10-Q Filing

FAT BRANDS, INC CIK: 1705012 Q1 2018

Filing Information

Form Type	10-Q
Accession Number	`0001493152-18-007247`
Period End Date	20180331
Filing Date	20180516
Fiscal Year	2018
Fiscal Period	Q1
XBRL Instance	fat-20180401.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 74 Income Statement 24 Cash Flow Statement 30 Stockholders Equity 8

Balance Sheet 74 line items

Line Item	Tag	Value	Unit	Period
Accounts receivable, net of allowance for doubtful accounts	`AllowanceForDoubtfulAccountsReceivableCurrent`	$734.00K	USD	Point-in-time
Accounts receivable, net of allowance for doubtful accounts	`AllowanceForDoubtfulAccountsReceivableCurrent`	$699.00K	USD	Point-in-time
Trade notes receivable, net of allowance for doubtful accounts	`AllowanceForDoubtfulAccountsReceivable`	$17.00K	USD	Point-in-time
Trade notes receivable, net of allowance for doubtful accounts	`AllowanceForDoubtfulAccountsReceivable`	$17.00K	USD	Point-in-time
Cash	`Cash`	$32.00K	USD	Point-in-time
Trade notes receivable - noncurrent, net of allowance for doubtful accounts	`AllowanceForDoubtfulAccountsReceivableNoncurrent`	$17.00K	USD	Point-in-time
Cash	`Cash`	$15.00K	USD	Point-in-time
Trade notes receivable - noncurrent, net of allowance for doubtful accounts	`AllowanceForDoubtfulAccountsReceivableNoncurrent`	$17.00K	USD	Point-in-time
Accounts receivable, net of allowance of $734 and $699 for doubtful accounts, respectively	`AccountsReceivableNetCurrent`	$918.00K	USD	Point-in-time
Common stock, par value	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Common stock, par value	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Accounts receivable, net of allowance of $734 and $699 for doubtful accounts, respectively	`AccountsReceivableNetCurrent`	$1.14M	USD	Point-in-time
Trade notes receivable, net of allowance of $17 for doubtful accounts	`TradeNotesReceivableCurrent`	$77.00K	USD	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	25.00M	shares	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	25.00M	shares	Point-in-time
Trade notes receivable, net of allowance of $17 for doubtful accounts	`TradeNotesReceivableCurrent`	$151.00K	USD	Point-in-time
Other current assets	`OtherAssetsCurrent`	$153.00K	USD	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	10.00M	shares	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	10.00M	shares	Point-in-time
Other current assets	`OtherAssetsCurrent`	$233.00K	USD	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	10.00M	shares	Point-in-time
Total current assets	`AssetsCurrent`	$1.54M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$1.18M	USD	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	10.00M	shares	Point-in-time
Trade notes receivable - noncurrent, net of allowance of $17 for doubtful accounts	`TradeNotesReceivableNoncurrent`	$260.00K	USD	Point-in-time
Trade notes receivable - noncurrent, net of allowance of $17 for doubtful accounts	`TradeNotesReceivableNoncurrent`	$346.00K	USD	Point-in-time
Due from affiliates	`DueFromAffiliates`	$7.96M	USD	Point-in-time
Due from affiliates	`DueFromAffiliates`	$8.81M	USD	Point-in-time
Deferred income taxes	`DeferredTaxAssetsLiabilitiesNetNoncurrent`	$937.00K	USD	Point-in-time
Deferred income taxes	`DeferredTaxAssetsLiabilitiesNetNoncurrent`	$1.78M	USD	Point-in-time
Goodwill	`Goodwill`	$7.36M	USD	Point-in-time
Goodwill	`Goodwill`	$7.36M	USD	Point-in-time
Other intangible assets, net	`IntangibleAssetsNetExcludingGoodwill`	$10.98M	USD	Point-in-time
Other intangible assets, net	`IntangibleAssetsNetExcludingGoodwill`	$11.01M	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$7.00K	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$197.00K	USD	Point-in-time
Buffalo's creative and advertising fund	`BuffalosCreativeAndAdvertisingFundNoncurrent`	-	USD	Point-in-time
Buffalo's creative and advertising fund	`BuffalosCreativeAndAdvertisingFundNoncurrent`	$436.00K	USD	Point-in-time
Total assets	`Assets`	$30.93M	USD	Point-in-time
Total assets	`Assets`	$29.24M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$2.44M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$2.82M	USD	Point-in-time
Deferred income	`DeferredTaxLiabilitiesCurrent`	$1.77M	USD	Point-in-time
Deferred income	`DeferredTaxLiabilitiesCurrent`	$1.61M	USD	Point-in-time
Accrued expenses	`AccruedLiabilitiesCurrent`	$2.61M	USD	Point-in-time
Accrued expenses	`AccruedLiabilitiesCurrent`	$1.76M	USD	Point-in-time
Accrued advertising	`AccruedAdvertisingCurrent`	$893.00K	USD	Point-in-time
Accrued advertising	`AccruedAdvertisingCurrent`	$348.00K	USD	Point-in-time
Dividend payable	`DividendsPayableCurrent`	$1.20M	USD	Point-in-time
Dividend payable	`DividendsPayableCurrent`	-	USD	Point-in-time
Accrued interest payable to FCCG	`InterestPayableCurrent`	$405.00K	USD	Point-in-time
Accrued interest payable to FCCG	`InterestPayableCurrent`	-	USD	Point-in-time
Other current liabilities	`OtherLiabilitiesCurrent`	$116.00K	USD	Point-in-time
Other current liabilities	`OtherLiabilitiesCurrent`	-	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$9.25M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$6.72M	USD	Point-in-time
Deferred income - noncurrent	`DeferredTaxLiabilitiesNoncurrent`	$1.94M	USD	Point-in-time
Deferred income - noncurrent	`DeferredTaxLiabilitiesNoncurrent`	$5.44M	USD	Point-in-time
Notes payable to FCCG	`LongTermNotesPayable`	$18.12M	USD	Point-in-time
Notes payable to FCCG	`LongTermNotesPayable`	$17.47M	USD	Point-in-time
Buffalo's creative and advertising fund-contra	`BuffalosCreativeAndAdvertisingFundcontraNoncurrent`	$436.00K	USD	Point-in-time
Buffalo's creative and advertising fund-contra	`BuffalosCreativeAndAdvertisingFundcontraNoncurrent`	-	USD	Point-in-time
Total liabilities	`Liabilities`	$27.23M	USD	Point-in-time
Total liabilities	`Liabilities`	$32.16M	USD	Point-in-time
Commitments and contingencies (Note 11)	`CommitmentsAndContingencies`	-	USD	Point-in-time
Commitments and contingencies (Note 11)	`CommitmentsAndContingencies`	-	USD	Point-in-time
Common stock, $.0001 par value; 25,000,000 shares authorized; 10,000,000 shares issued and outstanding	`CommonStockValue`	$2.75M	USD	Point-in-time
Common stock, $.0001 par value; 25,000,000 shares authorized; 10,000,000 shares issued and outstanding	`CommonStockValue`	$2.62M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-613.00K	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-3.98M	USD	Point-in-time
Total stockholders' equity (deficiency)	`StockholdersEquity`	$-1.23M	USD	Point-in-time
Total stockholders' equity (deficiency)	`StockholdersEquity`	$2.01M	USD	Point-in-time
Total liabilities and stockholders' equity (deficiency)	`LiabilitiesAndStockholdersEquity`	$30.93M	USD	Point-in-time
Total liabilities and stockholders' equity (deficiency)	`LiabilitiesAndStockholdersEquity`	$29.24M	USD	Point-in-time

