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<SEC-DOCUMENT>0000825324-05-000026.txt : 20050404
<SEC-HEADER>0000825324-05-000026.hdr.sgml : 20050404
<ACCEPTANCE-DATETIME>20050404130403
ACCESSION NUMBER:		0000825324-05-000026
CONFORMED SUBMISSION TYPE:	S-3/A
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20050404
DATE AS OF CHANGE:		20050404

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			GOOD TIMES RESTAURANTS INC
		CENTRAL INDEX KEY:			0000825324
		STANDARD INDUSTRIAL CLASSIFICATION:	RETAIL-EATING PLACES [5812]
		IRS NUMBER:				841133368
		STATE OF INCORPORATION:			NV
		FISCAL YEAR END:			0930

	FILING VALUES:
		FORM TYPE:		S-3/A
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-122890
		FILM NUMBER:		05728589

	BUSINESS ADDRESS:	
		STREET 1:		601 CORPORATE CIRCLE
		CITY:			GOLDEN
		STATE:			CO
		ZIP:			80401
		BUSINESS PHONE:		3033841400

	MAIL ADDRESS:	
		STREET 1:		601 CORPORATE CIRCLE
		CITY:			GOLDEN
		STATE:			CO
		ZIP:			80401

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	PARAMOUNT VENTURES INC
		DATE OF NAME CHANGE:	19900205
</SEC-HEADER>
<DOCUMENT>
<TYPE>S-3/A
<SEQUENCE>1
<FILENAME>amendonetos3pipe.htm
<DESCRIPTION>AMENDED S3
<TEXT>
<HTML>
<HEAD>
<META ="Content-Type" CONTENT="text/html; charset=windows-1252">
<META NAME="Generator" CONTENT="Microsoft Word 97">
<TITLE>As filed with the Securities and Exchange Commission on February _____, 2002</TITLE>
<META NAME="DOCID" CONTENT="CO_DOCS_A #156300 v2">
</HEAD>
<BODY LINK="#0000ff" VLINK="#800080">

<P ALIGN="RIGHT">As filed with the Securities and Exchange Commission on April 4, 2005</P>
<P ALIGN="RIGHT">Registration No. 333-122890</P>
<P ALIGN="CENTER">UNITED STATES</P>
<P ALIGN="CENTER">SECURITIES AND EXCHANGE COMMISSION</P>
<P ALIGN="CENTER">Washington, D.C. 20549</P>
<B><P ALIGN="CENTER">Amendment No. 1</P>
<P ALIGN="CENTER">to</P>
<P ALIGN="CENTER">FORM S-3</P>
<P ALIGN="CENTER">REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933</P>
<P ALIGN="CENTER">Good Times Restaurants Inc.</P>
</B><P ALIGN="CENTER">(Exact name of registrant as specified in its charter)</P>
<P ALIGN="CENTER">Nevada<U><BR>
</U>(State or other jurisdiction of incorporation or organization)</P>
<P ALIGN="CENTER">84-1133368<U><BR>
</U>(I.R.S. Employer Identification No.)</P>
<P ALIGN="CENTER">601 Corporate Circle<BR>
Golden, Colorado 80401<BR>
(303) 384-1400<BR>
(Address, including zip code, and telephone number, including area code,</P>
<P ALIGN="CENTER">of registrant's principal executive offices)<BR>
<BR>
Boyd E. Hoback<BR>
President and Chief Executive Officer<BR>
Good Times Restaurants Inc.<BR>
601 Corporate Circle<BR>
Golden, Colorado 80401<BR>
(303) 384-1400</P>
<P ALIGN="CENTER">(Name, address, including zip code, and telephone number, including area code, of agent for service)<BR>
______________________________<BR>
<BR>
Copies to:<BR>
Roger C. Cohen, Esq.<BR>
Dwight R. Landes, Esq.<BR>
Ballard Spahr Andrews &amp; Ingersoll, LLP<BR>
1225 17<SUP>th</SUP> Street, Suite 2300 <BR>
Denver, Colorado 80202<BR>
(303) 292-2400<BR>
______________________________</P>
<P ALIGN="CENTER">At such time or times after the effective date of the registration statement as the selling<BR>
securityholders shall determine, subject to certain contractual restrictions on the transfer of the securities<BR>
(Approximate date of commencement of proposed sale to the public)</P>
<FONT SIZE=2><P ALIGN="CENTER">&nbsp;</P>
<P>If the only securities being registered on this Form are being offered pursuant to dividend or interest reinvestment plans, please check the following box: [ ]</P>
<P>If any of the securities being registered on this Form are to be offered on a delayed or continuous basis pursuant to Rule 415 under the Securities Act of 1933, other than securities offered only in connection with dividend or interest reinvestment plans, check the following box: [ x ]</P>
<P>If this Form is filed to register additional securities for an offering pursuant to Rule 462(b) under the Securities Act, please check the following box and list the Securities Act registration statement number of the earlier effective registration statement for the same offering: [ ]__________________</P>
