$RAVE
RAVE RESTAURANT GROUP, INC.

2020 Q2 Form 10-Q Financial Statement

#000114036120014986 Filed on June 29, 2020

View on sec.gov

Income Statement

Concept 2020 Q2 2020 Q1 2019 Q1
Revenue $1.620M $2.705M $3.070M
YoY Change -47.06% -11.89% 14.98%
Cost Of Revenue $90.00K $104.0K $382.0K
YoY Change -78.05% -72.77% 27.33%
Gross Profit $1.530M $2.601M $2.688M
YoY Change -42.48% -3.24% 13.42%
Gross Profit Margin 94.44% 96.16% 87.56%
Selling, General & Admin $930.0K $1.670M $1.590M
YoY Change -45.61% 5.03% -18.88%
% of Gross Profit 60.78% 64.21% 59.15%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $50.00K $50.00K $110.0K
YoY Change -37.5% -54.55% -15.38%
% of Gross Profit 3.27% 1.92% 4.09%
Operating Expenses $1.470M $2.580M $2.590M
YoY Change -45.96% -0.39% -4.07%
Operating Profit $60.00K $21.00K $98.00K
YoY Change -200.0% -78.57% -129.7%
Interest Expense -$20.00K $24.00K $26.00K
YoY Change -33.33% -7.69% -186.67%
% of Operating Profit -33.33% 114.29% 26.53%
Other Income/Expense, Net
YoY Change
Pretax Income $30.00K -$507.0K -$254.0K
YoY Change -102.8% 99.61% -45.96%
Income Tax $0.00 $4.008M $9.000K
% Of Pretax Income 0.0%
Net Earnings $30.00K -$4.515M -$263.0K
YoY Change -103.61% 1616.73% -46.33%
Net Earnings / Revenue 1.85% -166.91% -8.57%
Basic Earnings Per Share -$0.30 -$0.02
Diluted Earnings Per Share $1.972K -$0.30 -$0.02
COMMON SHARES
Basic Shares Outstanding 15.46M 15.13M 15.07M
Diluted Shares Outstanding 15.13M 15.07M

Balance Sheet

Concept 2020 Q2 2020 Q1 2019 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $2.970M $1.540M $1.930M
YoY Change 31.42% -20.21% 96.94%
Cash & Equivalents $2.969M $1.535M $1.932M
Short-Term Investments
Other Short-Term Assets $400.0K $410.0K $760.0K
YoY Change -31.03% -46.05% -26.92%
Inventory $0.00 $0.00 $20.00K
Prepaid Expenses
Receivables $965.0K $1.214M $1.550M
Other Receivables $550.0K $800.0K $610.0K
Total Short-Term Assets $4.932M $4.012M $4.860M
YoY Change 4.87% -17.45% 8.97%
LONG-TERM ASSETS
Property, Plant & Equipment $366.0K $399.0K $1.220M
YoY Change -26.8% -67.3% -33.7%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $10.00K $240.0K $3.560M
YoY Change -99.77% -93.26% 1383.33%
Total Long-Term Assets $4.773M $4.956M $6.220M
YoY Change -16.6% -20.32% 137.4%
TOTAL ASSETS
Total Short-Term Assets $4.932M $4.012M $4.860M
Total Long-Term Assets $4.773M $4.956M $6.220M
Total Assets $9.705M $8.968M $11.08M
YoY Change -6.92% -19.06% 56.5%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $850.0K $680.0K $970.0K
YoY Change -30.89% -29.9% 36.62%
Accrued Expenses $775.0K $1.154M $1.000M
YoY Change -7.07% 15.4% 16.28%
Deferred Revenue $254.0K $154.0K
YoY Change -7.64%
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $2.514M $2.603M $2.240M
YoY Change 5.72% 16.21% 33.33%
LONG-TERM LIABILITIES
Long-Term Debt $2.210M $1.540M $1.580M
YoY Change 39.87% -2.53% 1.28%
Other Long-Term Liabilities $51.00K $51.00K $2.070M
YoY Change -29.17% -97.54% 115.62%
Total Long-Term Liabilities $51.00K $51.00K $3.650M
YoY Change -29.17% -98.6% 44.84%
TOTAL LIABILITIES
Total Short-Term Liabilities $2.514M $2.603M $2.240M
Total Long-Term Liabilities $51.00K $51.00K $3.650M
Total Liabilities $9.202M $8.827M $5.890M
YoY Change 53.57% 49.86% 40.57%
SHAREHOLDERS EQUITY
Retained Earnings -$8.716M -$8.747M
YoY Change 94.42%
Common Stock $33.76M $33.43M
YoY Change 0.62%
Preferred Stock
YoY Change
Treasury Stock (at cost) $24.54M $24.54M
YoY Change -0.39%
Treasury Stock Shares $7.085M $7.085M
Shareholders Equity $503.0K $141.0K $5.196M
YoY Change
Total Liabilities & Shareholders Equity $9.705M $8.968M $11.08M
YoY Change -6.92% -19.06% 56.5%

