2019 Q2 Form 10-K Financial Statement

#000114036119017524 Filed on September 30, 2019

View on sec.gov

Income Statement

Concept 2019 Q2 2018 Q2 2018
Revenue $3.060M $2.830M $15.12M
YoY Change 8.13% -46.9% -42.02%
Cost Of Revenue $410.0K $210.0K $3.654M
YoY Change 95.24% -88.77% -73.77%
Gross Profit $2.660M $2.610M $11.47M
YoY Change 1.92% -24.78% -5.63%
Gross Profit Margin 86.93% 92.23% 75.83%
Selling, General & Admin $1.710M $1.660M $8.060M
YoY Change 3.01% -29.96% -28.74%
% of Gross Profit 64.29% 63.6% 70.29%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $80.00K $150.0K $835.0K
YoY Change -46.67% -60.53% -66.06%
% of Gross Profit 3.01% 5.75% 7.28%
Operating Expenses $2.720M $2.490M $11.59M
YoY Change 9.24% -30.64% -29.63%
Operating Profit -$60.00K $120.0K -$124.0K
YoY Change -150.0% -200.0% -97.13%
Interest Expense -$30.00K -$30.00K $183.0K
YoY Change 0.0% -57.14% -266.36%
% of Operating Profit -25.0%
Other Income/Expense, Net
YoY Change
Pretax Income -$1.070M -$40.00K -$1.048M
YoY Change 2575.0% -95.0% -90.63%
Income Tax -$240.0K -$3.310M -$3.322M
% Of Pretax Income
Net Earnings -$830.0K $3.340M $1.912M
YoY Change -124.85% -400.9% -115.31%
Net Earnings / Revenue -27.12% 118.02% 12.65%
Basic Earnings Per Share $0.14
Diluted Earnings Per Share -$55.08K $170.8K $0.13
COMMON SHARES
Basic Shares Outstanding 13.85M
Diluted Shares Outstanding 14.98M

Balance Sheet

Concept 2019 Q2 2018 Q2 2018
SHORT-TERM ASSETS
Cash & Short-Term Investments $2.260M $1.390M $1.390M
YoY Change 62.59% 208.89% 208.89%
Cash & Equivalents $2.264M $1.386M $1.390M
Short-Term Investments
Other Short-Term Assets $580.0K $810.0K $810.0K
YoY Change -28.4% -16.49% -16.49%
Inventory $7.000K $6.000K $10.00K
Prepaid Expenses
Receivables $1.191M $1.518M $1.520M
Other Receivables $0.00 $300.0K $1.020M
Total Short-Term Assets $4.703M $4.739M $4.740M
YoY Change -0.76% -7.62% -7.6%
LONG-TERM ASSETS
Property, Plant & Equipment $500.0K $1.510M $1.510M
YoY Change -66.89% -60.37% -60.37%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $4.290M $3.720M $3.720M
YoY Change 15.32% 659.18% 659.18%
Total Long-Term Assets $5.723M $6.247M $6.250M
YoY Change -8.39% 41.33% 41.4%
TOTAL ASSETS
Total Short-Term Assets $4.703M $4.739M $4.740M
Total Long-Term Assets $5.723M $6.247M $6.250M
Total Assets $10.43M $10.99M $10.99M
YoY Change -5.1% 15.04% 15.08%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.230M $770.0K $770.0K
YoY Change 59.74% -81.53% -81.53%
Accrued Expenses $834.0K $1.109M $1.110M
YoY Change -24.8% -12.68% -12.6%
Deferred Revenue $275.0K $65.00K
YoY Change 323.08%
Short-Term Debt $0.00 $0.00 $0.00
YoY Change -100.0% -100.0%
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $2.378M $1.980M $1.980M
YoY Change 20.1% -70.62% -70.62%
LONG-TERM LIABILITIES
Long-Term Debt $1.580M $1.560M $1.560M
YoY Change 1.28% -43.27% -43.27%
Other Long-Term Liabilities $72.00K $42.00K $1.150M
YoY Change 71.43% -98.03% -46.01%
Total Long-Term Liabilities $72.00K $42.00K $2.710M
YoY Change 71.43% -99.14% -44.47%
TOTAL LIABILITIES
Total Short-Term Liabilities $2.378M $1.980M $1.980M
Total Long-Term Liabilities $72.00K $42.00K $2.710M
Total Liabilities $5.992M $4.687M $4.690M
YoY Change 27.84% -59.7% -59.67%
SHAREHOLDERS EQUITY
Retained Earnings -$4.483M -$2.493M
YoY Change 79.82%
Common Stock $33.55M $33.43M
YoY Change 0.36%
Preferred Stock
YoY Change
Treasury Stock (at cost) $24.63M $24.64M
YoY Change -0.02%
Treasury Stock Shares $7.117M $7.119M
Shareholders Equity $4.434M $6.299M $6.300M
YoY Change
Total Liabilities & Shareholders Equity $10.43M $10.99M $10.99M
YoY Change -5.1% 15.04% 15.08%

