burger king income statement 2021

We may require additional capital for such purposes, and we cannot be certain that such capital will be available on terms acceptable to us or at all. In April 2019, the CompanysCertificate of Incorporation was amended to increase the number of authorized preferred shares to 2,000,000 and the number authorized common shares to 50,000,000. Total Revenue. In addition to being secured by the restaurants and other property at the sites, each note is also personally guaranteed by Gary Copperud, our Chief Executive Officer. INVESTMENT INCOME Interest and dividend income, net 15,731 208,473 122,688 - 346,892 Net realized and unrealized gains on investments 78,854 1,158,562 774,919 - 2,012,335 . World famous burger fast food chain Burger King had total assets amounting to 5.01 billion U.S. dollars from its global operations during the 2022 . Burger King, & Restaurant Brands International. This approach can provide specific economic benefits including lower supply and distribution costs, improved marketing efficiencies and increased brand awareness. Mr. Zinnecker has served as a director of the Company since July 31, 2018, the date on which we closed the Share Exchange. For the 53 weeks ended January 3, 2021, the Company earned an after-tax profit of $791,992. in exchange for common stock in the Company through a Share Exchange Agreement (Share Exchange) with BTND, LLC, (BTND) and its Members. Most years consist of four 13-week accounting periods comprising the 52-week year. Item 5. Our business and affairs are managed under the direction of our board of directors, which currently consists of three members. Also, in September 2018 the Company closed an operating Burger Time unit in Richmond, Indiana and the Richmond property is listed for sale. We intend to follow a disciplined strategy of evaluating acquisition opportunities to determine the operations are in markets meeting our demographic, real estate and investment criteria. Restaurant operations are 99% owned by BTND, LLC and 1% owned by current restaurant manager. The industry is affected by changes in geographic competition, changes in the publics eating habits and preferences, local and national economic conditions affecting consumer spending habits, population trends and local traffic patterns. We also expect to identify and complete acquisitions of existing restaurant units and multi-unit chains which could be operated and expanded through the addition of new locations. Such person was the subject of, or a party to, any sanction or order, not subsequently reversed, suspended or vacated, of any self-regulatory organization, any registered entity, or any equivalent exchange, association, entity or organization that has disciplinary authority over its members or persons associated with a member. Revenue of Burger King worldwide from 2004 to 2022 (in billion U.S. dollars) [Graph]. Under IAS 20, the loan is initially recorded as deferred income on the balance sheet and forgiveness income is recognized on a systematic basis over the periods in which the qualifying expenses are incurred when the Company determines that the forgiveness is reasonably assured. Certain prior year amounts in the statement of operations and accompanying segment results have been reclassified in order to be comparable with the current year classifications. We currently intend to retain all available funds and any future earnings for use in the operation and expansion of our business and do not anticipate paying any cash dividends in the foreseeable future. Other personnel can be trained in a matter of days. We purchase most of our food, paper, packaging and related supplies from Sysco Corporation, the nations largest distributor of food products. (3) Changes in Internal Control over Financial Reporting. Effective July 30, 2018, the Company acquired 100% of the ownership of BTND, LLC (BTND). We received approximately $615,000 in gross proceeds from the sale of the securities in the 2018 Private Placement. The above provisions may discourage stockholders from bringing a lawsuit against our directors for breach of their fiduciary duty. In October 2015, we acquired a 99% ownership interest in a Dairy Queen franchise in Ham Lake, Minnesota. They involve known and unknown risks, uncertainties and other factors that may cause our results, levels of activity, performance, cash flows, financial position or achievements to differ materially from those expressed or implied by these statements. If we open restaurants in new and untested markets, achieving targeted sales may take longer since the local population will not be familiar with ourbrand and it will take time to build brand awareness. Burger King U.S. sales power Restaurant Brands' results beat Insofar as indemnification for liabilities arising under the Securities Act may be permitted to directors, officers or persons controlling the us pursuant to the foregoing provisions, we have been informed that in the opinion of the SEC such indemnification is against public policy as expressed in the Securities Act and is therefore unenforceable. Costs to develop a new Burger Time location can fluctuate significantly, based on the number and timing of restaurant openings and the specific expenses incurred for each restaurant. Each restaurant employs twelve to sixteen employees, including a manager, and an assistant manager. Burger King's revenue 2022 | Statista FY 2022. The tax effect of the temporary differences and carryforwards are as follows for the respective fiscal years: Future tax benefit of impairment allowance, Paycheck Protection Program loan forgiveness. Depreciation and amortization and impairment charges are excluded because they are not ongoing controllable cash expenses, and they are not related to the health of ongoing operations. Further, the major QSRs have been increasingly willing to strategically discount prices through promotions such as a dollar menu. Restaurant pre-opening and other development expenses are non-capital expenditures and are expensed as incurred as part of other operating expenses. Net income (loss) per common share is computed pursuant to section 260-10-45 of the FASB Accounting Standards Codification. This note is secured by the personal guaranty of a shareholder of the Company. BURGER KING FOUNDATION INC. 