Cashflow Statement

Concept 2020 Q2 2020 Q1 2019 Q1
OPERATING ACTIVITIES
Net Income $30.00K -$4.515M -$263.0K
YoY Change -103.61% 1616.73% -46.33%
Depreciation, Depletion And Amortization $50.00K $50.00K $110.0K
YoY Change -37.5% -54.55% -15.38%
Cash From Operating Activities $440.0K -$450.0K $30.00K
YoY Change 83.33% -1600.0% -103.13%
INVESTING ACTIVITIES
Capital Expenditures -$10.00K $0.00 -$30.00K
YoY Change -100.0% -93.48%
Acquisitions
YoY Change
Other Investing Activities $0.00 $10.00K $30.00K
YoY Change -100.0% -66.67% -96.1%
Cash From Investing Activities $10.00K $0.00 $0.00
YoY Change -75.0% -100.0%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 990.0K 10.00K 0.000
YoY Change 1550.0% -100.0%
NET CHANGE
Cash From Operating Activities 440.0K -450.0K 30.00K
Cash From Investing Activities 10.00K 0.000 0.000
Cash From Financing Activities 990.0K 10.00K 0.000
Net Change In Cash 1.440M -440.0K 30.00K
YoY Change 323.53% -1566.67% -106.52%
FREE CASH FLOW
Cash From Operating Activities $440.0K -$450.0K $30.00K
Capital Expenditures -$10.00K $0.00 -$30.00K
Free Cash Flow $450.0K -$450.0K $60.00K
YoY Change 87.5% -850.0% -112.0%

