Equipment And Finance Lease Right Of Use Asset After Accumulated Depreciation And Amortization
PropertyPlantAndEquipmentAndFinanceLeaseRightOfUseAssetAfterAccumulatedDepreciationAndAmortization
98000
us-gaap Unrecognized Tax Benefits Increases Resulting From Prior Period Tax Positions
UnrecognizedTaxBenefitsIncreasesResultingFromPriorPeriodTaxPositions
0
us-gaap Unrecognized Tax Benefits Income Tax Penalties Expense
UnrecognizedTaxBenefitsIncomeTaxPenaltiesExpense
0
CY2024Q2 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
11000
CY2024Q2 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.0113
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
83000
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.0134
CY2024Q2 us-gaap Deferred Tax Assets Net
DeferredTaxAssetsNet
0
CY2023Q4 us-gaap Deferred Tax Assets Net
DeferredTaxAssetsNet
0
us-gaap Unrecognized Tax Benefits Increases Resulting From Prior Period Tax Positions
UnrecognizedTaxBenefitsIncreasesResultingFromPriorPeriodTaxPositions
0
us-gaap Unrecognized Tax Benefits Increases Resulting From Prior Period Tax Positions
UnrecognizedTaxBenefitsIncreasesResultingFromPriorPeriodTaxPositions
0
CY2024Q2 us-gaap Unrecognized Tax Benefits Increases Resulting From Prior Period Tax Positions
UnrecognizedTaxBenefitsIncreasesResultingFromPriorPeriodTaxPositions
0
CY2023Q2 us-gaap Unrecognized Tax Benefits Increases Resulting From Prior Period Tax Positions
UnrecognizedTaxBenefitsIncreasesResultingFromPriorPeriodTaxPositions
0
CY2024Q2 genk Taxreceivableagreementpercentageoftaxbenefitsduetoequityowners
Taxreceivableagreementpercentageoftaxbenefitsduetoequityowners
0.85
genk Tax Receivable Agreement Percentage Of Tax Benefits Remaining Realize
TaxReceivableAgreementPercentageOfTaxBenefitsRemainingRealize
0.15
CY2024Q2 genk Tax Receivable Agreement Liability
TaxReceivableAgreementLiability
584000
genk Tax Receivable Agreement Payments To Relatedparties
TaxReceivableAgreementPaymentsToRelatedparties
0
CY2024Q2 genk Payment Towards Accounts Payable
PaymentTowardsAccountsPayable
48000
genk Payment Towards Accounts Payable
PaymentTowardsAccountsPayable
80000

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