$NROM

NOBLE ROMANS INC

CIK:0000709005|SEC Filings

Consolidated Statements of Operations (Unaudited) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Consolidated Statements of Operations (Unaudited)
Restaurant revenue - company-owned Craft Pizza & Pub	$ 2,213,383	$ 2,324,459	$ 4,307,800	$ 4,343,877
Restaurant revenue - company-owned non-traditional	274,025	295,025	550,266	589,598
Franchising revenue	1,611,565	1,454,251	3,130,590	2,900,159
Administrative fees and other	25,527	6,654	39,891	6,954
Total revenue	4,124,500	4,080,389	8,028,547	7,840,588
Operating expenses:
Restaurant expenses - company-owned Craft Pizza & Pub	2,001,510	2,009,183	3,940,214	3,899,870
Restaurant expenses - company-owned non-traditional	275,979	274,483	545,307	567,593
Franchising expenses	422,512	394,745	841,640	941,192
Total operating expenses	2,700,001	2,678,411	5,327,161	5,408,655
Depreciation and amortization	104,402	100,983	208,288	197,049
General and administrative expenses	607,406	474,440	1,229,923	993,511
Total expenses	3,411,809	3,253,834	6,765,372	6,599,215
Operating income	712,691	826,555	1,263,175	1,241,373
Interest expense	497,168	421,582	853,451	751,336
Income before income taxes	215,523	404,973	409,724	490,037
Income tax	24,903	119,537	98,334	160,789
Net income	$ 190,620	$ 285,436	$ 311,390	$ 329,248
Earnings per share - basic
Net income	$ 0.01	$ 0.01	$ 0.01	$ 0.02
Number of common shares outstanding	22,672,827	22,215,512	22,672,827	22,215,512
Diluted earnings per share:
Net income	$ 0.01	$ 0.01	$ 0.01	$ 0.01
Number of common shares outstanding	23,439,003	25,508,223	23,439,003	25,508,223

Consolidated Statements of Cash Flows (Unaudited) - USD ($)	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
OPERATING ACTIVITIES
Net income	$ 311,390	$ 329,248
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Depreciation and amortization	208,288	197,049
Amortization of loan closing costs net of additions	382,356	(175,977)
Amortization of stock options	24,915	19,982
Deferred income taxes	98,334	160,789
(Increase) decrease in:
Accounts receivable	36,559	(48,507)
Inventories	(31,102)	(16,390)
Prepaid expenses	169,939	(36,246)
Other assets	(29,963)	(30,021)
Decrease in operating lease assets	439,737	408,609
Decrease in operating lease liabilities	(465,515)	(428,001)
(Increase) decrease in:
Accounts payable and accrued expenses	(18,057)	216,448
NET CASH PROVIDED BY OPERATING ACTIVITIES	1,126,881	596,983
INVESTING ACTIVITIES
Purchase of property and equipment	(74,825)	(63,247)
NET CASH USED IN INVESTING ACTIVITIES	(74,825)	(63,247)
FINANCING ACTIVITIES
Principal payment on Corbel loan	(5,853,180)	(608,334)
Repayments of Subordinated Debt	(575,000)
Purchase of all outstanding warrants	(500,000)
Exercise of warrant to buy stock	45,000
New Senior Loan net of cost of financing	6,392,628
NET CASH USED BY FINANCING ACTIVITIES	(490,552)	(608,334)
Increase (decrease) in cash	561,504	(74,598)
Cash at beginning of period	533,670	710,227
Cash at end of period	1,095,174	635,629
Supplemental schedule of investing and financing activities
Cash paid for interest	$ 444,463	$ 483,132

Consolidated Balance Sheets - USD ($)	Jun. 30, 2026	Dec. 31, 2025
Current assets:
Cash	$ 1,095,174	$ 533,670
Employee Retention Tax Credit Receivable	527,948	527,948
Accounts receivable - net	704,980	741,539
Inventories	996,314	965,212
Prepaid expenses	308,322	478,262
Total current assets	3,632,738	3,246,631
Property and equipment:
Equipment	4,527,864	4,463,379
Leasehold improvements	3,185,847	3,175,507
Less accumulated depreciation and amortization	4,187,400	3,979,112
Net property and equipment	3,526,311	3,659,774
Deferred tax asset	3,016,393	3,114,727
Deferred contract costs	1,655,885	1,699,935
Goodwill	278,466	278,466
Operating lease right of use assets	2,892,458	3,332,195
Other assets	592,718	562,756
Total assets	15,594,969	15,894,484
Current liabilities:
Accounts payable and accrued expenses	684,150	702,207
Current portion of operating lease liability	960,650	950,409
Current portion of Senior Loans payable	1,081,148	5,470,824
Current portion of subordinated notes payable	0	575,000
Warrant liability	0	500,000
Total current liabilities	2,725,948	8,198,440
Long-term obligations:
Long-term portion of Senior Loan payable	5,311,479
Operating lease liabilities - net of current portion	2,088,405	2,564,162
Deferred contract income	1,655,885	1,699,934
Total long-term liabilities	9,055,769	4,264,096
Total liabilities	11,781,717	12,462,536
Stockholders' equity:
Common Stock - no par value (40,000,000 shares authorized, 22,215,512 issued and outstanding as of December 31, 2025 and 22,672,827 issued and outstanding as of June 30, 2026)	24,981,056	24,911,141
Accumulated deficit	(21,167,804)	(21,479,193)
Total stockholders' equity	3,813,252	3,431,947
Total liabilities and stockholders' equity	$ 15,594,969	$ 15,894,484