<P>If this Form is a post-effective amendment filed pursuant to Rule 462(c) under the Securities Act, check the following box and list the Securities Act registration statement number of the earlier effective registration statement for the same offering: [ ]__________________</P>
<P>If delivery of the prospectus is expected to be made pursuant to Rule 434, please check the following box: [ ]</P>
<P>The registrant hereby amends this Registration Statement on such date or dates as may be necessary to delay its effective date until the registrant shall file a further amendment which specifically states that this Registration Statement shall thereafter become effective in accordance with Section 8(a) of the Securities Act of 1933, as amended, or until this Registration Statement shall become effective on such date as the Commission, acting pursuant to said Section&nbsp;8(a), may determine.</P>
<B><P ALIGN="CENTER">EXPLANATORY NOTE</P>
</B><P>The purpose of this Amendment No. 1 is solely to file Exhibit 5.1 to this Registration Statement as set forth below in Item 16 of Part II. No changes have been made to Part I or Items 14, 15 or 17 of Part II of the Registration Statement. Accordingly, they have been omitted.</P>
<B><P ALIGN="CENTER">Part II</P>
</B><P><BR>
Item 16.&#9; Exhibits.</P>
<P>The following exhibits are furnished as part of this registration statement:</P></FONT>
<TABLE CELLSPACING=0 BORDER=0 CELLPADDING=7 WIDTH=637>
<TR><TD WIDTH="15%" VALIGN="TOP" HEIGHT=38>
<FONT SIZE=2><P>Exhibit</P>
<U><P>Number</U></FONT></TD>
<TD WIDTH="85%" VALIGN="TOP" HEIGHT=38>
<U><FONT SIZE=2><P>Description</U></FONT></TD>
</TR>
<TR><TD WIDTH="15%" VALIGN="TOP">
<FONT SIZE=2><P>4.1</FONT></TD>
<TD WIDTH="85%" VALIGN="TOP">
<FONT SIZE=2><P>Articles of Incorporation of the registrant (previously filed on November 30, 1988 as Exhibit 3.1 to the registrant's Registration Statement on Form S-18 (File No. 33-25810-LA) and incorporated herein by reference)</FONT></TD>
</TR>
<TR><TD WIDTH="15%" VALIGN="TOP">
<FONT SIZE=2><P>4.2</FONT></TD>
<TD WIDTH="85%" VALIGN="TOP">
<FONT SIZE=2><P>Amendment to Articles of Incorporation of the registrant dated January 23, 1990 (previously filed on January 18, 1990 as Exhibit 3.1 to the registrant's Current Report on Form 8-K (File No. 000-18590) and incorporated herein by reference)</FONT></TD>
</TR>
<TR><TD WIDTH="15%" VALIGN="TOP">
<FONT SIZE=2><P>4.3</FONT></TD>
<TD WIDTH="85%" VALIGN="TOP">
<FONT SIZE=2><P>Amendment to Articles of Incorporation of the registrant (previously filed as Exhibit 3.5 to the registrant's Annual Report on Form 10-KSB for the fiscal year ended September 30, 1996 (File No. 000-18590) and incorporated herein by reference)</FONT></TD>
</TR>
<TR><TD WIDTH="15%" VALIGN="TOP">
<FONT SIZE=2><P>4.4</FONT></TD>
<TD WIDTH="85%" VALIGN="TOP">
<FONT SIZE=2><P>Certificate of Designations, Preferences, and Rights of Series B Convertible Preferred Stock (previously filed as Exhibit&nbsp;1 to the Amendment No.&nbsp;6 to Schedule 13D filed by The Erie County Investment Co., The Bailey Company, LLLP and Paul&nbsp;T. Bailey (File No. 005-42729) on February&nbsp;14, 2005 and incorporated herein by reference)</FONT></TD>
</TR>
<TR><TD WIDTH="15%" VALIGN="TOP">
<FONT SIZE=2><P>4.5</FONT></TD>
<TD WIDTH="85%" VALIGN="TOP">
<FONT SIZE=2><P>Restated Bylaws of the registrant dated November 7, 1997 (previously filed as Exhibit 3.6 to the registrant's Annual Report on Form 10-KSB for the fiscal year ended September 30, 1997 (File No. 000-18590) and incorporated herein by reference)</FONT></TD>
</TR>
<TR><TD WIDTH="15%" VALIGN="TOP">
<FONT SIZE=2><P>4.6</FONT></TD>
<TD WIDTH="85%" VALIGN="TOP">
<FONT SIZE=2><P>Securities Purchase Agreement dated as of December 30, 2004 among Good Times Restaurants Inc., Pacere Investments, LLC and individual investors (previously filed as Exhibit 10.1 to the registrant's Current Report on Form 8-K filed on January&nbsp;3, 2005 (File No. 000-18590) and incorporated herein by reference)</FONT></TD>
</TR>
<TR><TD WIDTH="15%" VALIGN="TOP">