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CY2019Q2 us-gaap Liabilities
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CY2020Q1 us-gaap Liabilities
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CY2020Q1 us-gaap Liabilities And Stockholders Equity
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CY2019Q2 us-gaap Liabilities And Stockholders Equity
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CY2020Q1 us-gaap Liabilities Current
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CY2019Q2 us-gaap Liabilities Current
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us-gaap Net Cash Provided By Used In Operating Activities
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421000
us-gaap Net Cash Provided By Used In Operating Activities
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us-gaap Net Cash Provided By Used In Investing Activities
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64000
us-gaap Net Cash Provided By Used In Investing Activities
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93000
us-gaap Net Cash Provided By Used In Financing Activities
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10000
us-gaap Net Cash Provided By Used In Financing Activities
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us-gaap Net Income Loss
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-4264000
CY2020Q1 us-gaap Net Income Loss
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us-gaap Net Income Loss
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232000
CY2019Q4 us-gaap Net Income Loss
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CY2019Q3 us-gaap Net Income Loss
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237000
us-gaap Net Income Loss Available To Common Stockholders Basic
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-4264000
CY2020Q1 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
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us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
77000
CY2019Q1 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-263000
CY2019Q2 us-gaap Notes And Loans Receivable Net Noncurrent
NotesAndLoansReceivableNetNoncurrent
735000
CY2020Q1 us-gaap Notes And Loans Receivable Net Noncurrent
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200000
us-gaap Number Of Reportable Segments
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3
CY2020Q1 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P5Y6M
CY2020Q1 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
3712000
CY2019Q2 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
0
us-gaap Operating Lease Cost
OperatingLeaseCost
474000
CY2020Q1 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.040
CY2020Q1 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
620000
CY2019Q2 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
0
CY2020Q1 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
3635000
CY2019Q2 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
0
us-gaap Operating Lease Payments
OperatingLeasePayments
491000
CY2020Q1 us-gaap Operating Lease Liability
OperatingLeaseLiability
4255000
us-gaap Other Asset Impairment Charges
OtherAssetImpairmentCharges
389000
us-gaap Other Asset Impairment Charges
OtherAssetImpairmentCharges
836000
CY2019Q2 us-gaap Other Liabilities Noncurrent
OtherLiabilitiesNoncurrent
72000
CY2020Q1 us-gaap Other Liabilities Noncurrent
OtherLiabilitiesNoncurrent
51000
us-gaap Payments Of Stock Issuance Costs
PaymentsOfStockIssuanceCosts
4000
us-gaap Payments Of Stock Issuance Costs
PaymentsOfStockIssuanceCosts
4000
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
53000
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
76000
CY2020Q1 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
413000
CY2019Q2 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
346000
us-gaap Proceeds From Collection Of Notes Receivable
ProceedsFromCollectionOfNotesReceivable
0
us-gaap Proceeds From Collection Of Notes Receivable
ProceedsFromCollectionOfNotesReceivable
117000
us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
36000
us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
14000
us-gaap Proceeds From Sale Of Productive Assets
ProceedsFromSaleOfProductiveAssets
0
us-gaap Proceeds From Sale Of Productive Assets
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169000
CY2020Q1 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
399000
CY2019Q2 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
500000
CY2019Q1 us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
16000
us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
39000
CY2020Q1 us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
11000
us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
211000
CY2019Q2 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-4483000
CY2020Q1 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-8747000
CY2019Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
3070000
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
9256000
CY2020Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
2705000
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
8411000
us-gaap Sublease Income
SubleaseIncome
143000
CY2019Q3 us-gaap Stock Issued During Period Value Conversion Of Convertible Securities
StockIssuedDuringPeriodValueConversionOfConvertibleSecurities
64000
CY2018Q3 us-gaap Stock Issued During Period Value New Issues
StockIssuedDuringPeriodValueNewIssues
36000
CY2019Q1 us-gaap Stock Repurchased During Period Shares
StockRepurchasedDuringPeriodShares
0
CY2020Q1 us-gaap Stock Repurchased During Period Shares
StockRepurchasedDuringPeriodShares
0
CY2019Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
15071000
rave Accounts Payable Lease Termination Impairments
AccountsPayableLeaseTerminationImpairments
-972000
CY2019Q4 us-gaap Stock Issued During Period Value New Issues
