-----BEGIN PRIVACY-ENHANCED MESSAGE-----
Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
Originator-Key-Asymmetric:
 MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen
 TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB
MIC-Info: RSA-MD5,RSA,
 Eyrnj2/nDZVdae4z7Ew899wNSJ9IJfQU5GDxVBgc811cQNhcmeGMZVtblvI1UNSi
 AO3xenlKcFlpjPES8u2/gg==

<SEC-DOCUMENT>0000825324-10-000011.txt : 20100427
<SEC-HEADER>0000825324-10-000011.hdr.sgml : 20100427
<ACCEPTANCE-DATETIME>20100427125935
ACCESSION NUMBER:		0000825324-10-000011
CONFORMED SUBMISSION TYPE:	S-3/A
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20100427
DATE AS OF CHANGE:		20100427

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:	333-165189
		FILM NUMBER:		10772602

	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>forms3a1.htm
<TEXT>
<html>

<head>
<!-- Document Prepared With E-Services, LLC HTML Software-->
<!-- Copyright 2006 E-Services, LLC.-->
<!-- All rights reserved EDGAR2.com -->



<title>As filed with the Securities and Exchange Commission on October 17, 2008</title>



</head>

<body lang=EN-US link=blue vlink=purple>



<p class=MsoNormal align=right style='text-align:right;background:white'><b>&nbsp;</b></p>

<p class=MsoNormal align=right style='text-align:right;background:white'><b>&nbsp;</b></p>





<p class=MsoHeader align=right style='text-align:right'><b><i>&nbsp;</i></b></p>



<p class=MsoNormal align=right style='text-align:right;background:white'><b>As filed with the Securities and Exchange Commission
on April 27, 2010</b></p>

<p class=MsoNormal align=right style='margin-bottom:24.0pt;text-align:right;
background:white'><b>Registration No. 333-165189</b></p>

<div class=MsoNormal align=center style='text-align:center;background:white'>

<hr size=4 width="100%" noshade style='color:black' align=center>

</div>

<p class=MsoNormal align=center style='text-align:center;background:white'><b>UNITED STATES</b></p>

<p class=MsoNormal align=center style='text-align:center;background:white'><b>SECURITIES AND EXCHANGE COMMISSION</b></p>

<p class=MsoNormal align=center style='text-align:center;background:white'><b>Washington</b><b>,&nbsp;D.C. 20549</b></p>

<div class=MsoNormal align=center style='margin-bottom:12.0pt;text-align:center;
background:white'>

<hr size=1 width="45%" noshade style='color:#ACA899' align=center>

</div>

<p class=MsoNormal align=center style='text-align:center;background:white'><b>AMENDMENT NO. 1</b></p>

<p class=MsoNormal align=center style='text-align:center;background:white'><b>TO</b></p>

<p class=MsoNormal align=center style='text-align:center;background:white'><b>FORM&nbsp;S-3</b></p>

<p class=MsoNormal align=center style='text-align:center;background:white'><b>&nbsp;</b></p>

<p class=MsoNormal align=center style='text-align:center;background:white'><b>REGISTRATION STATEMENT</b> <b>UNDER THE SECURITIES ACT OF 1933</b></p>

<div class=MsoNormal align=center style='margin-bottom:24.0pt;text-align:center;
background:white'>

<hr size=1 width="45%" noshade style='color:#ACA899' align=center>

</div>

<p class=MsoNormal align=center style='text-align:center;background:white'><b>GOOD TIMES RESTAURANTS INC.</b></p>

<p class=MsoNormal align=center style='text-align:center;background:white'><i>(Exact name of registrant as specified in its charter)</i></p>



<table class=MsoNormalTable border=0 cellspacing=0 cellpadding=0
 style='border-collapse:collapse'>
 <tr>
  <td width=319 valign=top style='width:239.4pt;padding:0in 5.4pt 0in 5.4pt'>
  <p class=MsoNormal align=center style='text-align:center'><b>Nevada</b></p>
  </td>
  <td width=319 valign=top style='width:239.4pt;padding:0in 5.4pt 0in 5.4pt'>
  <p class=MsoNormal align=center style='text-align:center'><b>84-1133368</b></p>
  </td>
 </tr>
 <tr>
  <td width=319 valign=top style='width:239.4pt;padding:0in 5.4pt 0in 5.4pt'>
  <p class=MsoNormal align=center style='text-align:center'><i>(State or other jurisdiction of<br>
  incorporation or organization)</i></p>
  </td>
  <td width=319 valign=top style='width:239.4pt;padding:0in 5.4pt 0in 5.4pt'>
  <p class=MsoNormal align=center style='text-align:center'><i>(I.R.S. Employer<br>
  Identification Number)</i></p>
  </td>
 </tr>
</table>



<p class=MsoNormal align=center style='text-align:center;background:white'><b>601 Corporate Circle</b></p>

<p class=MsoNormal align=center style='text-align:center;background:white'><b>Golden</b><b>, Colorado 80401</b></p>

<p class=MsoNormal align=center style='text-align:center;background:white'><b>(303) 384-1400</b></p>

<p class=MsoNormal align=center style='text-align:center;background:white'><i>(Address, including zip code, and telephone number,</i></p>

<p class=MsoNormal align=center style='margin-bottom:12.0pt;text-align:center;
background:white'><i>including area code, of
registrant's principal executive offices)</i></p>

<p class=MsoNormal align=center style='text-align:center;background:white'><b>Boyd E. Hoback</b></p>

<p class=MsoNormal align=center style='text-align:center;background:white'><b>President and Chief Executive Officer</b></p>

<p class=MsoNormal align=center style='text-align:center;background:white'><b>Good Times Restaurants Inc.</b></p>

<p class=MsoNormal align=center style='text-align:center;background:white'><b>601 Corporate Circle</b></p>

<p class=MsoNormal align=center style='text-align:center;background:white'><b>Golden</b><b>, Colorado 80401</b></p>

<p class=MsoNormal align=center style='text-align:center;background:white'><b>(303) 384-1400</b></p>

<p class=MsoNormal align=center style='text-align:center;background:white'><i>(Name, address, including zip code, and telephone
number,</i></p>

<p class=MsoNormal align=center style='margin-bottom:12.0pt;text-align:center;
background:white'><i>including area code, of
agent for service)</i></p>

<p class=MsoNormal align=center style='margin-bottom:12.0pt;text-align:center;
background:white'><b>Copy to:</b></p>

<p class=MsoNormal align=center style='text-align:center'><b>Roger C. Cohen, Esq.</b></p>

