2022 Q3 Form 10-Q Financial Statement

#000149315222021975 Filed on August 11, 2022

View on sec.gov

Income Statement

Concept 2022 Q3 2022 Q2 2022 Q1
Revenue $2.824M $2.929M $2.920M
YoY Change -14.48% 8.3% 119.86%
Cost Of Revenue $2.710M $3.035M $3.093M
YoY Change -9.67% 9.11% 65.6%
Gross Profit $113.6K -$105.7K -$172.4K
YoY Change -62.15% 148.92% -68.03%
Gross Profit Margin 4.02% -3.61% -5.9%
Selling, General & Admin $1.251M $1.127M $1.345M
YoY Change 10.34% -43.49% -55.04%
% of Gross Profit 1101.85%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $164.4K $133.3K $475.7K
YoY Change 12.07% -1.47% 181.28%
% of Gross Profit 144.73%
Operating Expenses $1.251M $1.127M $1.821M
YoY Change 10.34% -43.49% -42.4%
Operating Profit -$1.962M -$1.738M -$1.993M
YoY Change 21.13% -25.25% -46.13%
Interest Expense $0.00 -$9.950K -$14.74K
YoY Change -55.1% 4.02%
% of Operating Profit
Other Income/Expense, Net $66.59K -$24.41K -$19.42K
YoY Change -94.4% -102.03% -838.4%
Pretax Income -$1.895M -$1.763M -$1.886M
YoY Change 340.54% 57.24% -49.19%
Income Tax $2.436K $11.31K
% Of Pretax Income
Net Earnings -$1.898M -$1.774M -$1.886M
YoY Change 338.61% 58.1% -49.19%
Net Earnings / Revenue -67.2% -60.56% -64.58%
Basic Earnings Per Share -$0.07 -$0.06 -$0.07
Diluted Earnings Per Share -$0.07 -$61.89K -$67.84K
COMMON SHARES
Basic Shares Outstanding 28.77M shares 28.67M shares 27.80M shares
Diluted Shares Outstanding 28.76M shares 28.67M shares 27.80M shares

Balance Sheet

Concept 2022 Q3 2022 Q2 2022 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $11.67M $13.47M $14.77M
YoY Change 170.85% 635.01%
Cash & Equivalents $11.67M $13.47M $14.77M
Short-Term Investments
Other Short-Term Assets $220.0K $358.6K $363.1K
YoY Change 290.93% 939.62%
Inventory $336.8K $213.5K $260.1K
Prepaid Expenses $220.8K $358.6K
Receivables $287.5K $353.1K $355.8K
Other Receivables $236.8K $236.8K $728.1K
Total Short-Term Assets $12.76M $14.63M $16.48M
YoY Change 165.02% 611.51%
LONG-TERM ASSETS
Property, Plant & Equipment $2.111M $2.024M $4.603M
YoY Change -20.63% 95.3%
Goodwill $2.626M $2.626M $2.626M
YoY Change
Intangibles $5.318M $5.679M $6.035M
YoY Change
Long-Term Investments
YoY Change
Other Assets $160.0K $179.3K $151.1K
YoY Change -21.98% 14.52%
Total Long-Term Assets $12.63M $13.04M $13.42M
YoY Change -2.97% 91.08%
TOTAL ASSETS
Total Short-Term Assets $12.76M $14.63M $16.48M
Total Long-Term Assets $12.63M $13.04M $13.42M
Total Assets $25.38M $27.67M $29.89M
YoY Change 45.92% 220.17%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.032M $1.004M $999.9K
YoY Change 15.33% 47.95%
Accrued Expenses $740.0K $1.108M $1.286M
YoY Change 11.51% -1.28%
Deferred Revenue $91.89K $83.14K
YoY Change
Short-Term Debt $80.00K $209.5K $82.46K
YoY Change 154.11% 0.0%
Long-Term Debt Due $160.0K $50.00K $233.2K
YoY Change -77.71% -78.02%
Total Short-Term Liabilities $2.364M $2.697M $3.038M
YoY Change -12.83% -22.5%
LONG-TERM LIABILITIES
Long-Term Debt $790.0K $838.3K $864.6K
YoY Change -33.34% 191.07%
Other Long-Term Liabilities $3.290M $3.338M $3.427M
YoY Change 213.07% 229.24%
Total Long-Term Liabilities $4.080M $4.176M $4.291M
YoY Change 79.73% 220.76%
TOTAL LIABILITIES
Total Short-Term Liabilities $2.364M $2.697M $3.038M
Total Long-Term Liabilities $4.080M $4.176M $4.291M
Total Liabilities $6.450M $6.873M $7.329M
YoY Change 26.87% 39.41%
SHAREHOLDERS EQUITY
Retained Earnings -$76.95M -$75.05M $15.01K
YoY Change
Common Stock $95.88M $95.85M
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $18.93M $20.80M $22.56M
YoY Change
Total Liabilities & Shareholders Equity $25.38M $27.67M $29.89M
YoY Change 45.92% 220.17%

Cashflow Statement

Concept 2022 Q3 2022 Q2 2022 Q1
OPERATING ACTIVITIES
Net Income -$1.898M -$1.774M -$1.886M
