Kura Sushi(NASDAQ:KRUS) 
Kura Sushi USA, Inc. operates technology-enabled Japanese restaurants in the United States. The company's restaurants offer Japanese cuisine through a revolving sushi service model. It operates 28 restaurants across six states. The company was formerly known as Kula Sushi USA, Inc. and changed its n...
Website: http://www.kurausa.com
Founded: 1995
IPO Price: $14 (Aug 01, 2019)
Full Time Employees: 1,030
CEO: Hajime Uba
Sector: Consumer Cyclical
Industry: Restaurants
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At a glance:
- Unit Growth Remains the Core Strategy: Kura Sushi continues to emphasize expanding its U.S. restaurant footprint, with new store openings and market entry pacing as a primary driver of long-term revenue growth.
- Comparable Sales and Traffic Trends Are Key Near-Term Signals: Same-store sales performance—driven by guest traffic, menu pricing, and mix—remains a central indicator of brand momentum amid shifting consumer demand and promotional intensity in casual dining.
- Restaurant-Level Margin Sensitivity to Labor and Food Costs: Profitability is meaningfully influenced by labor availability/wage rates, food and packaging inflation, and the company’s ability to maintain throughput and operational efficiency at newer and maturing locations.
- Investment Spend Can Pressure Near-Term Cash Flow: Ongoing capital expenditures for new restaurants and technology investments may weigh on free cash flow in the near term, even as the company targets improved scale economics over time.
- Differentiated Experience and Technology as Competitive Advantages: The conveyor-belt format, automation, and digital engagement are central to Kura’s value proposition, supporting brand differentiation and potentially improving labor productivity as the base of restaurants grows.
Bull Thesis:
- Technology-Driven Efficiency and Customer Experience: Kura Sushi's integration of technology, such as revolving belts, tablet ordering, and the 'Bikkura Pon' prize system, enhances operational efficiency by reducing labor costs and improving order accuracy, while simultaneously creating a unique and engaging dining experience that drives customer loyalty and repeat visits.
- Significant Untapped Market and Expansion Potential: With a relatively small footprint in the U.S. compared to its potential, Kura Sushi has substantial room for new store openings in diverse markets. Its unique concept appeals to a broad demographic, including families, suggesting strong growth opportunities in underserved areas.
- Strong Brand Recognition and Unique Value Proposition: Kura Sushi has cultivated a distinct brand identity centered around fresh, high-quality sushi and an interactive, entertaining dining experience. This unique value proposition sets it apart from traditional sushi restaurants and fast-casual competitors, fostering strong brand loyalty.
- Resilient Business Model Amidst Industry Challenges: The company's focus on automation and a streamlined service model provides some insulation against rising labor costs and allows for consistent service quality. This tech-forward approach potentially offers a more resilient operational structure compared to traditional full-service restaurants facing staffing difficulties.
Bear Thesis:
- Persistent Negative Free Cash Flow and Profitability Challenges: Despite revenue growth, Kura Sushi has consistently reported negative free cash flow and struggles to achieve sustainable profitability. This raises concerns about its long-term financial health and potential reliance on external financing to fund its aggressive expansion plans.
- Intense Competition and Market Saturation Risk: The restaurant industry, particularly the casual dining and sushi segments, is highly competitive. Kura Sushi faces pressure from established chains, local restaurants, and new entrants, making it challenging to maintain market share, pricing power, and differentiate itself in crowded markets.
- Vulnerability to Economic Downturns and Discretionary Spending Cuts: As a discretionary dining option, Kura Sushi's sales and profitability are highly sensitive to economic fluctuations. Consumers tend to reduce spending on dining out during periods of inflation or recession, directly impacting the company's top and bottom lines.
- Volatility in Food Costs and Supply Chain Disruptions: Kura Sushi relies heavily on seafood and other fresh ingredients, making it susceptible to price volatility due to global supply chain issues, environmental factors, and geopolitical events. These fluctuations can significantly impact its cost of goods sold and gross margins.
- Labor Shortages and Wage Inflation Pressures: Despite technological integration, Kura Sushi still requires a significant workforce for operations. The ongoing challenges of labor shortages and rising minimum wages across the U.S. can lead to increased operating expenses and difficulties in staffing new and existing locations, impacting profitability.
Main Competitors:
- Genki Sushi (Revolving Sushi Bar), A direct competitor in the revolving sushi bar segment, Genki Sushi offers a similar tech-driven, casual dining experience with a focus on variety and value. They compete for the same customer base seeking an interactive and affordable sushi meal, often with similar menu items and pricing strategies.
- Independent Sushi Restaurants (Traditional Sit-Down Sushi), This category represents numerous local, non-chain sushi establishments. They compete by offering a more traditional, often perceived as higher-quality or authentic sushi experience, personalized service, unique rolls, and a non-chain atmosphere, appealing to diners seeking a different culinary focus than Kura's tech-driven model.
- Pokeworks (and similar Poke Bowl chains) (Customizable Poke Bowls), While not a sushi restaurant, Pokeworks competes for customers seeking fresh, raw fish options in a fast-casual setting. They offer customizable bowls, appealing to health-conscious diners and those looking for a quick, convenient meal with similar flavor profiles to sushi, often at a comparable price point for a single dish.
- Supermarket Chains (e.g., Whole Foods Market, H-Mart) (Grab-and-Go Sushi), Grocery stores with prepared food sections, particularly those with dedicated sushi counters, compete on convenience and price. They offer pre-made sushi for quick meals or take-home options, appealing to budget-conscious consumers or those seeking an immediate sushi fix without a restaurant visit.
Moat:
Kura Sushi's primary moat lies in its unique blend of technology, entertainment, and value. The automated conveyor belt, touch panel ordering, and especially the 'Bikkura Pon' prize system create a highly interactive and family-friendly dining experience that differentiates it from traditional sushi restaurants. Its consistent quality and affordable price point for fresh sushi also contribute to its appeal. Competition comes from direct revolving sushi rivals like Genki Sushi, traditional independent sushi restaurants offering a more authentic or premium experience, fast-casual concepts like poke bowls that cater to similar raw fish preferences, and supermarket prepared sushi which competes on convenience and price for take-home meals. Kura's challenge is to maintain its technological edge and entertainment value while ensuring food quality and managing rising operational costs in a competitive casual dining market.
