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Contract Liabilities:

6 Months Ended

Jun. 26, 2021

3. 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 six months of 2021 and 2020, respectively:


	June 26, 2021		June 27, 2020
Balance at beginning of period	$	8,708,300	$	9,575,500
Franchise and software license fees collected from franchisees, excluding amount earned as revenue during the period		755,400		473,500
Fees earned that were included in the balance at the beginning of the period		(875,700)		(885,600)
Balance at end of period	$	8,588,000	$	9,163,400

The following table illustrates future estimated revenue to be recognized for the remainder of 2021 and full fiscal years thereafter related to performance obligations that are unsatisfied (or partially unsatisfied) as of June 26, 2021.


Contract Liabilities expected to be recognized in	Amount
2021	$	815,800
2022		1,574,900
2023		1,403,600
2024		1,205,900
2025		989,500
Thereafter		2,598,300
	$	8,588,000