YoY Change 338.61% 58.1% -49.19%
Depreciation, Depletion And Amortization $164.4K $133.3K $475.7K
YoY Change 12.07% -1.47% 181.28%
Cash From Operating Activities -$1.500M -$975.0K -$930.1K
YoY Change -53.57% -41.88%
INVESTING ACTIVITIES
Capital Expenditures $290.0K -$248.2K -$34.81K
YoY Change 713.47% -48.62%
Acquisitions
YoY Change
Other Investing Activities $70.00K $0.00 $400.00
YoY Change -100.0% -100.08%
Cash From Investing Activities -$220.0K -$248.2K -$34.41K
YoY Change -91.28% -93.94%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -70.00K -82.48K -30.98K
YoY Change -101.04% 67.55%
NET CHANGE
Cash From Operating Activities -1.500M -975.0K -930.1K
Cash From Investing Activities -220.0K -248.2K -34.41K
Cash From Financing Activities -70.00K -82.48K -30.98K
Net Change In Cash -1.790M -1.306M -995.5K
YoY Change -144.08% -54.47%
FREE CASH FLOW
Cash From Operating Activities -$1.500M -$975.0K -$930.1K
Capital Expenditures $290.0K -$248.2K -$34.81K
Free Cash Flow -$1.790M -$726.8K -$895.3K
YoY Change -64.88% -41.58%

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28235052 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
6916218 shares
CY2021Q4 us-gaap Stockholders Equity
StockholdersEquity
24393267 usd
CY2022Q1 GRIL Cumulative Effect Of Change In Accounting Principal
CumulativeEffectOfChangeInAccountingPrincipal
15010 usd
CY2022Q2 us-gaap Stock Issued During Period Value Issued For Services
StockIssuedDuringPeriodValueIssuedForServices
1950 usd
CY2022Q2 us-gaap Stock Issued During Period Value Stock Options Exercised
StockIssuedDuringPeriodValueStockOptionsExercised
3750 usd
CY2022Q1 us-gaap Stock Issued During Period Value Share Based Compensation
StockIssuedDuringPeriodValueShareBasedCompensation
56984 usd
CY2022Q1 us-gaap Stock Issued During Period Value Issued For Services
StockIssuedDuringPeriodValueIssuedForServices
15602 usd
CY2022Q1 us-gaap Net Income Loss
NetIncomeLoss
-1886079 usd
CY2022Q1 us-gaap Stockholders Equity
StockholdersEquity
22564764 usd
CY2022Q2 GRIL Cumulative Effect Of Change In Accounting Principal
CumulativeEffectOfChangeInAccountingPrincipal
7789 usd
CY2022Q2 us-gaap Stock Issued During Period Value Employee Stock Ownership Plan
StockIssuedDuringPeriodValueEmployeeStockOwnershipPlan
10800 usd
CY2022Q2 us-gaap Stock Issued During Period Shares Other
StockIssuedDuringPeriodSharesOther
30910 shares
CY2022Q2 us-gaap Net Income Loss
NetIncomeLoss
-1774144 usd
CY2022Q2 us-gaap Stockholders Equity
StockholdersEquity
20799331 usd
CY2020Q4 us-gaap Stockholders Equity
StockholdersEquity
5795128 usd
CY2021Q1 us-gaap Stock Issued During Period Value Acquisitions
StockIssuedDuringPeriodValueAcquisitions
625000 usd
CY2021Q1 GRIL Stock Issued During Period Value Restricted Stock To Executives And Employees
StockIssuedDuringPeriodValueRestrictedStockToExecutivesAndEmployees
636517 usd
CY2021Q1 us-gaap Stock Issued During Period Value Share Based Compensation
StockIssuedDuringPeriodValueShareBasedCompensation
57202 usd
CY2021Q1 us-gaap Stock Issued During Period Value Issued For Services
StockIssuedDuringPeriodValueIssuedForServices
676700 usd
CY2021Q1 us-gaap Adjustments To Additional Paid In Capital Share Based Compensation Restricted Stock Units Requisite Service Period Recognition
AdjustmentsToAdditionalPaidInCapitalShareBasedCompensationRestrictedStockUnitsRequisiteServicePeriodRecognition
426 usd
CY2021Q1 us-gaap Net Income Loss
NetIncomeLoss
-3711684 usd
CY2021Q1 us-gaap Stockholders Equity
StockholdersEquity
4079289 usd
CY2021Q1 us-gaap Stockholders Equity
StockholdersEquity
4079289 usd
CY2021Q2 us-gaap Payments Of Stock Issuance Costs
PaymentsOfStockIssuanceCosts
790000 usd
