Includes company restaurant and franchise revenues. We have closed only one restaurant since 2011 (Richmond, Indiana opened in 2017 and closed in 2018) and do not anticipate closing any restaurants in 2020 or in the foreseeable future thereafter. Our Burger Time restaurants are located in the upper Midwest, including four restaurants in North Dakota, two in South Dakota and three in Minnesota. There is no guarantee that we will be able to increase the overall number of our restaurants. The Company affected the reincorporation by the filing of the appropriate documents with Delaware and Wyoming and as of December 18, 2020, the Company is domiciled in Wyoming. The Company is required to pay regular royalty and advertising payments to the franchisor and to remain in compliance with the terms of the franchise agreement. Our officers and directors have not considered or adopted any of these policies as we have never received a recommendation from any stockholder for any candidate to serve on our Board of Directors. On June 13, 2019, the Company amended and restated its certificate of incorporation to change its corporate name to BT Brands, Inc. to better reflect its multi-faceted growth plan, and to adopt certain provisions in line with its status as a public company. Accumulated amortization was approximately $9,000 and $7,000 at the end of 2020 and 2019, respectively. Restaurant Brands International Inc. Reports Third Quarter 2021 Results After giving effect to the Share Exchange, the Company became the sole member of BTND and BTNDs managing member, Gary Copperud, became the chief executive officer of the Company. We received approximately $615,000 in gross proceeds from the sale of the securities in the 2018 Private Placement. He is also CEO of privately held Brimmer Company, LLC. On December 29, 2019, $207,729 was due to BTND Trading at 8% annual interest. Additionally, in 2019, there was a $248,500 charge to write-off goodwill arising from the 2018 Share Exchange. Disclosure controls are also designed with the objective of ensuring that this information is accumulated and communicated to our management, including our chief executive officer and chief financial officer, as appropriate, to allow timely decisions regarding required disclosure. A paid subscription is required for full access. We expect to pursue the acquisition of multi-unit restaurant concepts and individual restaurant properties at attractive multiples of earnings. For Fiscal 2020, depreciation and amortization costs decreased 11.0%, or $23,398, to $189,389 (2.3% of sales) from $212,787 (3.3 % of sales) in Fiscal 2019. A description of recently issued accounting pronouncements that may potentially impact our financial position and results of operations is disclosed in Note 1 to our consolidated financial statements appearing at the end of this Annual Report. As of the date of this Annual Report, we have awarded an aggregate of 4,500 shares of common stock as a stock bonus to thirty of or senior employees. No financial statement schedules are provided because the information called for is not required or is shown either in the financial statements or notes thereto. The Company has determined that it did not have any separately reportable operating segments. Despite increases in general restaurant operating costs during Fiscal 2020, restaurant operating costs (which refer to all the costs associated with the operation of our restaurants, but do not include general and administrative costs, depreciation and amortization and impairment charges including the write-down of goodwill) as a percent of restaurant sales decreased to 80.4% in 2020 from 89.2% in Fiscal 2019. Typically, our inventory of supplies is never more than $5,000 at any restaurant. If cash that may be generated from our business operations is insufficient to continue to operate our business, we may be required to obtain more working capital. While a program to vaccinate a majority of Americans is currently in progress, it is not possible for us to predict the duration or magnitude of theeffects of the outbreak and itsimpact on our business or results of operations at this time. Then you can access your favorite statistics via the star in the header. Our limited menu is designed to deliver quality across all products, a high taste profile and speedy delivery. Profit from the additional features of your individual account. Our Burger Time restaurants feature a wide variety of juicy, flame broiled burgers that we refer to as Bigger Burgers because they are made with approximately 25% more meat and are larger in diameter than the typical quarter pound burger offerings served by our competitors. Each burger is prepared to a customers individual order and is served hot and fresh. The three levels of fair value hierarchy are as follows: Level 1 inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities that the Company has the ability to access the measurement date. At June 28, 2020, the Company owed $207,729 to BTND Trading at 8% annual interest. Upon the closing of the 2018 Private Placement, the Company and BTND, LLC, a Colorado limited liability company, which we refer to as BTND, entered into a Share Exchange Agreement whereby the members of BTND exchanged all of their membership interests in BTND for shares of our common stock comprising 85.9% of the outstanding shares of our Company, without giving effect to the sale of any securities sold in the 2018 Private Placement (the Share Exchange). The aggregate deferrals are due as balloon payments at the end of the stated terms of the notes. We may seek to obtain additional working capital through sales of our equity securities or through bank credit facilities or public or private debt from various financial institutions where possible. The Companys CEO, Gary Copperud, is Chairman of the Board of Directors of NGI and the Companys Chief Operating Officer, Kenneth Brimmer, is also a member of the Board of Directors of NGI and serves as Chief Financial Officer of NGI on a contract basis. Either party may terminate the agreement after the initial year with 180 days notice or in the event of a material breach that is not cured within 60 days. Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. Under our bylaws, such rights shall not be exclusive of any other rights acquired by directors and officers, including by agreement. btbd_10k.htm - SEC.gov Burger King, & Restaurant Brands International. Our ability to acquire or open new restaurants is predicated on the availability of capital for such purposes. Cost of sales - food and paper for Fiscal 2020 decreased to 37.9% of restaurant sales from 39.7% of restaurant sales in Fiscal 2019. (5)In early 2022, we entered into negotiations to resolve business disputes that arose during 2021 with counterparties to the master franchise agreements for Burger King and Popeyes in China. We believe that by a restaurants second full year of operations, we can achieve an annualized cash-on-cash return of approximately 30% of our investment, although there is no assurance that this target will be met. Except as described above, there has been no change in our internal control over financial reporting identified in connection with the evaluation required by paragraph (d) of Rules 13a-15 or 15d-15 under the Securities Exchange Act of 1934 that occurred during our most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting. The change in income from operations in Fiscal 2020 compared to Fiscal 2019 was due to the matters discussed in the Net Revenues, Restaurant Operating Costs and Impairment and Goodwill Write-down Charges sections above. May 26 PDF. We determine the annualized cash-on-cash return based upon the free cash flow generated by the unit after all expenses including required capital improvement, compared to the net cash invested after deducting and mortgage financing secured before or after the unit is opened. During the year ended December 30, 2018, prior to the Share Exchange, BTND paid annual compensation of $150,000 to Mr. Copperud, its managing member, who currently serves as our Chief Executive Officer. Our objective is to serve customers within 60 seconds of their arrival during the peak day parts of lunch and dinner and within 3 minutes at other times. As a Premium user you get access to background information and details about the release of this statistic. As a result of the many uncertainties surrounding the economy during the COVID-19 response, two of the Companys mortgage lenders suspended and deferred current payments for a period of three months during the first half of 2020. Such laws generally require registration of the franchise offering with state authorities and regulate the franchise relationship by, for example, requiring the franchisor to deal with its franchisees in good faith, prohibiting interference with the right of free association among franchisees, limiting the imposition of standards of performance on a franchisee and regulating discrimination against franchisees in charges, royalties or fees. Item 7. Following application by the Company, the loans were forgiven in full 2021. . BURGER KING FOUNDATION INC. All values CAD Millions. Our burgers and sandwiches are served on fresh buns and are topped with generous helpings of top-tier condiments. February 22, 2023. 99, Materiality. Learn more about how Statista can support your business. Most states, including Minnesota and North Dakota, have limited or banned public gatherings to halt or delay the spread of disease. We believe that acquisitions of restaurants relative to our comparable restaurant base will be our primary driver of growth and increased revenue. As a Premium user you get access to the detailed source references and background information about this statistic. The Company is not aware of any significant asserted or potential claims which could impact its financial position. All references to years in this report refer to the fiscal years described above. Any statements contained herein that are not statements of historical fact may be forward-looking statements. While our stores have remained open for drive-through business. Since 2007, BTND from time to time sold restaurant assets, including the underlying real property resulting in the closing of the stores located on the respective properties, and BTND has closed two other stores upon the expiration of the leaseholds on which they were located. Executive CompensationCompensation Plans. Minnesota Small Business Emergency Loan dated April, 29, 2020 payable in monthly installments of $458.33 beginning December 15, 2020 which includes principal and interest at 0%. Business Solutions including all features. Annual Report on Burger King's Revenue, Growth, SWOT Analysis If we fail to obtain additional working capital as and when needed, such failure could have a material adverse impact on our business, results of operations and financial condition. Total assets of Burger King worldwide 2010-2022. Restaurant operations closed in December 2018. An increase in the minimum wage to $15 per hour would adversely impact our profit margins. Sysco distributes these supplies to our restaurants on a frequent and routine basis. Mr. Copperud and a limited liability company controlled by him together own approximately 34% of the outstanding equity of NGI. We own and operate ten fast food restaurants, including nine Burger Time restaurants and one Dairy Queen restaurant, all of which are in the North Central region of the United States. Item 5. In accordance with federal stimulus legislation, the PPP loans have been treated as SBA Grants and the funds advanced