<p class=MsoNormal align=center style='text-align:center;background:white'><b>Snell &amp; Wilmer L.L.P.</b></p>

<p class=MsoNormal align=center style='text-align:center;background:white'><b>1200 17th Street, Suite 1900</b></p>

<p class=MsoNormal align=center style='text-align:center;background:white'><b>Denver, Colorado 80202</b></p>

<p class=MsoNormal align=center style='text-align:center;background:white'><b>Telephone: (303) 634-2000</b></p>

<p class=MsoNormal align=center style='margin-bottom:12.0pt;text-align:center;
background:white'><b>Facsimile: (303) 634-2020</b></p>

<p class=MsoNormal style='margin-bottom:6.0pt;text-indent:.25in;background:
white'><b>Approximate date of commencement of
proposed sale to the public: </b>&nbsp;From
time to time after the effective date of this registration statement.</p>



<div class=MsoNormal align=center style='text-align:center'>

<hr size=2 width="100%" noshade style='color:navy' align=center>

</div>



<br
clear=all style='page-break-before:always'>










<p class=MsoNormal style='margin-bottom:6.0pt;text-indent:.25in;background:
white'>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 class=MsoNormal style='margin-bottom:6.0pt;text-indent:.25in;background:
white'>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.&nbsp; <u>x</u></p>

<p class=MsoNormal style='margin-bottom:6.0pt;text-indent:.25in;background:
white'>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.&nbsp; ___</p>

<p class=MsoNormal style='margin-bottom:6.0pt;text-indent:.25in;background:
white'>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.&nbsp; ___</p>

<p class=MsoNormal style='margin-bottom:6.0pt;text-indent:.25in;background:
white'>If this Form is a registration statement
pursuant to General Instruction I.D. or a post-effective amendment thereto that
shall become effective upon filing with the Commission pursuant to Rule 462(e)
under the Securities Act, check the following box.&nbsp; ___</p>

<p class=MsoNormal style='margin-bottom:12.0pt;text-indent:.25in;background:
white'>If this Form is a post-effective
amendment to a registration statement filed pursuant to General Instruction
I.D. filed to register additional securities or additional classes of
securities pursuant to Rule 413(b) under the Securities Act, check the
following box.&nbsp; ___</p>

<p class=MsoNormal style='margin-bottom:12.0pt;text-indent:.25in;background:
white'>Indicate by check mark whether the
registrant is a large accelerated filer, an accelerated filer, a
non-accelerated filer, or a smaller reporting company.&nbsp; See the definitions of
&quot;large accelerated filer,&quot; &quot;accelerated filer&quot; and &quot;smaller reporting company&quot;
in Rule 12b-2 of the Exchange Act.</p>

<p class=MsoNormal style='margin-bottom:12.0pt;background:white'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Large accelerated filer&nbsp; ___&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accelerated
filer&nbsp; ___<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Non-accelerated filer (do not check if a smaller reporting company)&nbsp; ___&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Smaller
reporting company&nbsp; <u>x</u></p>

<p class=MsoNormal style='margin-bottom:24.0pt;background:white'><b>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&nbsp;8(a) of the Securities Act of 1933 or until the
registration statement shall become effective on such date as the Commission,
acting pursuant to said Section 8(a), may determine.</b></p>

<p class=MsoNormal align=center style='margin-bottom:24.0pt;text-align:center;
background:white'><b>EXPLANATORY NOTE</b></p>

<p class=MsoNormal style='margin-bottom:24.0pt;background:white'>The purpose of this Amendment No. 1 is to amend and
restate Part I and Item 16 of Part II of this Registration Statement to reflect
changes in the parties to the underlying transaction documents, as described
herein.&nbsp; Other than the changes in such parties, no other changes have been
made to the underlying transaction documents.&nbsp; No changes have been made to
Items 14, 15 or 17 of Part II of the Registration Statement.&nbsp; Accordingly, they
have been omitted.</p>



<div class=MsoNormal align=center style='text-align:center'>

<hr size=2 width="100%" noshade style='color:navy' align=center>

</div>





<b><br clear=all style='page-break-before:always'>
</b>



<table class=MsoNormalTable border=1 cellspacing=0 cellpadding=0
 style='border-collapse:collapse;border:none'>
 <tr>
  <td width=638 valign=top style='width:6.65in;border:double windowtext 1.5pt;
  padding:0in 5.4pt 0in 5.4pt'>
  <p class=MsoNormal><b>THE
  INFORMATION IN THIS PROSPECTUS IS NOT COMPLETE AND MAY BE CHANGED.&nbsp; THE SELLING
  SECURITYHOLDERS NAMED IN THIS PROSPECTUS MAY NOT SELL THESE SECURITIES UNTIL
  THE REGISTRATION STATEMENT FILED WITH THE SECURITIES AND EXCHANGE COMMISSION
  IS EFFECTIVE.&nbsp; THIS PROSPECTUS IS NOT AN OFFER TO SELL THESE SECURITIES AND
  THE SELLING SECURITYHOLDERS ARE NOT SOLICITING OFFERS TO BUY THESE SECURITIES
  IN ANY STATE WHERE THE OFFER OR SALE IS NOT PERMITTED.</b></p>
  </td>
 </tr>
</table>

<p class=MsoNormal align=center style='margin-top:6.0pt;margin-right:0in;
margin-bottom:6.0pt;margin-left:0in;text-align:center;background:white'><b>SUBJECT TO COMPLETION, DATED APRIL 27, 2010</b></p>

<p class=MsoNormal align=center style='text-align:center;background:white'><b>PRELIMINARY PROSPECTUS</b></p>



<p class=MsoNormal align=center style='text-align:center;background:white'><b>GOOD TIMES RESTAURANTS INC.</b></p>



<p class=MsoNormal align=center style='margin-bottom:10.0pt;text-align:center'><b>639,969 Shares</b>
<b>Common Stock</b></p>

<p class=MsoNormal style='margin-bottom:6.0pt;text-indent:.25in;background:
white'>This prospectus relates to the offering
for potential resale by the selling securityholders named in this prospectus of
up to a total of 639,969 shares of our common stock, par value $.001 per share
(&quot;Common Stock&quot;), issuable upon conversion of the Secured Convertible
Promissory Note (the &quot;Note&quot;) and exercise of the Warrants (the &quot;Warrants&quot;) issued
pursuant to the Loan Agreement, dated as of February 1, 2010, as amended effective
as of April 1, 2010, between Good Times and the selling securityholders (the
&quot;Loan Agreement&quot;).</p>