Cashflow Statement

Concept 2019 Q2 2018 Q2 2018
OPERATING ACTIVITIES
Net Income -$830.0K $3.340M $1.912M
YoY Change -124.85% -400.9% -115.31%
Depreciation, Depletion And Amortization $80.00K $150.0K $835.0K
YoY Change -46.67% -60.53% -66.06%
Cash From Operating Activities $240.0K $530.0K -$3.902M
YoY Change -54.72% -121.03% -29.69%
INVESTING ACTIVITIES
Capital Expenditures $0.00 -$190.0K $1.081M
YoY Change -100.0% -38.71% -289.65%
Acquisitions
YoY Change
Other Investing Activities $40.00K $80.00K $1.790M
YoY Change -50.0% -91.11% 79.0%
Cash From Investing Activities $40.00K -$100.0K $708.0K
YoY Change -140.0% -116.95% 64.65%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $5.129M
YoY Change 533.21%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 60.00K -10.00K 4.129M
YoY Change -700.0% -200.0% -12.15%
NET CHANGE
Cash From Operating Activities 240.0K 530.0K -3.902M
Cash From Investing Activities 40.00K -100.0K 708.0K
Cash From Financing Activities 60.00K -10.00K 4.129M
Net Change In Cash 340.0K 420.0K 935.0K
YoY Change -19.05% -121.88% -322.62%
FREE CASH FLOW
Cash From Operating Activities $240.0K $530.0K -$3.902M
Capital Expenditures $0.00 -$190.0K $1.081M
Free Cash Flow $240.0K $720.0K -$4.983M
YoY Change -66.67% -132.58% 0.06%