CY2021Q2 GRIL Common Stock Issued For Prefunded Warrants And Warrant In Private Placement Value
CommonStockIssuedForPrefundedWarrantsAndWarrantInPrivatePlacementValue
9181349 usd
CY2021Q2 us-gaap Stock Issued During Period Value Acquisitions
StockIssuedDuringPeriodValueAcquisitions
1250000 usd
CY2021Q2 us-gaap Stock Issued During Period Value Acquisitions
StockIssuedDuringPeriodValueAcquisitions
1250000 usd
CY2021Q2 GRIL Exercise Of Prefunding Warrants
ExerciseOfPrefundingWarrants
28652 usd
CY2021Q2 us-gaap Stock Issued During Period Value Share Based Compensation Forfeited
StockIssuedDuringPeriodValueShareBasedCompensationForfeited
100000 usd
CY2021Q2 us-gaap Stock Issued During Period Value Issued For Services
StockIssuedDuringPeriodValueIssuedForServices
229201 usd
CY2021Q2 us-gaap Net Income Loss
NetIncomeLoss
-1122201 usd
CY2021Q2 us-gaap Stockholders Equity
StockholdersEquity
13546290 usd
CY2021Q2 us-gaap Stockholders Equity
StockholdersEquity
13546290 usd
us-gaap Net Income Loss
NetIncomeLoss
-3660223 usd
us-gaap Net Income Loss
NetIncomeLoss
-4833885 usd
us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
965381 usd
us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
453774 usd
us-gaap Share Based Compensation
ShareBasedCompensation
89086 usd
us-gaap Share Based Compensation
ShareBasedCompensation
1727545 usd
us-gaap Gains Losses On Extinguishment Of Debt
GainsLossesOnExtinguishmentOfDebt
141279 usd
us-gaap Gains Losses On Extinguishment Of Debt
GainsLossesOnExtinguishmentOfDebt
875974 usd
us-gaap Gain Loss On Disposition Of Assets
GainLossOnDispositionOfAssets
-266573 usd
us-gaap Gain Loss On Disposition Of Assets
GainLossOnDispositionOfAssets
-37027 usd
us-gaap Increase Decrease In Deferred Compensation
IncreaseDecreaseInDeferredCompensation
-127500 usd
us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
-58692 usd
us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
18676 usd
us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
123256 usd
us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
102563 usd
us-gaap Increase Decrease In Contract With Customer Liability
IncreaseDecreaseInContractWithCustomerLiability
228294 usd
us-gaap Increase Decrease In Contract With Customer Liability
IncreaseDecreaseInContractWithCustomerLiability
-45803 usd
us-gaap Increase Decrease In Inventories
IncreaseDecreaseInInventories
-45236 usd
us-gaap Increase Decrease In Inventories
IncreaseDecreaseInInventories
35779 usd
us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
-1193888 usd
us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
107139 usd
us-gaap Increase Decrease In Deposit Other Assets
IncreaseDecreaseInDepositOtherAssets
11508 usd
us-gaap Increase Decrease In Deposit Other Assets
IncreaseDecreaseInDepositOtherAssets
6000 usd
us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
-611348 usd
us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
208164 usd
GRIL Increase Decrease In Deferred Rent
IncreaseDecreaseInDeferredRent
-128095 usd
GRIL Increase Decrease In Deferred Rent
IncreaseDecreaseInDeferredRent
-21471 usd
us-gaap Increase Decrease In Operating Lease Liability
IncreaseDecreaseInOperatingLeaseLiability
131492 usd
us-gaap Increase Decrease In Other Operating Liabilities
IncreaseDecreaseInOtherOperatingLiabilities
-90659 usd
us-gaap Increase Decrease In Other Operating Liabilities
IncreaseDecreaseInOtherOperatingLiabilities
10533 usd
us-gaap Adjustments To Reconcile Net Income Loss To Cash Provided By Used In Operating Activities
AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivities
1755113 usd
us-gaap Adjustments To Reconcile Net Income Loss To Cash Provided By Used In Operating Activities
AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivities
1133490 usd
