$NROM
NOBLE ROMANS INC

2022 Q1 Form 10-Q Financial Statement

#000165495422006904 Filed on May 16, 2022

View on sec.gov

Income Statement

Concept 2022 Q1 2021 Q1
Revenue $3.465M $3.282M
YoY Change 5.57% 20.72%
Cost Of Revenue $2.653M $1.657M
YoY Change 60.05% 2.65%
Gross Profit $812.4K $1.625M
YoY Change -50.0% 47.1%
Gross Profit Margin 23.45% 49.5%
Selling, General & Admin $540.5K $298.6K
YoY Change 81.03% -33.56%
% of Gross Profit 66.53% 18.38%
Research & Development $940.7K
YoY Change
% of Gross Profit 57.89%
Depreciation & Amortization $234.8K $283.3K
YoY Change -17.11% -67.09%
% of Gross Profit 28.9% 17.43%
Operating Expenses $653.3K $463.3K
YoY Change 41.0% -10.1%
Operating Profit $159.1K $1.162M
YoY Change -86.3% 97.22%
Interest Expense $341.9K $334.2K
YoY Change 2.3% -136.08%
% of Operating Profit 214.83% 28.77%
Other Income/Expense, Net
YoY Change
Pretax Income -$182.7K $827.4K
YoY Change -122.09% -345.52%
Income Tax -$46.04K $0.00
% Of Pretax Income 0.0%
Net Earnings -$136.7K $827.4K
YoY Change -116.52% -424.47%
Net Earnings / Revenue -3.94% 25.21%
Basic Earnings Per Share -$0.01 $0.04
Diluted Earnings Per Share -$0.01 $0.04
COMMON SHARES
Basic Shares Outstanding 22.22M shares
Diluted Shares Outstanding 23.47M shares 23.47M shares

Balance Sheet

Concept 2022 Q1 2021 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $808.0K $1.873M
YoY Change -56.85% 64.31%
Cash & Equivalents $808.0K $1.873M
Short-Term Investments
Other Short-Term Assets $441.6K $477.9K
YoY Change -7.6% -25.79%
Inventory $1.000M $888.5K
Prepaid Expenses
Receivables $886.4K $1.033M
Other Receivables $0.00 $0.00
Total Short-Term Assets $3.136M $4.272M
YoY Change -26.58% 12.71%
LONG-TERM ASSETS
Property, Plant & Equipment $11.33M $10.36M
YoY Change 9.32% 24.92%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $390.8K $3.939M
YoY Change -90.08% -17.53%
Total Long-Term Assets $16.13M $14.81M
YoY Change 8.89% -17.67%
TOTAL ASSETS
Total Short-Term Assets $3.136M $4.272M
Total Long-Term Assets $16.13M $14.81M
Total Assets $19.26M $19.08M
YoY Change 0.95% -12.38%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $607.6K $722.3K
YoY Change -15.89% 23.84%
Accrued Expenses $668.8K $413.2K
YoY Change 61.84% 18.81%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $1.276M $1.136M
YoY Change 12.4% 21.96%
LONG-TERM LIABILITIES
Long-Term Debt $8.611M $8.155M
YoY Change 5.58% 5.22%
Other Long-Term Liabilities $6.612M $6.602M
YoY Change 0.15% 17.24%
Total Long-Term Liabilities $15.22M $14.76M
YoY Change 3.15% 10.28%
TOTAL LIABILITIES
Total Short-Term Liabilities $1.276M $1.136M
Total Long-Term Liabilities $15.22M $14.76M
Total Liabilities $16.50M $15.89M
YoY Change 3.81% 11.04%
SHAREHOLDERS EQUITY
Retained Earnings
YoY Change
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $2.765M $3.191M
YoY Change
Total Liabilities & Shareholders Equity $19.26M $19.08M
YoY Change 0.95% -12.38%

Cashflow Statement

Concept 2022 Q1 2021 Q1
OPERATING ACTIVITIES
Net Income -$136.7K $827.4K
YoY Change -116.52% -424.47%
Depreciation, Depletion And Amortization $234.8K $283.3K
YoY Change -17.11% -67.09%
Cash From Operating Activities $10.86K $700.5K
YoY Change -98.45% -3623.42%
INVESTING ACTIVITIES
Capital Expenditures $466.4K $22.11K
YoY Change 2009.85% -103.98%
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities -$466.4K -$22.11K
YoY Change 2009.85% -96.02%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net $940.7K
YoY Change
Cash From Financing Activities $0.00 $0.00
YoY Change -100.0%
NET CHANGE
Cash From Operating Activities $10.86K $700.5K
Cash From Investing Activities -$466.4K -$22.11K
Cash From Financing Activities $0.00 $0.00
Net Change In Cash -$455.5K $678.4K
YoY Change -167.15% -26.39%
FREE CASH FLOW
Cash From Operating Activities $10.86K $700.5K
Capital Expenditures $466.4K $22.11K
Free Cash Flow -$455.5K $678.4K
YoY Change -167.15% 26.61%

