$RAVE
RAVE RESTAURANT GROUP, INC.

2022 Q3 Form 10-K Financial Statement

#000114036122034473 Filed on September 23, 2022

View on sec.gov

Income Statement

Concept 2022 Q3 2022 Q2 2022
Revenue $3.005M $2.823M $10.69M
YoY Change 17.7% 18.66% 24.43%
Cost Of Revenue $0.00 $1.000K
YoY Change -100.0% -99.62%
Gross Profit $2.823M $10.69M
YoY Change 20.44% 28.36%
Gross Profit Margin 100.0% 99.99%
Selling, General & Admin $1.347M $1.543M $5.492M
YoY Change 11.23% 19.71% 13.68%
% of Gross Profit 54.66% 51.37%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $35.00K $49.00K $140.0K
YoY Change -20.45% 32.43% 6.87%
% of Gross Profit 1.74% 1.31%
Operating Expenses $2.600M $2.401M $8.963M
YoY Change 16.02% 23.76% 21.25%
Operating Profit $422.0K $1.728M
YoY Change 4.46% 84.42%
Interest Expense $1.000K $0.00 $61.00K
YoY Change -95.83% -100.0% -33.7%
% of Operating Profit 0.0% 3.53%
Other Income/Expense, Net $704.0K $704.0K
YoY Change 7.15%
Pretax Income $399.0K $1.120M $2.365M
YoY Change 38.54% 25.56% 58.62%
Income Tax $92.00K -$5.667M -$5.700M
% Of Pretax Income 23.06% -505.98% -241.01%
Net Earnings $307.0K $6.787M $8.022M
YoY Change 7.72% 632.94% 427.76%
Net Earnings / Revenue 10.22% 240.42% 75.03%
Basic Earnings Per Share $0.02 $0.45
Diluted Earnings Per Share $0.02 $378.0K $0.45
COMMON SHARES
Basic Shares Outstanding 16.40M 17.99M
Diluted Shares Outstanding 16.63M 17.99M

Balance Sheet

Concept 2022 Q3 2022 Q2 2022
SHORT-TERM ASSETS
Cash & Short-Term Investments $7.421M $7.723M $7.723M
YoY Change -5.78% -7.29% -7.29%
Cash & Equivalents $7.421M $7.723M $7.723M
Short-Term Investments
Other Short-Term Assets $108.0K $146.0K $146.0K
YoY Change -28.0% -25.51% -25.51%
Inventory
Prepaid Expenses
Receivables $1.486M $1.981M $2.017M
Other Receivables $170.0K $172.0K $172.0K
Total Short-Term Assets $9.219M $10.06M $10.06M
YoY Change -2.54% -3.04% -3.04%
LONG-TERM ASSETS
Property, Plant & Equipment $339.0K $365.0K $2.029M
YoY Change -85.88% -17.98% -19.8%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $5.772M $5.772M $5.772M
YoY Change
Total Long-Term Assets $8.307M $8.458M $8.458M
YoY Change 166.51% 184.59% 184.59%
TOTAL ASSETS
Total Short-Term Assets $9.219M $10.06M $10.06M
Total Long-Term Assets $8.307M $8.458M $8.458M
Total Assets $17.53M $18.52M $18.52M
YoY Change 39.36% 38.75% 38.75%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $689.0K $669.0K $669.0K
YoY Change 32.25% 3.88% 3.88%
Accrued Expenses $1.447M $1.082M $1.572M
YoY Change 49.18% 17.1% 13.17%
Deferred Revenue $401.0K $538.0K
YoY Change -14.06%
Short-Term Debt $0.00 $30.00K $30.00K
YoY Change -100.0% -88.0% -88.0%
Long-Term Debt Due $0.00 $0.00
YoY Change -100.0% -100.0%
Total Short-Term Liabilities $3.035M $2.890M $2.890M
YoY Change -21.94% -36.22% -36.22%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $2.070M $2.214M $2.214M
YoY Change -21.23% -28.14%
Total Long-Term Liabilities $2.070M $2.214M $2.214M
YoY Change -21.23% -28.14%
TOTAL LIABILITIES
Total Short-Term Liabilities $3.035M $2.890M $2.890M
Total Long-Term Liabilities $2.070M $2.214M $2.214M
Total Liabilities $5.105M $5.104M $5.104M
YoY Change -21.65% -32.95% -32.95%
SHAREHOLDERS EQUITY
Retained Earnings $1.133M $826.0K
YoY Change -111.48%
Common Stock $37.72M $37.64M
YoY Change 0.45%
Preferred Stock
YoY Change
Treasury Stock (at cost) $26.43M $25.05M
YoY Change 2.09%
Treasury Stock Shares $8.690M $7.579M
Shareholders Equity $12.42M $13.41M $13.41M
YoY Change
Total Liabilities & Shareholders Equity $17.53M $18.52M $18.52M
YoY Change 39.36% 38.75% 38.75%