<p class=MsoNormal style='margin-bottom:6.0pt;text-indent:.25in;background:
white'>The Loan Agreement was initially executed
with three parties who were listed as selling securityholders in the
Registration Statement on Form S-3 filed by the Company on March 4, 2010.&nbsp; The
First Amendment to Loan Agreement, dated effective as of April 1, 2010,
replaced one of such parties with correspondingly increased participating from
the other two parties named as selling securityholders in this prospectus on
the same terms and conditions that applied to the initial parties.&nbsp;&nbsp; </p>

<p class=MsoNormal style='margin-bottom:6.0pt;text-indent:.25in;background:
white'>The total number of shares of our Common
Stock to which this prospectus relates consists of (a) an estimated 589,969
shares of Common Stock issuable to the selling securityholders upon conversion
of the Note, and (b) 50,000 shares of Common Stock issuable to the selling
securityholders upon exercise of the Warrants.&nbsp; For purposes of this
prospectus, we have calculated the maximum number of shares issuable upon
conversion of the Note.&nbsp; The Note is for an aggregate principal amount of
$400,000 and bears interest at a rate of 12% per annum on the unpaid principal
balance until August 1, 2010.&nbsp; The maturity date for payment of all principal
and interest on the Note is December 31, 2010.&nbsp; However, if and to the extent
that any portion of the Note is still outstanding after August 1, 2010, the
interest rate will increase to 14% per annum from and after August 1, 2010
until the maturity date.&nbsp; All interest accrues through the maturity date.&nbsp; The
Note is convertible into shares of our Common Stock at any time prior to
repayment at a conversion price of 25% less than the average price of our Common
Stock during the 20 days prior to the conversion date, provided however that
the conversion price shall not be below $.75 per share nor above $1.08 per
share.&nbsp; Accordingly, we have calculated the maximum number of shares issuable
upon conversion of the Note assuming that the entire principal balance and
accrued interest through the maturity date will be converted at the minimum
conversion price of $.75 per share.&nbsp; However, the actual number of shares to which
this prospectus relates may be less than 639,969 if the market price of our
shares exceeds $1.00 per share (resulting in the conversion price being higher
than $.75 per share) or the Note is repaid before the time of conversion.</p>

<p class=MsoNormal style='margin-bottom:6.0pt;text-indent:.25in;background:
white'>The shares of our Common Stock may be
offered for resale from time to time by the selling securityholders at market
prices prevailing at the time of sale or at privately negotiated prices.&nbsp; The
selling securityholders may sell the shares of our Common Stock directly to
purchasers or through underwriters, broker-dealers or agents, who may receive
compensation in the form of discounts, concessions or commissions.</p>

<p class=MsoNormal style='margin-bottom:6.0pt;text-indent:.25in;background:
white'>Our Common Stock is quoted on the NASDAQ Capital
Market under the symbol &quot;GTIM&quot;. &nbsp;The last reported sale price for our Common Stock
on April 23, 2010 was $1.06 per share.</p>

<p class=MsoNormal style='margin-bottom:6.0pt;text-indent:.25in;background:
white'><b>Investment in our Common Stock
involves a high degree of risk.&nbsp; See the section entitled &quot;Risk Factors&quot;
beginning on page 2 of this prospectus for more information regarding these
risks.</b></p>

<p class=MsoNormal style='margin-bottom:6.0pt;text-indent:.25in;background:
white'><b>Neither the Securities and Exchange
Commission nor any state securities commission has approved or disapproved of
these securities or determined if this prospectus is truthful or complete.&nbsp; Any
representation to the contrary is a criminal offense.</b></p>



<p class=MsoFooter>The date of this prospectus is April 27, 2010. </p>

<div class=MsoNormal align=center style='text-align:center;background:white'>

<hr size=2 width="100%" noshade style='color:navy' align=center>

</div>





<br
clear=all style='page-break-before:always'>












<p class=MsoNormal align=center style='text-align:center'><b>TABLE OF CONTENTS</b></p>



<table class=MsoNormalTable border=0 cellspacing=0 cellpadding=0
 style='border-collapse:collapse'>
 <tr>
  <td width=559 valign=top style='width:419.4pt;padding:0in 5.4pt 0in 5.4pt'>