<FONT SIZE=2><P>4.7</FONT></TD>
<TD WIDTH="85%" VALIGN="TOP">
<FONT SIZE=2><P>Securities Purchase Agreement dated as of December 30, 2004 between Good Times Restaurants Inc. and The Bailey Company, LLLP (previously filed as Exhibit 10.2 to the registrant's Current Report on Form 8-K filed on January&nbsp;3, 2005 (File No. 000-18590) and incorporated herein by reference) </FONT></TD>
</TR>
<TR><TD WIDTH="15%" VALIGN="TOP">
<FONT SIZE=2><P>4.8</FONT></TD>
<TD WIDTH="85%" VALIGN="TOP">
<FONT SIZE=2><P>Securities Purchase Agreement dated as of December 30, 2004 between Good Times Restaurants Inc. and Eric Reinhard (previously filed as Exhibit 10.3 to the registrant's Current Report on Form 8-K filed on January&nbsp;3, 2005 (File No. 000-18590) and incorporated herein by reference) </FONT></TD>
</TR>
<TR><TD WIDTH="15%" VALIGN="TOP">
<FONT SIZE=2><P>4.9</FONT></TD>
<TD WIDTH="85%" VALIGN="TOP">
<FONT SIZE=2><P>Stock Restriction and Registration Rights Agreement dated as of December 30, 2004 among Good Times Restaurants Inc., Pacere Investments, LLC and individual investors (previously filed as Exhibit 10.4 to the registrant's Current Report on Form 8-K filed on January&nbsp;3, 2005 (File No. 000-18590) and incorporated herein by reference)</FONT></TD>
</TR>
<TR><TD WIDTH="15%" VALIGN="TOP">
<FONT SIZE=2><P>4.10</FONT></TD>
<TD WIDTH="85%" VALIGN="TOP">
<FONT SIZE=2><P>Stock Restriction and Registration Rights Agreement dated as of December 30, 2004 among Good Times Restaurants Inc. and The Bailey Company, LLLP (previously filed as Exhibit 10.5 to the registrant's Current Report on Form 8-K filed on January&nbsp;3, 2005 (File No. 000-18590) and incorporated herein by reference)</FONT></TD>
</TR>
<TR><TD WIDTH="15%" VALIGN="TOP">
<FONT SIZE=2><P>4.11</FONT></TD>
<TD WIDTH="85%" VALIGN="TOP">
<FONT SIZE=2><P>Stock Restriction and Registration Rights Agreement dated as of December 30, 2004 among Good Times Restaurants Inc. and Eric Reinhard (previously filed as Exhibit 10.6 to the registrant's Current Report on Form 8-K filed on January&nbsp;3, 2005 (File No. 000-18590) and incorporated herein by reference)</FONT></TD>
</TR>
<TR><TD WIDTH="15%" VALIGN="TOP">
<FONT SIZE=2><P>4.12</FONT></TD>
<TD WIDTH="85%" VALIGN="TOP">
<FONT SIZE=2><P>Supplemental Registration Rights Agreement dated as of December 30, 2004 between Good Times Restaurants Inc. and The Bailey Company, LLLP (previously filed as Exhibit 10.7 to the registrant's Current Report on Form 8-K filed on January&nbsp;3, 2005 (File No. 000-18590) and incorporated herein by reference)</FONT></TD>
</TR>
<TR><TD WIDTH="15%" VALIGN="TOP">
<FONT SIZE=2><P>4.13</FONT></TD>
<TD WIDTH="85%" VALIGN="TOP">
<FONT SIZE=2><P>Amendment to Securities Purchase Agreements dated as of January&nbsp;27, 2005 among Good Times Restaurants Inc., The Erie County Investment Co., Pascere Investments, LLC and the investors signatory thereto, and Eric W. Reinhard </FONT>(<FONT SIZE=2>previously filed as Exhibit 10. 1 to the registrant's Current Report on Form 8-K filed on January&nbsp;27, 2005 (File No. 000-18590) and incorporated herein by reference)</FONT></TD>
</TR>
<TR><TD WIDTH="15%" VALIGN="TOP">
<FONT SIZE=2><P>4.14</FONT></TD>
<TD WIDTH="85%" VALIGN="TOP">
<FONT SIZE=2><P>Amendment to Supplemental Stock Restriction and Registration Rights Agreement dated as of February&nbsp;8, 2005 among Good Times Restaurants Inc., The Erie County Investment Co. and The Bailey Company, LLLP (previously filed as Exhibit&nbsp;5 to the Amendment&nbsp;No.&nbsp;6 to Schedule 13D filed by The Erie County Investment Co., The Bailey Company, LLLP and Paul&nbsp;T. Bailey (File No. 005-42729) on February&nbsp;14, 2005 and incorporated herein by reference)</FONT></TD>
</TR>
<TR><TD WIDTH="15%" VALIGN="TOP">
<FONT SIZE=2><P>5.1*</FONT></TD>
<TD WIDTH="85%" VALIGN="TOP">
<FONT SIZE=2><P>Opinion of Ballard Spahr Andrews &amp; Ingersoll, LLP </FONT></TD>
</TR>
<TR><TD WIDTH="15%" VALIGN="TOP">
<FONT SIZE=2><P>23.1**</FONT></TD>
<TD WIDTH="85%" VALIGN="TOP">
<FONT SIZE=2><P>Consent of Hein &amp; Associates LLP </FONT></TD>
</TR>
<TR><TD WIDTH="15%" VALIGN="TOP">