Cashflow Statement

Concept 2022 Q3 2022 Q2 2022
OPERATING ACTIVITIES
Net Income $307.0K $6.787M $8.022M
YoY Change 7.72% 632.94% 427.76%
Depreciation, Depletion And Amortization $35.00K $49.00K $140.0K
YoY Change -20.45% 32.43% 6.87%
Cash From Operating Activities $1.135M $859.0K $1.384M
YoY Change -430.9% -53.44% -6.8%
INVESTING ACTIVITIES
Capital Expenditures $14.00K -$91.00K $66.00K
YoY Change -136.84% -64.45% -68.87%
Acquisitions
YoY Change
Other Investing Activities $30.00K $260.0K $500.0K
YoY Change -47.37% 3150.0% 941.67%
Cash From Investing Activities -$23.00K $169.0K $338.0K
YoY Change -221.05% -168.15% -242.02%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $512.0K
YoY Change -86.39%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -1.414M -542.0K -2.329M
YoY Change 987.69% -316.8% -160.03%
NET CHANGE
Cash From Operating Activities 1.135M 859.0K 1.384M
Cash From Investing Activities -23.00K 169.0K 338.0K
Cash From Financing Activities -1.414M -542.0K -2.329M
Net Change In Cash -302.0K 486.0K -607.0K
YoY Change -33.48% -73.69% -111.84%
FREE CASH FLOW
Cash From Operating Activities $1.135M $859.0K $1.384M
Capital Expenditures $14.00K -$91.00K $66.00K
Free Cash Flow $1.121M $950.0K $1.318M
YoY Change -467.54% -54.78% 3.53%