under the program have been treated as non-taxable for federal income tax purposes in determining the provision for income taxes. We will deploy cross-over ads with radio and social media interacting with each other. Fluctuations in supply and prices can significantly impact our financial results. Information is reported up to our corporate staff where it is analyzed to maximize cost efficiencies in food and labor costs and inventories and customer counts on a weekly basis and profit and loss statements and balance sheets on a monthly basis. "Revenue of Burger King worldwide from 2004 to 2022 (in billion U.S. This note is secured by the Company's Dairy Queen location and the personal guaranty of a shareholder of the Company. Beef is our largest product cost item and is expected to remain such for the foreseeable future. Adverse weather conditions may also affect customer traffic, especially in the first and fourth quarters, when customers do not use our outdoor seating areas, which impacts the use of these areas and may adversely affect our revenue. Our restaurant economic model is based on three principles: a low capital investment, low conversion and incremental expenses and lean and disciplined operating efficiencies. The cost of food has increased over the last two years; however, we expect prices to remain stable or decrease in 2021. 2021 Highlights: System-wide Sales Growth of 13.8% Net Restaurant Growth of 4.5% Diluted EPS of $2.69 versus $1.60 in prior year Adjusted Diluted EPS of $2.82 versus $2.03 in prior year Net. Our restaurant sales are primarily received in cash or by credit card and our restaurant operations do not require significant inventories or receivables. As a result, any number of restaurant openings in any single fiscal quarter, along with their associated opening expenses, could have a significant impact on our consolidated results of operations for that period. Approximately 83% of the Companys purchases for the year ended January 3, 2021 were from one vendor. From 1998 through April 2007, he was a director of STEN Corporation, resigning when BTND acquired Burger Time assets. As ofMarch 10, 2021, we had 53 record holders and 4,047,502 shares of common stock issued and outstanding. The Companys accounting for fair value measurements of assets and liabilities that are recognized or disclosed at fair value in the statements on a recurring or nonrecurring basis adhere to the Financial Accounting Standards Board (FASB) fair value hierarchy that prioritizes the input to valuation techniques used to measure fair value. Other personnel can be trained in a matter of days. itsburgertime.com. Restaurant sales for Fiscal 2020 ranged from a low of $536,000 to a high of $1,043,500 and average sales for each Burger Time unit during the period was approximately $839,000 in 2020 an increase of approximately 25% from $669,000 in 2019. A total of $93,602 in payments were deferred under these programs. To date, our marketing and advertising spend has been allocated to advertisements in newspapers and radio in the geographic areas in which our restaurants are located. In addition, our Board has not made a subjective determination as to each director that no relationships exist which, in the opinion of our Board, would interfere with the exercise of independent judgment in carrying out the responsibilities of a director, though such subjective determination is required by the NASDAQ rules. Incorporated by reference from the Companys registration statement on Form S-1 filed with the Securities and Exchange Commission on August 13, 2019. Item 10. Prior to Rainforest, Mr. Brimmer was employed by Berman Consulting, LLC from 1990 until April 1997. We intend to develop social media campaigns in other markets. As a result, the 2018 accounting for the merger as of December 30, 2018 has been adjusted to reflect an increase of $151,500 in both the estimated deferred tax liability and goodwill arising from the Share Exchange. Also, in May 2020, the Company also borrowed $27,500 at no interest under the Minnesota Small Business Emergency Loan Program, and in addition, two of the Companys mortgage lenders suspended and deferred current payments for a period of three months during the first half of 2020. Engaging in any activity in connection with the purchase or sale of any security or commodity or in connection with any violation of federal or state securities laws or federal commodities laws; Such person was the subject of any order, judgment or decree, not subsequently reversed, suspended or vacated, of any federal or state authority barring, suspending or otherwise limiting for more than 60 days the right of such person to engage in any activity described in paragraph (3)(i) above, or to be associated with persons engaged in any such activity; Such person was found by a court of competent jurisdiction in a civil action or by the SEC to have violated any Federal or state securities law, and the judgment in such civil action or finding by the SEC has not been subsequently reversed, suspended, or vacated; Such person was found by a court of competent jurisdiction in a civil action or by the Commodity Futures Trading Commission to have violated any federal commodities law, and the judgment in such civil action or finding by the Commodity Futures Trading Commission has not been subsequently reversed, suspended or vacated; Such person was the subject of, or a party to, any federal or state judicial or administrative order, judgment, decree, or finding, not subsequently reversed, suspended or vacated, relating to an alleged violation of: Any federal or state securities or commodities law or regulation; or, Any law or regulation respecting financial institutions or insurance companies including, but not limited to, a temporary or permanent injunction, order of