<FONT SIZE=2><P>23.2*</FONT></TD>
<TD WIDTH="85%" VALIGN="TOP">
<FONT SIZE=2><P>Consent of Ballard Spahr Andrews &amp; Ingersoll, LLP (included in Exhibit 5.1)</FONT></TD>
</TR>
<TR><TD WIDTH="15%" VALIGN="TOP">
<FONT SIZE=2><P>24.1**</FONT></TD>
<TD WIDTH="85%" VALIGN="TOP">
<FONT SIZE=2><P>Power of Attorney (included in signature page hereof)</FONT></TD>
</TR>
</TABLE>

<FONT SIZE=2><P>*&#9;Filed herewith.</P>
<P>**&#9;Previously filed.</P>
<B><P ALIGN="CENTER">Signatures</P>
</B><P>Pursuant to the requirements of the Securities Act of 1933, the registrant certifies that it has reasonable grounds to believe that it meets all of the requirements for filing on Form S-3 and has duly caused this registration statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of Golden, State of Colorado, on April 4, 2005.</P><DIR>
<DIR>
<DIR>
<DIR>
<DIR>
<DIR>
<DIR>
<DIR>
<DIR>
<DIR>
<DIR>
<DIR>

<P>GOOD TIMES RESTAURANTS INC.</P>
<P>By: <U>/s/ Boyd E. Hoback</P>
</U><P>Boyd E. Hoback, President</P>
<P>and Chief Executive Officer</P></DIR>
</DIR>
</DIR>
</DIR>
</DIR>
</DIR>
</DIR>
</DIR>
</DIR>
</DIR>
</DIR>
</DIR>

<P>Pursuant to the requirements of the Securities Act of 1933, this registration statement has been signed by the following persons in the capacities and on the dates indicated. </P></FONT>
<TABLE CELLSPACING=0 BORDER=0 CELLPADDING=7 WIDTH=631>
<TR><TD WIDTH="41%" VALIGN="TOP">
<B><U><FONT SIZE=2><P ALIGN="CENTER">Signature</B></U></FONT></TD>
<TD WIDTH="36%" VALIGN="TOP">
<B><U><FONT SIZE=2><P ALIGN="CENTER">Title</B></U></FONT></TD>
<TD WIDTH="22%" VALIGN="TOP">
<B><U><FONT SIZE=2><P ALIGN="CENTER">Date</B></U></FONT></TD>
</TR>
<TR><TD WIDTH="41%" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="36%" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="22%" VALIGN="TOP">
<P>&nbsp;</TD>
</TR>
<TR><TD WIDTH="41%" VALIGN="TOP">
<U><FONT SIZE=2><P>/s/ Boyd E. Hoback</P>
</U><P>Boyd E. Hoback</FONT></TD>
<TD WIDTH="36%" VALIGN="TOP">
<FONT SIZE=2><P>President, Chief Executive Officer and Director</FONT></TD>
<TD WIDTH="22%" VALIGN="TOP">
<FONT SIZE=2><P ALIGN="CENTER">April 4, 2005</FONT></TD>
</TR>
<TR><TD WIDTH="41%" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="36%" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="22%" VALIGN="TOP">
<P>&nbsp;</TD>
</TR>
<TR><TD WIDTH="41%" VALIGN="TOP">
<U><FONT SIZE=2><P>/s/ Susan M. Knutson</P>
</U><P>Susan M. Knutson</FONT></TD>
<TD WIDTH="36%" VALIGN="TOP">
<FONT SIZE=2><P>Controller (Principal accounting officer and principal financial officer)</FONT></TD>
<TD WIDTH="22%" VALIGN="TOP">
<FONT SIZE=2><P ALIGN="CENTER">April 4, 2005</FONT></TD>
</TR>
<TR><TD WIDTH="41%" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="36%" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="22%" VALIGN="TOP">
<P>&nbsp;</TD>
</TR>
<TR><TD WIDTH="41%" VALIGN="TOP">
<FONT SIZE=2><P>*_________________________________</P>
<P>Geoffrey R. Bailey</FONT></TD>
<TD WIDTH="36%" VALIGN="TOP">
<FONT SIZE=2><P>Director</FONT></TD>
<TD WIDTH="22%" VALIGN="TOP">
<FONT SIZE=2><P ALIGN="CENTER">April 4, 2005</FONT></TD>
</TR>
<TR><TD WIDTH="41%" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="36%" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="22%" VALIGN="TOP">
<P>&nbsp;</TD>
</TR>
<TR><TD WIDTH="41%" VALIGN="TOP">
<FONT SIZE=2><P>*_________________________________</P>
<P>Ron Goodson</FONT></TD>
<TD WIDTH="36%" VALIGN="TOP">
<FONT SIZE=2><P>Director</FONT></TD>
<TD WIDTH="22%" VALIGN="TOP">
<FONT SIZE=2><P ALIGN="CENTER">April 4, 2005</FONT></TD>
</TR>
<TR><TD WIDTH="41%" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="36%" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="22%" VALIGN="TOP">
<P>&nbsp;</TD>
</TR>
<TR><TD WIDTH="41%" VALIGN="TOP">
<FONT SIZE=2><P>*_________________________________</P>
<P>David J. Grissen</FONT></TD>
<TD WIDTH="36%" VALIGN="TOP">
<FONT SIZE=2><P>Director</FONT></TD>
<TD WIDTH="22%" VALIGN="TOP">
<FONT SIZE=2><P ALIGN="CENTER">April 4, 2005</FONT></TD>
</TR>
<TR><TD WIDTH="41%" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="36%" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="22%" VALIGN="TOP">
