GEN Restaurant Group Inc
For the period ended Sep 30, 2024. Filed Nov 12, 2024.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Sep 30, 2024 · Filed Nov 12, 2024
GENK$1.51+6.3%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Condensed Consolidated Statements of Cash Flows
| For the nine months ended September 30, | ||
|---|---|---|
| (in thousands) | 2024 | 2023 |
| (unaudited) | ||
| Cash flows from operating activities | ||
| Net Income | $5,929 | $11,629 |
| Adjustments to reconcile net income to cash provided by operating activities | ||
| Depreciation and amortization | 5,027 | 3,534 |
| Equity in income of equity method investee, net of distributions | 17 | 60 |
| Gain on remeasurement of previously held interest | (3,402) | — |
| Acquisition related costs | (370) | — |
| Stock-based compensation | 2,252 | 759 |
| Amortization of operating lease assets | 5,415 | 3,506 |
| Interest income earned on Notes receivable from related party | (33) | (133) |
| Deferred tax benefit | (95) | — |
| Changes in operating assets and liabilities: | ||
| Accounts receivable | (1,145) | — |
| Inventories | (993) | 1,967 |
| Prepaid expenses and other current assets | (1,069) | (1,986) |
| Other assets | (334) | (9) |
| Accounts payable | 1,034 | (2,817) |
| Accrued salaries and benefits | (1,031) | (929) |
| Accrued interest | 36 | 56 |
| Gift card liabilities | 1,304 | — |
| Other current liabilities | (413) | 275 |
| Operating lease liabilities | (1,610) | (2,475) |
| Income tax payable | — | 49 |
| Net cash provided by operating activities | 10,519 | 13,486 |
| Cash flows from investing activities | ||
| Proceeds from recovery of Notes receivable from related party | — | 12,950 |
| Advances made to related party | — | (2,100) |
| Purchase of property and equipment | (16,682) | (9,462) |
| Acquisition of GKBH, net of cash acquired | (5,976) | — |
| Net cash (used in) provided by investing activities | (22,658) | 1,388 |
| Cash flows from financing activities | ||
| Proceeds from issuance of Class A common stock sold in IPO, net of underwriting discount | — | 46,167 |
| Payments to members for advances | (881) | (2,000) |
| Advance from members | — | 262 |
| Payments for deferred offering costs | — | (2,061) |
| Payments on EIDL loans | (70) | (65) |
| Payments on finance leases | (91) | (149) |
| Payments on third party loans | (397) | (2,424) |
| Payments on related party loans | — | (2,088) |
| Payment on line of credit | — | (7,993) |
| Proceeds from line of credit | — | 1,100 |
| Proceeds from third party loans | 3,000 | 1,300 |
| Proceeds from related party loans | — | 500 |
| Member distributions | — | (26,469) |
| Net cash provided by financing activities | 1,561 | 6,080 |
| Net increase in cash and cash equivalents | (10,578) | 20,954 |
| Cash and cash equivalents at beginning of period | 32,631 | 11,195 |
| Cash and cash equivalents at end of the period | $22,053 | $32,149 |
| Supplemental disclosures of other cash flow information: | ||
| Cash paid for interest | $169 | $284 |
| Cash paid for taxes | 114 | 95 |
| Non-cash investing and financing activities: | ||
| Unpaid purchases of property and equipment | 2,747 | 737 |
| Unpaid deferred offering costs | - | 1,374 |
| Leased assets obtained in exchange for new operating lease liabilities | 30,698 | 11,430 |
| Conversion of related party loans to equity | 1,436 | 871 |
| Issuance of promissory note for business acquisition | 3,000 | — |
| Contribution by shareholder in final IPO settlement | 1,275 | — |
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