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Associated Press
09-06-2025
- Business
- Associated Press
Noble Roman's Announces 2024 Financial Data and Other Highlights; to Host Conference Call on June 10th at 4:00 PM ET.
PRESS RELEASE: Paid Content from ACCESS Newswire. The AP news staff was not involved in its creation. INDIANAPOLIS, IN / ACCESS Newswire / June 9, 2025 / Noble Roman's, Inc. (OTCQB:NROM), the Indianapolis based franchisor of Noble Roman's Pizza and Noble Roman's Craft Pizza & Pub ('CPP'), today announced financial data for the year 2024 and other ... Published [hour]:[minute] [AMPM] [timezone], [monthFull] [day], [year] INDIANAPOLIS, IN / ACCESS Newswire / June 9, 2025 / Noble Roman's, Inc. (OTCQB:NROM), the Indianapolis based franchisor of Noble Roman's Pizza and Noble Roman's Craft Pizza & Pub ('CPP'), today announced financial data for the year 2024 and other company highlights. The company recorded a loss for 2024 of $3,174 compared to a net profit of $1,460,284 in 2023. The 2023 net income of $1.46 million included an Employee Retention Tax Credit ('ERTC') refund recorded in February 2023. Without that ERTC the 2023 results would have been approximately break-even. The 2024 results were reduced by some significant one-time adjustments, as explained below. The company opened 68 new non-traditional franchise locations in 2024. It plans to continue the focus on expanding its non-traditional franchising and anticipates opening an additional 60 to 70 new franchised locations in 2025. Extending very positive trends, in 2024 franchising revenue continued its rapid growth, increasing by $876,000 or 18.8%. Upon considering two one-time downward adjustments, actual franchising revenue results were even greater. First, a $77,000 adjustment decreasing ongoing fees from franchising was incurred by changing the method of recording the income from that based on product usage as reported by the company's distributors (as had been done for all prior years) to reporting that income as the manufacturers acknowledged the liability. Second, revenue was also adjusted down by removing $75,000 from manufacturing allowances associated with incentive funds PepsiCo Beverage Sales, LLC ('Pepsi') contracted to pay the company when the company agreed to utilize their products. In total, Pepsi contracted to pay the company $125,000 as part of the manufacturing agreement. The payments on this contract were agreed to be made through annual installments of $25,000 each year for 2023 through 2027. The installments paid in 2025 and required to be paid in 2026 and 2027 totaling $75,000 were removed from revenue in 2024 to be recorded as future installment payments are received. Without these above-referenced changes, revenue from franchising would have increased by $1.03 million, or by 22%. The one-time reductions of income in 2024 will add to the income recognized over the next few years. Another one-time expense recorded in 2024 was additional depreciation expense of $113,000 above the normal amount. This charge was from used equipment, primarily consisting of stainless steel worktables and shelving units, that was properly transferred from inventory to new Craft Pizza & Pub ('CPP') locations between 2017 and 2020, but which was not transferred to depreciation schedules for depreciation purposes. Depreciation expense recorded in 2023 was approximately $380,000 compared to approximately $500,000 in 2024. Since the company does not anticipate increasing the number of company-owned locations in 2025, depreciation expense is expected to return to approximately 2023 levels in 2025. The company also recorded an additional $258,000 in operating expenses in 2024 for certain operating expenses that were reported in the 2022 restated 10-K. These were not added to the company's general ledger until 2024 since that is when the 2022 10-K was restated. As previously reported, the maturity of the Corbel Capital Partners SBIC, L.P. ('Corbel') loan was extended by agreement between the parties from February 7, 2025 until June 30, 2026. This necessary action was taken in order to give the company the time necessary to properly execute on additional financing advantageous to stakeholders, and to accommodate necessary administrative aspects of the company's non-traditional franchising efforts. The company's CPP locations continue to be a major financial contributor, providing approximately $800,000 to the profit of Noble Roman's, Inc. in 2024. Despite an extremely challenging consumer spending climate in 2024, same store sales declined only 1.9% compared to 2023. However, same store sales actually