<P>&nbsp;</TD>
</TR>
<TR><TD WIDTH="41%" VALIGN="TOP">
<FONT SIZE=2><P>*_________________________________</P>
<P>Eric W. Reinhard</FONT></TD>
<TD WIDTH="36%" VALIGN="TOP">
<FONT SIZE=2><P>Director</FONT></TD>
<TD WIDTH="22%" VALIGN="TOP">
<FONT SIZE=2><P ALIGN="CENTER">April 4, 2005</FONT></TD>
</TR>
<TR><TD WIDTH="41%" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="36%" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="22%" VALIGN="TOP">
<P>&nbsp;</TD>
</TR>
<TR><TD WIDTH="41%" VALIGN="TOP">
<FONT SIZE=2><P>*_________________________________</P>
<P>Richard J. Stark</FONT></TD>
<TD WIDTH="36%" VALIGN="TOP">
<FONT SIZE=2><P>Director</FONT></TD>
<TD WIDTH="22%" VALIGN="TOP">
<FONT SIZE=2><P ALIGN="CENTER">April 4, 2005</FONT></TD>
</TR>
<TR><TD WIDTH="41%" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="36%" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="22%" VALIGN="TOP">
<P>&nbsp;</TD>
</TR>
<TR><TD WIDTH="41%" VALIGN="TOP">
<FONT SIZE=2><P>*_________________________________</P>
<P>Alan A. Teran</FONT></TD>
<TD WIDTH="36%" VALIGN="TOP">
<FONT SIZE=2><P>Director</FONT></TD>
<TD WIDTH="22%" VALIGN="TOP">
<FONT SIZE=2><P ALIGN="CENTER">April 4, 2005</FONT></TD>
</TR>
<TR><TD WIDTH="41%" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="36%" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="22%" VALIGN="TOP">
<P>&nbsp;</TD>
</TR>
</TABLE>

<FONT SIZE=2><P>&#9;<U>/s/ Boyd E. Hoback</P>
</U><P>*&#9;By:&#9;Boyd E. Hoback</P>
<P>&#9;&#9;Attorney-in-Fact</P>
<B><P ALIGN="CENTER">EXHIBIT INDEX</P></B></FONT>
<TABLE CELLSPACING=0 BORDER=0 CELLPADDING=7 WIDTH=637>
<TR><TD WIDTH="15%" VALIGN="TOP" HEIGHT=38>
<FONT SIZE=2><P>Exhibit</P>
<U><P>Number</U></FONT></TD>
<TD WIDTH="85%" VALIGN="TOP" HEIGHT=38>
<U><FONT SIZE=2><P>Description</U></FONT></TD>
</TR>
<TR><TD WIDTH="15%" VALIGN="TOP">
<FONT SIZE=2><P>4.1</FONT></TD>
<TD WIDTH="85%" VALIGN="TOP">
<FONT SIZE=2><P>Articles of Incorporation of the registrant (previously filed on November 30, 1988 as Exhibit 3.1 to the registrant's Registration Statement on Form S-18 (File No. 33-25810-LA) and incorporated herein by reference)</FONT></TD>
</TR>
<TR><TD WIDTH="15%" VALIGN="TOP">
<FONT SIZE=2><P>4.2</FONT></TD>
<TD WIDTH="85%" VALIGN="TOP">
<FONT SIZE=2><P>Amendment to Articles of Incorporation of the registrant dated January 23, 1990 (previously filed on January 18, 1990 as Exhibit 3.1 to the registrant's Current Report on Form 8-K (File No. 000-18590) and incorporated herein by reference)</FONT></TD>
</TR>
<TR><TD WIDTH="15%" VALIGN="TOP">
<FONT SIZE=2><P>4.3</FONT></TD>
<TD WIDTH="85%" VALIGN="TOP">
<FONT SIZE=2><P>Amendment to Articles of Incorporation of the registrant (previously filed as Exhibit 3.5 to the registrant's Annual Report on Form 10-KSB for the fiscal year ended September 30, 1996 (File No. 000-18590) and incorporated herein by reference)</FONT></TD>
</TR>
<TR><TD WIDTH="15%" VALIGN="TOP">
<FONT SIZE=2><P>4.4</FONT></TD>
<TD WIDTH="85%" VALIGN="TOP">
<FONT SIZE=2><P>Certificate of Designations, Preferences, and Rights of Series B Convertible Preferred Stock (previously filed as Exhibit&nbsp;1 to the Amendment No. 6 to Schedule&nbsp;13D filed by The Erie County Investment Co., The Bailey Company, LLLP and Paul&nbsp;T. Bailey (File No. 005-42729) on February&nbsp;14, 2005 and incorporated herein by reference)</FONT></TD>
</TR>
<TR><TD WIDTH="15%" VALIGN="TOP">
<FONT SIZE=2><P>4.5</FONT></TD>
<TD WIDTH="85%" VALIGN="TOP">
<FONT SIZE=2><P>Restated Bylaws of the registrant dated November 7, 1997 (previously filed as Exhibit 3.6 to the registrant's Annual Report on Form 10-KSB for the fiscal year ended September 30, 1997 (File No. 000-18590) and incorporated herein by reference)</FONT></TD>
</TR>
<TR><TD WIDTH="15%" VALIGN="TOP">
<FONT SIZE=2><P>4.6</FONT></TD>
<TD WIDTH="85%" VALIGN="TOP">
<FONT SIZE=2><P>Securities Purchase Agreement dated as of December 30, 2004 among Good Times Restaurants Inc., Pacere Investments, LLC and individual investors (previously filed as Exhibit 10.1 to the registrant's Current Report on Form 8-K filed on January&nbsp;3, 2005 (File No. 000-18590) and incorporated herein by reference)</FONT></TD>