Income Statements:
Quarterly
Annual
| Unit: USD | 2026-05-31 | 2026-02-28 | 2025-11-30 | 2025-08-31 | 2025-05-31 | 2025-02-28 | 2024-11-30 | 2024-08-31 | 2024-05-31 | 2024-02-29 | 2023-11-30 | 2023-08-31 | 2023-05-31 | 2023-02-28 | 2022-11-30 | 2022-08-31 | 2022-05-31 | 2022-02-28 | 2021-11-30 | 2021-08-31 | 2021-05-31 | 2021-02-28 | 2020-11-30 | 2020-08-31 | 2020-05-31 | 2020-02-29 | 2019-11-30 | 2019-08-31 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
sales | 85,922,000 | 80,018,000 | 73,455,000 | 79,448,000 | 73,965,000 | 64,894,000 | 64,456,000 | 66,012,000 | 63,082,000 | 57,291,000 | 51,475,000 | 54,929,000 | 49,238,000 | 43,944,000 | 39,318,000 | 41,998,000 | 37,969,000 | 31,290,000 | 29,832,000 | 27,924,000 | 18,471,000 | 9,082,000 | 9,414,000 | 5,528,000 | 2,812,000 | 19,388,000 | 17,440,000 | |
yoy | 16.17% | 23.31% | 13.96% | 20.35% | 17.25% | 13.27% | 25.22% | 20.18% | 28.12% | 30.37% | 30.92% | 30.79% | 29.68% | 40.44% | 31.80% | 50.40% | 105.56% | 244.53% | 216.89% | 405.14% | 556.86% | -53.16% | -46.02% | |||||
qoq | 7.38% | 8.93% | -7.54% | 7.41% | 13.98% | 0.68% | -2.36% | 4.64% | 10.11% | 11.30% | -6.29% | 11.56% | 12.05% | 11.77% | -6.38% | 10.61% | 21.35% | 4.89% | 6.83% | 51.18% | 103.38% | -3.53% | 70.30% | 96.59% | -85.50% | 11.17% | ||
restaurant operating costs: | ||||||||||||||||||||||||||||
food and beverage costs | 25,911,000 | 24,317,000 | 21,934,000 | 22,547,000 | 20,928,000 | 18,630,000 | 18,667,000 | 18,818,000 | 18,391,000 | 16,935,000 | 15,365,000 | 16,191,000 | 14,770,000 | 13,240,000 | 12,430,000 | 12,895,000 | 11,282,000 | 9,376,000 | 8,957,000 | 8,608,000 | 5,850,000 | 3,175,000 | 3,053,000 | 1,841,000 | 1,069,000 | 6,106,000 | 5,693,000 | |
labor and related costs | 26,280,000 | 24,578,000 | 23,898,000 | 24,708,000 | 24,478,000 | 22,593,000 | 21,235,000 | 20,517,000 | 20,378,000 | 18,768,000 | 16,263,000 | 15,796,000 | 14,362,000 | 13,854,000 | 12,535,000 | 12,157,000 | 11,788,000 | 10,342,000 | 9,710,000 | 8,360,000 | 1,649,000 | 2,061,000 | 4,360,000 | 3,333,000 | 3,551,000 | 6,144,000 | 5,641,000 | |
occupancy and related expenses | 6,676,000 | 6,518,000 | 5,838,000 | 5,611,000 | 5,538,000 | 5,099,000 | 4,754,000 | 4,613,000 | 4,318,000 | 3,953,000 | 3,908,000 | 3,637,000 | 3,554,000 | 3,065,000 | 2,885,000 | 2,722,000 | 2,693,000 | 2,302,000 | 2,200,000 | 1,891,000 | 1,885,000 | 1,627,000 | 1,690,000 | 1,694,000 | 1,589,000 | 1,637,000 | 1,439,000 | |
depreciation and amortization expenses | 4,236,000 | 4,142,000 | 3,980,000 | 3,771,000 | 3,450,000 | 3,286,000 | 3,091,000 | 3,068,000 | 3,124,000 | 2,694,000 | 2,476,000 | 2,113,000 | 1,975,000 | 1,758,000 | 1,576,000 | 1,444,000 | 1,376,000 | 1,267,000 | 1,171,000 | 1,111,000 | 1,086,000 | 1,002,000 | 927,000 | 862,000 | 743,000 | 712,000 | 663,000 | |
other costs | 12,556,000 | 11,589,000 | 11,805,000 | 11,939,000 | 10,883,000 | 8,780,000 | 9,341,000 | 9,725,000 | 9,076,000 | 8,356,000 | 7,591,000 | 7,559,000 | 6,165,000 | 5,866,000 | 5,321,000 | 5,191,000 | 4,372,000 | 4,344,000 | 3,610,000 | 3,605,000 | 2,713,000 | 2,051,000 | 2,079,000 | 1,484,000 | 964,000 | 2,210,000 | 2,047,000 | |
total restaurant operating costs | 75,659,000 | 71,144,000 | 67,455,000 | 68,576,000 | 65,277,000 | 58,388,000 | 57,088,000 | 56,741,000 | 55,287,000 | 50,706,000 | 45,603,000 | 45,296,000 | 40,826,000 | 37,783,000 | 34,747,000 | 34,409,000 | 31,511,000 | 27,631,000 | 25,648,000 | 23,575,000 | 13,183,000 | 9,916,000 | 12,109,000 | 9,214,000 | 7,916,000 | 16,809,000 | 15,483,000 | |
general and administrative expenses | 10,193,000 | 10,967,000 | 9,551,000 | 9,288,000 | 8,741,000 | 10,985,000 | 8,733,000 | 13,416,000 | 8,857,000 | 8,168,000 | 8,609,000 | 7,259,000 | 7,012,000 | 7,122,000 | 6,642,000 | 5,575,000 | 5,900,000 | 5,454,000 | 5,360,000 | 5,014,000 | 4,292,000 | 2,874,000 | 3,521,000 | 3,070,000 | 2,885,000 | 2,783,000 | 3,326,000 | |
total operating expenses | 85,961,000 | 82,246,000 | 77,135,000 | 77,984,000 | 74,127,000 | 69,483,000 | 65,930,000 | 71,817,000 | 64,251,000 | 58,981,000 | 54,316,000 | 52,700,000 | 47,930,000 | 44,993,000 | 41,474,000 | 40,083,000 | 37,496,000 | 33,168,000 | 31,096,000 | 28,686,000 | 17,605,000 | 12,884,000 | 15,705,000 | 12,367,000 | 10,840,000 | 19,628,000 | 18,831,000 | |
operating income | -39,000 | -2,228,000 | -3,680,000 | 1,464,000 | -162,000 | -4,589,000 | -1,474,000 | -5,805,000 | -1,169,000 | -1,690,000 | -2,841,000 | 2,229,000 | 1,308,000 | -1,049,000 | -2,156,000 | 1,915,000 | 473,000 | -1,878,000 | -1,264,000 | -762,000 | 866,000 | -3,802,000 | -6,291,000 | -6,839,000 | -8,028,000 | -240,000 | -1,391,000 | |
yoy | -75.93% | -51.45% | 149.66% | -125.22% | -86.14% | 171.54% | -48.12% | -360.43% | -189.37% | 61.11% | 31.77% | 16.40% | 176.53% | -44.14% | 70.57% | -351.31% | -45.38% | -50.60% | -79.91% | -88.86% | -110.79% | 1484.17% | 352.26% | |||||
qoq | -98.25% | -39.46% | -351.37% | -1003.70% | -96.47% | 211.33% | -74.61% | 396.58% | -30.83% | -40.51% | -227.46% | 70.41% | -224.69% | -51.35% | -212.58% | 304.86% | -125.19% | 48.58% | 65.88% | -187.99% | -122.78% | -39.56% | -8.01% | -14.81% | 3245.00% | -82.75% | ||
operating margin % | -0.05% | -2.78% | -5.01% | 1.84% | -0.22% | -7.07% | -2.29% | -8.79% | -1.85% | -2.95% | -5.52% | 4.06% | 2.66% | -2.39% | -5.48% | 4.56% | 1.25% | -6.00% | -4.24% | -2.73% | 4.69% | -41.86% | -66.83% | -123.72% | -285.49% | -1.24% | -7.98% | |
other expense: | ||||||||||||||||||||||||||||