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-1905110 usd
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-3700395 usd
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
282999 usd
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
98257 usd
us-gaap Proceeds From Collection Of Loans Receivable
ProceedsFromCollectionOfLoansReceivable
400 usd
us-gaap Proceeds From Collection Of Loans Receivable
ProceedsFromCollectionOfLoansReceivable
800 usd
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-282599 usd
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-3412847 usd
us-gaap Proceeds From Issuance Of Private Placement
ProceedsFromIssuanceOfPrivatePlacement
9181350 usd
us-gaap Proceeds From Issuance Of Financial Services Obligations
ProceedsFromIssuanceOfFinancialServicesObligations
28652 usd
GRIL Payments For Cancellation Of Shares
PaymentsForCancellationOfShares
100000 usd
us-gaap Repayments Of Convertible Debt
RepaymentsOfConvertibleDebt
50000 usd
us-gaap Repayments Of Notes Payable
RepaymentsOfNotesPayable
63456 usd
us-gaap Repayments Of Notes Payable
RepaymentsOfNotesPayable
1221071 usd
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-113456 usd
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
7888931 usd
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
-2301165 usd
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
775689 usd
CY2021Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
15766703 usd
CY2020Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
4195932 usd
CY2022Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
13465538 usd
CY2021Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
4971621 usd
us-gaap Interest Paid Net
InterestPaidNet
87190 usd
us-gaap Interest Paid Net
InterestPaidNet
66179 usd
GRIL Cashless Exercise Of Prefunded Warrants
CashlessExerciseOfPrefundedWarrants
241 usd
CY2022Q2 us-gaap Cash
Cash
13465538 usd
CY2022Q2 GRIL Working Capital Deficit
WorkingCapitalDeficit
11930729 usd
CY2022Q2 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-75052859 usd
CY2022Q2 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
-1762833 usd
us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
-3646440 usd
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-1905110 usd
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-3700395 usd
us-gaap Prior Period Reclassification Adjustment Description
PriorPeriodReclassificationAdjustmentDescription
<p id="xdx_840_eus-gaap--PriorPeriodReclassificationAdjustmentDescription_zrkixKM1eVtc" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline"><span id="xdx_867_zf4OXdentMr2">Reclassifications</span></span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Certain prior year balances have been reclassified in order to conform to current year presentation. These reclassifications have no effect on the previously reported results of operations or loss per share.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b> </b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>MUSCLE MAKER, INC. AND SUBSIDIARIES</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b> </b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Notes to Unaudited Condensed Consolidated Financial Statements</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTE 2 – SIGNIFICANT ACCOUNTING POLICIES, continued</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
us-gaap Use Of Estimates
UseOfEstimates