Facts In Submission

Frame Concept Type Concept / XBRL Key Value Unit
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EntityCommonStockSharesOutstanding
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CY2021Q4 us-gaap Deferred Income Tax Assets Net
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CY2022Q1 us-gaap Deferred Income Tax Assets Net
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CY2021Q4 us-gaap Other Assets Noncurrent
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CY2022Q1 us-gaap Other Assets Noncurrent
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CY2021Q4 us-gaap Assets
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CY2021Q4 us-gaap Accounts Payable And Accrued Liabilities Current
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CY2021Q4 us-gaap Operating Lease Liability Current
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CY2021Q4 us-gaap Liabilities Current
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CY2021Q4 us-gaap Long Term Loans Payable
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CY2022Q1 us-gaap Long Term Loans Payable
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CY2021Q4 us-gaap Warrants And Rights Outstanding
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CY2022Q1 us-gaap Warrants And Rights Outstanding
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CY2021Q4 us-gaap Operating Lease Liability Noncurrent
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CY2021Q4 us-gaap Deferred Revenue Noncurrent
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CY2022Q1 us-gaap Deferred Revenue Noncurrent
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CY2021Q4 us-gaap Liabilities Noncurrent
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CY2022Q1 us-gaap Common Stock Shares Authorized
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CY2022Q1 us-gaap Common Stock Shares Issued
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CY2022Q1 us-gaap Property Plant And Equipment Owned Accumulated Depreciation
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CY2021Q4 us-gaap Property Plant And Equipment Net
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CY2021Q4 us-gaap Retained Earnings Accumulated Deficit
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CY2021Q4 us-gaap Stockholders Equity
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CY2021Q4 us-gaap Liabilities And Stockholders Equity
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CY2021Q1 us-gaap Revenue From Related Parties
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CY2022Q1 us-gaap Revenue From Related Parties
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CY2021Q1 nrom Revenue Recognition Services Franchise
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CY2021Q1 us-gaap Payment For Administrative Fees
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CY2022Q1 us-gaap Payment For Administrative Fees
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CY2021Q1 us-gaap Revenues
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CY2022Q1 us-gaap Revenues
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CY2021Q1 nrom Restaurant Expenses Company Owned Restaurants
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CY2022Q1 nrom Restaurant Expenses Company Owned Restaurants
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CY2021Q1 nrom Restaurant Expenses Company Owned Non Traditional
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CY2022Q1 nrom Restaurant Expenses Company Owned Non Traditional
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CY2022Q1 nrom Franchising Expenses
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CY2021Q1 us-gaap General And Administrative Expense
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CY2021Q1 nrom Non Operating Expenses
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CY2022Q1 nrom Non Operating Expenses
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CY2021Q1 us-gaap Operating Income Loss
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CY2022Q1 us-gaap Operating Income Loss
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CY2021Q1 us-gaap Interest Expense
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CY2022Q1 us-gaap Interest Expense
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341879 USD
CY2021Q1 us-gaap Income Loss From Continuing Operations Before Income Taxes Domestic
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827408 USD
CY2022Q1 us-gaap Income Loss From Continuing Operations Before Income Taxes Domestic
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-182737 USD
CY2021Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
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CY2022Q1 us-gaap Income Tax Expense Benefit
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CY2022Q1 us-gaap Net Income Loss
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-136696 USD
CY2021Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
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CY2021Q1 us-gaap Weighted Average Number Of Shares Issued Basic
WeightedAverageNumberOfSharesIssuedBasic
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CY2022Q1 us-gaap Weighted Average Number Of Shares Issued Basic
WeightedAverageNumberOfSharesIssuedBasic
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CY2021Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
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CY2022Q1 us-gaap Earnings Per Share Diluted
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CY2021Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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CY2022Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
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CY2021Q4 us-gaap Stockholders Equity
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CY2022Q1 us-gaap Net Income Loss
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CY2022Q1 us-gaap Stockholders Equity
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CY2020Q4 us-gaap Stockholders Equity
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CY2021Q1 nrom Amortization Of Value Of Stock Options
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CY2021Q1 us-gaap Net Income Loss
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CY2021Q1 us-gaap Stockholders Equity
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CY2021Q1 us-gaap Profit Loss
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CY2021Q1 us-gaap Other Depreciation And Amortization
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CY2022Q1 us-gaap Other Depreciation And Amortization
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CY2021Q1 nrom Amortization Of Lease Cost In Excess Of Cash Paid
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CY2022Q1 nrom Amortization Of Lease Cost In Excess Of Cash Paid
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CY2021Q1 us-gaap Deferred Income Tax Expense Benefit
