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Contract Liabilities:

6 Months Ended

Jun. 29, 2024

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 2024 and 2023, respectively:


	June 29, 2024		July 1, 2023
Balance at beginning of period	$	9,323,600	$	8,618,100
Franchise and software license fees collected from franchisees, excluding amount earned as revenue during the period		1,036,900		1,349,500
Fees earned that were included in the balance at the beginning of the period		(823,700)		(951,600)
Balance at end of period	$	9,536,800	$	9,016,000

The following table illustrates future estimated revenue to be recognized for the remainder of 2024 and full fiscal years thereafter related to performance obligations that are unsatisfied (or partially unsatisfied) as of June 29, 2024.


Contract Liabilities expected to be recognized in	Amount
2024	$	794,700
2025		1,558,400
2026		1,354,000
2027		1,179,300
2028		1,009,900
Thereafter		3,640,500
	$	9,536,800