<p id="xdx_845_eus-gaap--UseOfEstimates_z2FqeSRXEk54" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline"><span id="xdx_864_zSdHnSsgCb6i">Use of Estimates</span></span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of expenses during the reporting period.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Management bases its estimates on historical experience and on various assumptions that are believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying value of assets and liabilities that are not readily apparent from other sources. Significant estimates include:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the assessment of recoverability of long-lived assets, including property and equipment, goodwill and intangible assets;</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the estimated useful lives of intangible and depreciable assets;</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">estimates and assumptions used to value warrants and options;</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the recognition of revenue; and</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the recognition, measurement and valuation of current and deferred income taxes.</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Estimates and assumptions are periodically reviewed, and the effects of any material revisions are reflected in the financial statements in the period that they are determined to be necessary. Actual results could differ from those estimates and assumptions.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
CY2022Q2 us-gaap Cash Equivalents At Carrying Value
CashEquivalentsAtCarryingValue
0 usd
CY2021Q4 us-gaap Cash Equivalents At Carrying Value
CashEquivalentsAtCarryingValue
0 usd
CY2022Q2 us-gaap Advertising Expense
AdvertisingExpense
750 usd
us-gaap Advertising Expense
AdvertisingExpense
101146 usd
CY2021Q2 us-gaap Advertising Expense
AdvertisingExpense
34152 usd
us-gaap Advertising Expense
AdvertisingExpense
58203 usd
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
18313482 shares
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
6747652 shares
CY2022Q1 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
15010 usd
CY2022Q2 us-gaap Notes And Loans Receivable Net Noncurrent
NotesAndLoansReceivableNetNoncurrent
0 usd
CY2021Q4 us-gaap Notes And Loans Receivable Net Noncurrent
NotesAndLoansReceivableNetNoncurrent
0 usd
CY2022Q2 us-gaap Notes Receivable Net
NotesReceivableNet
0 usd
CY2022Q2 us-gaap Sales And Excise Tax Payable Current
SalesAndExciseTaxPayableCurrent
56184 usd
CY2021Q4 us-gaap Sales And Excise Tax Payable Current
SalesAndExciseTaxPayableCurrent
125550 usd
CY2021Q4 us-gaap Interest Payable Current
InterestPayableCurrent
28426 usd
CY2022Q2 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
47000 usd
CY2021Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
104355 usd
CY2021Q4 us-gaap Notes Receivable Net
NotesReceivableNet
0 usd
CY2022Q2 us-gaap Allowance For Notes And Loans Receivable Current
AllowanceForNotesAndLoansReceivableCurrent
4032 usd
CY2021Q4 us-gaap Allowance For Notes And Loans Receivable Current
AllowanceForNotesAndLoansReceivableCurrent
71184 usd
CY2022Q2 us-gaap Prepaid Expense Current
PrepaidExpenseCurrent
358585 usd
CY2021Q4 us-gaap Prepaid Expense Current
PrepaidExpenseCurrent
83975 usd
CY2022Q2 GRIL Preopening Expenses Current
PreopeningExpensesCurrent
50 usd
CY2021Q4 GRIL Preopening Expenses Current
PreopeningExpensesCurrent
602 usd
CY2022Q2 us-gaap Other Receivables Net Current
OtherReceivablesNetCurrent
236805 usd
CY2021Q4 us-gaap Other Receivables Net Current
OtherReceivablesNetCurrent
1704751 usd
CY2022Q2 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
595440 usd
CY2021Q4 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
1789328 usd
CY2022Q2 us-gaap Furniture And Fixtures Gross
FurnitureAndFixturesGross
1321638 usd
CY2021Q4 us-gaap Furniture And Fixtures Gross
FurnitureAndFixturesGross
1397098 usd
CY2022Q2 GRIL Vehicles Gross