  </td>
  <td width=79 valign=top style='width:59.4pt;padding:0in 5.4pt 0in 5.4pt'>
  <p class=MsoNormal align=center style='margin-bottom:6.0pt;text-align:center'>Page</p>
  </td>
 </tr>
 <tr>
  <td width=559 valign=top style='width:419.4pt;padding:0in 5.4pt 0in 5.4pt'>
  <p class=MsoNormal style='margin-bottom:6.0pt'>aBOUT THIS PROSPECTUS</p>
  </td>
  <td width=79 valign=top style='width:59.4pt;padding:0in 5.4pt 0in 5.4pt'>
  <p class=MsoNormal align=center style='margin-bottom:6.0pt;text-align:center'>i</p>
  </td>
 </tr>
 <tr>
  <td width=559 valign=top style='width:419.4pt;padding:0in 5.4pt 0in 5.4pt'>
  <p class=MsoNormal style='margin-bottom:6.0pt'>Where You Can Find More
  Information</p>
  </td>
  <td width=79 valign=top style='width:59.4pt;padding:0in 5.4pt 0in 5.4pt'>
  <p class=MsoNormal align=center style='margin-bottom:6.0pt;text-align:center'>i</p>
  </td>
 </tr>
 <tr>
  <td width=559 valign=top style='width:419.4pt;padding:0in 5.4pt 0in 5.4pt'>
  <p class=MsoNormal style='margin-bottom:6.0pt'>Incorporation of certain documents
  by Reference</p>
  </td>
  <td width=79 valign=top style='width:59.4pt;padding:0in 5.4pt 0in 5.4pt'>
  <p class=MsoNormal align=center style='margin-bottom:6.0pt;text-align:center'>ii</p>
  </td>
 </tr>
 <tr>
  <td width=559 valign=top style='width:419.4pt;padding:0in 5.4pt 0in 5.4pt'>
  <p class=MsoNormal style='margin-bottom:6.0pt'>FORWARD-LOOKING STATEMENTS</p>
  </td>
  <td width=79 valign=top style='width:59.4pt;padding:0in 5.4pt 0in 5.4pt'>
  <p class=MsoNormal align=center style='margin-bottom:6.0pt;text-align:center'>ii</p>
  </td>
 </tr>
 <tr>
  <td width=559 valign=top style='width:419.4pt;padding:0in 5.4pt 0in 5.4pt'>
  <p class=MsoNormal style='margin-bottom:6.0pt'>principal executive office</p>
  </td>
  <td width=79 valign=top style='width:59.4pt;padding:0in 5.4pt 0in 5.4pt'>
  <p class=MsoNormal align=center style='margin-bottom:6.0pt;text-align:center'>iii</p>
  </td>
 </tr>
 <tr>
  <td width=559 valign=top style='width:419.4pt;padding:0in 5.4pt 0in 5.4pt'>
  <p class=MsoNormal style='margin-bottom:6.0pt'>Prospectus Summary</p>
  </td>
  <td width=79 valign=top style='width:59.4pt;padding:0in 5.4pt 0in 5.4pt'>
  <p class=MsoNormal align=center style='margin-bottom:6.0pt;text-align:center'>1</p>
  </td>
 </tr>
 <tr>
  <td width=559 valign=top style='width:419.4pt;padding:0in 5.4pt 0in 5.4pt'>
  <p class=MsoNormal style='margin-bottom:6.0pt'>Risk Factors</p>
  </td>
  <td width=79 valign=top style='width:59.4pt;padding:0in 5.4pt 0in 5.4pt'>
  <p class=MsoNormal align=center style='margin-bottom:6.0pt;text-align:center'>2</p>
  </td>
 </tr>
 <tr>
  <td width=559 valign=top style='width:419.4pt;padding:0in 5.4pt 0in 5.4pt'>
  <p class=MsoNormal style='margin-bottom:6.0pt'>Use of Proceeds</p>
  </td>
  <td width=79 valign=top style='width:59.4pt;padding:0in 5.4pt 0in 5.4pt'>
  <p class=MsoNormal align=center style='margin-bottom:6.0pt;text-align:center'>7</p>
  </td>
 </tr>
 <tr>
  <td width=559 valign=top style='width:419.4pt;padding:0in 5.4pt 0in 5.4pt'>
  <p class=MsoNormal style='margin-bottom:6.0pt'>Selling securityholders</p>
  </td>
  <td width=79 valign=top style='width:59.4pt;padding:0in 5.4pt 0in 5.4pt'>
  <p class=MsoNormal align=center style='margin-bottom:6.0pt;text-align:center'>7</p>
  </td>
 </tr>
 <tr>
  <td width=559 valign=top style='width:419.4pt;padding:0in 5.4pt 0in 5.4pt'>
  <p class=MsoNormal style='margin-bottom:6.0pt'>Plan of Distribution</p>
  </td>
  <td width=79 valign=top style='width:59.4pt;padding:0in 5.4pt 0in 5.4pt'>
  <p class=MsoNormal align=center style='margin-bottom:6.0pt;text-align:center'>8</p>
  </td>
 </tr>
 <tr>
  <td width=559 valign=top style='width:419.4pt;padding:0in 5.4pt 0in 5.4pt'>
  <p class=MsoNormal style='margin-bottom:6.0pt'>Legal Matters</p>
  </td>
  <td width=79 valign=top style='width:59.4pt;padding:0in 5.4pt 0in 5.4pt'>
  <p class=MsoNormal align=center style='margin-bottom:6.0pt;text-align:center'>10</p>
  </td>
 </tr>
 <tr>
  <td width=559 valign=top style='width:419.4pt;padding:0in 5.4pt 0in 5.4pt'>
  <p class=MsoNormal style='margin-bottom:6.0pt'>Experts</p>
  </td>
  <td width=79 valign=top style='width:59.4pt;padding:0in 5.4pt 0in 5.4pt'>
  <p class=MsoNormal align=center style='margin-bottom:6.0pt;text-align:center'>10</p>
  </td>
 </tr>
</table>



<p class=MsoNormal align=center style='margin-bottom:12.0pt;text-align:center;
background:white'><b>ABOUT THIS PROSPECTUS</b></p>

<p class=MsoNormal style='margin-bottom:12.0pt;text-indent:.25in;background:
white'>This prospectus is part of a registration
statement that we filed with the Securities and Exchange Commission (the &quot;SEC&quot;)
utilizing a &quot;shelf&quot; registration or continuous offering process.&nbsp; Under this
shelf registration process, the selling securityholders may, from time to time,
sell the shares of our Common Stock set forth in this prospectus in one or more
offerings.&nbsp; Each time a selling securityholder sells securities using this
prospectus, the selling securityholder is required to provide the purchaser
with this prospectus and, in certain cases, a prospectus supplement containing
specific information about the selling securityholder and the securities being
offered.&nbsp; That prospectus supplement may include additional risk factors or
other special considerations applicable to the securities.&nbsp; Any prospectus
supplement may also add, update or change information in this prospectus.&nbsp; If
there is any inconsistency between the information in this prospectus and any
prospectus supplement, you should rely on the information in that prospectus
supplement.&nbsp; You should read both this prospectus and any prospectus supplement
together with additional information described under &quot;Where You Can Find More
Information.&quot;</p>

<p class=MsoNormal style='margin-bottom:12.0pt;text-indent:.25in;background:
white'>You should rely only on the information
contained or incorporated by reference in this prospectus and on the
information contained in any prospectus supplements hereto.&nbsp; We have not
authorized anyone to provide you with additional or different information.&nbsp; The
selling securityholders are not offering to sell, nor seeking offers to buy,
shares of our Common Stock in any jurisdiction where it is unlawful to do so.&nbsp;
The information in this prospectus, or any prospectus supplement, is accurate
only as of the date on the front of this document, or on the prospectus
supplement, as appropriate, and any information we have incorporated by
reference is accurate only as of the date of the document incorporated by
reference, regardless of the time of delivery of this prospectus or of any sale
of our Common Stock.</p>

<p class=MsoNormal style='margin-bottom:12.0pt;text-indent:.25in;background:
white'>Unless the context otherwise requires,
references to &quot;Good Times,&quot; &quot;we,&quot; &quot;us,&quot; &quot;our&quot; or the &quot;company&quot; in this prospectus
mean Good Times Restaurants Inc., together with its wholly-owned subsidiary
Good Times Drive Thru, Inc.</p>

<p class=MsoNormal align=center style='margin-bottom:12.0pt;text-align:center;
background:white'><b>WHERE YOU CAN FIND MORE
INFORMATION</b></p>

<div>

<table cellspacing=0 cellpadding=0 hspace=0 vspace=0 align=center>
 <tr>
  <td valign=top align=left style='padding-top:0in;padding-right:0in;
  padding-bottom:0in;padding-left:0in'>
  <p class=MsoFooter>i</p>
  </td>
 </tr>
</table>