interest expense | 17,000 | 15,000 | 18,000 | 14,000 | 30,000 | 13,000 | 13,000 | 12,000 | 15,000 | 12,000 | 8,000 | 16,000 | 23,000 | 14,000 | 16,000 | 17,000 | 23,000 | 22,000 | 25,000 | 66,000 | 67,000 | 53,000 | 34,000 | 33,000 | 36,000 | 33,000 | 34,000 | |
interest income | -528,000 | -582,000 | -674,000 | -866,000 | -812,000 | -859,000 | -565,000 | -635,000 | -686,000 | -754,000 | -840,000 | -879,000 | -436,000 | -63,000 | -94,000 | -76,000 | -25,000 | -24,000 | -26,000 | -12,000 | -1,000 | -3,000 | -4,000 | -18,000 | -65,000 | -170,000 | -197,000 | |
income before income taxes | 472,000 | -1,661,000 | -3,024,000 | 2,316,000 | 620,000 | -3,743,000 | -922,000 | -5,182,000 | -498,000 | -948,000 | -2,009,000 | 3,092,000 | 1,721,000 | -1,000,000 | -2,078,000 | 1,974,000 | 475,000 | -1,876,000 | -1,263,000 | -816,000 | 800,000 | -3,852,000 | -6,321,000 | -6,854,000 | -7,999,000 | -103,000 | -1,228,000 | |
income tax expense | 49,000 | 51,000 | 36,000 | 43,000 | 55,000 | 38,000 | 39,000 | 19,000 | 60,000 | 50,000 | 38,000 | 167,000 | 41,000 | 15,000 | 10,000 | 61,000 | -2,000 | 3,000 | 12,000 | 18,000 | 30,000 | 29,000 | 29,000 | -5,000 | 1,153,000 | 30,000 | ||
net income | 423,000 | -1,712,000 | -3,060,000 | 2,273,000 | 565,000 | -3,781,000 | -961,000 | -5,201,000 | -558,000 | -998,000 | -2,047,000 | 2,925,000 | 1,680,000 | -1,015,000 | -2,088,000 | 1,913,000 | 477,000 | -1,879,000 | -1,275,000 | -834,000 | 770,000 | -3,881,000 | -6,350,000 | -6,849,000 | -9,152,000 | -133,000 | -1,224,000 | |
yoy | -25.13% | -54.72% | 218.42% | -143.70% | -201.25% | 278.86% | -53.05% | -277.81% | -133.21% | -1.67% | -1.96% | 52.90% | 252.20% | -45.98% | 63.76% | -329.38% | -38.05% | -51.58% | -79.92% | -87.82% | -108.41% | 2818.05% | 418.79% | |||||
qoq | -124.71% | -44.05% | -234.62% | 302.30% | -114.94% | 293.44% | -81.52% | 832.08% | -44.09% | -51.25% | -169.98% | 74.11% | -265.52% | -51.39% | -209.15% | 301.05% | -125.39% | 47.37% | 52.88% | -208.31% | -119.84% | -38.88% | -7.29% | -25.16% | 6781.20% | -89.13% | ||
net income margin % | 0.49% | -2.14% | -4.17% | 2.86% | 0.76% | -5.83% | -1.49% | -7.88% | -0.88% | -1.74% | -3.98% | 5.33% | 3.41% | -2.31% | -5.31% | 4.55% | 1.26% | -6.01% | -4.27% | -2.99% | 4.17% | -42.73% | -67.45% | -123.90% | -325.46% | -0.69% | -7.02% | |
net income per class a and class b shares | ||||||||||||||||||||||||||||
basic | 30 | 190 | 50 | -470 | -50 | 290 | 160 | -70 | 50 | -80 | 90 | -820 | -1,100 | -20 | ||||||||||||||
diluted | 30 | 190 | 50 | -470 | -50 | 280 | 160 | -70 | 50 | -80 | 90 | -820 | -1,100 | -20 | ||||||||||||||
weighted-average class a and class b shares outstanding | ||||||||||||||||||||||||||||
basic | 12,146,000 | 12,120,000 | 12,111,000 | 11,916,000 | 12,086,000 | 12,073,000 | 11,416,000 | 11,204,000 | 11,188,000 | 11,179,000 | 11,150,000 | 10,305,000 | 10,485,000 | 9,801,000 | 9,789,000 | 9,719,000 | 9,722,000 | 9,712,000 | 9,710,000 | 8,528,000 | 8,383,000 | 8,379,000 | 8,348,000 | 8,338,000 | 8,341,000 | 8,336,000 | 8,335,000 | |
diluted | 12,359,000 | 12,120,000 | 12,111,000 | 11,916,000 | 12,311,000 | 12,073,000 | 11,416,000 | 11,204,000 | 11,188,000 | 11,179,000 | 11,150,000 | 10,640,000 | 10,807,000 | 9,801,000 | 9,789,000 | 9,719,000 | 10,069,000 | 9,712,000 | 9,710,000 | 8,528,000 | 8,663,000 | 8,379,000 | 8,348,000 | 8,338,000 | 8,341,000 | 8,336,000 | 8,335,000 | |
other comprehensive income: | ||||||||||||||||||||||||||||
unrealized loss on investments | -60,000 | |||||||||||||||||||||||||||
comprehensive income | 363,000 | 2,258,000 | 557,000 | -5,201,000 | -634,000 | 2,975,000 | 1,673,000 | |||||||||||||||||||||
net loss per class a and class b shares | ||||||||||||||||||||||||||||
basic | -140 | -250 | -310 | -80 | -90 | -180 | -100 | -210 | -190 | -130 | -460 | -760 | -150 | |||||||||||||||
diluted | -140 | -250 | -310 | -80 | -90 | -180 | -100 | -210 | -190 | -130 | -460 | -760 | -150 | |||||||||||||||
other comprehensive loss: | ||||||||||||||||||||||||||||
unrealized gain on short-term investments | 6,000 | 40,000 | 30,000 | 3,000 | ||||||||||||||||||||||||
comprehensive loss | -1,706,000 | -3,020,000 | -3,781,000 | -961,000 | -968,000 | -2,044,000 | ||||||||||||||||||||||
unrealized loss on short-term investments | -2,000 | -8,000 | -10,750 | -76,000 | -1,750 | -7,000 | ||||||||||||||||||||||
weighted-average class a and class b shares | ||||||||||||||||||||||||||||
basic | 12,146,000 | 12,120,000 | 12,111,000 | 11,916,000 | 12,086,000 | 12,073,000 | 11,416,000 | 11,204,000 | 11,188,000 | 11,179,000 | 11,150,000 | 10,305,000 | 10,485,000 | 9,801,000 | 9,789,000 | 9,719,000 | 9,722,000 | 9,712,000 | 9,710,000 | 8,528,000 | 8,383,000 | 8,379,000 | 8,348,000 | 8,338,000 | 8,341,000 | 8,336,000 | 8,335,000 | |
diluted | 12,359,000 | 12,120,000 | 12,111,000 | 11,916,000 | 12,311,000 | 12,073,000 | 11,416,000 | 11,204,000 | 11,188,000 | 11,179,000 | 11,150,000 | 10,640,000 | 10,807,000 | 9,801,000 | 9,789,000 | 9,719,000 | 10,069,000 | 9,712,000 | 9,710,000 | 8,528,000 | 8,663,000 | 8,379,000 | 8,348,000 | 8,338,000 | 8,341,000 | 8,336,000 | 8,335,000 | |
income tax benefit | -4,000 |
Balance Sheets:
Quarterly
Annual
| Unit: USD | 2026-05-31 | 2026-02-28 | 2025-11-30 | 2025-08-31 | 2025-05-31 | 2025-02-28 | 2024-11-30 | 2024-08-31 | 2024-05-31 | 2024-02-29 | 2023-11-30 | 2023-08-31 | 2023-05-31 | 2023-02-28 | 2022-11-30 | 2022-08-31 | 2022-05-31 | 2022-02-28 | 2021-11-30 | 2021-08-31 | 2021-05-31 | 2021-02-28 | 2020-11-30 | 2020-08-31 | 2020-05-31 | 2020-02-29 | 2019-11-30 | 2019-08-31 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
