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Contract Liabilities:

6 Months Ended

Jul. 01, 2023

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 2023 and 2022, respectively:


	July 1, 2023		June 25, 2022
Balance at beginning of period	$	8,618,100	$	8,508,500
Franchise and software license fees collected from franchisees, excluding amount earned as revenue during the period		1,349,500		937,900
Fees earned that were included in the balance at the beginning of the period		(951,600)		(966,100)
Balance at end of period	$	9,016,000	$	8,480,300

The following table illustrates future estimated revenue to be recognized for the remainder of 2023 and full fiscal years thereafter related to performance obligations that are unsatisfied (or partially unsatisfied) as of July 1, 2023.


Contract Liabilities expected to be recognized in	Amount
2023	$	805,700
2024		1,567,500
2025		1,351,100
2026		1,146,700
2027		972,000
Thereafter		3,173,000
	$	9,016,000