Kura Sushi USA, Inc. Files 10-Q for Period Ending February 29, 2024

TL;DR

<b>Kura Sushi USA, Inc. has filed its Q2 10-Q report for the period ending February 29, 2024.</b>

AI Summary

KURA SUSHI USA, INC. (KRUS) filed a Quarterly Report (10-Q) with the SEC on April 4, 2024. Kura Sushi USA, Inc. filed a 10-Q for the period ending February 29, 2024. The filing covers the second quarter of their fiscal year. Key dates mentioned include August 31, 2023, and February 29, 2024. The company's fiscal year ends on August 31. The filing includes details on various financial statement line items and equity components.

Why It Matters

For investors and stakeholders tracking KURA SUSHI USA, INC., this filing contains several important signals. This 10-Q filing provides investors with the latest financial performance and operational details for Kura Sushi USA, Inc. Understanding the specifics of this report is crucial for assessing the company's current financial health and future prospects in the competitive restaurant industry.

Risk Assessment

Risk Level: low — KURA SUSHI USA, INC. shows low risk based on this filing. The filing is a standard 10-Q, which is a routine quarterly report for publicly traded companies, indicating no immediate or unusual risks.

Analyst Insight

Review the detailed financial statements and management's discussion and analysis within the 10-Q to understand Kura Sushi USA's performance and outlook.

Key Numbers

• 2024-02-29 — Period End Date (Reporting period)
• 2024-04-04 — Filing Date (Date of submission)
• 08-31 — Fiscal Year End (Company's fiscal year end)
• 5812 — SIC Code (Standard Industrial Classification)

Key Players & Entities

• KURA SUSHI USA, INC. (company) — Filer name
• KRUS (company) — Ticker symbol
• 0000950170-24-041858 (other) — Accession number
• 2024-02-29 (date) — Period of report
• 2024-04-04 (date) — Filing date
• 17461 DERIAN AVE. SUITE 200 (address) — Business address
• IRVINE, CA 92614 (address) — Business address
• RETAIL-EATING PLACES [5812] (industry) — Standard Industrial Classification

FAQ

Industry Context

Kura Sushi USA operates within the restaurant industry, specifically focusing on the 'eating places' sector.

Regulatory Implications

The company is subject to standard SEC reporting requirements for publicly traded entities, including the filing of quarterly 10-Q reports.

What Investors Should Do

1. Analyze the revenue and expense details for the quarter ending February 29, 2024.
2. Examine any disclosures related to debt, equity, or cash flow.
3. Review management's discussion and analysis for insights into business strategy and outlook.

Key Dates

• 2024-02-29: Period End Date — End of the reporting quarter
• 2024-04-04: Filing Date — Date the 10-Q was submitted to the SEC

Year-Over-Year Comparison

This is a 10-Q filing, representing a standard quarterly update. Specific comparative data from the previous filing is not detailed in this header information.

Key Financial Figures

• $0.001 — hich registered Class A Common Stock, $0.001 par value per share KRUS The Nasdaq

Filing Documents

• krus-20240229.htm (10-Q) — 1757KB
• krus-ex31_1.htm (EX-31.1) — 13KB
• krus-ex31_2.htm (EX-31.2) — 13KB
• krus-ex32_1.htm (EX-32.1) — 9KB
• krus-ex32_2.htm (EX-32.2) — 9KB
• 0000950170-24-041858.txt (&nbsp;) — 6534KB
• krus-20240229.xsd (EX-101.SCH) — 914KB
• krus-20240229_htm.xml (XML) — 1112KB

Financial Statements (Unaudited)

Financial Statements (Unaudited) 1 Condensed Balance Sheets 1 Condensed Statements of Operations and Comprehensive Loss 2 Condensed Statements of Stockholders' Equity 3 Condensed Statements of Cash Flows 4 Notes to Condensed Financial Statements 5 Item 2.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 13 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 24 Item 4.

Controls and Procedures

Controls and Procedures 24 PART II. OTHER INFORMATION 25 Item 1.

Legal Proceedings

Legal Proceedings 25 Item 1A.

Risk Factors

Risk Factors 25 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 25 Item 3. Defaults Upon Senior Securities 25 Item 4. Mine Safety Disclosures 25 Item 5. Other Information 25 Item 6. Exhibits 26

—FINANCIAL INFORMATION

PART I—FINANCIAL INFORMATION

Financial Statements

Item 1. Financial Statements. Kura Sushi USA, Inc. Condensed Balance Sheets (amounts in thousands, except par value) (Unaudited) February 29, 2024 August 31, 2023 Assets Current assets: Cash and cash equivalents $ 56,768 $ 69,697 Short-term investments 6,075 8,542 Accounts and other receivables 5,347 5,048 Inventories 1,874 1,747 Due from affiliate 32 104 Prepaid expenses and other current assets 4,120 4,233 Total current assets 74,216 89,371 Non-current assets: Property and equipment – net 124,163 106,427 Operating lease right-of-use assets 112,084 103,884 Deposits and other assets 5,066 4,977 Total assets $ 315,529 $ 304,659 Liabilities and stockholders' equity Current liabilities: Accounts payable $ 7,370 $ 7,248 Accrued expenses and other current liabilities 3,340 2,821 Salaries and wages payable 7,510 7,595 Operating lease liabilities – current 10,376 9,225 Due to affiliate 355 555 Sales tax payable 1,634 1,694 Total current liabilities 30,585 29,138 Non-current liabilities: Operating lease liabilities – non-current 118,936 110,234 Other liabilities 728 646 Total liabilities 150,249 140,018 Commitments and contingencies (Note 8) Stockholders' equity: Preferred stock, $ 0.001 par value; 1,000 shares authorized, no shares issued or outstanding — — Class A common stock, $ 0.001 par value; 50,000 shares authorized, 10,226 and 10,147 shares issued and outstanding as of February 29, 2024 and August 31, 2023, respectively 10 10 Class B common stock, $ 0.001 par value; 10,000 shares authorized, 1,000 shares issued and outstanding as of February 29, 2024 and August 31, 2023 1 1 Additional paid-in capital 192,422 188,771 Accumulated deficit ( 27,229 ) ( 24,184 ) Accumulated other comprehensive income 76 43 Total stockholders' equity 165,280 164,641 Total li

View Full Filing

View this 10-Q filing on SEC EDGAR