FLANIGANS ENTERPRISES INC MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS. (form 10-K)

Published: 2022-01-14 16:21:06 ET BDL

OVERVIEW

Financial Information Concerning Industry Segments

Comparison of Fiscal Years Ended October 2, 2021 and October 3, 2020

Gross Profit. Gross profit is calculated by subtracting the cost of merchandise sold from sales.

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Income Taxes. Income tax for our fiscal year 2021 was an expense of $1,185,000, as compared to a benefit of $60,000 for our fiscal year 2020.

New Limited Partnership Restaurants

Menu Price Increases and Trends

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LIQUIDITY AND CAPITAL RESOURCES

CASH FLOWS

The following table is a summary of our cash flows for our fiscal years 2021 and 2020.

---------Fiscal Years --------

Net cash and cash equivalents provided by operating activities $ 14,361 $ 8,785 Net cash used in investing activities

(a) Mortgage on Real Property - Sunrise, Florida

(b) Mortgage on Real Property - North Miami, Florida

(iii) For the policy year beginning December 30, 2020, our automobile insurance is a one (1) year policy. The one (1) year automobile insurance premium is in the amount of $93,000;

(vii) For the policy year beginning December 30, 2020, our equipment breakdown insurance is a one (1) year policy. The one (1) year equipment breakdown insurance premium is in the amount of $6,000.

(d) Second Paycheck Protection Loans

(a) 7990 Davie Road Extension, Hollywood, Florida (Store #19 - "Big Daddy's Wine & Liquors")

(b) 2505 N. University Drive, Hollywood, Florida (Store #19 - "Flanigan's")

(d) 11225 Miramar Parkway, #250, Miramar, Florida ("Flanigan's")

(e) 11225 Miramar Parkway, #245, Miramar, Florida ("Big Daddy's Wine and Liquors")

While we anticipate purchasing all of our rib supply from this vendor, we believe there are several other alternative vendors available, if needed.

Purchase of Limited Partnership Interests

During our fiscal years 2020 and 2021, we did not purchase any limited partnership interests.

The table below summarizes the current assets, current liabilities, and working capital as of the end of our fiscal years 2021 and 2020.

Off-Balance Sheet Arrangements

We do not have off-balance sheet arrangements.

Recently Adopted and Recently Issued Accounting Pronouncements

There are no recently issued accounting pronouncements that we have not yet adopted that we believe will have a material effect on our financial statements.

Estimated Useful Lives of Property and Equipment

Consolidation of Limited Partnerships

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