Not 1 mill in debt, 1 mill loss, there is a big difference. They've reshuffled all of their notes basically and got rid of the old debt. No mention of franchising because as we all know, they haven't started any franchises yet.
I'm indifferent about the 10Q, lots of puts and takes with slightly higher revenues from the actual restaurants. More cost because now they are a public company and like I say above, reshuffling old notes and incurring losses as a result.
Looks stable but needs the next stages to kick in now. More restaurants through their own bricks and mortar and franchising. Then it gets interesting. Imo, they need to get to 6 GRAS-owned restaurants to support the publicly-traded company and then layer franchising on top of that to start making a reasonable profit. That seems achievable and my guess is that we start to see more and more news over the next few weeks.
The only other interesting statement is what we already heard in that controlling vote is now with Heineman not Fong. Fong still has a vested interest clearly but the business is not being controlled by him contrary to the many claims on here.
Not many will have the patience for this one for the long haul but I think we'll see some runs soon that will allow people to leave that wish to do that.
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