Good Times Restaurants Inc
For the period ended Jun 25, 2024. Filed Aug 1, 2024.
View on SEC.govAbout this filing
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.
Jun 25, 2024 · Filed Aug 1, 2024
What changed in Risk Factors?
Read the current filingPrevious report: 10-Q
Period ended 2024-03-26; filed 2024-05-02.
0001437749-24-014364
Item 1A. Risk FactorsUnregistered Sales of Equity Securities and Use of ProceedsDefaults Upon Senior SecuritiesMine Safety DisclosuresCurrent report: 10-Q
Period ended 2024-06-25; filed 2024-08-01.
0001214659-24-013547
Item 1A. Risk FactorsUnregistered Sales of Equity Securities and Use of ProceedsDefaults Upon Senior SecuritiesMine Safety DisclosuresThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 8 previous paragraphs and 6 current paragraphs.
3 unchanged; 2 reworded; 1 added; 3 removed; 0 previous and 0 current paragraphs rearranged.
Tables are not compared: 5 previous and 5 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (1)
Current report
In addition to the purchases made under the 2022 Share Repurchase Program, on May 30, 2024, the Company purchased an aggregate of 171,276 shares of its common stock, at a price of $2.60 per share in a transaction negotiated with a private seller.
Removed paragraphs (3)
Previous report
A futureownership changeas defined by Section 382 of the Internal Revenue Code (“IRC”) could limit our ability to utilize tax loss and credit carryforwards to offset our taxable income.
Previous report
Our deferred tax assets include certain general business credit tax credits and loss carryforwards. Our ability to realize these deferred tax assets through their use to offset future taxable income may be significantly limited if we experience anownership change, as defined by Section 382 of the IRC. In general, anownership change under Section 382 occurs if the percentage of stock owned by an entity’s 5% stockholders (as defined for tax purposes) increases by more than 50 percentage points over a rolling three-year period. Such anownership changehas occurred several times in the Company’s history, although during the periods in which such priorownership changes occurred, the Company had placed a 100% valuation allowance on its deferred tax assets. The limitation on our ability to utilize these credits and tax loss carryforwards that could arise from anownership changeunder Section 382 would depend on the value of our equity at the time of anyownership change. If we were to experience an*ownership change,*it is possible that a significant portion of our tax loss and credit carryforwards could expire before we would be able to use them to offset future taxable income and could result in the recognition of loss associated with the reduced value of the Company’s deferred tax assets.
Previous report
In addition, on February 14, 2024, outside of the publicly announced share repurchase program referred to above, the Board authorized the Company to purchase an aggregate of 19,414 shares from one non-executive employee for a purchase price of $2.60 per share.
Reworded paragraphs (2)
Previous wording
The risk factor below updates the risk factors contained in Item 1A of our Annual Report on Form 10-K for the fiscal year ended September 26, 2023.
Current wording
Risk factors associated with our business are contained in Item 1, "Risk Factors," of our Annual Report on Form 10-K for the fiscal year ended September 2023 filed with the SEC on December 14, 2023 and in Item 1A, “Risk Factors,” of our Quarterly Report on Form 10-Q for the fiscal quarter ended March 26, 2024 filed with the SEC on May 2, 2024. There have been no material changes from the risk factors disclosed in the aforementioned filings.
Previous wording
The Company‘s Board of Directors authorized a $5.0 Million share repurchase program which became effective February 7, 2022. The authorization to repurchase will continue until the maximum value of shares is achieved or the Company terminates the program. The timing and actual number of shares repurchased will depend on a variety of factors, including price, general business and market conditions, and alternative investment opportunities. As of March 26, 2024 the Company has purchased 1,521,042 shares of its common stock pursuant to the share repurchase plan leaving approximately $752,000 available for repurchases under the plan.
Current wording
The Company‘s Board of Directors authorized a $5.0 Million share repurchase program which became effective February 7, 2022 (the “2022 Share Repurchase Program”). The authorization to repurchase will continue until the maximum value of shares is achieved or the Company terminates the program. The timing and actual number of shares repurchased will depend on a variety of factors, including price, general business and market conditions, and alternative investment opportunities. As of June 25, 2024, the Company has purchased 1,613,282 shares of its common stock pursuant to the share repurchase plan leaving approximately $507,000 available for repurchases under the plan.