</TR>
<TR><TD WIDTH="15%" VALIGN="TOP">
<FONT SIZE=2><P>4.7</FONT></TD>
<TD WIDTH="85%" VALIGN="TOP">
<FONT SIZE=2><P>Securities Purchase Agreement dated as of December 30, 2004 between Good Times Restaurants Inc. and The Bailey Company, LLLP (previously filed as Exhibit 10.2 to the registrant's Current Report on Form 8-K filed on January&nbsp;3, 2005 (File No. 000-18590) and incorporated herein by reference) </FONT></TD>
</TR>
<TR><TD WIDTH="15%" VALIGN="TOP">
<FONT SIZE=2><P>4.8</FONT></TD>
<TD WIDTH="85%" VALIGN="TOP">
<FONT SIZE=2><P>Securities Purchase Agreement dated as of December 30, 2004 between Good Times Restaurants Inc. and Eric Reinhard (previously filed as Exhibit 10.3 to the registrant's Current Report on Form 8-K filed on January&nbsp;3, 2005 (File No. 000-18590) and incorporated herein by reference) </FONT></TD>
</TR>
<TR><TD WIDTH="15%" VALIGN="TOP">
<FONT SIZE=2><P>4.9</FONT></TD>
<TD WIDTH="85%" VALIGN="TOP">
<FONT SIZE=2><P>Stock Restriction and Registration Rights Agreement dated as of December 30, 2004 among Good Times Restaurants Inc., Pacere Investments, LLC and individual investors (previously filed as Exhibit 10.4 to the registrant's Current Report on Form 8-K filed on January&nbsp;3, 2005 (File No. 000-18590) and incorporated herein by reference)</FONT></TD>
</TR>
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<FONT SIZE=2><P>4.10</FONT></TD>
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<FONT SIZE=2><P>Stock Restriction and Registration Rights Agreement dated as of December 30, 2004 among Good Times Restaurants Inc. and The Bailey Company, LLLP (previously filed as Exhibit 10.5 to the registrant's Current Report on Form 8-K filed on January&nbsp;3, 2005 (File No. 000-18590) and incorporated herein by reference)</FONT></TD>
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<FONT SIZE=2><P>4.11</FONT></TD>
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<FONT SIZE=2><P>Stock Restriction and Registration Rights Agreement dated as of December 30, 2004 among Good Times Restaurants Inc. and Eric Reinhard (previously filed as Exhibit 10.6 to the registrant's Current Report on Form 8-K filed on January&nbsp;3, 2005 (File No. 000-18590) and incorporated herein by reference)</FONT></TD>
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<FONT SIZE=2><P>4.12</FONT></TD>
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<FONT SIZE=2><P>Supplemental Registration Rights Agreement dated as of December 30, 2004 between Good Times Restaurants Inc. and The Bailey Company, LLLP (previously filed as Exhibit 10.7 to the registrant's Current Report on Form 8-K filed on January&nbsp;3, 2005 (File No. 000-18590) and incorporated herein by reference)</FONT></TD>
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<FONT SIZE=2><P>4.13</FONT></TD>
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<FONT SIZE=2><P>Amendment to Securities Purchase Agreements dated as of January&nbsp;27, 2005 among Good Times Restaurants Inc., The Erie County Investment Co., Pascere Investments, LLC and the investors signatory thereto, and Eric W. Reinhard (previously filed as Exhibit 10. 1 to the registrant's Current Report on Form 8-K filed on January&nbsp;27, 2005 (File No. 000-18590) and incorporated herein by reference)</FONT></TD>
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<FONT SIZE=2><P>4.14</FONT></TD>
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<FONT SIZE=2><P>Amendment to Supplemental Stock Restriction and Registration Rights Agreement dated as of February&nbsp;8, 2005 among Good Times Restaurants Inc., The Erie County Investment Co. and The Bailey Company, LLLP (previously filed as Exhibit&nbsp;5 to the Amendment No. 6 to Schedule 13D filed by The Erie County Investment Co., The Bailey Company, LLLP and Paul&nbsp;T. Bailey (File No. 005-42729) on February&nbsp;14, 2005 and incorporated herein by reference)</FONT></TD>
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<FONT SIZE=2><P>5.1*</FONT></TD>