VehiclesGross
55000 usd
CY2021Q4 GRIL Vehicles Gross
VehiclesGross
55000 usd
CY2022Q2 us-gaap Leasehold Improvements Gross
LeaseholdImprovementsGross
1918104 usd
CY2021Q4 us-gaap Leasehold Improvements Gross
LeaseholdImprovementsGross
1981019 usd
CY2022Q2 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
3294742 usd
CY2021Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
3433117 usd
CY2022Q2 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
1270955 usd
CY2021Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
1152850 usd
CY2022Q2 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
2023787 usd
CY2021Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
2280267 usd
CY2022Q2 us-gaap Depreciation
Depreciation
133259 usd
us-gaap Depreciation
Depreciation
256506 usd
CY2021Q2 us-gaap Depreciation
Depreciation
135243 usd
us-gaap Depreciation
Depreciation
288765 usd
CY2022Q2 us-gaap Property Plant And Equipment Disposals
PropertyPlantAndEquipmentDisposals
36699 usd
us-gaap Property Plant And Equipment Disposals
PropertyPlantAndEquipmentDisposals
421374 usd
CY2022Q2 us-gaap Gain Loss On Sale Of Property Plant Equipment
GainLossOnSaleOfPropertyPlantEquipment
26936 usd
us-gaap Gain Loss On Sale Of Property Plant Equipment
GainLossOnSaleOfPropertyPlantEquipment
266573 usd
CY2021Q2 us-gaap Property Plant And Equipment Disposals
PropertyPlantAndEquipmentDisposals
0 usd
us-gaap Property Plant And Equipment Disposals
PropertyPlantAndEquipmentDisposals
99313 usd
CY2021Q2 us-gaap Gain Loss On Sale Of Property Plant Equipment
GainLossOnSaleOfPropertyPlantEquipment
0 usd
us-gaap Gain Loss On Sale Of Property Plant Equipment
GainLossOnSaleOfPropertyPlantEquipment
37027 usd
CY2021Q4 us-gaap Intangible Assets Net Excluding Goodwill
IntangibleAssetsNetExcludingGoodwill
6387464 usd
us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
708875 usd
CY2022Q2 us-gaap Intangible Assets Net Excluding Goodwill
IntangibleAssetsNetExcludingGoodwill
5678589 usd
CY2022Q2 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
356395 usd
us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
708875 usd
CY2021Q2 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
149403 usd
us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
165009 usd
CY2022Q2 us-gaap Finite Lived Intangible Assets Amortization Expense Next Twelve Months
FiniteLivedIntangibleAssetsAmortizationExpenseNextTwelveMonths
1398594 usd
CY2022Q2 us-gaap Finite Lived Intangible Assets Amortization Expense Year Two
FiniteLivedIntangibleAssetsAmortizationExpenseYearTwo
1169745 usd
CY2022Q2 us-gaap Finite Lived Intangible Assets Amortization Expense Year Three
FiniteLivedIntangibleAssetsAmortizationExpenseYearThree
849331 usd
CY2022Q2 us-gaap Finite Lived Intangible Assets Amortization Expense Year Four
FiniteLivedIntangibleAssetsAmortizationExpenseYearFour
564888 usd
CY2022Q2 us-gaap Finite Lived Intangible Assets Amortization Expense Year Five
FiniteLivedIntangibleAssetsAmortizationExpenseYearFive
465430 usd
CY2022Q2 us-gaap Finite Lived Intangible Assets Amortization Expense After Year Five
FiniteLivedIntangibleAssetsAmortizationExpenseAfterYearFive
1230601 usd
CY2022Q2 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
5678589 usd
CY2021Q4 us-gaap Goodwill
Goodwill
2626399 usd
CY2022Q2 us-gaap Goodwill
Goodwill
2626399 usd
CY2022Q2 us-gaap Accounts Payable Current
AccountsPayableCurrent
1003900 usd
CY2021Q4 us-gaap Accounts Payable Current
AccountsPayableCurrent
734688 usd
CY2022Q2 us-gaap Accrued Employee Benefits Current
AccruedEmployeeBenefitsCurrent
157122 usd
CY2021Q4 us-gaap Accrued Employee Benefits Current
AccruedEmployeeBenefitsCurrent
758732 usd
CY2022Q2 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
