$RAVE
RAVE RESTAURANT GROUP, INC.

2021 Q2 Form 10-Q Financial Statement

#000114036121016107 Filed on May 06, 2021

View on sec.gov

Income Statement

Concept 2021 Q2 2021 Q1 2020 Q1
Revenue $2.379M $2.183M $2.705M
YoY Change 46.85% -19.3% -11.89%
Cost Of Revenue $35.00K $76.00K $104.0K
YoY Change -61.11% -26.92% -72.77%
Gross Profit $2.344M $2.107M $2.601M
YoY Change 53.2% -18.99% -3.24%
Gross Profit Margin 98.53% 96.52% 96.16%
Selling, General & Admin $1.289M $1.150M $1.670M
YoY Change 38.6% -31.14% 5.03%
% of Gross Profit 54.99% 54.58% 64.21%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $37.00K $40.00K $50.00K
YoY Change -26.0% -20.0% -54.55%
% of Gross Profit 1.58% 1.9% 1.92%
Operating Expenses $1.940M $1.830M $2.580M
YoY Change 31.97% -29.07% -0.39%
Operating Profit $404.0K $277.0K $21.00K
YoY Change 573.33% 1219.05% -78.57%
Interest Expense -$23.00K $23.00K $24.00K
YoY Change 15.0% -4.17% -7.69%
% of Operating Profit -5.69% 8.3% 114.29%
Other Income/Expense, Net
YoY Change
Pretax Income $892.0K $417.0K -$507.0K
YoY Change 2873.33% -182.25% 99.61%
Income Tax -$34.00K $1.000K $4.008M
% Of Pretax Income -3.81% 0.24%
Net Earnings $926.0K $416.0K -$4.515M
YoY Change 2986.67% -109.21% 1616.73%
Net Earnings / Revenue 38.92% 19.06% -166.91%
Basic Earnings Per Share $0.02 -$0.30
Diluted Earnings Per Share $43.60K $0.02 -$0.30
COMMON SHARES
Basic Shares Outstanding 18.00M 17.99M 15.13M
Diluted Shares Outstanding 18.79M 15.13M

Balance Sheet

Concept 2021 Q2 2021 Q1 2020 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $8.330M $6.490M $1.540M
YoY Change 180.47% 321.43% -20.21%
Cash & Equivalents $8.330M $6.487M $1.535M
Short-Term Investments
Other Short-Term Assets $196.0K $230.0K $410.0K
YoY Change -51.0% -43.9% -46.05%
Inventory $0.00
Prepaid Expenses
Receivables $911.0K $1.192M $1.214M
Other Receivables $901.0K $1.040M $800.0K
Total Short-Term Assets $10.37M $8.984M $4.012M
YoY Change 110.32% 123.93% -17.45%
LONG-TERM ASSETS
Property, Plant & Equipment $445.0K $295.0K $399.0K
YoY Change 21.58% -26.07% -67.3%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $0.00 $0.00 $240.0K
YoY Change -100.0% -100.0% -93.26%
Total Long-Term Assets $2.972M $3.472M $4.956M
YoY Change -37.73% -29.94% -20.32%
TOTAL ASSETS
Total Short-Term Assets $10.37M $8.984M $4.012M
Total Long-Term Assets $2.972M $3.472M $4.956M
Total Assets $13.35M $12.46M $8.968M
YoY Change 37.51% 38.89% -19.06%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $644.0K $450.0K $680.0K
YoY Change -24.24% -33.82% -29.9%
Accrued Expenses $924.0K $976.0K $1.154M
YoY Change 19.23% -15.42% 15.4%
Deferred Revenue $626.0K $169.0K $154.0K
YoY Change 146.46% 9.74%
Short-Term Debt $250.0K $0.00 $0.00
YoY Change
Long-Term Debt Due $1.576M
YoY Change
Total Short-Term Liabilities $4.531M $2.176M $2.603M
YoY Change 80.23% -16.4% 16.21%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $2.230M $1.540M
YoY Change -100.0% 44.81% -2.53%
Other Long-Term Liabilities $0.00 $0.00 $51.00K
YoY Change -100.0% -100.0% -97.54%
Total Long-Term Liabilities $0.00 $0.00 $51.00K
YoY Change -100.0% -100.0% -98.6%
TOTAL LIABILITIES
Total Short-Term Liabilities $4.531M $2.176M $2.603M
Total Long-Term Liabilities $0.00 $0.00 $51.00K
Total Liabilities $7.612M $7.690M $8.827M
YoY Change -17.28% -12.88% 49.86%
SHAREHOLDERS EQUITY
Retained Earnings -$7.196M -$8.122M -$8.747M
YoY Change -17.44% -7.15%
Common Stock $37.47M $37.43M $33.43M
YoY Change 10.99% 11.97%
Preferred Stock
YoY Change
Treasury Stock (at cost) $24.54M $24.54M $24.54M
YoY Change 0.0% 0.0%
Treasury Stock Shares $7.085M $7.085M $7.085M
Shareholders Equity $5.733M $4.766M $141.0K
YoY Change
Total Liabilities & Shareholders Equity $13.35M $12.46M $8.968M
YoY Change 37.51% 38.89% -19.06%