increased in the fourth quarter of 2024 by 2.9% over the same period in 2023. Despite the overall industry and segment trends, the company will report slightly positive same store sales comparisons for the first quarter of 2025, with the sales growth further accelerating during the first two months of the second quarter of 2025. General and administrative expenses continue to be tightly controlled. Interest expense remained very high but will be lowered by the new interest rate in the extension negotiated with Corbel, which is SOFR plus 9% and no PIK interest. Principal is currently being reduced by $91,667 per month. Upon completion of new financing, the company believes (based on Corbel's stated willingness to do so) it can purchase the outstanding warrants owned by Corbel with the repayment of the Corbel debt. Noble Roman's will host a conference call on Tuesday, June 10th from 4:00 to 4:45 PM ET. Those interested in participating in the conference call should dial in at 317-300-7896 and use the participation code 499795 (no pin number required - callers will press 5* to ask questions when Q&A time is announced). The statements contained in this press release concerning the company's future revenues, profitability, financial resources, market demand and product development are forward-looking statements (as such term is defined in the Private Securities Litigation Reform Act of 1995) relating to the company that are based on the beliefs of the management of the company, as well as assumptions and estimates made by and information currently available to the company's management. The company's actual results in the future may differ materially from those indicated by the forward-looking statements due to risks and uncertainties that exist in the company's operations and business environment, including, but not limited to the ability of franchisees to timely prepare their units for scheduled openings, the company's ability to maintain adequate staff for new openings, competitive factors and pricing and cost pressures, non-renewal of franchise agreements or the openings contemplated by the development agreement not occurring, shifts in market demand, the success of franchise programs, including the Noble Roman's Craft Pizza & Pub format, general economic conditions, changes in demand for the company's products or franchises, the company's ability to service and refinance its loans, the impact of franchise regulation, the success or failure of individual franchisees and inflation, other changes in prices or supplies of food ingredients and labor and, as well as the factors discussed under 'Risk Factors' contained in this company's Annual Report on Form 10-K for the year ended December 31, 2023. Should one or more of these risks or uncertainties materialize, or should underlying assumptions or estimates prove incorrect, actual results may vary materially from those described herein as anticipated, believed, estimated, expected or intended. If activist stockholder activities ensue, the company's business could be adversely impacted. Consolidated Balance Sheets Noble Roman's, Inc. and Subsidiaries December 31, Assets 2023 2024 Current assets: Cash $ 872,335 $ 710,227 Employee Retention Tax Credit Receivable 507,726 507,726 Accounts receivable - net 1,169,446 586,554 Inventories 965,819 986,975 Prepaid expenses 318,195 194,902 Total current assets 3,833,521 2,986,384 Property and equipment: Equipment 4,386,430 4,349,205 Leasehold improvements 3,130,430 3,142,591 7,516,860 7,491,796 Less accumulated depreciation and amortization 3,196,993 3,583,276 Net property and equipment 4,319,867 3,908,520 Deferred tax asset 3,374,841 3,532,199 Deferred contract costs 1,403,299 1,604,952 Goodwill 278,466 278,466 Operating lease right of use assets 4,930,014 4,154,804 Other assets 339,817 303,922 Total assets $ 18,479,825 $ 16,769,247 Liabilities and Stockholders' Equity Current liabilities: Accounts payable and accrued expenses $ 1,284,210 $ 840,848 Current portion of operating lease liability 799,165 870,140 Current portion of Corbel loan payable 1,000,000 1,066,668 Warrant liability 540,650 538,822 Total current liabilities 3,624,025 3,316,478 Long-term obligations: Loan payable to Corbel net of current portion 6,133,691 5,551,738 Convertible notes payable 575,000 575,000 Operating lease liabilities - net of current portion 4,378,927 3,505,718 Deferred contract income 1,577,299 1,604,952 Total long-term liabilities 12,664,917 11,237,408 Total liabilities $ 16,288,942 $ 14,553,886 See Note 12 regarding Contingencies Stockholders' equity: Common Stock - no par value (40,000,000 shares authorized, 