86361 usd
CY2021Q4 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
185872 usd
CY2022Q2 GRIL Accrued Board Members Fees
AccruedBoardMembersFees
28496 usd
CY2021Q4 GRIL Accrued Board Members Fees
AccruedBoardMembersFees
57573 usd
CY2022Q2 us-gaap Accrued Rent Current
AccruedRentCurrent
218112 usd
CY2021Q4 us-gaap Accrued Rent Current
AccruedRentCurrent
176727 usd
CY2021Q4 GRIL Accrued Compensation Expense Current
AccruedCompensationExpenseCurrent
36600 usd
CY2022Q2 us-gaap Accounts Payable And Accrued Liabilities Current
AccountsPayableAndAccruedLiabilitiesCurrent
1597175 usd
CY2021Q4 us-gaap Accounts Payable And Accrued Liabilities Current
AccountsPayableAndAccruedLiabilitiesCurrent
2208523 usd
CY2022Q2 us-gaap Convertible Debt Current
ConvertibleDebtCurrent
82458 usd
CY2021Q4 us-gaap Convertible Debt Current
ConvertibleDebtCurrent
82458 usd
CY2022Q2 us-gaap Long Term Debt Maturities Repayments Of Principal In Next Twelve Months
LongTermDebtMaturitiesRepaymentsOfPrincipalInNextTwelveMonths
127062 usd
CY2022Q2 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Two
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearTwo
143887 usd
CY2022Q2 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Three
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearThree
110200 usd
CY2022Q2 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Four
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFour
584195 usd
CY2022Q2 us-gaap Long Term Debt
LongTermDebt
965344 usd
CY2022Q1 us-gaap Lessee Operating Lease Description
LesseeOperatingLeaseDescription
The lease generally has remaining terms of 1-10 years and most lease included the option to extend the lease for an additional 5-year period.
CY2022Q2 us-gaap Lease Cost
LeaseCost
242263 usd
us-gaap Lease Cost
LeaseCost
483851 usd
CY2022Q2 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
2536932 usd
CY2022Q2 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
2536932 usd
CY2022Q2 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
561623 usd
CY2022Q2 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
2129600 usd
CY2022Q2 us-gaap Operating Lease Liability
OperatingLeaseLiability
2691223 usd
CY2022Q2 us-gaap Deferred Revenue Noncurrent
DeferredRevenueNoncurrent
1208524 usd
CY2022Q2 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
453251 usd
CY2022Q2 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
770701 usd
CY2022Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
714063 usd
CY2022Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
579602 usd
CY2022Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
368586 usd
CY2022Q2 us-gaap Lessee Operating Lease Liability Payments Due After Year Five
LesseeOperatingLeaseLiabilityPaymentsDueAfterYearFive
778328 usd
CY2022Q2 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
3664531 usd
CY2022Q2 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
973308 usd
CY2022Q2 us-gaap Operating Lease Liability
OperatingLeaseLiability
2691223 usd
CY2022Q2 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P5Y2M12D
CY2022Q2 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.12 pure
CY2022Q1 us-gaap Shares Issued Price Per Share
SharesIssuedPricePerShare
1.00
CY2022Q2 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
2929384 usd
CY2021Q2 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
2704856 usd
CY2022Q2 us-gaap Deferred Revenue
DeferredRevenue
1291668 usd
CY2021Q4 us-gaap Deferred Revenue
DeferredRevenue
1063373 usd
CY2022Q2 us-gaap Deferred Revenue Current
DeferredRevenueCurrent
83114 usd
CY2021Q4 us-gaap Deferred Revenue Current
DeferredRevenueCurrent
49728 usd
CY2021Q4 us-gaap Deferred Revenue Noncurrent
DeferredRevenueNoncurrent
1013645 usd