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. Additionally, in the case of incentive stock options granted to a holder of more than 10% of the total combined voting power of all classes of our stock on the date of grant, the exercise price may not be less than 110% of the fair market value of one share of common stock on the date the stock option is granted. Yes No, Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Exchange Act. We are seeking to increase value for our shareholders in the foodservice industry. The 53-week fiscal 2020 ended on January 3, 2021 and the 52-week fiscal 2019 year ended on December 29, 2019. A total of $93,602 in payments were deferred under these arrangements and the deferred amount was added to the final payments due under the mortgages. 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. For Fiscal 2020, labor and benefits costs decreased to 28.6% of restaurant sale from 33.0% of restaurant sales in Fiscal 2019. 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. During fiscal 2017 and 2018, BTND Trading, LLC., an affiliate of the Company by virtue of common ownership, loaned the Company funds for working capital. We expect to create a complete web-based program designed around mobile usage, including introducing a web- based loyalty program. The functions of an audit committee, a compensation committee or a nominating committee are being undertaken by our board of directors. The provisions may also have the effect of reducing the likelihood of derivative litigation against directors and officers, even though such an action, if successful, might otherwise benefit us and our stockholders. Form of Warrant issued to investors in the 2018 Private Placement of Securities. As of December 29, 2019, the Company had a federal net operating loss carryforward (the NOL) of approximately $159,000, which will be fully utilized in the current years tax returns reducing 2020 consolidated taxable income by that amount. A universal basic income of 1,600 is to be trialled in England. We will seek to quickly and cost-effectively scale our growth by leveraging our general and administrative costs. Our principal business plan is to grow in the foodservice industry. BKW / Burger King Worldwide Inc. - Income Statement (Annual) Work shifts are staggered and vary in length of time to ensure superior customer service during our busiest times. Our competition includes a variety of national and regional fast-food chains and locally owned restaurants that offer carry-out, dine-in, delivery and catering services, many of which have achieved significant brand and product recognition and engage in extensive advertising and promotional programs. (2023). Mr. Brimmer has also served as a member of the Board of Directors of Next Gen Ice, Inc. since November 2, 2019 and is currently serving as Chief Financial Officer of Next Gen Ice on a contract basis. Under ASC 606, revenues are recognized when control of promised goods or services is transferred to a customer in an amount that reflects the consideration expected to be received for those goods or services. As of January 3. We are also subject to the Fair Labor Standards Act, the Immigration Reform and Control Act of 1986 and various federal and state laws governing such matters as minimum wages, overtime, unemployment tax rates, workers compensation rates, citizenship requirements and other working conditions. 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. 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. Successful execution of our acquisition strategy will allow us to diversify our operations both into other dining concepts and geographic locations. We also focus on food safety and sanitation, employment laws and regulations, and systems to control food and labor costs. statistic alerts) please log in with your personal account. Following application by the Company, the loans were forgiven in full in 2021. Inventory consists of food, beverages and supplies and is stated at lower of cost (first-in, first-out method) or net realizable value. Operating Agreement dated October 15, 1974 between American Dairy Queen Corporation and William N. Empey. We intend to post any amendments to the code, or any waivers of its requirements, on our website. An increase in the minimum wage to $15 per hour would adversely impact our profit margins. 3/31/2021. The development and construction of additional restaurants will be subject to compliance with applicable zoning, land use and environmental regulations. Prior to that, Mr. Copperud was self-employed in the fields of securities and real estate investment and development. The Note was paid in-full in August, 2020. 