assets | ||||||||||||||||||||||||||||
current assets: | ||||||||||||||||||||||||||||
cash and cash equivalents | 24,372,000 | 26,605,000 | 35,365,000 | 47,498,000 | 47,132,000 | 85,171,000 | 107,677,000 | 50,986,000 | 59,405,000 | 56,768,000 | 64,161,000 | 69,697,000 | 70,474,000 | 22,294,000 | 26,934,000 | 35,782,000 | 35,968,000 | 36,350,000 | 44,421,000 | 40,430,000 | 4,701,000 | 1,747,000 | 2,745,000 | 9,259,000 | 17,030,000 | 29,986,000 | 33,010,000 | 38,044,000 |
short-term investments | 19,943,000 | 21,436,000 | 15,336,000 | 14,964,000 | 13,371,000 | 1,250,000 | 6,075,000 | 7,046,000 | 8,542,000 | 8,742,000 | ||||||||||||||||||
accounts and other receivables | 7,063,000 | 6,568,000 | 6,333,000 | 6,410,000 | 5,123,000 | 3,704,000 | 4,866,000 | 4,573,000 | 5,510,000 | 5,347,000 | 4,865,000 | 5,048,000 | 3,536,000 | 3,644,000 | 2,916,000 | 2,486,000 | 2,213,000 | 2,522,000 | 2,040,000 | 2,019,000 | 3,258,000 | |||||||
inventories | 2,560,000 | 2,559,000 | 2,453,000 | 2,141,000 | 2,293,000 | 2,354,000 | 2,107,000 | 2,219,000 | 2,132,000 | 1,874,000 | 1,771,000 | 1,747,000 | 1,387,000 | 1,436,000 | 1,278,000 | 1,120,000 | 884,000 | 880,000 | 820,000 | 733,000 | 467,000 | 427,000 | 454,000 | 367,000 | 407,000 | 449,000 | 433,000 | 539,000 |
due from affiliate | 16,000 | 25,000 | 73,000 | 126,000 | 13,000 | 14,000 | 36,000 | 166,000 | 32,000 | 1,000 | 104,000 | 7,000 | 34,000 | 156,000 | 11,000 | 329,000 | 2,000 | 239,000 | 239,000 | 12,000 | 5,000 | 12,000 | 34,000 | 226,000 | ||||
prepaid expenses and other current assets | 4,936,000 | 5,566,000 | 5,203,000 | 4,308,000 | 4,094,000 | 3,450,000 | 3,572,000 | 3,391,000 | 3,988,000 | 4,120,000 | 4,204,000 | 4,233,000 | 5,123,000 | 3,450,000 | 3,877,000 | 2,852,000 | 6,108,000 | 6,278,000 | 5,654,000 | 13,957,000 | 11,973,000 | 6,408,000 | 3,074,000 | 3,010,000 | 2,929,000 | 1,699,000 | 1,497,000 | 1,744,000 |
total current assets | 58,890,000 | 62,759,000 | 64,763,000 | 75,447,000 | 72,026,000 | 94,693,000 | 118,258,000 | 61,335,000 | 72,285,000 | 74,216,000 | 82,048,000 | 89,371,000 | 89,262,000 | 30,831,000 | 35,039,000 | 42,396,000 | 45,173,000 | 46,041,000 | 52,935,000 | 57,468,000 | 20,401,000 | 11,278,000 | 8,507,000 | 14,778,000 | 21,031,000 | 33,511,000 | 36,022,000 | 41,501,000 |
non-current assets: | ||||||||||||||||||||||||||||
property and equipment – net | 203,765,000 | 193,356,000 | 181,921,000 | 171,190,000 | 164,909,000 | 154,077,000 | 146,282,000 | 138,589,000 | 130,663,000 | 124,163,000 | 114,346,000 | 106,427,000 | 96,654,000 | 87,791,000 | 81,109,000 | 75,590,000 | 68,677,000 | 62,867,000 | 59,893,000 | 53,885,000 | ||||||||
operating lease right-of-use assets | 179,039,000 | 175,157,000 | 161,811,000 | 146,416,000 | 143,717,000 | 140,800,000 | 133,638,000 | 123,682,000 | 117,030,000 | 112,084,000 | 107,853,000 | 103,884,000 | 96,126,000 | 90,129,000 | 84,154,000 | 79,990,000 | 78,569,000 | 72,341,000 | 63,680,000 | 64,158,000 | 56,165,000 | 54,188,000 | 55,028,000 | 56,119,000 | 50,362,000 | 50,965,000 | 42,528,000 | |
long-term investments | 21,771,000 | 21,663,000 | 27,846,000 | 29,542,000 | 32,534,000 | 15,106,000 | ||||||||||||||||||||||
deposits and other assets | 8,113,000 | 8,045,000 | 7,170,000 | 8,347,000 | 6,187,000 | 5,696,000 | 5,591,000 | 4,916,000 | 4,753,000 | 5,066,000 | 5,050,000 | 4,977,000 | 4,206,000 | 3,966,000 | 4,147,000 | 3,380,000 | 3,106,000 | 2,799,000 | 2,311,000 | 2,158,000 | 2,085,000 | 1,999,000 | 2,042,000 | 1,941,000 | 1,501,000 | 1,432,000 | 1,423,000 | 1,865,000 |
total assets | 471,578,000 | 460,980,000 | 443,511,000 | 430,942,000 | 419,373,000 | 410,372,000 | 403,769,000 | 328,522,000 | 324,731,000 | 315,529,000 | 309,297,000 | 304,659,000 | 286,248,000 | 212,717,000 | 204,449,000 | 201,356,000 | 195,525,000 | 184,048,000 | 178,819,000 | 177,669,000 | 130,434,000 | 118,409,000 | 115,393,000 | 118,379,000 | 113,831,000 | 125,024,000 | 115,616,000 | 76,410,000 |
liabilities and stockholders' equity | ||||||||||||||||||||||||||||
current liabilities: | ||||||||||||||||||||||||||||
accounts payable | 12,107,000 | 10,829,000 | 9,574,000 | 11,533,000 | 9,304,000 | 7,190,000 | 8,960,000 | 8,977,000 | 8,063,000 | 7,370,000 | 8,871,000 | 7,248,000 | 5,521,000 | 6,810,000 | 5,304,000 | 5,559,000 | 6,115,000 | 4,770,000 | 6,222,000 | 4,920,000 | 3,631,000 | 2,968,000 | 4,890,000 | 4,919,000 | 2,152,000 | 2,569,000 | 2,678,000 | 3,684,000 |
accrued expenses and other current liabilities | 4,880,000 | 4,835,000 | 4,853,000 | 4,116,000 | 3,343,000 | 5,226,000 | 3,196,000 | 4,261,000 | 3,412,000 | 3,340,000 | 3,429,000 | 2,751,000 | 2,084,000 | 2,356,000 | 3,518,000 | 3,731,000 | 3,287,000 | 2,402,000 | 3,167,000 | 2,820,000 | 1,638,000 | 748,000 | 991,000 | 720,000 | 881,000 | 1,061,000 | 839,000 | 1,635,000 |
salaries and wages payable | 11,256,000 | 9,029,000 | 8,215,000 | 10,310,000 | 9,925,000 | 8,022,000 | 7,728,000 | 8,310,000 | 8,596,000 | 7,510,000 | 6,167,000 | 7,595,000 | 6,932,000 | 5,800,000 | 5,481,000 | 5,955,000 | 5,947,000 | 4,973,000 | 4,755,000 | 4,612,000 | 4,755,000 | 2,692,000 | 2,609,000 | 1,786,000 | 1,008,000 | 1,478,000 | 1,359,000 | 1,348,000 |
operating lease liabilities – current | 15,687,000 | 15,458,000 | 14,778,000 | 14,083,000 | 13,279,000 | 12,569,000 | 11,732,000 | 10,674,000 | 11,734,000 | 10,376,000 | 10,457,000 | 9,225,000 | 8,593,000 | 8,538,000 | 8,041,000 | 7,992,000 | 7,062,000 | 6,830,000 | 6,534,000 | 5,650,000 | ||||||||