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CY2022 rave Current And Deferred State Tax Expense Benefit
CurrentAndDeferredStateTaxExpenseBenefit
200000
CY2022Q2 us-gaap Operating Loss Carryforwards
OperatingLossCarryforwards
23100000
CY2022 rave Tax Cuts And Jobs Act Operating Loss Carryforwards Amount Limited With No Expiration
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1800000
CY2022 rave Tax Cuts And Jobs Act Operating Loss Carryforwards Percentage Limitations On Use
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0.80
CY2022 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
-5700000
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19576
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18
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2
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24000
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InterestOnConvertibleDebtNetOfTax
40000
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OperatingLeaseCost
498000
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186000
CY2022 us-gaap Lease Cost
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312000
CY2022 us-gaap Operating Lease Payments
OperatingLeasePayments
551000
CY2022Q2 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
1664000
CY2022Q2 us-gaap Operating Lease Liability Current
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490000
CY2022Q2 us-gaap Operating Lease Liability Noncurrent
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1421000
CY2022Q2 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P3Y1M6D
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OperatingLeaseWeightedAverageDiscountRatePercent
0.04
CY2022Q2 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
558000
CY2022Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
511000
CY2022Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
433000
CY2022Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
382000
CY2022Q2 rave Lessee Operating Lease Liability To Be Paid After Year Four
LesseeOperatingLeaseLiabilityToBePaidAfterYearFour
191000
CY2022Q2 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
2075000
CY2022Q2 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
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164000
CY2022Q2 us-gaap Operating Lease Liability
OperatingLeaseLiability
1911000
CY2022Q2 rave Operating Leases Future Minimum Payments Due Next Twelve Months
OperatingLeasesFutureMinimumPaymentsDueNextTwelveMonths
1056000
CY2022Q2 rave Operating Leases Future Minimum Payments Due Year Two
OperatingLeasesFutureMinimumPaymentsDueYearTwo
845000
CY2022Q2 rave Operating Leases Future Minimum Payments Due Year Three
OperatingLeasesFutureMinimumPaymentsDueYearThree
685000
CY2022Q2 rave Operating Leases Future Minimum Payments Due Year Four
OperatingLeasesFutureMinimumPaymentsDueYearFour
490000
CY2022Q2 rave Operating Leases Future Minimum Payments Due Year Five
OperatingLeasesFutureMinimumPaymentsDueYearFive
278000
CY2022Q2 rave Operating Leases Future Minimum Payments Due After Year Five
OperatingLeasesFutureMinimumPaymentsDueAfterYearFive
86000
CY2022Q2 rave Operating Leases Future Minimum Payments
OperatingLeasesFutureMinimumPayments
3440000
CY2022Q2 rave Future Minimum Sublease Rental Sale Leaseback Transactions Within One Year
FutureMinimumSubleaseRentalSaleLeasebackTransactionsWithinOneYear
177000
CY2022Q2 rave Future Minimum Sublease Rental Sale Leaseback Transactions Within Two Years
FutureMinimumSubleaseRentalSaleLeasebackTransactionsWithinTwoYears
128000
CY2022Q2 rave Future Minimum Sublease Rental Sale Leaseback Transactions Within Three Years
FutureMinimumSubleaseRentalSaleLeasebackTransactionsWithinThreeYears
53000
CY2022Q2 rave Future Minimum Sublease Rental Sale Leaseback Transactions
FutureMinimumSubleaseRentalSaleLeasebackTransactions
358000
CY2022 rave Operating Leases Rent Expenses Minimum Rentals
OperatingLeasesRentExpensesMinimumRentals
498000
CY2021 rave Operating Leases Rent Expenses Minimum Rentals
OperatingLeasesRentExpensesMinimumRentals
705000
CY2022 rave Operating Leases Rent Expense Sublease Rentals
OperatingLeasesRentExpenseSubleaseRentals
186000
CY2021 rave Operating Leases Rent Expense Sublease Rentals
OperatingLeasesRentExpenseSubleaseRentals
200000
CY2022 us-gaap Operating Lease Expense
OperatingLeaseExpense
312000
CY2021 us-gaap Operating Lease Expense
OperatingLeaseExpense
505000
CY2022 us-gaap Deferred Compensation Arrangement With Individual Requisite Service Period1
DeferredCompensationArrangementWithIndividualRequisiteServicePeriod1
P3M
CY2022 rave Defined Contribution Plan Minimum Age Limit For Eligibility To Participate In Plan
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P21Y
CY2022 us-gaap Defined Contribution Plan Employer Discretionary Contribution Amount
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33000
CY2021 us-gaap Depreciation And Amortization
DepreciationAndAmortization
167000
CY2022 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
2365000
CY2021 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
1491000
CY2022 us-gaap Stock Repurchased During Period Shares
StockRepurchasedDuringPeriodShares
493474
CY2022Q2 us-gaap Stock Repurchase Program Remaining Number Of Shares Authorized To Be Repurchased
StockRepurchaseProgramRemainingNumberOfSharesAuthorizedToBeRepurchased
354951
CY2022 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
8022000
CY2021 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
1520000
CY2021 us-gaap Interest On Convertible Debt Net Of Tax
InterestOnConvertibleDebtNetOfTax
64000
CY2022 rave Adjusted Net Income Loss
AdjustedNetIncomeLoss
8062000
CY2021 rave Adjusted Net Income Loss
AdjustedNetIncomeLoss
1584000
CY2022 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
17993000
CY2021 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
17307000
CY2022 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.45
CY2021 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.09
CY2022 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
17993000
CY2021 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
17307000
CY2022 us-gaap Incremental Common Shares Attributable To Conversion Of Debt Securities
IncrementalCommonSharesAttributableToConversionOfDebtSecurities
0
CY2021 us-gaap Incremental Common Shares Attributable To Conversion Of Debt Securities
IncrementalCommonSharesAttributableToConversionOfDebtSecurities
798000
CY2022 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
17993000
CY2021 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
18105000
CY2022 us-gaap Income Loss From Continuing Operations Per Diluted Share
IncomeLossFromContinuingOperationsPerDilutedShare
0.45
CY2021 us-gaap Income Loss From Continuing Operations Per Diluted Share
IncomeLossFromContinuingOperationsPerDilutedShare
0.09
CY2022 us-gaap Number Of Reportable Segments
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3
CY2022 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
10692000
CY2021 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
8593000
CY2022 us-gaap Depreciation And Amortization
DepreciationAndAmortization
187000

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