CY2022Q2 us-gaap Other Liabilities Current
OtherLiabilitiesCurrent
195429 usd
CY2021Q4 us-gaap Other Liabilities Current
OtherLiabilitiesCurrent
286088 usd
CY2022Q2 us-gaap Repayments Of Debt
RepaymentsOfDebt
110000 usd
CY2022Q2 us-gaap Convertible Notes Payable
ConvertibleNotesPayable
100000 usd
CY2022Q2 us-gaap Payments For Fees
PaymentsForFees
171035 usd
us-gaap Debt Instrument Periodic Payment
DebtInstrumentPeriodicPayment
10000 usd
CY2022Q1 us-gaap Shares Issued Price Per Share
SharesIssuedPricePerShare
1.00
CY2022Q1 us-gaap Shares Issued Price Per Share
SharesIssuedPricePerShare
1.00
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
5849842 usd
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
4004539 usd
CY2022Q2 us-gaap Operating Income Loss
OperatingIncomeLoss
-1738420 usd
CY2021Q2 us-gaap Operating Income Loss
OperatingIncomeLoss
-2325698 usd
us-gaap Operating Income Loss
OperatingIncomeLoss
-3725393 usd
us-gaap Operating Income Loss
OperatingIncomeLoss
-6025836 usd
CY2021Q2 us-gaap Gains Losses On Extinguishment Of Debt
GainsLossesOnExtinguishmentOfDebt
875974 usd
us-gaap Gains Losses On Extinguishment Of Debt
GainsLossesOnExtinguishmentOfDebt
141279 usd
us-gaap Gains Losses On Extinguishment Of Debt
GainsLossesOnExtinguishmentOfDebt
875974 usd
CY2022Q2 us-gaap Interest Expense Other
InterestExpenseOther
14468 usd
CY2021Q2 us-gaap Interest Expense Other
InterestExpenseOther
22596 usd
us-gaap Interest Expense Other
InterestExpenseOther
28437 usd
us-gaap Interest Expense Other
InterestExpenseOther
36770 usd
CY2022Q2 GRIL Other Income Expense And Change In Fair Value Of Accrued Compensation
OtherIncomeExpenseAndChangeInFairValueOfAccruedCompensation
-9945 usd
CY2021Q2 GRIL Other Income Expense And Change In Fair Value Of Accrued Compensation
OtherIncomeExpenseAndChangeInFairValueOfAccruedCompensation
351181 usd
GRIL Other Income Expense And Change In Fair Value Of Accrued Compensation
OtherIncomeExpenseAndChangeInFairValueOfAccruedCompensation
-33889 usd
GRIL Other Income Expense And Change In Fair Value Of Accrued Compensation
OtherIncomeExpenseAndChangeInFairValueOfAccruedCompensation
353809 usd
CY2022Q2 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
-1762833 usd
CY2021Q2 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
-1121139 usd
us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
-3646440 usd
us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
-4832823 usd
CY2022Q2 us-gaap Employee Benefits And Share Based Compensation
EmployeeBenefitsAndShareBasedCompensation
752416 usd
CY2021Q2 us-gaap Employee Benefits And Share Based Compensation
EmployeeBenefitsAndShareBasedCompensation
618482 usd
CY2022Q2 GRIL Professional Fee
ProfessionalFee
143136 usd
CY2021Q2 GRIL Professional Fee
ProfessionalFee
1146072 usd
CY2022Q2 GRIL Consulting Fees
ConsultingFees
55005 usd
CY2021Q2 GRIL Consulting Fees
ConsultingFees
44849 usd
us-gaap Employee Benefits And Share Based Compensation
EmployeeBenefitsAndShareBasedCompensation
1532134 usd
us-gaap Employee Benefits And Share Based Compensation
EmployeeBenefitsAndShareBasedCompensation
1826218 usd
GRIL Professional Fee
ProfessionalFee
241099 usd
GRIL Professional Fee
ProfessionalFee
1577237 usd
GRIL Consulting Fees
ConsultingFees
63650 usd
GRIL Consulting Fees
ConsultingFees
1082549 usd
CY2022Q2 us-gaap Stock Issued During Period Shares New Issues
StockIssuedDuringPeriodSharesNewIssues
20000 shares
CY2022Q2 us-gaap Stock Issued During Period Shares New Issues
StockIssuedDuringPeriodSharesNewIssues
30910 shares

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0001493152-22-021975.txt Edgar Link pending
0001493152-22-021975-xbrl.zip Edgar Link pending
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