due to affiliate | 462,000 | 854,000 | 819,000 | 525,000 | 597,000 | 816,000 | 670,000 | 373,000 | 123,000 | 355,000 | 359,000 | 555,000 | 466,000 | 439,000 | 648,000 | 285,000 | 84,000 | 98,000 | 326,000 | 244,000 | 60,000 | 219,000 | 69,000 | 201,000 | 123,000 | 277,000 | 255,000 | 83,000 |
sales tax payable | 2,490,000 | 1,970,000 | 2,087,000 | 2,213,000 | 2,100,000 | 1,642,000 | 1,842,000 | 1,904,000 | 1,766,000 | 1,634,000 | 1,774,000 | 1,694,000 | 1,445,000 | 1,341,000 | 1,162,000 | 1,240,000 | 1,173,000 | 917,000 | 899,000 | 869,000 | 687,000 | 295,000 | 315,000 | 189,000 | 14,000 | 545,000 | 500,000 | 547,000 |
total current liabilities | 46,882,000 | 42,975,000 | 40,326,000 | 42,780,000 | 38,548,000 | 35,465,000 | 34,128,000 | 34,499,000 | 33,694,000 | 30,585,000 | 31,109,000 | 29,138,000 | 25,116,000 | 25,463,000 | 24,491,000 | 25,269,000 | 24,365,000 | 20,758,000 | 22,748,000 | 20,047,000 | 16,941,000 | 13,352,000 | 15,143,000 | 13,925,000 | 9,841,000 | 11,485,000 | 10,706,000 | 8,291,000 |
non-current liabilities: | ||||||||||||||||||||||||||||
operating lease liabilities – non-current | 192,262,000 | 187,712,000 | 172,634,000 | 155,932,000 | 152,757,000 | 148,832,000 | 141,129,000 | 130,677,000 | 123,848,000 | 118,936,000 | 113,773,000 | 110,234,000 | 100,794,000 | 94,329,000 | 87,519,000 | 82,280,000 | 80,679,000 | 74,001,000 | 65,265,000 | 65,834,000 | ||||||||
other liabilities | 1,588,000 | 1,482,000 | 1,350,000 | 1,160,000 | 1,064,000 | 1,030,000 | 935,000 | 808,000 | 763,000 | 728,000 | 652,000 | 615,000 | 582,000 | 539,000 | 510,000 | 483,000 | 472,000 | 445,000 | 401,000 | 398,000 | 363,000 | 348,000 | 345,000 | 342,000 | 321,000 | 319,000 | 267,000 | 237,000 |
total liabilities | 240,732,000 | 232,169,000 | 214,310,000 | 199,872,000 | 192,369,000 | 185,327,000 | 176,192,000 | 165,984,000 | 158,305,000 | 150,249,000 | 145,556,000 | 140,018,000 | 126,508,000 | 120,347,000 | 112,542,000 | 108,062,000 | 105,565,000 | 95,425,000 | 88,788,000 | 86,825,000 | 92,777,000 | 81,986,000 | 75,670,000 | 72,666,000 | 61,549,000 | 63,853,000 | 54,538,000 | 14,229,000 |
commitments and contingencies | ||||||||||||||||||||||||||||
stockholders' equity: | ||||||||||||||||||||||||||||
preferred stock, 0.001 par value... | ||||||||||||||||||||||||||||
class a common stock, 0.001 par value... | 11,000 | 11,000 | 11,000 | 11,000 | 11,000 | 11,000 | 11,000 | 10,000 | 10,000 | 10,000 | 10,000 | 10,000 | 10,000 | 9,000 | 9,000 | 9,000 | 9,000 | 9,000 | 9,000 | 9,000 | 7,000 | 7,000 | 7,000 | 7,000 | 7,000 | 7,000 | 7,000 | 7,000 |
class b common stock, 0.001 par value... | 1,000 | 1,000 | 1,000 | 1,000 | 1,000 | 1,000 | 1,000 | 1,000 | 1,000 | 1,000 | 1,000 | 1,000 | 1,000 | 1,000 | 1,000 | 1,000 | 1,000 | 1,000 | 1,000 | 1,000 | 1,000 | 1,000 | 1,000 | 1,000 | 1,000 | 1,000 | 1,000 | 1,000 |
additional paid-in capital | 270,112,000 | 268,440,000 | 267,124,000 | 265,973,000 | 264,165,000 | 262,763,000 | 261,514,000 | 195,515,000 | 194,202,000 | 192,422,000 | 189,915,000 | 188,771,000 | 186,845,000 | 121,149,000 | 119,671,000 | 118,970,000 | 117,549,000 | 116,689,000 | 116,218,000 | 115,756,000 | 61,737,000 | 61,273,000 | 60,692,000 | 60,332,000 | 60,052,000 | 59,789,000 | 59,563,000 | 59,442,000 |
accumulated deficit | -39,241,000 | -39,664,000 | -37,952,000 | -34,892,000 | -37,165,000 | -37,730,000 | -33,949,000 | -32,988,000 | -27,787,000 | -27,229,000 | -26,231,000 | -24,184,000 | -27,109,000 | -28,789,000 | -27,774,000 | -25,686,000 | -27,599,000 | -28,076,000 | -26,197,000 | -24,922,000 | -24,088,000 | -24,858,000 | -20,977,000 | |||||
accumulated other comprehensive loss | -37,000 | -23,000 | -8,000 | -7,000 | ||||||||||||||||||||||||
total stockholders' equity | 230,846,000 | 228,811,000 | 229,201,000 | 231,070,000 | 227,004,000 | 225,045,000 | 227,577,000 | 162,538,000 | 166,426,000 | 165,280,000 | 163,741,000 | 164,641,000 | 159,740,000 | 92,370,000 | 91,907,000 | 93,294,000 | 89,960,000 | 88,623,000 | 90,031,000 | 90,844,000 | 37,657,000 | 36,423,000 | 39,723,000 | 45,713,000 | 52,282,000 | 61,171,000 | 61,078,000 | 62,181,000 |
total liabilities and stockholders' equity | 471,578,000 | 460,980,000 | 443,511,000 | 430,942,000 | 419,373,000 | 410,372,000 | 403,769,000 | 328,522,000 | 324,731,000 | 315,529,000 | 309,297,000 | 304,659,000 | 286,248,000 | 212,717,000 | 204,449,000 | 201,356,000 | 195,525,000 | 184,048,000 | 178,819,000 | 177,669,000 | 130,434,000 | 118,409,000 | 115,393,000 | 118,379,000 | 113,831,000 | 125,024,000 | 115,616,000 | 76,410,000 |
accumulated other comprehensive income | 23,000 | 17,000 | 76,000 | 46,000 | 43,000 | |||||||||||||||||||||||
finance leases – current | 52,000 | 70,000 | 75,000 | 179,000 | 337,000 | 507,000 | 697,000 | 768,000 | 845,000 | 932,000 | ||||||||||||||||||
finance leases – non-current | 22,000 | 31,000 | 16,000 | 16,000 | 22,000 | 30,000 | 49,000 | 221,000 | 374,000 | 546,000 | ||||||||||||||||||
property and equipment - net | 51,783,000 | 50,944,000 | 49,816,000 | 45,541,000 | 40,937,000 | 37,984,000 | 34,604,000 | |||||||||||||||||||||
finance leases - current | 1,011,000 | 1,028,000 | 1,033,000 | 1,004,000 | 1,007,000 | 1,010,000 | 988,000 | |||||||||||||||||||||
operating lease liabilities - current | 5,159,000 | 5,402,000 | 5,236,000 | 5,106,000 | 4,656,000 | 4,545,000 | 4,087,000 | |||||||||||||||||||||
loan from affiliate | 17,000,000 | 12,000,000 | 3,000,000 | |||||||||||||||||||||||||