</div>

<br clear=ALL>



<div class=MsoNormal align=center style='text-align:center'>

<hr size=2 width="100%" noshade style='color:navy' align=center>

</div>



<br
clear=all style='page-break-before:always'>










<p class=MsoNormal style='margin-bottom:12.0pt;text-indent:.25in;background:
white'>We file reports, proxy statements and
other documents with the SEC.&nbsp; You may read and copy any document we file at
the SEC's public reference room at 100 F Street, N.E., Washington, D.C.&nbsp;
20549.&nbsp; You should call 1-800-SEC-0330 for more information on the public
reference room.&nbsp; The SEC maintains an Internet website at http://www.sec.gov
that contains reports, proxy and information statements, and other information
regarding issuers that file electronically with the SEC.&nbsp; Our SEC filings are
also available to you on the SEC's Internet site, as well as on the Investor
Relations page of our Internet site, www.goodtimesburgers.com.</p>

<p class=MsoNormal style='margin-bottom:12.0pt;text-indent:.25in;background:
white'>This prospectus is part of a registration
statement that we filed with the SEC.&nbsp; The registration statement contains more
information than this prospectus regarding us and our Common Stock, including
certain exhibits and schedules.&nbsp; You can obtain a copy of the registration
statement from the SEC at the address listed above or from the SEC's Internet
site.</p>

<p class=MsoNormal style='margin-bottom:12.0pt;text-indent:.25in;background:
white'>You may also request a copy of any of our
filings with the SEC, or any of the agreements or other documents that are
exhibits to those filings, at no cost, by writing, e-mailing or telephoning us
at the following address or phone number:</p>

<p class=MsoNormal align=center style='text-align:center;background:white'>Good Times Restaurants Inc.</p>

<p class=MsoNormal align=center style='text-align:center;background:white'>601 Corporate Circle</p>

<p class=MsoNormal align=center style='text-align:center;background:white'>Golden, Colorado 80401</p>

<p class=MsoNormal align=center style='margin-bottom:12.0pt;text-align:center;
background:white'>(303) 384-1400</p>

<p class=MsoNormal align=center style='margin-bottom:12.0pt;text-align:center;
background:white'><b>INCORPORATION OF CERTAIN
DOCUMENTS BY REFERENCE</b></p>

<p class=MsoNormal style='margin-bottom:12.0pt;text-indent:.25in;background:
white'>We incorporate by reference in this
prospectus certain information we file with the SEC under Sections 13(a),
13(c), 14 or 15(d) of the Securities Exchange Act of 1934, as amended (the
&quot;Exchange Act&quot;), including (1)&nbsp;any filings after the filing of this
registration statement and prior to the effectiveness of the registration
statement and (2)&nbsp;any filings after the date of this prospectus (which
does not include items &quot;furnished&quot; under Current Reports on Form&nbsp;8-K or
otherwise), until all of the securities to which this prospectus relates have
been sold or this offering is otherwise terminated.&nbsp; The information that we
incorporate by reference is an important part of this prospectus.&nbsp; Any
statement in a document incorporated by reference will be deemed to be modified
or superseded to the extent that a statement contained in (1) this prospectus
or (2) any other subsequently filed document that is incorporated by reference
into this prospectus modifies or supersedes such statement.</p>

<p class=MsoNormal style='margin-bottom:12.0pt;text-indent:.25in;background:
white'>We incorporate by reference into this
prospectus the following documents:</p>

<p class=MsoNormal style='margin-top:0in;margin-right:0in;margin-bottom:12.0pt;
margin-left:.75in;text-indent:-.25in;background:white'>&#149;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
our Annual Report on Form 10-K for
the fiscal year ended September 30, 2009, filed with the SEC on December 29,
2009; </p>

<p class=MsoNormal style='margin-top:0in;margin-right:0in;margin-bottom:12.0pt;
margin-left:.75in;text-indent:-.25in;background:white'>&#149;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
our Quarterly Report on Form 10-Q
for the fiscal quarter ended December 31, 2009, filed with the SEC on February
16, 2009;</p>

<p class=MsoNormal style='margin-top:0in;margin-right:0in;margin-bottom:12.0pt;
margin-left:.75in;text-indent:-.25in;background:white'>&#149;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
our Current Reports on Form 8-K
filed on January 21, 2010, February 3, 2010, March 3, 2010, April 6, 2010 and
April 15, 2010; and</p>

<p class=MsoNormal style='margin-top:0in;margin-right:0in;margin-bottom:12.0pt;
margin-left:.75in;text-indent:-.25in;background:white'>&#149;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
the description of our Common Stock
contained in our Registration of Certain Classes of Securities on Form 8-A, filed
on May 14, 1990, including any amendment or report filed for the purpose of
updating that description.</p>

<p class=MsoNormal align=center style='margin-bottom:12.0pt;text-align:center;
background:white'><b>FORWARD-LOOKING STATEMENTS</b></p>

<div>

<table cellspacing=0 cellpadding=0 hspace=0 vspace=0 align=center>
 <tr>
  <td valign=top align=left style='padding-top:0in;padding-right:0in;
  padding-bottom:0in;padding-left:0in'>
  <p class=MsoFooter>ii</p>
  </td>
 </tr>
</table>