22,215,512 issued and outstanding as of December 31, 2023 and December 31, 2024) 24,840,126 24,867,778 Accumulated deficit (22,649,243 ) (22,652,417 ) Total stockholders' equity 2,190,883 2,215,361 Total liabilities and stockholders' equity $ 18,479,825 $ 16,769,247 Consolidated Statements of Operations Noble Roman's, Inc. and Subsidiaries Year Ended December 31, 2023 2024 Restaurant revenue - company-owned restaurants $ 8,744,158 $ 8,577,148 Restaurant revenue - company-owned non-traditional 934,662 953,574 Franchising revenue 4,665,187 5,540,968 Administrative fees and other 29,567 77,910 Total revenue 14,373,574 15,149,600 Operating expenses: Restaurant expenses - company-owned restaurants 7,813,176 7,793,798 Restaurant expenses - company-owned non-traditional 792,532 1,000,646 Franchising expenses 231,695 1,703,136 Total operating expenses 8,837,403 10,497,580 Depreciation and amortization 379,516 499,648 General and administrative 1,548,878 2,642,150 Defense against activist shareholder 168,092 35,184 Total expenses 10,933,889 13,674,562 Operating income 3,439,685 1,475,038 Interest expense 1,744,488 1,637,398 Change in fair value of warrants 234,913 (1,828 ) Net income (loss) before income taxes 1,460,284 (160,532 ) Income tax (benefit) - (157,358 ) Net income (loss) (1) $ 1,460,284 $ (3,174 ) Income per share - basic: Net income $ .07 $ .00 Weighted average number of common shares outstanding 22,215,512 22,215,512 Diluted income per share: Net income $ .07 $ .00 Weighted average number of common shares outstanding 23,599,853 24,310,256 (1) The net income from 2023 includes a refund of certain expenses under the ERC program in the amount of $1.460 million. See further explanation in Note 1 to the consolidated financial statements. FOR ADDITIONAL INFORMATION, CONTACT: For Media Information: Scott Mobley, President & CEO ( [email protected] ) For Investor Relations: Paul Mobley, Executive Chairman ( [email protected] ) Mike Cole, Investor Relations: 949-444-1341 ( [email protected] ) SOURCE: Noble Romans, Inc. press release
Associated Press
17-05-2025
- Business
- Associated Press
Thousands of Small Businesses Face Potential Tax Refund Loss Under New U.S. Congressional Tax Bill
Tax Advocacy Group Prepares to Engage U.S. Congress on Behalf of Small & Mid Sized Companies (SME's) 'The pending ERTC rollback contradicts President Trump's commitment to reducing taxes and supporting small businesses.'— Gabe Joseph WASHINGTON, DC, DC, UNITED STATES, May 17, 2025 / / -- A controversial provision in the U.S. Congressional 'Big Beautiful Tax Bill' threatens to retroactively repeal the Employee Retention Tax Credit (ERTC), jeopardizing an estimated $50 billion in refunds for small businesses and nonprofits across the United States. If enacted, the rollback would most likely invalidate an estimated 1 million pending ERTC refund requests, directly impacting nearly 80 million tax payers—a number greater than those currently enrolled in Medicaid. The ERTC, originally implemented under President Donald J. Trump's administration, was designed as an immediate financial relief measure for small businesses affected by the pandemic. The credit was approved and funded by the U.S. Congress, helping businesses stabilize operations and retain employees. However, the current tax bill would conceivably retroactively end the ERTC provision, leaving businesses and nonprofits without the refunds they were depending on for survival. Gabe Joseph, CEO of Joseph Holdings and one of the leaders of the advocacy groups looking to engage the U.S. Congress and Donald J. Trump administration added-- our working coalition will be urging Congress to remove the ERTC rollback from the tax bill to ensure that small businesses receive the financial relief they were promised. Keeping the ERTC intact will allow business owners to continue driving economic growth without government-imposed financial setbacks.' Additionally, Mr. Joseph suggested 'These entities—many of which are still struggling post-pandemic—need their pending ERTC refunds to remain operational. The pending rollback contradicts President Trump's commitment to reducing taxes and supporting small businesses. Many of the 80 million voters affected by this change supported Trump in the 2024 election and rely on the tax credit to sustain their businesses. For more information, visit Media Contact - Gabriel Joseph – [email protected] # # # Aaron Manaigo Global Political Solutions LLC email us here +1 2022438201 Legal Disclaimer: EIN Presswire provides this news content 'as is' without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the author above.