finance leases - non-current | 696,000 | 939,000 | 1,194,000 | 1,481,000 | 1,729,000 | 1,975,000 | 2,178,000 | |||||||||||||||||||||
operating lease liabilities - non-current | 57,777,000 | 55,347,000 | 55,988,000 | 56,918,000 | 49,658,000 | 50,074,000 | 41,387,000 | |||||||||||||||||||||
accounts receivable | 2,457,000 | 1,995,000 | 2,130,000 | 660,000 | 1,365,000 | 1,048,000 | 948,000 | |||||||||||||||||||||
deferred tax assets | 1,132,000 | 1,039,000 | 1,127,000 | |||||||||||||||||||||||||
deferred rent | 2,188,000 | |||||||||||||||||||||||||||
tenant allowances | 1,089,000 | |||||||||||||||||||||||||||
retained earnings | -14,627,000 | -7,778,000 | 1,374,000 | 1,507,000 | 2,731,000 | |||||||||||||||||||||||
property and equipment—net | 31,917,000 | |||||||||||||||||||||||||||
capital leases | 994,000 | |||||||||||||||||||||||||||
capital leases—non-current | 2,424,000 |
Cashflow Statements:
Quarterly
Annual
| Unit: USD | 2026-05-31 | 2026-02-28 | 2025-11-30 | 2025-08-31 | 2025-05-31 | 2025-02-28 | 2024-11-30 | 2024-08-31 | 2024-05-31 | 2024-02-29 | 2023-11-30 | 2023-08-31 | 2023-05-31 | 2023-02-28 | 2022-11-30 | 2022-08-31 | 2022-05-31 | 2022-02-28 | 2021-11-30 | 2021-08-31 | 2021-05-31 | 2021-02-28 | 2020-11-30 | 2020-08-31 | 2020-05-31 | 2020-02-29 | 2019-11-30 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
cash flows from operating activities | |||||||||||||||||||||||||||
net loss | 423,000 | -1,712,000 | -3,060,000 | 565,000 | -3,781,000 | -961,000 | -558,000 | -998,000 | -2,047,000 | 1,680,000 | -1,015,000 | -2,088,000 | 1,913,000 | 477,000 | -1,879,000 | -1,275,000 | 770,000 | -3,881,000 | -6,350,000 | -133,000 | -1,224,000 | ||||||
adjustments to reconcile net loss to net cash from operating activities | |||||||||||||||||||||||||||
depreciation and amortization | 4,345,000 | 4,277,000 | 4,109,000 | 3,891,000 | 3,559,000 | 3,396,000 | 3,200,000 | 3,175,000 | 3,231,000 | 2,781,000 | 2,600,000 | 2,258,000 | 2,067,000 | 1,846,000 | 1,661,000 | 1,543,000 | 1,461,000 | 1,350,000 | 1,259,000 | 1,208,000 | 1,216,000 | 1,096,000 | 1,002,000 | 945,000 | 782,000 | 748,000 | 685,000 |
stock-based compensation, net of amounts capitalized | 1,246,000 | 1,196,000 | 1,099,000 | 1,234,000 | 1,294,000 | 1,081,000 | 1,126,000 | 1,197,000 | 966,000 | 1,006,000 | |||||||||||||||||
loss on disposal of property and equipment | 0 | 3,000 | 20,000 | 62,000 | 0 | 29,000 | 43,000 | 0 | 0 | 4,000 | |||||||||||||||||
bond premium amortization | 19,000 | 65,000 | 62,000 | 61,000 | 129,000 | ||||||||||||||||||||||
changes in operating assets and liabilities: | |||||||||||||||||||||||||||
accounts and other receivables | -145,000 | -878,000 | 663,000 | -1,615,000 | -1,493,000 | 1,446,000 | -426,000 | -1,211,000 | -411,000 | -269,000 | 93,000 | -123,000 | -219,000 | -119,000 | 108,000 | 170,000 | -77,000 | -308,000 | 84,000 | 963,000 | |||||||
inventories | -1,000 | -106,000 | -312,000 | 152,000 | 61,000 | -247,000 | 112,000 | -87,000 | -259,000 | -102,000 | -24,000 | -360,000 | 49,000 | -158,000 | -158,000 | -236,000 | -4,000 | -60,000 | -87,000 | -266,000 | -40,000 | 27,000 | -87,000 | 40,000 | -8,000 | -16,000 | 106,000 |
due from affiliate | 9,000 | 48,000 | 53,000 | -113,000 | 1,000 | 22,000 | 130,000 | -166,000 | 32,000 | -30,000 | 102,000 | -104,000 | 7,000 | 27,000 | 122,000 | -156,000 | 11,000 | -11,000 | 329,000 | -327,000 | 237,000 | 0 | -227,000 | -7,000 | 7,000 | 22,000 | 192,000 |
prepaid expenses and other current assets | 359,000 | 149,000 | -706,000 | -329,000 | -673,000 | 556,000 | -181,000 | -239,000 | 492,000 | 591,000 | 243,000 | 725,000 | -1,699,000 | 391,000 | -568,000 | 3,647,000 | 170,000 | -624,000 | 8,303,000 | -1,983,000 | -6,091,000 | -2,808,000 | -64,000 | -93,000 | -1,218,000 | -201,000 | 192,000 |
deposits and other assets | -33,000 | 47,000 | 207,000 | -982,000 | -373,000 | -23,000 | 135,000 | -107,000 | 411,000 | 27,000 | 5,000 | 24,000 | -123,000 | 202,000 | 43,000 | -202,000 | -43,000 | -12,000 | -69,000 | -27,000 | -87,000 | 54,000 | -1,000 | -440,000 | -69,000 | -1,000 | -38,000 |
accounts payable | 1,561,000 | 547,000 | -1,437,000 | 2,504,000 | 1,172,000 | -2,019,000 | 1,190,000 | 612,000 | 957,000 | -535,000 | -411,000 | 1,749,000 | 726,000 | 99,000 | -896,000 | -1,611,000 | 1,238,000 | 7,000 | 194,000 | 837,000 | 138,000 | -868,000 | 801,000 | 2,381,000 | -1,750,000 | -211,000 | -1,034,000 |
accrued expenses and other current liabilities | -894,000 | 110,000 | 666,000 | -270,000 | -1,902,000 | 2,363,000 | -909,000 | -287,000 | 656,000 | -551,000 | 1,380,000 | 840,000 | -578,000 | -1,659,000 | 1,061,000 | 150,000 | 885,000 | -364,000 | 241,000 | 1,183,000 | 889,000 | -242,000 | 482,000 | -163,000 | -383,000 | 129,000 | -607,000 |
salaries and wages payable | 2,227,000 | 814,000 | -2,095,000 | 1,903,000 | 294,000 | -582,000 | 1,086,000 | 1,343,000 | -1,428,000 | 1,132,000 | 319,000 | -474,000 | 974,000 | 218,000 | 143,000 | ||||||||||||
operating lease liabilities and assets | 740,000 | 3,085,000 | 1,499,000 | 1,936,000 | |||||||||||||||||||||||
due to affiliate | -23,000 | -4,000 | -46,000 | 103,000 | 12,000 | 137,000 | -143,000 | 25,000 | -11,000 | 10,000 | -22,000 | 39,000 | 304,000 | -845,000 | 567,000 | 8,000 | 9,000 | -70,000 | 67,000 | 6,000 | -116,000 | 148,000 | 44,000 | -31,000 | -50,000 | -3,000 | 49,000 |
sales tax payable | 466,000 | -58,000 | -173,000 | 127,000 | 524,000 | -211,000 | -152,000 | 334,000 | 196,000 | -212,000 | -4,000 | 186,000 | 166,000 | 164,000 | -181,000 | 67,000 | 256,000 | 18,000 | 30,000 | 182,000 | 392,000 | -20,000 | 126,000 | 175,000 | -531,000 | 45,000 | -47,000 |