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 growth strategy is predicated upon (i) building or acquiring new restaurants, (ii) growing comparable restaurant sales and profits, and (iii) quickly and cost-effectively scaling our growth while leveraging our corporate services. 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. We are seeking to increase value for our shareholders in the foodservice industry. Prior to then, Mr. Zinnecker was employed as a technology consultant for North States Power Company, now Xcel Energy. In the second quarter of 2020, it was concluded to record an additional charge of $100,000 for impairment of the value of the Richmond location which the Company believes the property will be sold at or above its current carrying cost of assets held for sale. On March 2, 2020, the Series C Notes were modified and the maturity extended to August 31, 2020. We believe federal and state environmental regulations have not had a material effect on operations, but more stringent and varied requirements of local government bodies with respect to zoning, land use and environmental factors could delay construction and increase development costs for new restaurants. Restricted Shares and Restricted Units. The aggregate deferrals are due as balloon payments at the end of the stated terms of the notes. During part of 2015, Mr. Copperud was the principal executive officer of Pretoria Resources Two, Inc., d/b/a Its Burger Time Restaurant Group, Inc., i.e., Pretoria, while a merger between BTND and Pretoria was briefly in effect. This was due primarily to matters discussed in the Cost of Sales, Labor Costs, Occupancy and Other Operating Cost sections below. Tim Hortons revenue 2022 | Statista BT BRANDS, INC.CONSOLIDATED FINANCIAL STATEMENTSJANUARY 3, 2021 AND DECEMBER 29, 2019, TOGETHER WITH INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRMS REPORT, Report of Independent Registered Public Accounting Firm, Opinion on the Consolidated Financial Statements. None of the following events has occurred during the past ten years and which are material to an evaluation of the ability or integrity of any director or executive officer: A petition under the federal bankruptcy laws or any state insolvency law was filed by or against, or a receiver, fiscal agent or similar officer was appointed by a court for the business or property of such person, or any partnership in which he was general partner at or within two years before the time of such filing, or any corporation or business association of which he was an executive officer at or within two years before the time of such filing; Such person was convicted in a criminal proceeding or is a named subject of a pending criminal proceeding (excluding traffic violations and other minor offenses); Such person was the subject of any order, judgment, or decree, not subsequently reversed, suspended or vacated, of any court of competent jurisdiction, permanently or temporarily enjoining him from, or otherwise limiting, the following activities: Acting as a futures commission merchant, introducing broker, commodity trading advisor, commodity pool operator, floor broker, leverage transaction merchant, any other person regulated by the Commodity Futures Trading Commission, or an associated person of any of the foregoing, or as an investment adviser, underwriter, broker or dealer in securities, or as an affiliated person, director or employee of any investment company, bank, savings and loan association or insurance company, or engaging in or continuing any conduct or practice in connection with such activity; Engaging in any type of business practice; or. btbd_10k.htm - SEC.gov We do not currently manage this risk with commodity future and option contracts. This is the targeted return calculated based upon our new unit investment analysis and is based upon limited experience in opening new stores and there is no assurance the targeted returns will be achieved. Seasonal factors and the timing of holidays cause our revenue to fluctuate from quarter to quarter. Our Chief Executive Officer and Chief Financial Officer assessed the effectiveness of our internal control over financial reporting as of January 3, 2021. The Company is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. Chief Operating Officer, Chief Financial Officer, (Principal Financial Officer and Principal Accounting Officer and Chairman). The financial statements required under this item are included in Item 8 of Part II. Item 15. Executive officers are appointed and serve at the discretion of the board of directors. It is difficult to predict either the ultimate impact of the COVID-19 pandemic or the impact of governmental responses on the United States economy in general, and specifically the impact on the quick service drive-through segment of the food service industry and on Companys operating results and financial condition as the situation is evolving. Minnesotas minimum-wage rate for small employers, such as us, is $8.04 per hour. Deferred tax assets and liabilities are recorded based on the differences between the financial statement and tax bases of assets and liabilities and the tax rates in effect when these differences are expected to reverse. Under the terms of the program, the Company applied for forgiveness of the loans in 2020, anticipating its application qualified the loans for forgiveness. At the Plan administrators discretion, payment for shares of common stock on the exercise of stock options may be made in cash, shares of our common stock held by the participant or in any other form of consideration acceptable to the Plan administrator (including one or more forms of cashless or net exercise). Depreciation costs have been declining as the Companys equipment reaches a fully depreciated status and in 2020 decreased as percentage of sales because of the significant sales increase during 2020. We may be unsuccessful in expanding within our existing markets or into new markets for a variety of reasons, including competition for customers, sites, employees, licenses and financing. Stock bonuses may be granted as additional compensation for service or performance and may be settled in the form of common stock, cash or a combination thereof, and may be subject to restrictions, which may vest subject to continued service and/or the achievement of performance conditions. 