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CY2019Q2 us-gaap Future Minimum Sublease Rentals Sale Leaseback Transactions Within One Year
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CY2019 us-gaap Gain Loss On Disposition Of Assets1
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-168000
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-291000
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IncomeTaxReconciliationForeignIncomeTaxRateDifferential
30000
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IncomeTaxReconciliationForeignIncomeTaxRateDifferential
15000
CY2019 us-gaap Income Tax Reconciliation Change In Deferred Tax Assets Valuation Allowance
IncomeTaxReconciliationChangeInDeferredTaxAssetsValuationAllowance
0
CY2018 us-gaap Income Tax Reconciliation Change In Deferred Tax Assets Valuation Allowance
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-6597000
CY2018 us-gaap Income Tax Reconciliation Change In Enacted Tax Rate
IncomeTaxReconciliationChangeInEnactedTaxRate
3416000
CY2019 us-gaap Income Tax Reconciliation Change In Enacted Tax Rate
IncomeTaxReconciliationChangeInEnactedTaxRate
0
CY2019 us-gaap Income Tax Reconciliation State And Local Income Taxes
IncomeTaxReconciliationStateAndLocalIncomeTaxes
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CY2018 us-gaap Income Tax Reconciliation State And Local Income Taxes
IncomeTaxReconciliationStateAndLocalIncomeTaxes
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CY2018Q2 us-gaap Inventory Net
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6000
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CY2019 us-gaap Lease And Rental Expense
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608000
CY2018 us-gaap Lease And Rental Expense
LeaseAndRentalExpense
953000
CY2018 us-gaap Income Tax Reconciliation Other Adjustments
IncomeTaxReconciliationOtherAdjustments
34000
CY2019 us-gaap Income Tax Reconciliation Other Adjustments
IncomeTaxReconciliationOtherAdjustments
1000
CY2019Q2 us-gaap Income Taxes Receivable
IncomeTaxesReceivable
4000
CY2018Q2 us-gaap Income Taxes Receivable
IncomeTaxesReceivable
5000
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2274000
CY2019 us-gaap Income Loss From Continuing Operations Including Portion Attributable To Noncontrolling Interest
IncomeLossFromContinuingOperationsIncludingPortionAttributableToNoncontrollingInterest
-750000
CY2019 us-gaap Income Taxes Paid Net
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168000
CY2018 us-gaap Income Taxes Paid Net
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64000
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-767000
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-139000
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-21000
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270000
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0
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1000
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-73000
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CY2018 us-gaap Incremental Common Shares Attributable To Conversion Of Debt Securities
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CY2019 us-gaap Incremental Common Shares Attributable To Conversion Of Debt Securities
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CY2019 us-gaap Interest Expense
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104000
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187000
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72000
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90000
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InterestOnConvertibleDebtNetOfTax
63000
CY2018 us-gaap Operating Leases Rent Expense Minimum Rentals
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1114000
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4687000
CY2019Q2 us-gaap Liabilities
Liabilities
5992000
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10986000
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10426000
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CY2019Q2 us-gaap Liabilities Current
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2378000
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659000
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-3902000
CY2019 us-gaap Net Cash Provided By Used In Investing Activities
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131000
CY2018 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
708000
CY2019 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
88000
CY2018 us-gaap Net Cash Provided By Used In Financing Activities
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4129000
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1912000
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-750000
CY2019 us-gaap Net Income Loss Available To Common Stockholders Basic
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-750000
CY2018 us-gaap Net Income Loss Available To Common Stockholders Basic
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1912000
CY2019 us-gaap Notes Issued1
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654000
CY2018 us-gaap Notes Issued1
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0
CY2018Q2 us-gaap Notes And Loans Receivable Net Noncurrent
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803000
CY2019Q2 us-gaap Notes And Loans Receivable Net Noncurrent
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735000
CY2019 us-gaap Number Of Reportable Segments
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3