Yahoo
26-03-2025
- Business
- Yahoo
IRS Final Deadlines for ERTC & FFCRA Independent Contractor Programs
~70% of Eligible Businesses Have Not Claimed the Tax Refund FORT MYERS, Fla. , March 26, 2025 /PRNewswire/ -- Despite the mass confusion between the PPP loans and ERTC tax refunds, Economic Recovery Center announced the final IRS deadline for the Employee Retention Tax Credit (ERTC) and the Families First Coronavirus Response Act (FFCRA) for Independent Contractors (1099 filers) end on April 15, 2025. Unclaimed funds will be distributed to other government programs. What You Need To Know: ERTC for Businesses & FFCRA for Independent Contractors Launched: Trump 2020 Changes: Biden - Numerous in 2020 and more throughout 2021, causing mass confusion of who qualified End: April 15, 2025 YES - Businesses that claimed a PPP loan CAN claim the ERTC Qualifications for ERTC: Either/Or qualification; Amount Per W2: Up to $21,000 per W2 Qualifications for Independent Contractors: Amount Per 1099: Up to $32,000 The PPP loan program and the ERTC (aka ERC) programs were launched to assist American workers during the COVID-19 Pandemic. Despite the misinformation and confusion caused by numerous changes, the PPP program was an immediate cash infusion into millions of businesses with minimal vetting, attracting scammers to game the loan program. In contrast, the ERTC program was a temporary change to U.S. tax laws, providing for a future tax refund to those who amended their qualified tax refunds, which the IRS can compare to ensure qualification and proper payment - if you apply. "Every business owner and independent contractor should go through the full no-cost analysis," stated Chase Henderson, President of Economic Recovery Center. Henderson continued, saying, "We are talking about a refund of their taxes, not pulling in tax dollars from others; it is literally their money that was overpaid and will be funneled to other programs if not claimed." Even if your business has shut down or you are no longer an independent contractor, you may still qualify. Go to or for a no-cost, no-commitment analysis, go to: Business Owners (ERTC): Independent Contractors (FFCRA): For immediate assistance, visit or contact our office at (385) 376-2372. About Economic Recovery CenterEconomic Recovery Center specializes in helping businesses navigate financial relief programs for Americans. Our team has helped hundreds of American workers successfully claim the tax credits or relief refunds they need. Visit: (385) 376-2372 Media Contact: Chase Henderson Economic Recovery Center Chase@ View original content to download multimedia: SOURCE Economic Recovery Center Sign in to access your portfolio
Yahoo
25-03-2025
- Business
- Yahoo
IRS Final Deadline for ERTC Program
Up to 70% of Eligible Businesses Have Not Claimed the Tax Refund FORT MYERS, Fla., March 25, 2025 /PRNewswire/ -- The final IRS deadline for the Employee Retention Tax Credit (ERTC) is three weeks away, and according to industry experts, over 50% of eligible businesses have not submitted for the COVID-era tax refund. The program officially ends on April 15, 2025, and unclaimed funds will be distributed to other government programs. The ERTC Program is NOT Like Other COVID-era Programs The Trump administration launched the relief program at the beginning of the COVID-19 pandemic. Then, in 2020, 2021, and 2022, the IRS, under the Biden Administration, made numerous changes to the program, creating mass confusion among the nation's 33 million small and medium-sized businesses. Worse, as the IRS tried to keep up with the changes, COVID-19 programs (PPP loans, COVID-EIDL loans, and ERTC refunds) were referred to within the tax professional community interchangeably. This is not correct. The PPP and COVID-EIDL programs were government loans based on the immediate need of the applicant to cover payroll, with little to no additional vetting. Without the requirement of corroborating information, scammers flocked to those programs. In contrast, the ERTC was a temporary change to the U.S. tax laws for all businesses that meet the programs' qualifications. Unlike the loan programs, the ERTC is based on a refund of already filed taxes that corroborate the applicant's information. In other words, applying for the ERTC is like discovering you did not take a $20,000 tax deduction - per employee. "There are no costs to determine if you qualify," stated Chase Henderson, President of Economic Recovery Center. Henderson continued, saying, "The qualifications are complex and have consistently changed since its launch. Regardless, we believe all U.S.