net cash from operating activities | 10,337,000 | 7,561,000 | 529,000 | 9,373,000 | 6,715,000 | 4,261,000 | 4,362,000 | 669,000 | 8,725,000 | 3,790,000 | 2,428,000 | 11,001,000 | 5,386,000 | 1,148,000 | 529,000 | 6,695,000 | 7,277,000 | -854,000 | 10,576,000 | 2,551,000 | -765,000 | -6,201,000 | -2,731,000 | -2,309,000 | -10,423,000 | 1,266,000 | -1,538,000 |
capital expenditures | -13,651,000 | -14,850,000 | -10,712,000 | -8,870,000 | -12,914,000 | -11,598,000 | -9,612,000 | -8,792,000 | -12,250,000 | -13,921,000 | -6,530,000 | -11,938,000 | -14,959,000 | -3,301,000 | -7,249,000 | -6,239,000 | -7,075,000 | -7,877,000 | -3,642,000 | -2,664,000 | -1,138,000 | -3,274,000 | -5,305,000 | -4,749,000 | -2,276,000 | -3,688,000 | -2,901,000 |
free cash flows | -3,314,000 | -7,289,000 | -10,183,000 | 503,000 | -6,199,000 | -7,337,000 | -5,250,000 | -8,123,000 | -3,525,000 | -10,131,000 | -4,102,000 | -937,000 | -9,573,000 | -2,153,000 | -6,720,000 | 456,000 | 202,000 | -8,731,000 | 6,934,000 | -113,000 | -1,903,000 | -9,475,000 | -8,036,000 | -7,058,000 | -12,699,000 | -2,422,000 | -4,439,000 |
cash flows from investing activities | |||||||||||||||||||||||||||
payments for property and equipment | -14,016,000 | -15,430,000 | -13,826,000 | -9,452,000 | -13,589,000 | -11,554,000 | -11,555,000 | -10,274,000 | -11,132,000 | -13,450,000 | -9,395,000 | -11,853,000 | -12,913,000 | -5,958,000 | -8,344,000 | -7,309,000 | -7,159,000 | -6,262,000 | -6,036,000 | -2,664,000 | -1,619,000 | -3,274,000 | -6,519,000 | -5,052,000 | -2,276,000 | -3,878,000 | -3,194,000 |
payments for initial direct costs | -190,000 | -32,000 | -83,000 | -236,000 | -142,000 | 0 | -135,000 | -123,000 | -135,000 | -129,000 | -45,000 | -230,000 | -45,000 | -180,000 | -95,000 | -75,000 | -120,000 | -90,000 | -225,000 | -154,000 | 0 | ||||||
purchases of liquor licenses | -35,000 | -922,000 | -55,000 | -120,000 | |||||||||||||||||||||||
purchases of investments | -1,594,000 | -15,309,000 | -18,399,000 | -4,477,000 | -44,936,000 | ||||||||||||||||||||||
maturities and redemptions of investments | 2,900,000 | 15,300,000 | 19,700,000 | 14,000,000 | |||||||||||||||||||||||
net cash from investing activities | -12,935,000 | -16,393,000 | -12,663,000 | -9,542,000 | -44,787,000 | -26,896,000 | -12,500,000 | -9,203,000 | -6,617,000 | -12,620,000 | -8,020,000 | -12,672,000 | -21,823,000 | -6,158,000 | -9,250,000 | -7,455,000 | -7,545,000 | -6,827,000 | -6,345,000 | -3,145,000 | -1,619,000 | -3,285,000 | -6,619,000 | -5,206,000 | -2,276,000 | -4,051,000 | -3,244,000 |
cash flows from financing activities | |||||||||||||||||||||||||||
repayment of principal on finance leases | -26,000 | -18,000 | -22,000 | -2,000 | -13,000 | -18,000 | -18,000 | -15,000 | -16,000 | 10,000 | -54,000 | -52,000 | -105,000 | -163,000 | -178,000 | -209,000 | -242,000 | -265,000 | -259,000 | -255,000 | -259,000 | -260,000 | -258,000 | -256,000 | -272,000 | -254,000 | -252,000 |
taxes paid on vested restricted stock awards | 0 | -90,000 | 0 | -63,000 | 151,000 | 0 | 0 | ||||||||||||||||||||
proceeds from exercise of stock options | 391,000 | 451,000 | 23,000 | 46,000 | 403,000 | 493,000 | 394,000 | 1,795,000 | 110,000 | 423,000 | 533,000 | 51,000 | 128,000 | 29,000 | 19,000 | 73,000 | 272,000 | 94,000 | |||||||||
proceeds from the follow-on public offering, net of discounts and commissions | 0 | 0 | 64,626,000 | ||||||||||||||||||||||||
payments of costs related to the follow-on offering | 0 | 0 | 0 | -272,000 | -4,000 | ||||||||||||||||||||||
net cash from financing activities | 365,000 | 72,000 | 1,000 | 535,000 | 33,000 | 129,000 | 64,829,000 | 115,000 | 529,000 | 1,437,000 | 56,000 | 894,000 | 64,617,000 | 370,000 | -127,000 | 574,000 | -114,000 | -390,000 | -240,000 | 36,323,000 | 4,814,000 | 9,012,000 | 2,836,000 | -256,000 | -257,000 | -239,000 | -252,000 |
decrease in cash and cash equivalents | 2,637,000 | -382,000 | -6,514,000 | -12,956,000 | -3,024,000 | -5,034,000 | |||||||||||||||||||||
cash and cash equivalents, beginning of period | 0 | 0 | 47,498,000 | 0 | 0 | 50,986,000 | 0 | 0 | 69,697,000 | 0 | 0 | 35,782,000 | 0 | 0 | 40,430,000 | 9,259,000 | |||||||||||
cash and cash equivalents, end of period | -2,233,000 | -8,760,000 | 35,365,000 | -38,039,000 | -22,506,000 | 107,677,000 | 2,637,000 | -7,393,000 | 64,161,000 | 48,180,000 | -4,640,000 | 26,934,000 | -382,000 | -8,071,000 | 44,421,000 | 2,745,000 | |||||||||||
supplemental disclosures of cash flow information | |||||||||||||||||||||||||||
cash paid for income taxes | 173,000 | 13,000 | 21,000 | 26,000 | 197,000 | -17,000 | 170,000 | -77,000 | 68,000 | 52,000 | 65,000 | 62,000 | 56,000 | 43,000 | 45,000 | ||||||||||||
noncash investing activities | |||||||||||||||||||||||||||
acquisition of finance leases | 25,000 | 19,000 | 22,000 | 58,000 | 0 | 36,000 | 78,000 | 28,000 | 0 | 0 | |||||||||||||||||
amounts unpaid for purchases of property and equipment | 365,000 | 580,000 | 3,114,000 | 582,000 | 675,000 | -44,000 | 1,943,000 | 1,482,000 | -1,118,000 | -471,000 | 2,865,000 | -85,000 | -2,046,000 | 2,657,000 | 1,095,000 | 1,070,000 | 84,000 | -1,615,000 | 2,394,000 | 1,214,000 | 303,000 | ||||||
stock-based compensation capitalized to property and equipment | 35,000 | 30,000 | 29,000 | 63,000 | 21,000 | 26,000 | |||||||||||||||||||||
gain on disposal of property and equipment | |||||||||||||||||||||||||||