StockIssuedDuringPeriodValueNewIssues
0
CY2020Q1 us-gaap Stock Issued During Period Value New Issues
StockIssuedDuringPeriodValueNewIssues
14000
CY2019Q2 us-gaap Stockholders Equity
StockholdersEquity
4434000
CY2020Q1 us-gaap Stockholders Equity
StockholdersEquity
141000
CY2018Q2 us-gaap Stockholders Equity
StockholdersEquity
6299000
CY2019Q1 us-gaap Stockholders Equity
StockholdersEquity
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CY2018Q4 us-gaap Stockholders Equity
StockholdersEquity
5331000
CY2019Q3 us-gaap Stockholders Equity
StockholdersEquity
4733000
CY2019Q4 us-gaap Stockholders Equity
StockholdersEquity
4663000
CY2018Q3 us-gaap Stockholders Equity
StockholdersEquity
4922000
rave Accounts Payable Lease Termination Impairments
AccountsPayableLeaseTerminationImpairments
-64000
rave Increase Decrease In Operating Lease Liability
IncreaseDecreaseInOperatingLeaseLiability
-380000
rave Increase Decrease In Operating Lease Liability
IncreaseDecreaseInOperatingLeaseLiability
0
rave Increase Decrease In Prepaid Expense Deposits And Other Assets
IncreaseDecreaseInPrepaidExpenseDepositsAndOtherAssets
201000
rave Increase Decrease In Prepaid Expense Deposits And Other Assets
IncreaseDecreaseInPrepaidExpenseDepositsAndOtherAssets
74000
CY2019Q2 us-gaap Treasury Stock Shares
TreasuryStockShares
7117304
CY2020Q1 us-gaap Treasury Stock Shares
TreasuryStockShares
7085154
CY2019Q2 us-gaap Treasury Stock Value
TreasuryStockValue
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CY2020Q1 us-gaap Treasury Stock Value
TreasuryStockValue
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us-gaap Use Of Estimates
UseOfEstimates
<div style="font-family: 'Times New Roman'; font-size: 10pt;"><div style="text-align: justify; margin-left: 36pt; font-weight: bold;">Use of Management Estimates</div><div style="text-align: justify; margin-left: 36pt;">The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (&#8220;GAAP&#8221;) 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. The Company bases its estimates on historical experience and other various assumptions that it believes are reasonable under the circumstances. Estimates and assumptions are reviewed periodically, and actual results could differ materially from estimates.</div></div>
CY2020Q1 us-gaap Valuation Allowance Deferred Tax Asset Change In Amount
ValuationAllowanceDeferredTaxAssetChangeInAmount
4300000
CY2020Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
15133000
CY2019Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
15071000
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
15123000
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
15069000
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
15123000
CY2019Q2 rave Accounts Payable Lease Termination Impairments Current
AccountsPayableLeaseTerminationImpairmentsCurrent
832000
CY2020Q1 rave Accounts Payable Lease Termination Impairments Current
AccountsPayableLeaseTerminationImpairmentsCurrent
376000
CY2019Q4 rave Apic Share Based Payment Arrangement Increase Decrease For Cost Recognition
APICShareBasedPaymentArrangementIncreaseDecreaseForCostRecognition
-85000
CY2018Q3 rave Apic Share Based Payment Arrangement Increase Decrease For Cost Recognition
APICShareBasedPaymentArrangementIncreaseDecreaseForCostRecognition
101000
CY2020Q1 rave Apic Share Based Payment Arrangement Increase Decrease For Cost Recognition
APICShareBasedPaymentArrangementIncreaseDecreaseForCostRecognition
-19000
CY2018Q4 rave Apic Share Based Payment Arrangement Increase Decrease For Cost Recognition
APICShareBasedPaymentArrangementIncreaseDecreaseForCostRecognition
180000
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
15902000
CY2020Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
15133000
rave Adjusted Net Income Loss
AdjustedNetIncomeLoss
124000
CY2020Q1 rave Adjusted Net Income Loss
AdjustedNetIncomeLoss
-4499000
CY2019Q1 rave Adjusted Net Income Loss
AdjustedNetIncomeLoss
-247000
rave Adjusted Net Income Loss
AdjustedNetIncomeLoss
-4216000
rave Provision For Doubtful Accounts From Accounts Receivable
ProvisionForDoubtfulAccountsFromAccountsReceivable
39000
rave Provision For Doubtful Accounts From Accounts Receivable
ProvisionForDoubtfulAccountsFromAccountsReceivable
25000
rave Share Based Compensation Expense Credit
ShareBasedCompensationExpenseCredit
-104000
rave Share Based Compensation Expense Credit
ShareBasedCompensationExpenseCredit
410000
rave Operating Lease Right Of Use Asset Amortization
OperatingLeaseRightOfUseAssetAmortization
0
rave Operating Lease Right Of Use Asset Amortization
OperatingLeaseRightOfUseAssetAmortization
-396000
rave Provision For Doubtful Accounts From Notes Receivable
ProvisionForDoubtfulAccountsFromNotesReceivable
0
rave Provision For Doubtful Accounts From Notes Receivable
ProvisionForDoubtfulAccountsFromNotesReceivable
186000
rave Increase Decrease In Accrued Liabilities Deferred Rent And Other
IncreaseDecreaseInAccruedLiabilitiesDeferredRentAndOther
325000
rave Increase Decrease In Accrued Liabilities Deferred Rent And Other
IncreaseDecreaseInAccruedLiabilitiesDeferredRentAndOther
-121000
CY2019Q1 rave Apic Share Based Payment Arrangement Increase Decrease For Cost Recognition
APICShareBasedPaymentArrangementIncreaseDecreaseForCostRecognition
129000
rave Lessee Operating Lease Number Of Subleases
LesseeOperatingLeaseNumberOfSubleases
2
CY2019Q2 rave Operating Lease Deferred Rent Tenant Improvements Amount
OperatingLeaseDeferredRentTenantImprovementsAmount
302000
CY2019Q2 rave Operating Lease Deferred Rent Recorded For Lease Incentives
OperatingLeaseDeferredRentRecordedForLeaseIncentives
132000
CY2019Q2 rave Percentage Of Change To Liabilities Of Operating Leases
PercentageOfChangeToLiabilitiesOfOperatingLeases
0.64
CY2019Q2 rave Percentage Of Change To Assets Of Operating Leases
PercentageOfChangeToAssetsOfOperatingLeases
0.3

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