CY2019Q2 us-gaap Number Of Restaurants
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1
CY2018 us-gaap Operating Leases Rent Expense Sublease Rentals1
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161000
CY2019 us-gaap Operating Leases Rent Expense Sublease Rentals1
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149000
CY2019 us-gaap Operating Loss Carryforwards Expiration Date
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2032-12-31
CY2019Q2 us-gaap Operating Leases Future Minimum Payments Due In Two Years
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1927000
CY2019Q2 us-gaap Operating Leases Future Minimum Payments Due In Five Years
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856000
CY2019Q2 us-gaap Operating Leases Future Minimum Payments Due In Four Years
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1659000
CY2019Q2 us-gaap Operating Loss Carryforwards
OperatingLossCarryforwards
23900000
CY2019Q2 us-gaap Operating Leases Future Minimum Payments Due In Three Years
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1865000
CY2019 us-gaap Operating Leases Rent Expense Minimum Rentals
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757000
CY2019Q2 us-gaap Operating Leases Future Minimum Payments Due
OperatingLeasesFutureMinimumPaymentsDue
10517000
CY2019Q2 us-gaap Operating Leases Future Minimum Payments Due Current
OperatingLeasesFutureMinimumPaymentsDueCurrent
1862000
CY2019Q2 us-gaap Operating Leases Future Minimum Payments Due Thereafter
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2348000
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0
CY2018Q2 us-gaap Other Receivables Net Current
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300000
CY2018 us-gaap Other Asset Impairment Charges
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894000
CY2019 us-gaap Other Asset Impairment Charges
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1664000
CY2018Q2 us-gaap Other Liabilities Noncurrent
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42000
CY2019Q2 us-gaap Other Liabilities Noncurrent
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72000
CY2018Q2 us-gaap Other Accrued Liabilities Current
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404000
CY2019Q2 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
478000
CY2018 us-gaap Payments To Acquire Property Plant And Equipment
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1081000
CY2019 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
81000
CY2019 us-gaap Pre Opening Costs
PreOpeningCosts
0
CY2018 us-gaap Pre Opening Costs
PreOpeningCosts
114000
CY2018Q2 us-gaap Prepaid Expense And Other Assets Current
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273000
CY2019Q2 us-gaap Prepaid Expense And Other Assets Current
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346000
CY2019 us-gaap Proceeds From Repayments Of Other Debt
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0
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-1000000
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0
CY2019 us-gaap Proceeds From Collection Of Notes Receivable
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201000
CY2018 us-gaap Proceeds From Issuance Of Common Stock
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5129000
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88000
CY2019 us-gaap Proceeds From Sale Of Productive Assets
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11000
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2901000
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PropertyPlantAndEquipmentGross
2111000
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1510000
CY2019Q2 us-gaap Property Plant And Equipment Net
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500000
CY2018 us-gaap Provision For Doubtful Accounts
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351000
CY2019 us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
1265000
CY2018 rave Adjusted Net Income Loss
AdjustedNetIncomeLoss
2002000
CY2019 rave Adjusted Net Income Loss
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-687000
CY2019 rave Other Lease Charges
OtherLeaseCharges
900000
CY2019Q2 us-gaap Restricted Cash
RestrictedCash
200000
CY2018Q2 us-gaap Restricted Cash
RestrictedCash
200000
CY2019Q2 us-gaap Retained Earnings Accumulated Deficit
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-4483000
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RetainedEarningsAccumulatedDeficit
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CY2019 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
12319000
CY2018 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
15120000
CY2018 rave Increase Decrease In Prepaid Expense Deposits And Other Assets
IncreaseDecreaseInPrepaidExpenseDepositsAndOtherAssets
-25000
CY2019 rave Increase Decrease In Prepaid Expense Deposits And Other Assets
IncreaseDecreaseInPrepaidExpenseDepositsAndOtherAssets
446000
CY2018 rave Provision For Doubtful Accounts From Accounts Receivable
ProvisionForDoubtfulAccountsFromAccountsReceivable
351000
CY2019 rave Provision For Doubtful Accounts From Accounts Receivable
ProvisionForDoubtfulAccountsFromAccountsReceivable
349000
CY2019 rave Provision For Doubtful Accounts From Notes Receivable
ProvisionForDoubtfulAccountsFromNotesReceivable
916000
CY2018 rave Provision For Doubtful Accounts From Notes Receivable
ProvisionForDoubtfulAccountsFromNotesReceivable
0
CY2019 us-gaap Share Based Compensation
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36000