Cashflow Statement

Concept 2021 Q2 2021 Q1 2020 Q1
OPERATING ACTIVITIES
Net Income $926.0K $416.0K -$4.515M
YoY Change 2986.67% -109.21% 1616.73%
Depreciation, Depletion And Amortization $37.00K $40.00K $50.00K
YoY Change -26.0% -20.0% -54.55%
Cash From Operating Activities $1.845M -$50.00K -$450.0K
YoY Change 319.32% -88.89% -1600.0%
INVESTING ACTIVITIES
Capital Expenditures -$256.0K $0.00 $0.00
YoY Change 2460.0% -100.0%
Acquisitions
YoY Change
Other Investing Activities $8.000K $10.00K $10.00K
YoY Change 0.0% -66.67%
Cash From Investing Activities -$248.0K $10.00K $0.00
YoY Change -2580.0%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 250.0K 0.000 10.00K
YoY Change -74.75% -100.0%
NET CHANGE
Cash From Operating Activities 1.845M -50.00K -450.0K
Cash From Investing Activities -248.0K 10.00K 0.000
Cash From Financing Activities 250.0K 0.000 10.00K
Net Change In Cash 1.847M -40.00K -440.0K
YoY Change 28.26% -90.91% -1566.67%
FREE CASH FLOW
Cash From Operating Activities $1.845M -$50.00K -$450.0K
Capital Expenditures -$256.0K $0.00 $0.00
Free Cash Flow $2.101M -$50.00K -$450.0K
YoY Change 366.89% -88.89% -850.0%