-based businesses should, at a minimum, obtain a no-cost qualification analysis. After all, we are talking about a refund of their taxes, not pulling in tax dollars from others; it is literally their money that was overpaid." Even if your business has shut down and closed since the pandemic, you may still qualify if your business was open in 2020 and/ or 2021 and you meet either of the following: 1) Did your business lose money in 2020 or 2021 (eg, you made more in 2019 than you did in either 2020 or 2021)?Or2) Did you have to change the way your business operated in 2020 or 2021 (eg, did you implement social distancing or had to limit the number of people allowed in a facility)? If you said 'yes' to either question, contact for your no-cost analysis. For immediate assistance, visit or contact our office at (385) 376-2372. About Economic Recovery CenterEconomic Recovery Center specializes in helping businesses navigate financial relief programs, including the ERTC. Our team has helped numerous business owners successfully claim their tax credits and receive the refunds they deserve. Don't be one of the 80% that leave money on the table—contact us today! Visit: (385) 376-2372 Media Contact: Chase Henderson Economic Recovery Center Chase@ View original content to download multimedia: SOURCE Economic Recovery Center
Associated Press
04-03-2025
- Business
- Associated Press
2025 Last Chance for ERTC Filing: Refund Claim Assistance Services Expanded
With the final deadline for the Employee Retention Tax Credit less than two months away, ERTC Express has expanded its claim assistance services. Bayonne, United States, March 3, 2025 -- ERTC Express has expanded its claim assistance services for business owners seeking Employee Retention Tax Credit (ERTC) refunds before the April 2025 deadline. The company helps businesses claim tax credits worth up to $21,000 per employee. More information can be found at: ERTC Express has enhanced its claim processing system to serve more clients ahead of the final filing deadline. The company uses licensed American CPAs who review each claim through their 'Power of Three' verification process. This system ensures claims meet IRS requirements by having three separate CPA teams verify each submission. The IRS lifted its moratorium on processing claims submitted after September 14, 2023 on August 8, 2024. Businesses now have until April 15, 2025, to file amended returns for qualifying quarters in 2021. This limited window creates urgency for eligible businesses that have not yet filed. 'Business owners face a simple choice - file before the deadline or lose these funds forever,' the spokesperson added. 'We handle the entire process from qualification to final payment, making it simple for businesses to receive the money they deserve.' Due to incorrect assumptions about eligibility rules, the ERTC program remains underutilized, with data from ERTC Rebate Deadline suggesting that 50% of eligible businesses have not submitted claims. Businesses that kept employees during the pandemic can qualify even with revenue increases, PPP loans, or partial operations. ERTC Express' claims average 40-120% higher than those prepared by large payroll companies. ERTC Express offers several distinct advantages in its expanded services. Clients pay no upfront fees, receive audit defense with a 'Sleep Well Guarantee,' and work directly with human experts instead of automated systems. 'Our transportation company qualified for over $500k in total ERTC credits,' a client shared in their review. 'ERTC Express went the extra mile for us - patiently answering our questions. I really appreciate our account manager, Lehman, who guided us through each step of the process.' About ERTC Express The company has offices in New York, Tampa, Nashville, Atlanta, and Los Angeles but helps of various sizes businesses across the country claim the ERTC, even startups. Name: Michael O'Reilly Email: Send Email Organization: Claim Your ERC Recovery, LLC Address: 104 W 16th St, Bayonne, NJ 07002, United States Release ID: 89154413 Should any errors, concerns, or inconsistencies arise from the content provided in this press release that require attention or if a press release needs to be taken down, we kindly request that you immediately contact us at [email protected] (it is important to note that this email is the authorized channel for such matters, sending multiple emails to multiple addresses does not necessarily help expedite your request). Our efficient team will be at your disposal for timely assistance within 8 hours – taking necessary measures to rectify identified issues or providing guidance on the removal process. We prioritize delivering accurate and reliable information.