CY2018 us-gaap Share Based Compensation
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115000
CY2018Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Nonvested Number
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908293
CY2019Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Nonvested Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber
155106
CY2018 us-gaap Stock Issued During Period Value Conversion Of Convertible Securities
StockIssuedDuringPeriodValueConversionOfConvertibleSecurities
1314000
CY2019 us-gaap Stock Issued During Period Value Conversion Of Convertible Securities
StockIssuedDuringPeriodValueConversionOfConvertibleSecurities
4000
CY2019Q2 us-gaap Stock Repurchase Program Remaining Number Of Shares Authorized To Be Repurchased
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848425
CY2018 us-gaap Stock Issued During Period Value New Issues
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5178000
CY2019 us-gaap Stock Issued During Period Value New Issues
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88000
CY2019 us-gaap Stock Repurchased During Period Shares
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0
CY2018 rave Increase Decrease In Accrued Liabilities Deferred Rent And Other
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-458000
CY2019 rave Increase Decrease In Accrued Liabilities Deferred Rent And Other
IncreaseDecreaseInAccruedLiabilitiesDeferredRentAndOther
-276000
CY2018Q2 us-gaap Stockholders Equity
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6299000
CY2019Q2 us-gaap Stockholders Equity
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CY2018 us-gaap Tax Cuts And Jobs Act Of2017 Change In Tax Rate Deferred Tax Asset Income Tax Expense
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3400000
CY2019Q2 us-gaap Time Sharing Transactions Aggregate Maturities Of Notes Receivable Gross
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1124000
CY2019Q2 us-gaap Time Sharing Transactions Maturities Of Notes Receivable Year One
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389000
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542000
CY2019Q2 us-gaap Time Sharing Transactions Maturities Of Notes Receivable Year Three
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193000
CY2018Q2 us-gaap Treasury Stock Shares
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7119204
CY2019Q2 us-gaap Treasury Stock Shares
TreasuryStockShares
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CY2019Q2 us-gaap Treasury Stock Value
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24632000
CY2018Q2 us-gaap Treasury Stock Value
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<div style="font-family: 'Times New Roman'; font-size: 10pt;"><div style="text-align: justify; font-style: italic; font-weight: bold;">Use of Management Estimates:</div><div><br /></div><div style="text-align: justify; text-indent: 36pt;">The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires the Company&#8217;s management to make estimates and assumptions that affect its reported amounts of assets, liabilities, revenues, expenses and related disclosure of contingent liabilities.&#160; The Company bases its estimates on historical experience and other various assumptions that it believes are reasonable under the circumstances.&#160; Estimates and assumptions are reviewed periodically.&#160; Actual results could differ materially from estimates.</div></div>
CY2019 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
15070000
CY2018 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
13854000
CY2019 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
15070000
CY2018 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
14983000
CY2018Q2 rave Accounts Payable Lease Termination Impairments Current
AccountsPayableLeaseTerminationImpairmentsCurrent
353000
CY2019Q2 rave Accounts Payable Lease Termination Impairments Current
AccountsPayableLeaseTerminationImpairmentsCurrent
832000
CY2018 rave Accounts Payable Lease Termination Impairments
AccountsPayableLeaseTerminationImpairments
0
CY2019 rave Accounts Payable Lease Termination Impairments
AccountsPayableLeaseTerminationImpairments
-418000
CY2019 rave Lease Amount Per Square Foot
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17.50
CY2019Q2 rave Available Area For Lease
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19576
CY2018 rave Effective Income Tax Rate Reconciliation Permanent Adjustments Amount
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35000
CY2019 rave Effective Income Tax Rate Reconciliation Permanent Adjustments Amount
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8000
CY2019 rave Tax Cuts And Jobs Act Operating Loss Carryforwards Percentage Limitations On Use
TaxCutsAndJobsActOperatingLossCarryforwardsPercentageLimitationsOnUse
0.8
CY2019 rave Tax Cuts And Jobs Act Operating Loss Carryforwards Amount Limited With No Expiration
TaxCutsAndJobsActOperatingLossCarryforwardsAmountLimitedWithNoExpiration
300000
CY2019 rave Accounts Receivable Annual Finance Charges Percentage
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0.18
CY2019 rave Current State And Foreign Tax Expense Benefit
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100000
CY2019Q2 rave Notes Receivable Weighted Average Interest Rate
NotesReceivableWeightedAverageInterestRate
0.048
CY2019 rave Defined Contribution Plan Minimum Age Limit For Eligibility To Participate In Plan
DefinedContributionPlanMinimumAgeLimitForEligibilityToParticipateInPlan
P21Y

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