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us-gaap Net Cash Provided By Used In Financing Activities
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3630000
CY2021Q1 us-gaap Notes And Loans Receivable Net Noncurrent
NotesAndLoansReceivableNetNoncurrent
60000
CY2020Q2 us-gaap Notes And Loans Receivable Net Noncurrent
NotesAndLoansReceivableNetNoncurrent
449000
us-gaap Number Of Reportable Segments
NumberOfReportableSegments
3
us-gaap Operating Lease Payments
OperatingLeasePayments
586000
CY2021Q1 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.040
rave Operating Lease Liability At Adoption
OperatingLeaseLiabilityAtAdoption
3875000
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
8411000
us-gaap Sublease Income
SubleaseIncome
151000
CY2021Q1 us-gaap Operating Lease Liability
OperatingLeaseLiability
3118000
CY2020Q2 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
3471000
CY2020Q2 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
632000
CY2021Q1 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
586000
us-gaap Operating Lease Cost
OperatingLeaseCost
550000
CY2021Q1 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
2772000
CY2021Q1 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
2532000
CY2020Q2 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
3567000
CY2021Q1 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P5Y
us-gaap Other Asset Impairment Charges
OtherAssetImpairmentCharges
836000
us-gaap Other Asset Impairment Charges
OtherAssetImpairmentCharges
21000
CY2021Q1 us-gaap Other Liabilities Noncurrent
OtherLiabilitiesNoncurrent
0
CY2020Q2 us-gaap Other Liabilities Noncurrent
OtherLiabilitiesNoncurrent
51000
us-gaap Payments Of Stock Issuance Costs
PaymentsOfStockIssuanceCosts
131000
us-gaap Payments Of Stock Issuance Costs
PaymentsOfStockIssuanceCosts
4000
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
29000
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
53000
CY2021Q1 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
231000
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
6214000
CY2020Q2 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
174000
us-gaap Proceeds From Collection Of Notes Receivable
ProceedsFromCollectionOfNotesReceivable
40000
us-gaap Proceeds From Collection Of Notes Receivable
ProceedsFromCollectionOfNotesReceivable
117000
us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
14000
us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
3761000
CY2020Q2 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
366000
CY2021Q1 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
295000
CY2021Q1 us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
-97000
us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
18000
CY2020Q1 us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
11000
us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
39000
CY2021Q1 us-gaap Restricted Cash And Cash Equivalents At Carrying Value
RestrictedCashAndCashEquivalentsAtCarryingValue
0
CY2020Q2 us-gaap Restricted Cash And Cash Equivalents At Carrying Value
RestrictedCashAndCashEquivalentsAtCarryingValue
234000
CY2021Q1 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-8122000
CY2020Q2 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-8716000
CY2020Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
2705000
CY2021Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
2183000
dei Entity Emerging Growth Company
EntityEmergingGrowthCompany
false
CY2019Q3 us-gaap Stock Issued During Period Value Conversion Of Convertible Securities
StockIssuedDuringPeriodValueConversionOfConvertibleSecurities
64000
us-gaap Share Based Compensation
ShareBasedCompensation
39000
us-gaap Share Based Compensation
ShareBasedCompensation
-104000
CY2019Q4 us-gaap Stock Issued During Period Value New Issues
StockIssuedDuringPeriodValueNewIssues
0
CY2020Q4 us-gaap Stock Issued During Period Value New Issues
StockIssuedDuringPeriodValueNewIssues
3761000
CY2020Q1 us-gaap Stock Issued During Period Value New Issues
StockIssuedDuringPeriodValueNewIssues
14000
CY2020Q1 us-gaap Stock Repurchased During Period Shares
StockRepurchasedDuringPeriodShares
0
CY2021Q1 us-gaap Stock Repurchased During Period Shares
StockRepurchasedDuringPeriodShares
0
CY2021Q1 us-gaap Stockholders Equity
StockholdersEquity
4766000
CY2020Q2 us-gaap Stockholders Equity
StockholdersEquity
503000
CY2019Q2 us-gaap Stockholders Equity
StockholdersEquity
4434000
CY2020Q3 us-gaap Stockholders Equity
StockholdersEquity
576000
CY2019Q4 us-gaap Stockholders Equity
StockholdersEquity
4663000
CY2020Q4 us-gaap Stockholders Equity
StockholdersEquity
4312000
CY2019Q3 us-gaap Stockholders Equity
StockholdersEquity
4733000