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<FONT SIZE=2><P>Opinion of Ballard Spahr Andrews &amp; Ingersoll, LLP </FONT></TD>
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<FONT SIZE=2><P>23.1**</FONT></TD>
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<FONT SIZE=2><P>Consent of Hein &amp; Associates LLP </FONT></TD>
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<FONT SIZE=2><P>23.2*</FONT></TD>
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<FONT SIZE=2><P>Consent of Ballard Spahr Andrews &amp; Ingersoll, LLP (included in Exhibit 5.1)</FONT></TD>
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<FONT SIZE=2><P>24.1**</FONT></TD>
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<FONT SIZE=2><P>Power of Attorney (included in signature page hereof)</FONT></TD>
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<FONT SIZE=2><P>*&#9;Filed herewith.</P>
<P>**&#9;Previously filed.</P></FONT></BODY>
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<DESCRIPTION>AMENDED S3 EXHIBIT 5.1
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<P ALIGN="RIGHT">EXHIBIT 5.1</P>
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<FONT SIZE=2><P ALIGN="CENTER">LAW OFFICES</P>
</FONT><B><FONT SIZE=3><P ALIGN="CENTER">BALLARD SPAHR ANDREWS &amp; INGERSOLL, LLP</P>
</B></FONT><FONT SIZE=2><P ALIGN="CENTER">1225 17H STREET, SUITE 2300</P>
<P ALIGN="CENTER">DENVER, COLORADO 80202-5596</P>
<P ALIGN="CENTER">303-292-2400</P>
<P ALIGN="CENTER">FAX: 303-296-3956</P>
<P ALIGN="CENTER">LAWYERS@BALLARDSPAHR.COM</FONT></TD>
<TD WIDTH="15%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="26%" VALIGN="TOP">
<FONT SIZE=2><P ALIGN="CENTER">PHILADELPHIA, PA</P>
<P ALIGN="CENTER">BALTIMORE, MD</P>
<P ALIGN="CENTER">CAMDEN, NJ</P>
<P ALIGN="CENTER">SALT LAKE CITY, UT</P>
<P ALIGN="CENTER">VOORHEES, NJ</P>
<P ALIGN="CENTER">WASHINGTON, DC</FONT></TD>
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<P>April 4, 2005</P>

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<P>Good Times Restaurants Inc.</P>
<P>601 Corporate Circle</P>
<P>Golden, Colorado  80401</P>
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<P>Re:&#9;<U>Registration Statement on Form S-3</P>
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<P>Ladies and Gentlemen:</P>

<P>We have acted as counsel to Good Times Restaurants Inc., a Nevada corporation (the &quot;Company&quot;), and are rendering this opinion in connection with the filing of a Registration Statement on Form S-3 (the &quot;Registration Statement&quot;) by the Company with the Securities and Exchange Commission (the &quot;Commission&quot;) under the Securities Act of 1933, as amended (the &quot;Securities Act&quot;), relating to the registration by the Company of a total of 2,061,512 shares of the Company's common stock, par value $.001 per share (the &quot;Common Stock&quot;), which includes 1,240,000 shares of Common Stock issuable upon conversion of 1,240,000 shares of the Companys Series&nbsp;B Convertible Preferred Stock, par value $.01 per share (the &quot;Series B Preferred Stock&quot;), and an additional 821,512 issued and outstanding shares of Common Stock, all of which shares of Common Stock may be resold by certain holders of the shares of Common Stock as described in the Registration Statement.</P>
<P>The 1,240,000 shares of Series B Preferred Stock were initially sold by the Company in reliance on Section&nbsp;4(2) of the Securities Act, and the additional 821,512 issued and outstanding shares of Common Stock were initially issued by the Company upon conversion of shares of the Company's Series&nbsp;A Convertible Preferred Stock, par value $.01 per share (the &quot;Series A Preferred Stock&quot;), in reliance on Section&nbsp;3(a)(9) of the Securities Act.  The shares of Series A Preferred Stock were initially sold by the Company in reliance on Section&nbsp;4(2) of the Securities Act.  The total of 2,061,512 shares of Common Stock included in the Registration Statement may be resold or delivered from time to time as set forth in the Registration Statement, any amendment thereto and the prospectus contained therein pursuant to Rule&nbsp;415 promulgated by the Commission under the Securities Act.</P>