</div>

<br clear=ALL>



<div class=MsoNormal align=center style='text-align:center'>

<hr size=2 width="100%" noshade style='color:navy' align=center>

</div>



<br
clear=all style='page-break-before:always'>










<p class=MsoNormal style='margin-bottom:12.0pt;text-indent:.25in;background:
white'>This prospectus, including information
incorporated into this document by reference, contains &quot;forward-looking
statements&quot; within the meaning of Section 27A of the Securities Act and Section
21E of the Exchange Act.&nbsp; Statements that are not historical facts, including
statements about our beliefs or expectations, are forward-looking statements,
and are contained throughout this prospectus and in the information
incorporated into this prospectus by reference.&nbsp; Forward-looking statements are
identified by words such as &quot;believe,&quot; &quot;anticipate,&quot; &quot;expect,&quot; &quot;estimate,&quot;
&quot;intend,&quot; &quot;plan,&quot; &quot;project,&quot; &quot;will,&quot; &quot;may&quot; and variations of such words and
similar expressions.&nbsp; In addition, any statements that refer to expectations,
projections, plans, objectives, goals, strategies or other characterizations of
future events or circumstances are forward-looking statements.&nbsp; These
forward-looking statements speak only as of the date stated and we do not
undertake any obligation to update or revise publicly any forward-looking
statements, whether as a result of new information, future events or otherwise,
even if experience or future events make it clear that any expected results
expressed or implied by these forward-looking statements will not be realized.&nbsp;
Although we believe that the expectations reflected in these forward-looking
statements are reasonable, these expectations may not prove to be correct or we
may not achieve the financial results, savings or other benefits anticipated in
the forward-looking statements.&nbsp; These forward-looking statements are
necessarily estimates reflecting the best judgment of our senior management and
involve a number of risks and uncertainties, some of which may be beyond our
control, that could cause actual results to differ materially from those
suggested by the forward-looking statements.&nbsp; Factors that could cause actual
results or conditions to differ from those anticipated by these and other
forward-looking statements are described more fully in the section entitled
&quot;Risk Factors&quot; and in the reports we have filed with the SEC under Sections
13(a), 13(c), 14 or 15(d) of the Exchange Act.&nbsp; Our business, financial condition
or results of operations could also be adversely affected by other factors
besides those listed here.&nbsp; However, these are the risks our management
currently believes are material.</p>

<p class=MsoNormal style='margin-bottom:12.0pt;text-indent:.25in;background:
white'>You should carefully consider the trends,
risks and uncertainties described in the section entitled &quot;Risk Factors&quot; of
this prospectus and other information in this prospectus or reports filed with
the SEC before making any investment decision with respect to the securities.&nbsp;
If any of the trends, risks or uncertainties set forth in the section entitled
&quot;Risk Factors&quot; and in our reports we have filed with the SEC under Sections
13(a), 13(c), 14 or 15(d) of the Exchange Act actually occurs or continues, our
business, financial condition or operating results could be materially
adversely affected.&nbsp; All forward-looking statements attributable to us or
persons acting on our behalf are expressly qualified in their entirety by this
cautionary statement.</p>

<p class=MsoNormal align=center style='margin-bottom:12.0pt;text-align:center'><b>PRINCIPAL EXECUTIVE OFFICE</b></p>

<div>

<table cellspacing=0 cellpadding=0 hspace=0 vspace=0 align=center>
 <tr>
  <td valign=top align=left style='padding-top:0in;padding-right:0in;
  padding-bottom:0in;padding-left:0in'>
  <p class=MsoFooter>Our headquarters are
  located at 601 Corporate Circle, Golden, Colorado 80401, and our telephone
  number is (303) 384-1400. iii</p>
  </td>
 </tr>
</table>

</div>

<br clear=ALL>



<div class=MsoNormal align=center style='text-align:center'>

<hr size=2 width="100%" noshade style='color:navy' align=center>

</div>





<br
clear=all style='page-break-before:always'>












<p class=MsoNormal align=center style='margin-bottom:12.0pt;text-align:center;
background:white'><b>PROSPECTUS SUMMARY</b></p>

<p class=MsoNormal style='margin-bottom:12.0pt;text-indent:.25in;background:
white'><i>The following summary includes basic
information about our company and this offering.&nbsp; Because it is a summary, it
does not contain all of the information that you should consider before
investing in our Common Stock.&nbsp; For a more comprehensive understanding of our
company and the shares of our Common Stock covered by this prospectus, you
should&nbsp; read this entire prospectus carefully, including the risks of investing
discussed under the section entitled &quot;Risk Factors&quot; and&nbsp; the information that
we have incorporated by reference into this prospectus.</i></p>

<p class=MsoNormal align=center style='margin-bottom:12.0pt;text-align:center;
background:white'><b>Good Times Restaurants Inc.</b></p>

<p class=MsoNormal style='margin-bottom:12.0pt;text-indent:.25in;background:
white'>Good Times Restaurants Inc., a Nevada
corporation that is headquartered in Golden, Colorado, is engaged in the
business of developing, owning, operating and franchising hamburger-oriented drive-through
restaurants under the name &quot;Good Times Burgers &amp; Frozen Custard.&quot;&nbsp; Good
Times conducts its business operations through its wholly-owned subsidiary, Good
Times Drive Thru, Inc., a Colorado corporation.&nbsp; We currently operate and
franchise a total of fifty-one Good Times restaurants.&nbsp; Most of our restaurants
are located in the front-range communities of Colorado but we also have
franchised restaurants in Idaho, North Dakota and Wyoming.&nbsp; </p>

<p class=MsoNormal style='margin-bottom:12.0pt;text-indent:.25in;background:
white'>We operate with two different restaurant
formats that have evolved over the course of our history:&nbsp; a smaller, 880
square foot double drive-through building focused on drive-through service and
limited walk-up service, and a newer 2,400 to 2,700 square foot, 70 seat dining
room format.&nbsp; Our restaurants serve a high quality, fresh, unique, proprietary
selection of hamburgers, cheeseburgers, chicken sandwiches, french fries, onion
rings, fresh squeezed and frozen lemonades, soft drinks and frozen custard
products.&nbsp; Each menu item is made to order at the time the customer places the
order and is not pre-prepared.&nbsp; </p>

<p class=MsoNormal align=center style='text-align:center;text-indent:.25in;
background:white'><b>The Offering</b></p>