CY2020Q1 us-gaap Stockholders Equity
StockholdersEquity
141000
CY2020Q2 us-gaap Treasury Stock Shares
TreasuryStockShares
7085154
CY2021Q1 us-gaap Treasury Stock Shares
TreasuryStockShares
7085154
CY2021Q1 us-gaap Treasury Stock Value
TreasuryStockValue
24537000
CY2020Q2 us-gaap Treasury Stock Value
TreasuryStockValue
24537000
us-gaap Use Of Estimates
UseOfEstimates
<div style="font-family: 'Times New Roman'; font-size: 10pt;"><div style="text-align: justify; font-weight: bold;">Use of Management Estimates</div><div style="text-align: justify;">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>
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
17061000
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
15123000
CY2021Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
17991000
CY2020Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
15133000
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
15123000
CY2021Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
18789000
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
17859000
CY2020Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
15133000
dei Amendment Flag
AmendmentFlag
false
dei Current Fiscal Year End Date
CurrentFiscalYearEndDate
--06-27
dei Document Period End Date
DocumentPeriodEndDate
2021-03-28
dei Entity Address State Or Province
EntityAddressStateOrProvince
TX
dei Entity Current Reporting Status
EntityCurrentReportingStatus
Yes
dei Entity Filer Category
EntityFilerCategory
Non-accelerated Filer
dei Entity Registrant Name
EntityRegistrantName
RAVE RESTAURANT GROUP, INC.
dei Entity Central Index Key
EntityCentralIndexKey
0000718332
CY2021Q2 dei Entity Common Stock Shares Outstanding
EntityCommonStockSharesOutstanding
18004904
dei Document Fiscal Year Focus
DocumentFiscalYearFocus
2021
dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
Q3
dei Document Type
DocumentType
10-Q
dei Entity Interactive Data Current
EntityInteractiveDataCurrent
Yes
dei Entity Shell Company
EntityShellCompany
false
dei Entity Small Business
EntitySmallBusiness
true
CY2019Q2 rave Percentage Of Change To Assets Of Operating Leases
PercentageOfChangeToAssetsOfOperatingLeases
0.3
CY2019Q2 rave Percentage Of Change To Liabilities Of Operating Leases
PercentageOfChangeToLiabilitiesOfOperatingLeases
0.64
CY2019Q2 rave Operating Lease Deferred Rent Recorded For Lease Incentives
OperatingLeaseDeferredRentRecordedForLeaseIncentives
132000
CY2019Q2 rave Operating Lease Deferred Rent Tenant Improvements Amount
OperatingLeaseDeferredRentTenantImprovementsAmount
302000
CY2021Q1 rave Lessee Operating Lease Liability To Be Paid After Year Three
LesseeOperatingLeaseLiabilityToBePaidAfterYearThree
1211000
rave Lessee Operating Lease Number Of Subleases
LesseeOperatingLeaseNumberOfSubleases
2
CY2019Q4 rave Adjustments Reversal To Additional Paid In Capital Stock Issued Issuance Costs
AdjustmentsReversalToAdditionalPaidInCapitalStockIssuedIssuanceCosts
1000
CY2020Q2 rave Paycheck Protection Program Loan
PaycheckProtectionProgramLoan
657000
CY2021Q1 rave Paycheck Protection Program Loan
PaycheckProtectionProgramLoan
657000
CY2021Q1 rave Accounts Payable Lease Termination Impairments Current
AccountsPayableLeaseTerminationImpairmentsCurrent
0
CY2020Q2 rave Accounts Payable Lease Termination Impairments Current
AccountsPayableLeaseTerminationImpairmentsCurrent
407000
rave Operating Lease Right Of Use Assets At Adoption
OperatingLeaseRightOfUseAssetsAtAdoption
3428000
rave Operating Lease Right Of Use Assets At Adoption
OperatingLeaseRightOfUseAssetsAtAdoption
0
rave Operating Lease Liability At Adoption
OperatingLeaseLiabilityAtAdoption
0
rave Increase Decrease In Deposits And Other
IncreaseDecreaseInDepositsAndOther
0
rave Increase Decrease In Deposits And Other
IncreaseDecreaseInDepositsAndOther
5000
rave Increase Decrease In Operating Lease Liability
IncreaseDecreaseInOperatingLeaseLiability
-380000
rave Increase Decrease In Operating Lease Liability
IncreaseDecreaseInOperatingLeaseLiability
470000
rave Accounts Payable Lease Termination Impairments
AccountsPayableLeaseTerminationImpairments
-428000
rave Accounts Payable Lease Termination Impairments
AccountsPayableLeaseTerminationImpairments
-972000
rave Operating Lease Right Of Use Asset Amortization
OperatingLeaseRightOfUseAssetAmortization
435000
rave Operating Lease Right Of Use Asset Amortization
OperatingLeaseRightOfUseAssetAmortization
-396000
rave Provision For Doubtful Accounts From Accounts Receivable
ProvisionForDoubtfulAccountsFromAccountsReceivable
39000
rave Provision For Doubtful Accounts From Accounts Receivable
ProvisionForDoubtfulAccountsFromAccountsReceivable
18000

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