Quarterly report pursuant to Section 13 or 15(d)

Basis of Presentation and Recent Accounting Pronouncements (Tables)

v3.23.2
Basis of Presentation and Recent Accounting Pronouncements (Tables)
 6 Months Ended
Jul. 09, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Schedule of Revisions to Previously Issued Consolidated Financial Statements
The following tables reflect the effects of the correction on all affected line items of the Company's previously reported Condensed Consolidated Financial Statements presented in this Form 10-Q:
CORRECTED CONDENSED CONSOLIDATED BALANCE SHEETS (unaudited)
December 25, 2022
(in thousands) As Previously Reported Adjustment As Corrected
Unearned revenue $ 43,358  $ 3,586  $ 46,944 
Total current liabilities 216,627  3,586  220,213 
Total liabilities 826,770  3,586  830,356 
Accumulated deficit (50,604) (3,586) (54,190)
Total stockholders' equity 5,375  (3,586) 1,789 
CORRECTED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS (unaudited)
Twelve Weeks Ended July 10, 2022
Twenty-Eight Weeks Ended July 10, 2022
(in thousands, except per share amounts) As Previously Reported Adjustment As Corrected As Previously Reported Adjustment As Corrected
Restaurant revenue $ 288,657  $ (36) $ 288,621  $ 669,269  $ (51) $ 669,218 
Franchise and other revenues 5,433  2  5,435  20,371  (459) 19,912 
Total revenues 294,090  (34) 294,056  689,640  (510) 689,130 
Loss before income taxes (17,498) (34) (17,532) (20,541) (510) (21,051)
Net loss (17,932) (34) (17,966) (21,037) (510) (21,547)
Net loss per share (1.13) —  (1.13) (1.33) (0.04) (1.37)
Total comprehensive loss (17,950) (34) (17,984) (21,044) (510) (21,554)
CORRECTED CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (unaudited)
Sixteen Weeks Ended April 16, 2023
(in thousands) Accumulated Deficit Total Shareholders' Equity
As Previously Reported
Balance, December 25, 2022 $ (50,604) $ 5,375 
Net loss (3,100) (3,100)
Balance, April 16, 2023 (53,704) 4,686 
Adjustments
Balance, December 25, 2022 (3,586) (3,586)
Net loss (156) (156)
Balance, April 16, 2023 (3,741) (3,741)
As Corrected
Balance, December 25, 2022 (54,190) 1,789 
Net loss (3,256) (3,256)
Balance, April 16, 2023 $ (57,445) $ 945 
CORRECTED CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (unaudited)
Twenty-Eight Weeks Ended July 10, 2022
(in thousands) Retained Earnings/ (Accumulated Deficit) Total Shareholders' Equity
As Previously Reported
Balance, December 26, 2021 $ 27,196  $ 76,974 
Net loss (3,105) (3,105)
Balance, April 17, 2022 24,091  76,857 
Adjustments
Balance, December 26, 2021 (2,503) (2,503)
Net loss (476) (476)
Balance, April 17, 2022 (2,979) (2,979)
As Corrected
Balance, December 26, 2021 24,693  74,471 
Net loss (3,581) (3,581)
Balance, April 17, 2022 21,112  73,878 
As Previously Reported
Balance, April 17, 2022 24,091  76,857 
Net loss (17,932) (17,932)
Balance, July 10, 2022 6,159  61,575 
Adjustments
Balance, April 17, 2022 (2,979) (2,979)
Net loss (34) (34)
Balance, July 10, 2022 (3,013) (3,013)
As Corrected
Balance, April 17, 2022 21,112  73,878 
Net loss (17,966) (17,966)
Balance, July 10, 2022 $ 3,146  $ 58,562 
CORRECTED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited)
Twenty-Eight Weeks Ended July 10, 2022
(in thousands) As Previously Reported Adjustment As Corrected
Net income (loss) $ (21,037) $ (510) $ (21,547)
Gift card breakage (8,099) 459  (7,640)
Unearned revenue (8,283) 51  (8,232)