increase in cash and cash equivalents | -8,760,000 | -12,133,000 | -22,506,000 | 56,691,000 | -5,536,000 | -777,000 | -8,848,000 | 3,991,000 | |||||||||||||||||||
net income | -6,849,000 | ||||||||||||||||||||||||||
adjustments to reconcile net income to net cash from operating activities | |||||||||||||||||||||||||||
gain on short-term investments | |||||||||||||||||||||||||||
impairment of long-lived assets | |||||||||||||||||||||||||||
salary and wages payable | 83,000 | 823,000 | 778,000 | -471,000 | 120,000 | 11,000 | |||||||||||||||||||||
operating lease liabilities | 544,000 | 203,000 | 561,000 | -423,000 | -135,000 | 228,000 | -99,000 | -80,000 | -162,000 | -154,000 | 314,000 | -426,000 | 205,000 | 600,000 | -365,000 | -408,000 | -238,000 | 201,000 | -330,000 | -155,000 | -430,000 | ||||||
payments for purchases of liquor licenses | -810,000 | -56,000 | -99,000 | -41,000 | -79,000 | -796,000 | -116,000 | -20,000 | -811,000 | -71,000 | -266,000 | -475,000 | -84,000 | -45,000 | -100,000 | 0 | 0 | -8,000 | -50,000 | ||||||||
maturities and redemption of investments | |||||||||||||||||||||||||||
proceeds from stock option exercises | 0 | 15,000 | |||||||||||||||||||||||||
proceeds from follow-on public offering, net of discounts and commissions | |||||||||||||||||||||||||||
cash and cash equivalents, beginning of year | 0 | 0 | 0 | 38,044,000 | |||||||||||||||||||||||
cash and cash equivalents, end of year | -7,771,000 | -12,956,000 | -3,024,000 | 33,010,000 | |||||||||||||||||||||||
stock-based compensation capitalized to property and equipment– net | |||||||||||||||||||||||||||
non-cash lease expense | 1,279,000 | 1,145,000 | 1,192,000 | 1,070,000 | 995,000 | 981,000 | 844,000 | 874,000 | 711,000 | 709,000 | 595,000 | ||||||||||||||||
purchases of short-term investments | -250,000 | 249,000 | -500,000 | -3,000,000 | -543,000 | ||||||||||||||||||||||
redemption of short-term investments | 4,500,000 | 1,500,000 | 4,499,000 | ||||||||||||||||||||||||
stock-based compensation | 980,000 | 975,000 | 945,000 | 650,000 | 638,000 | 732,000 | 596,000 | 443,000 | 443,000 | 391,000 | 309,000 | 266,000 | 280,000 | 248,000 | 211,000 | 121,000 | |||||||||||
noncash lease expense | 682,000 | 631,000 | 628,000 | 481,000 | 586,000 | ||||||||||||||||||||||
redemption of short- term investments | |||||||||||||||||||||||||||
cash paid for interest | |||||||||||||||||||||||||||
adjustments to reconcile net income to net cash from (used in) operating activities | |||||||||||||||||||||||||||
proceeds from loan from affiliate | 0 | 5,000,000 | 9,000,000 | 3,000,000 | |||||||||||||||||||||||
repayment of loan from affiliate | |||||||||||||||||||||||||||
adjustments to reconcile net loss to net cash from (used in) operating activities | |||||||||||||||||||||||||||
deferred income taxes | 7,000 | 1,119,000 | -1,000 | -4,000 | |||||||||||||||||||||||
inventory write-downs | 0 | ||||||||||||||||||||||||||
proceeds from ppp loan | 0 | ||||||||||||||||||||||||||
repayment of ppp loan | 0 | ||||||||||||||||||||||||||
proceeds from common stock offering, net of discounts and commissions | |||||||||||||||||||||||||||
adjustments to reconcile net income to net cash (used in) provided by operating activities | |||||||||||||||||||||||||||
deferred rent and tenant allowances | |||||||||||||||||||||||||||
proceeds from the initial public offering, net of discounts and commissions | |||||||||||||||||||||||||||
payments of costs related to the initial public offering | |||||||||||||||||||||||||||
proceeds from borrowings of debt | |||||||||||||||||||||||||||
repayment of debt | |||||||||||||||||||||||||||
decrease in cash, cash equivalents and restricted cash | 2,430,000 | ||||||||||||||||||||||||||
cash, cash equivalents and restricted cash, beginning of period | 0 | ||||||||||||||||||||||||||
cash, cash equivalents and restricted cash, end of period | 2,430,000 | ||||||||||||||||||||||||||
amounts included in accounts payable for purchases of property and equipment | 481,000 | ||||||||||||||||||||||||||
accounts receivable | -389,000 | -19,000 | -207,000 | 705,000 | 231,000 | -100,000 | |||||||||||||||||||||
payments for purchase of liquor license | |||||||||||||||||||||||||||
reconciliation of cash, cash equivalents and restricted cash within the condensed balance sheets to the amounts shown in the statements of cash flows above: | |||||||||||||||||||||||||||
cash and cash equivalents | |||||||||||||||||||||||||||
restricted cash included in prepaid expenses and other current assets | |||||||||||||||||||||||||||
total cash, cash equivalents and restricted cash | |||||||||||||||||||||||||||
redemption of short-term investment | |||||||||||||||||||||||||||
proceeds from disposal of property and equipment | |||||||||||||||||||||||||||
cash received for additional capital investment from affiliate | |||||||||||||||||||||||||||
repayment on debt | |||||||||||||||||||||||||||
payments of costs related to initial public offering | |||||||||||||||||||||||||||
amounts included in accounts payable and due to affiliate for purchases of property and equipment | 190,000 | 293,000 | |||||||||||||||||||||||||
payments for short-term investment | |||||||||||||||||||||||||||
payment for purchase of liquor license | |||||||||||||||||||||||||||
repayment of principal on capital lease | |||||||||||||||||||||||||||
noncash investing and financing activities | |||||||||||||||||||||||||||
acquisition of capital leases |