4. Contract Liabilities:

The Company’s contract liabilities for its franchise revenues consist of deferred revenue associated with franchise fees and software license fees. The table below presents the activity of the current and noncurrent deferred franchise revenue during the first three months of 2020 and 2019, respectively:


	March 28, 2020		March 30, 2019
Balance at beginning of period	$	9,575,500	$	10,177,300
Franchise and software license fees collected from franchisees, excluding amount earned as revenue during the period		372,500		292,000
Fees earned that were included in the balance at the beginning of the period		(468,000)		(470,700)
Balance at end of period	$	9,480,000	$	9,998,600

The following table illustrates future estimated revenue to be recognized for the remainder of 2020 and full fiscal years thereafter related to performance obligations that are unsatisfied (or partially unsatisfied) as of March 28, 2020.


Contract Liabilities expected to be recognized in	Amount
2020	$	1,259,000
2021		1,612,900
2022		1,468,000
2023		1,296,700
2024		1,099,000
Thereafter		2,744,400
	$	9,480,000