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. Restaurant Brands International Inc. Reports Full Year and Fourth Historically, these securities consisted of investments in exchange-listed common stocks with published prices per share readily available. Form of Placement Agent Agreement between the registrant and Maxim Group, LLC in connection with the 2018 Private Placement of Securities. At our Burger Time restaurants, we seek to give our customers more good food for their money and to deliver it hot n fresh.. Beef is our largest single food purchase and the price we pay for beef fluctuates weekly based on beef commodity prices. Burger King Net Income over last 10 years from 2010 to 2023 - Macroaxis The Company has paid the salary and benefits of the Company controller based in Fargo, North Dakota and the Company pays monthly rent for the office space of $500 per month. Our managers and assistant managers are full time employees. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the consolidated financial statements. PDF. 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. We are party to a five-year exclusive beverage service agreement under which we have agreed for most locations to purchase our beverages, other than coffee, tea or milk, from Pepsi-Cola Bottling of Fargo., through December 21, 2025. Each burger is prepared to a customers individual order and is served hot and fresh. Figures prior to 2022 come from earlier releases. We believe our current office space is suitable and adequate for its intended purposes and our near-term expansion plans. Our primary requirements for liquidity are to fund our working capital needs, capital expenditures, and general corporate needs, as well as to invest in or acquire companies that are synergistic with or complimentary to our business. Fluctuations in supply and prices can significantly impact our financial results. May 30 PDF. A paid subscription is required for full access. Our burgers are custom made to our specifications by our supplier, with no fillers, only beef and salt. Sysco distributes these supplies to our restaurants on a frequent and routine basis. Investor Presentation. Most other staff members are part time employees. None of our employees are unionized or covered by collective bargaining agreements, and we consider our current employee relations to be good. Our Burger Time investment model targets an average total cash investment of between $325,000 and $535,000. 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. He has served on the board of HDI 1998 until April 2020 and was CEO from September 2012 until April 2020. BKW / Burger King Worldwide Inc. - Income Statement (Annual) EXTENDED Overview Chart Owners Insiders Short Interest Filings Financials Dividends Earnings Forecast Income Statement (Annual) BKW / Burger King Worldwide Inc. Income Statement shows changes in income and expenses over a period of time. Stock Bonuses. 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. One of our key operating strategies is to minimize inventory and storage requirements, mandating frequent deliveries, which ensures that our food is always fresh. General and administrative, corporate level expenses. The increase was principally the result of increased executive bonus compensation based on the strong financial performance in 2020. We are also subject to the Americans with Disabilities Act, which prohibits discrimination based on disability in public accommodations and employment, which may require us to design or modify our restaurants to make reasonable accommodations for disabled persons. 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. The Board may at any time amend or terminate the Plan, provided that no such action may be taken that adversely affects any rights or obligations with respect to any awards previously made under the Plan without the consent of the recipient. You can evaluate financial statements to find patterns among Burger main balance sheet or income statement drivers, such as , as well as many exotic indicators such as . Amortization for each of the next five years is estimated to be approximately $2,000 per year. We are not party to any employment agreements or other agreements with Messrs. Copperud or Brimmer that prevent them from providing similar services to other companies in our industry, which could potentially give rise to a conflict of interest if they chose to offer their services to a competitor. Management does not believe that inflation has had a material effect on income during the 2020 or 2019 fiscal years. Indicate by check mark whether the Registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or emerging growth company.
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