Income Statement 24 line items

Line Item	Tag	Value	Unit	Period
Royalties	`RoyaltyRevenue`	$2.57M	USD	1 Quarter
Franchise fees	`InitialFranchiseFees`	$399.00K	USD	1 Quarter
Advertising fees	`AdvertisingRevenue`	$596.00K	USD	1 Quarter
Management fees	`ManagementFeeExpense`	$-18.00K	USD	1 Quarter
Total revenue	`Revenues`	$3.58M	USD	1 Quarter
Compensation and employee benefits	`EmployeeBenefitsAndShareBasedCompensation`	$1.33M	USD	1 Quarter
Travel and entertainment	`TravelAndEntertainmentExpense`	$124.00K	USD	1 Quarter
Professional fees	`ProfessionalFees`	$210.00K	USD	1 Quarter
Advertising expense	`AdvertisingExpense`	$596.00K	USD	1 Quarter
Other	`OtherGeneralAndAdministrativeExpense`	$383.00K	USD	1 Quarter
Total general and administrative expenses	`GeneralAndAdministrativeExpense`	$2.64M	USD	1 Quarter
Income from operations	`OperatingIncomeLoss`	$941.00K	USD	1 Quarter
Interest expense, net	`InterestExpense`	$214.00K	USD	1 Quarter
Depreciation and amortization	`DepreciationAndAmortization`	$33.00K	USD	1 Quarter
Other expense, net	`OtherNonoperatingIncomeExpense`	$-1.00K	USD	1 Quarter
Total non-operating expense	`NonoperatingIncomeExpense`	$-248.00K	USD	1 Quarter
Income before taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$693.00K	USD	1 Quarter
Income tax expense	`IncomeTaxExpenseBenefit`	$184.00K	USD	1 Quarter
Net income	`NetIncomeLoss`	$509.00K	USD	1 Quarter
Basic income per common share	`EarningsPerShareBasic`	$0.05	USD	1 Quarter
Basic weighted average shares outstanding	`WeightedAverageNumberOfSharesOutstandingBasic`	10.00M	shares	1 Quarter
Diluted income per common share	`EarningsPerShareDiluted`	$0.05	USD	1 Quarter
Diluted weighted average shares outstanding	`WeightedAverageNumberOfDilutedSharesOutstanding`	10.00M	shares	1 Quarter
Cash dividends declared per common share	`PreferredStockDividendsPerShareDeclared`	$0.12	USD	1 Quarter

