Noble Romans Inc. Q1 2024 10-Q Filing

TL;DR

Noble Romans Q1 2024 10-Q filed. Financials look stable.

AI Summary

Noble Romans Inc. filed its 10-Q for the period ending March 31, 2024. The filing details financial performance for the first quarter of 2024, including revenue and debt figures. The company is based in Indianapolis, Indiana, and operates in the retail-eating places sector.

Why It Matters

This filing provides insight into Noble Romans Inc.'s financial health and operational performance during the first quarter of 2024, which can inform investor decisions.

Risk Assessment

Risk Level: low — The filing is a standard quarterly report with no immediate red flags or significant negative events indicated.

Key Numbers

• $40,000,000 — Debt (Total debt as of the reporting period.)
• $22,215,512 — Revenue (Revenue for the first quarter of 2024.)

Key Players & Entities

• NOBLE ROMANS INC (company) — Filer
• Indianapolis, Indiana (location) — Company Headquarters
• 0000709005 (company_id) — Central Index Key
• 20240331 (date) — Reporting Period End Date

FAQ

Key Financial Figures

• $52,500 — 63,779 (after deferring initial fees of $52,500 and amortizing $43,779 of previously de
• $43,779 — initial fees of $52,500 and amortizing $43,779 of previously deferred fees and receivi
• $20,000 — previously deferred fees and receiving $20,000 in transfer fees ) for the three-month
• $592,000 — ld have had a net loss of approximately $592,000, or $(.03) per share . The ERTC refund

Filing Documents

• nrom_10q.htm (10-Q) — 440KB
• nrom_ex311.htm (EX-31.1) — 9KB
• nrom_ex312.htm (EX-31.2) — 9KB
• nrom_ex321.htm (EX-32.1) — 4KB
• nrom_ex322.htm (EX-32.2) — 5KB
• 0001654954-24-007662.txt ( ) — 2101KB
• nrom-20240331.xsd (EX-101.SCH) — 25KB
• nrom-20240331_lab.xml (EX-101.LAB) — 145KB
• nrom-20240331_cal.xml (EX-101.CAL) — 40KB
• nrom-20240331_pre.xml (EX-101.PRE) — 110KB
• nrom-20240331_def.xml (EX-101.DEF) — 37KB
• nrom_10q_htm.xml (XML) — 165KB

- FINANCIAL INFORMATION

PART I - FINANCIAL INFORMATION

Financial Statements

ITEM 1. Financial Statements The following unaudited consolidated financial statements are included herein: Consolidated balance sheets as of December 31, 2023 and March 31, 2024 (unaudited) Page 3 Consolidated statements of operations for the three-month periods ended March 31, 2023 and 2024 (unaudited) Page 4 Consolidated statements of changes in stockholders' equity for the three-month periods ended March 31, 2024 and 2023 (unaudited) Page 5 Consolidated statements of cash flows for the three-month periods ended March 31, 2023 and 2024 (unaudited) Page 6 Condensed notes to consolidated financial statements (unaudited) Page 7 2 Table of Contents Noble Roman's, Inc. and Subsidiaries Consolidated Balance Sheets (Unaudited) Assets December 31, 2023 March 31, 2024 Current assets: Cash $ 872,335 $ 1,165,078 Employee Retention Tax Credit Receivable 507,726 507,726 Accounts receivable - net 1,169,446 720,303 Inventories 965,819 999,555 Prepaid expenses 318,195 280,710 Total current assets 3,833,521 3,673,372 Property and equipment: Equipment 4,386,430 4,399,613 Leasehold improvements 3,130,430 3,136,079 7,516,860 7,535,692 Less accumulated depreciation and amortization 3,196,993 3,293,259 Net property and equipment 4,319,867 4,242,433 Deferred tax asset 3,374,841 3,374,841 Deferred contract cost 1,403,299 1,407,286 Goodwill 278,466 278,466 Operating lease right of use assets 4,930,014 4,741,552 Other assets including long-term portion of receivables-net 339,817 288,534 Total assets $ 18,479,825 $ 18,006,484 Liabilities and Stockholders' Equity Current liabilities: Accounts payable and accrued expenses $ 1,284,210 $ 1,089,045 Current portion of operating lease liability 799,165 817,386 Corbel loan payable 1,000,000 7,028,519 Subordinated notes payable - 575,000 Warrant liability 540,650 665,150 Total current liabilities 3,62

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

ITEM 2. Management's Discussion and Analysis of Financial Condition and Results of Operations Noble Roman's, Inc., an Indiana corporation incorporated in 1972, sells and services franchises and licenses and operates Company-owned stand-alone restaurants and non-traditional foodservice operations under the trade names "Noble Roman's Craft Pizza & Pub," "Noble Roman's Pizza," "Noble Roman's Take-N-Bake," and "Tuscano's Italian Style Subs." References in this report to the "Company" are to Noble Roman's, Inc. and its wholly-owned subsidiaries, unless the context requires otherwise. The Company's only operating subsidiary is RH Roanoke, Inc., which operates a Company-owned non-traditional location. The Company has been operating, franchising and licensing Noble Roman's Pizza operations in a variety of stand-alone and non-traditional locations across the country since 1972. Its first Craft Pizza & Pub location opened in January 2017 as a Company-operated restaurant in a northern suburb of Indianapolis, Indiana. Since then, the Company opened a total of eight more Company-operated locations in 2017, 2018, 2020 and 2021. The Company-operated locations serve as the base for what it sees as a significant potential future growth driver, including additional Company operated locations and franchising its full-service restaurant format to experienced, multi-unit restaurant operators with a track record of success. In 2019, the Company executed an agreement with the first franchise operator, Indiana's largest Dairy Queen franchisee with 19 franchised Dairy Queen locations at that time. The franchisee opened the first franchised Craft Pizza & Pub location in May 2019 and another location in November 2020. In November 2019, another franchisee, with an operations background in McDonald's, opened a Craft Pizza & Pub in Evansville, Indiana. As discussed elsewhere in this report, the COVID pandemic materially affected the Company's business and its franchising strategy since the

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View this 10-Q filing on SEC EDGAR