<table class=MsoNormalTable border=0 cellspacing=0 cellpadding=0 width=654
 style='width:490.6pt;border-collapse:collapse'>
 <tr>
  <td width=343 valign=top style='width:257.4pt;padding:0in 5.4pt 0in 5.4pt'>
  <p class=MsoNormal style='margin-bottom:6.0pt'>Shares Offered</p>
  </td>
  <td width=18 valign=top style='width:13.5pt;padding:0in 5.4pt 0in 5.4pt'>
  <p class=MsoNormal align=center style='margin-bottom:6.0pt;text-align:center'><b>&nbsp;</b></p>
  </td>
  <td width=293 valign=top style='width:219.7pt;padding:0in 5.4pt 0in 5.4pt'>
  <p class=MsoNormal style='margin-bottom:6.0pt'>639,969 shares of Common Stock, par value $.001 per share
  (1)</p>
  </td>
 </tr>
 <tr>
  <td width=343 valign=top style='width:257.4pt;padding:0in 5.4pt 0in 5.4pt'>
  <p class=MsoNormal style='margin-bottom:6.0pt'>Common Stock issued and outstanding (including the shares
  covered by this Registration Statement on Form S-3)</p>
  </td>
  <td width=18 valign=top style='width:13.5pt;padding:0in 5.4pt 0in 5.4pt'>
  <p class=MsoNormal align=center style='margin-bottom:6.0pt;text-align:center'><b>&nbsp;</b></p>
  </td>
  <td width=293 valign=top style='width:219.7pt;padding:0in 5.4pt 0in 5.4pt'>
  <p class=MsoNormal style='margin-bottom:6.0pt'>4,538,528 shares (2)</p>
  </td>
 </tr>
 <tr>
  <td width=343 valign=top style='width:257.4pt;padding:0in 5.4pt 0in 5.4pt'>
  <p class=MsoNormal style='margin-bottom:6.0pt'>Use of proceeds</p>
  </td>
  <td width=18 valign=top style='width:13.5pt;padding:0in 5.4pt 0in 5.4pt'>
  <p class=MsoNormal align=center style='margin-bottom:6.0pt;text-align:center'><b>&nbsp;</b></p>
  </td>
  <td width=293 valign=top style='width:219.7pt;padding:0in 5.4pt 0in 5.4pt'>
  <p class=MsoNormal style='margin-bottom:6.0pt'>Good Times will not receive any proceeds from the sale of
  the shares of Common Stock in this offering.&nbsp; </p>
  </td>
 </tr>
 <tr>
  <td width=343 valign=top style='width:257.4pt;padding:0in 5.4pt 0in 5.4pt'>
  <p class=MsoNormal style='margin-bottom:6.0pt'>NASDAQ Capital Market symbol</p>
  </td>
  <td width=18 valign=top style='width:13.5pt;padding:0in 5.4pt 0in 5.4pt'>
  <p class=MsoNormal align=center style='margin-bottom:6.0pt;text-align:center'><b>&nbsp;</b></p>
  </td>
  <td width=293 valign=top style='width:219.7pt;padding:0in 5.4pt 0in 5.4pt'>
  <p class=MsoNormal style='margin-bottom:6.0pt'>GTIM</p>
  </td>
 </tr>
</table>



<table class=MsoNormalTable border=0 cellspacing=0 cellpadding=0
 style='border-collapse:collapse'>
 <tr>
  <td width=31 valign=top style='width:23.4pt;padding:0in 5.4pt 0in 5.4pt'>
  <p class=MsoNormal style='margin-top:0in;margin-right:0in;margin-bottom:6.0pt;
  margin-left:-4.5pt'>(1)</p>
  </td>
  <td width=607 valign=top style='width:455.4pt;padding:0in 5.4pt 0in 5.4pt'>
  <p class=MsoNormal style='margin-bottom:6.0pt'>The
  total number of shares of our Common Stock to which this prospectus relates
  consists of (a) an estimated 589,969 shares of Common Stock issuable to the
  selling securityholders upon conversion of the Note, and (b) 50,000 shares of
  Common Stock issuable to the selling securityholders upon exercise of the
  Warrants.&nbsp; For purposes of this prospectus, we have calculated the maximum
  number of shares issuable upon conversion of the Note.&nbsp; The Note is for an
  aggregate principal amount of $400,000 and bears interest at a rate of 12%
  per annum on the unpaid principal balance until August 1, 2010.&nbsp; The maturity
  date for payment of all principal and interest on the Note is December 31,
  2010.&nbsp; However, if and to the extent that any portion of the Note is still
  outstanding after August 1, 2010, the interest rate will increase to 14% per
  annum from and after August 1, 2010 until the maturity date.&nbsp; All interest
  accrues through the maturity date.&nbsp; The Note is convertible into shares of
  our Common Stock at any time prior to repayment at a conversion price of 25%
  less than the average price of our Common Stock during the 20 days prior to
  the conversion date, provided however that the conversion price shall not be
  below $.75 per share nor above $1.08 per share.&nbsp; Accordingly, we have
  calculated the maximum number of shares issuable upon conversion of the Note
  assuming that the entire principal balance and accrued interest through the
  maturity date will be converted at the minimum conversion price of $.75 per share.&nbsp;
  However, the actual number of shares to which this prospectus relates may be
  less than 639,969 if the market price of our shares exceeds $1.00 per share
  (resulting in the conversion price being higher than $.75 per share) or the
  Note is repaid before the time of conversion.</p>
  </td>
 </tr>
 <tr>
  <td width=31 valign=top style='width:23.4pt;padding:0in 5.4pt 0in 5.4pt'>
  <p class=MsoNormal style='margin-top:0in;margin-right:0in;margin-bottom:6.0pt;
  margin-left:-4.5pt'>(2)</p>
  </td>
  <td width=607 valign=top style='width:455.4pt;padding:0in 5.4pt 0in 5.4pt'>
  <p class=MsoNormal style='margin-bottom:6.0pt'>Calculated
  based on 3,898,559 shares of Common Stock outstanding as of February 16,
  2010, plus the 639,969 shares of Common Stock that may be sold under this
  prospectus.</p>
  </td>
 </tr>
 <tr>
  <td width=31 valign=top style='width:23.4pt;padding:0in 5.4pt 0in 5.4pt'>

  </td>
  <td width=607 valign=top style='width:455.4pt;padding:0in 5.4pt 0in 5.4pt'>

  </td>
 </tr>
</table>

<p class=MsoNormal style='margin-bottom:12.0pt;background:white'><b>&nbsp;</b></p>

<p class=MsoFooter align=center style='text-align:center'>1</p>

<div class=MsoNormal align=center style='text-align:center'>

<hr size=2 width="100%" noshade style='color:navy' align=center>

</div>



<br
clear=all style='page-break-before:always'>










<p class=MsoNormal align=center style='margin-bottom:12.0pt;text-align:center;
background:white'><b>RISK FACTORS</b></p>

<p class=MsoNormal style='margin-bottom:12.0pt;text-indent:.25in;background:
white'><i>You should consider carefully the risk
factors described below, and all other information contained in or incorporated
by reference in this prospectus, before deciding to invest in our Common Stock.&nbsp;
If any of the following risks actually occur, they may materially harm our
business, financial condition, operating results or cash flow.&nbsp; As a result,
the market price of our Common Stock could decline, and you could lose all or
part of your investment. Additional risks and uncertainties that are not yet
identified or that we think are immaterial may also materially harm our
business, operating results or financial condition and could result in a
complete loss of your investment.</i></p>

<p class=MsoNormal align=center style='margin-bottom:12.0pt;text-align:center;
background:white'><b>Risks Related to Our
Business</b></p>

<p class=MsoNormal style='margin-bottom:12.0pt;background:white'><b>Our auditors have expressed substantial doubt about
our ability to continue as a going concern.&nbsp; </b></p>