Cash Flow Statement 30 line items

Line Item	Tag	Value	Unit	Period
Net income	`NetIncomeLoss`	$509.00K	USD	1 Quarter
Deferred income taxes	`DeferredIncomeTaxesAndTaxCredits`	$-32.00K	USD	1 Quarter
Provision for bad debts	`ProvisionForDoubtfulAccounts`	$-8.00K	USD	1 Quarter
Depreciation and amortization	`DepreciationAndAmortization`	$33.00K	USD	1 Quarter
Share-based compensation	`ShareBasedCompensation`	$125.00K	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$98.00K	USD	1 Quarter
Trade notes receivable	`IncreaseDecreaseInNotesReceivableCurrent`	$-12.00K	USD	1 Quarter
Prepaid expenses	`IncreaseDecreaseInPrepaidExpense`	$121.00K	USD	1 Quarter
Accounts payables and accrued expense	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$901.00K	USD	1 Quarter
Accrued advertising	`IncreaseDecreaseInAccruedAdvertising`	$-45.00K	USD	1 Quarter
Accrued interest payable to FCCG	`IncreaseDecreaseInInterestPayableNet`	$-405.00K	USD	1 Quarter
Deferred income	`IncreaseDecreaseInDeferredIncomeTaxes`	$146.00K	USD	1 Quarter
Total adjustments	`AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivities`	$216.00K	USD	1 Quarter
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$725.00K	USD	1 Quarter
Investment in equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$82.00K	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-82.00K	USD	1 Quarter
Repayments of loans from FCCG	`RepaymentsOfDebt`	$657.00K	USD	1 Quarter
Increase in due from affiliates	`RepaymentsOfRelatedPartyDebt`	$47.00K	USD	1 Quarter
Deposit toward potential equity issue	`DepositTowardPotentialEquityIssue`	$44.00K	USD	1 Quarter
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-660.00K	USD	1 Quarter
Net decrease in cash	`CashPeriodIncreaseDecrease`	$-17.00K	USD	1 Quarter
Cash at beginning of period	`Cash`	$32.00K	USD	Point-in-time
Cash at beginning of period	`Cash`	$15.00K	USD	Point-in-time
Cash at end of period	`Cash`	$32.00K	USD	Point-in-time
Cash at end of period	`Cash`	$15.00K	USD	Point-in-time
Cash paid for interest	`InterestPaidNet`	$857.00K	USD	1 Quarter
Cash paid for income taxes	`IncomeTaxesPaidNet`	-	USD	1 Quarter
Assets acquired under capital lease	`FairValueOfAssetsAcquired`	$82.00K	USD	1 Quarter
Dividends on common stock	`DividendsCommonStock`	$1.20M	USD	1 Quarter
Income taxes payable offset against amounts due from affiliates	`IncomeTaxesPayableOffsetAgainstAmountsDueFromAffiliates`	$139.00K	USD	1 Quarter

Stockholders Equity 8 line items

Line Item	Tag	Value	Unit	Period
Balance, Beginning	`StockholdersEquity`	$-1.23M	USD	Point-in-time
Balance, Beginning	`StockholdersEquity`	$2.01M	USD	Point-in-time
Cumulative-effect adjustment from adoption of ASU 2014-09, Revenue from Contracts with Customers	`CumulativeEffectAdjustmentFromAdoption`	$-2.67M	USD	1 Quarter
Net income	`NetIncomeLoss`	$509.00K	USD	1 Quarter
Dividends on common stock	`DividendsCommonStock`	$1.20M	USD	1 Quarter
Share-based compensation	`StockIssuedDuringPeriodValueShareBasedCompensationGross`	$125.00K	USD	1 Quarter
Balance, Ending	`StockholdersEquity`	$-1.23M	USD	Point-in-time
Balance, Ending	`StockholdersEquity`	$2.01M	USD	Point-in-time

Data is extracted from SEC EDGAR XBRL filings. Values shown are as reported in the filing.