disgorgement or restitution, civil money penalty or temporary or permanent cease-and-desist order, or removal or prohibition order; or, Any law or regulation prohibiting mail or wire fraud or fraud in connection with any business entity; or. The loans will continue to accrue interest at the stated rate, which is included in the principal. Burger King India Financials - Income Statement, Balance Sheet, Cash Following the Share Exchange, the Company changed its name to BT Brands, which is the parent company of BTND, which in turn became a wholly owned operating subsidiary of the Company. We have not adopted a policy regarding the handling of any potential recommendation of director candidates by our stockholders, including the procedures to be followed. Either party may terminate the agreement in the event of a material breach that is not cured within 30 days. 2021, management has not completed an effective assessment of the Companys internal controls over financial reporting based on the 2013 Committee of Sponsoring Organizations (COSO) framework. The $466,758 of other income in Fiscal 2020 is the result of the Company having borrowed $460,400 under the Paycheck Protection Program (PPP). ft., which can be situated on a parcel of real estate as small as 15,000 sq. Amended and Restated Certificate of Incorporation. Basic net income or (loss) per share is computed by dividing net income or loss by the weighted average number of shares of common stock outstanding during the period. 2019 Incentive Plan and award agreements thereunder. As part of our audits, we are required to obtain an understanding of internal control over financial reporting, but not for the purpose of expressing an opinion on the effectiveness of the Companys internal control over financial reporting. Our Board of Directors currently consists of three members, none of whom qualifies as an independent director in accordance with the listing requirements of the NASDAQ Global Market. Number of securities to be issued upon exercise of outstanding options, warrants and rights, Weighted-average exercise price of outstanding options, warrants and rights, Number of securities remaining available for future issuance under equity compensation plans (excluding securities reflected in column (a)), Equity compensation plans approved by security holders, Equity compensation plans not approved by security holders. Common stock equivalents are excluded from the computation of diluted net income (loss) per share because their effect is anti-dilutive. Consequently, after the giving effect to the merger, the assets and liabilities and the historical operations that will be reflected in consolidated financial statements are those of BTND at its historical cost basis adjusted for goodwill related to a deferred tax liability assumed by the Company at the time of the merger. Once acquired, we will operate the business or businesses with a shared central management organization. We expect to develop and deploy a more sophisticated marketing campaign, including an expanded social media presence, intended to build consumer brand awareness of our restaurants. 2021, Adjusted income tax expense has been adjusted to remove the . Deferred tax assets and liabilities are adjusted for the effects of changes in tax laws and rates on the date of enactment. Deferred tax assets and liabilities are adjusted for the effects of changes in tax laws and rates on the date of enactment. As part of the Note modification, the Company received 179,000 shares of Common Stock inNGI from the founders of NGI representing approximately 2% of NGI shares outstanding. A walk-up service window is situated at the front of each restaurant. Operating Agreement dated October 15, 1974 between American Dairy Queen Corporation and William N. Empey. Furthermore, a stockholders investment may be adversely affected to the extent we pay the costs of settlement and damage awards against directors and officers pursuant to these indemnification provisions. Other Stock-Based Awards. A health pandemic is a disease outbreak that spreads rapidly and widely by infection and affects many individuals in an area or population at the same time. We will seek to acquire one or more existing restaurants and/or restaurant chains, including concepts that feature menu options that differ from the menu items we offer at Burger Time. Gary Copperud has personally guaranteed each of the promissory notes evidencing loans on the real properties owned by the Company. [Online]. A ten percent increase in the cost of beef would result in approximately $98,000 of additional food costs for the Company annually. Number of McDonald's restaurants worldwide 2005-2022, Number of restaurants in the U.S. 2011-2018, Average daily rate of hotels in the U.S. 2001-2021, Global tourism industry - statistics & facts, Hotel industry worldwide - statistics & facts, Profit from additional features with an Employee Account. The Plan administrator may grant equity-based or equity-related awards, referred to as other stock-based awards, other than options, SARs, restricted shares, restricted Units, or performance awards. The Company follows Accounting Standards Update (ASU) 2014-09 (ASC 606). On January 3, 2021, the Company had $1,321,244 in cash and working capital of $371,693, an increase of $789,688 from the year-end deficit of $471,995. Fiscal year is January-December. Note payable to bank dated December 28, 2018 due in monthly installments of $1,644 through December 31, 2023 which includes principal and interest at a fixed rate of 5.50%. Inventory consists of food, beverages and supplies and is stated at lower of cost (first-in, first-out method) or net realizable value. In May 2020, the Company received pandemic-related loans totaling $487,900.
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