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CY2022Q1 us-gaap Deferred Income Tax Expense Benefit
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CY2021Q1 us-gaap Increase Decrease In Accounts Receivable
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CY2022Q1 us-gaap Increase Decrease In Accounts Receivable
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CY2021Q1 us-gaap Increase Decrease In Inventories
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CY2022Q1 us-gaap Increase Decrease In Inventories
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CY2021Q1 us-gaap Increase Decrease In Prepaid Expense
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CY2022Q1 us-gaap Increase Decrease In Prepaid Expense
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CY2021Q1 us-gaap Increase Decrease In Other Operating Assets
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CY2022Q1 us-gaap Increase Decrease In Other Operating Assets
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CY2022Q1 us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
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CY2021Q1 us-gaap Net Cash Provided By Used In Investing Activities
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CY2022Q1 us-gaap Payments Of Loan Costs
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CY2021Q1 us-gaap Payments Of Loan Costs
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CY2022Q1 us-gaap Repayments Of Convertible Debt
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CY2021Q1 us-gaap Repayments Of Convertible Debt
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CY2022Q1 us-gaap Proceeds From Loans
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CY2021Q1 us-gaap Proceeds From Loans
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CY2022Q1 us-gaap Net Cash Provided By Used In Financing Activities
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CY2021Q1 us-gaap Net Cash Provided By Used In Financing Activities
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CY2021Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Excluding Exchange Rate Effect
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CY2022Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Excluding Exchange Rate Effect
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CY2020Q4 us-gaap Cash And Cash Equivalents At Carrying Value
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CY2021Q4 us-gaap Cash And Cash Equivalents At Carrying Value
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CY2021Q1 us-gaap Cash And Cash Equivalents At Carrying Value
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CY2022Q1 us-gaap Cash And Cash Equivalents At Carrying Value
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CY2021Q1 us-gaap Interest Paid Net
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CY2022Q1 us-gaap Interest Paid Net
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CY2021Q1 us-gaap Repayments Of Long Term Debt
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CY2022Q1 us-gaap Revenue Recognition Services Royalty Fees
RevenueRecognitionServicesRoyaltyFees
<p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:left;">Note 2 – Royalties and fees included initial franchise fees of $83,000 for the three-month period ended March 31, 2022, and $54,500 for the three-month period ended March 31, 2021.  Royalties and fees included equipment commissions of $8,007 for the three-month period ended March 31, 2022, and $10,438 for the three-month period ended March 31, 2021.  Royalties and fees, including amortized initial franchise fees and equipment commissions, were $883,000 for the three-month period ended March 31, 2022, and $989,000 for the three-month period ended March 31, 2021.  Most of the cost for the services required to be performed by the Company are incurred prior to the franchise fee income being recorded, which is based on a contractual liability of the franchisee.</p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:left;">The effect on comparable period amounts within the financial statements by recording franchise fees and cost of opening the units as deferred contract costs and deferred contract income is not material as the initial franchise fee for the non-traditional franchise is intended to defray the initial contract costs, and the franchise fees and contract costs initially incurred and paid approximate the relative amortized franchise fees and contract costs for those same periods.</p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:left;"> </p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:left;">The deferred contract income and deferred costs were $852,000 on March 31, 2022.</p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:left;"> </p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:left;">At December 31, 2021 and March 31, 2022, the carrying values of the Company’s franchise receivables have been reduced to anticipated realizable value.  After considering this reduction of carrying value, the Company anticipates that substantially all of its accounts receivables reflected on the consolidated balance sheet as of March 31, 2022, will be collected.  In 2020, in light of the additional uncertainty created as a result of the COVID 19 pandemic, the Company created an allowance for collectability on all long-term franchisee receivables.  The Company will continue to pursue collection where circumstances are appropriate and all collections of these receivables in the future will result in additional royalty income at the time received.</p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:left;"> </p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:left;">There were 3,069 franchises/licenses in operation on December 31, 2021 and 3,074 franchises/licenses were in operation on March 31, 2022.  During the three-month period ended March 31, 2022 seven new outlets opened and two outlets closed.  In the ordinary course, grocery stores from time to time add the Company’s licensed products, remove them and may subsequently re-offer them.  Therefore, it is unknown how many of the 2,404 licensed grocery store units included in the counts above have left the system.</p>
CY2021Q4 us-gaap Number Of Stores
NumberOfStores
3069 integer
CY2022Q1 us-gaap Number Of Stores
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CY2022Q1 nrom Number Of Licensed Grocery Store
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2404 integer
CY2022Q1 nrom Net Income Losses
NetIncomeLosses
-136696 USD
CY2022Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
22215512 shares
CY2021Q1 nrom Net Income Losses
NetIncomeLosses
827408 USD
CY2021Q1 nrom Diluted Earnings Per Share Net Income Per Share With Assumed Conversions
DilutedEarningsPerShareNetIncomePerShareWithAssumedConversions
843033 USD
CY2020Q2 us-gaap Notes Receivable Net
NotesReceivableNet
715000 USD
CY2021Q1 us-gaap Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
940734 USD

Files In Submission

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