<P>In our capacity as counsel, we have examined, and relied upon the accuracy of the factual matters contained therein, the Registration Statement, the Company's Articles of Incorporation, including the Company's Certificate of Designations, Preferences, and Rights of Series B Convertible Preferred Stock (the &quot;Certificate of Designations&quot;), and originals and copies, certified or otherwise identified to our satisfaction, of such other agreements, documents, corporate records and instruments, and such certificates or comparable documents of public officials and officers and representatives of the Company as we have deemed necessary for the purposes of the opinion expressed below.  In giving this opinion, we are assuming the authenticity of all instruments presented to us as originals, the conformity with the originals of all instruments presented to us as copies and the genuineness of all signatures.  We are also assuming that the 1,240,000 shares of Common Stock issuable upon conversion of the share
s of Series B Preferred Stock will continue to be duly and validly authorized on the dates that such shares of Common Stock are issued to the holders pursuant to the terms of the Certificate of Designations, and, upon the issuance of such shares of Common Stock, the total number of shares of Common Stock that the Company has issued, after giving effect to such issuance of such shares of Common Stock upon conversion of the Series B Preferred Stock, will not exceed the total number of shares of Common Stock that the Company is then authorized to issue under the Company's Articles of Incorporation.</P>
<P>One or more of the lawyers in our firm are licensed to practice law in the State of Nevada.  We are not generally engaged in the practice of law in the State of Nevada and have not obtained a separate opinion of counsel practicing law in the State of Nevada with respect to the opinion expressed below.  However, we have examined Nevada General Corporation Law as presently in effect and have made such inquiries as we consider necessary to render the opinion.</P>
<P>Based upon the foregoing, and subject to the limitations, qualifications and assumptions set forth herein, we are of the opinion that:</P><DIR>
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<P>1.&#9;The 821,512 issued shares of Common Stock included in the Registration Statement have been validly issued, fully paid and are nonassessable.</P>
<P>2.&#9;The 1,240,000 shares of Common Stock included in the Registration Statement that are issuable upon conversion of the shares of Series B Preferred Stock, when issued upon conversion of the shares of Series&nbsp;B Preferred Stock in accordance with the terms of the Certificate of Designations, will be validly issued, fully paid and nonassessable.</P></DIR>
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<P>This opinion is limited to the matters expressly stated herein.  No implied opinion may be inferred to extend this opinion beyond the matters expressly stated herein.  We do not undertake to advise you of any changes in the opinion expressed herein resulting from changes in law, changes in facts or any other matters that might occur or be brought to our attention after the date hereof.</P>
<P>We hereby consent to the sole use of this opinion as an exhibit to the Registration Statement and to the use of our name under the heading of &quot;Legal Matters&quot; in the prospectus included therein.  It is understood that this opinion may be used in connection with offers and sales of the shares of Common Stock included in the Registration Statement made during the time when the Registration Statement is in effect.  This opinion is not to be used, circulated, quoted, referred to or relied upon by any other person or for any other purpose without our prior written consent.</P><DIR>
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<P>Very truly yours,</P>
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<P>/s/</P></DIR>
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