<p class=MsoNormal style='margin-bottom:12.0pt;background:white'>As shown in the financial statements accompanying our Annual
Report on Form 10-K for the fiscal year ended September 30, 2009, filed with
the SEC on December 29, 2009, we have incurred operating losses in the current
and prior fiscal years and, due to loan covenant defaults, the entire balance
of an $846,000 note payable to Wells Fargo Bank N.A. is included in current
liabilities.&nbsp; If Wells Fargo were to accelerate payment of the note payable and
if we are not successful in raising additional operating capital, we would not
have the ability to satisfy our liabilities in the normal course of business.&nbsp;
It is our current continuing objective to raise additional operating capital
through debt and equity offerings, however there can be no assurance that we
will be successful in raising the required additional capital.&nbsp; As a result of
the foregoing circumstances, our auditors expressed in their report on our
consolidated financial statements that there was substantial doubt about our
ability to continue as a going concern.</p>

<p class=MsoNormal style='margin-bottom:12.0pt;background:white'><b>We have accumulated losses. </b></p>

<p class=MsoNormal style='margin-bottom:12.0pt;background:white'>We have incurred losses in every fiscal year since
inception except 1999, 2002, 2006 and 2007.&nbsp; As of September 30, 2009 we had an
accumulated deficit of $13,805,000.&nbsp; We cannot assure you that we will not have
a loss for the current fiscal year ending September 30, 2010.&nbsp; As of September
30, 2009, we had a working capital deficit of $1,200,000.</p>

<p class=MsoNormal style='margin-bottom:12.0pt;background:white'><b>Our same store sales have decreased.</b></p>

<p class=MsoNormal style='margin-bottom:12.0pt;background:white'>We may be negatively impacted if we continue to
experience consistent same store sales declines.&nbsp; Same store sales comparisons
will be dependent, among other things, on the success of our advertising and
promotion of new and existing menu items.&nbsp; No assurances can be given that such
advertising and promotions will in fact be successful.</p>

<p class=MsoNormal style='margin-bottom:12.0pt;background:white'><b>New restaurants, when and if opened, may not be
profitable, if at all, for several months.&nbsp; </b></p>

<p class=MsoNormal style='margin-bottom:12.0pt;background:white'>We anticipate that our new restaurants, when and if
opened, will generally take several months to reach normalized operating levels
due to inefficiencies typically associated with new restaurants, including lack
of market awareness, the need to hire and train a sufficient number of
employees, operating costs, which are often materially greater during the first
several months of operation than thereafter, pre-opening costs and other
factors.&nbsp; In addition, restaurants opened in new markets may open at lower
average weekly sales volumes than restaurants opened in existing markets, and
may have higher restaurant-level operating expense ratios than in existing markets.&nbsp;
Sales at restaurants opened in new markets may take longer to reach average
annual company-owned restaurant sales, if at all, thereby affecting the
profitability of these restaurants.</p>

<p class=MsoNormal style='margin-bottom:12.0pt;background:white'><b>Our operations are susceptible to the cost of and
changes in food availability which could adversely affect our operating
results.&nbsp; </b></p>

<p class=MsoFooter align=center style='text-align:center'>2</p>

<div class=MsoNormal align=center style='text-align:center'>

<hr size=2 width="100%" noshade style='color:navy' align=center>

</div>



<br
clear=all style='page-break-before:always'>










<p class=MsoNormal style='margin-bottom:12.0pt;background:white'>Our profitability depends in part on our ability to
anticipate and react to changes in food costs.&nbsp; Various factors beyond our
control, including adverse weather conditions, governmental regulation,
production, availability, recalls of food products and seasonality may affect
our food costs or cause a disruption in our supply chain.&nbsp; We enter into annual
contracts with our beef and chicken suppliers.&nbsp; Our contracts for chicken are
fixed price contracts.&nbsp; Our contracts for beef are generally based on current
market prices plus a processing fee.&nbsp; Changes in the price or availability of
chicken or beef could materially adversely affect our profitability.&nbsp; We cannot
predict whether we will be able to anticipate and react to changing food costs
by adjusting our purchasing practices and menu prices, and a failure to do so
could adversely affect our operating results.&nbsp; In addition, because we provide
a &quot;value-priced&quot; product, we may not be able to pass along price
increases to our guests.</p>

<p class=MsoNormal style='margin-bottom:12.0pt;background:white'><b>The macroeconomic recession could affect our operating
results.&nbsp; </b></p>

<p class=MsoNormal style='margin-bottom:12.0pt;background:white'>The current state of the economy and decreased
consumer spending has adversely affected our sales over the last eighteen
months and may continue to cause material negative sales trends.&nbsp; A continued
shift in consumer purchases toward $1 value menus in our competitive segment,
and a proliferation of heavy discounting by our major competitors, may also
continue to negatively affect our sales and operating results.&nbsp; </p>

<p class=MsoNormal style='margin-bottom:12.0pt;background:white'><b>Price increases may impact guest visits.&nbsp; </b></p>

<p class=MsoNormal style='margin-bottom:12.0pt;background:white'>We may make price increases on selected menu items in
order to offset increased operating expenses we believe will be recurring.&nbsp;
Although we have not experienced significant consumer resistance to our past
price increases, we cannot provide assurance that this or other future price
increases will not deter guests from visiting our restaurants or affect their
purchasing decisions.</p>

<p class=MsoNormal style='margin-bottom:12.0pt;background:white'><b>Sites may be difficult to acquire. </b></p>

<p class=MsoNormal style='margin-bottom:12.0pt;background:white'>Location of our restaurants in high-traffic and
readily accessible areas is an important factor for our success.&nbsp; Drive-through
restaurants require sites with specific characteristics and there are a limited
number of suitable sites available in our geographic markets.&nbsp; Since suitable
locations are in great demand, in the future we may not be able to obtain
optimal sites at a reasonable cost.&nbsp; In addition, we cannot assure you that the
sites we do obtain will be successful.</p>

<p class=MsoNormal style='margin-bottom:12.0pt;background:white'><b>We will require additional financing. </b></p>

<p class=MsoNormal style='margin-bottom:12.0pt;background:white'>In order to fully develop the Denver and Colorado
Springs/Pueblo markets and to expand into markets outside of Colorado, we will
require additional financing.&nbsp; We cannot assure you that we will be able to
access sufficient capital to adequately finance our operations and our planned
developments or that additional financing will be available on reasonable
terms.&nbsp; The current economic recession and status of the capital markets may
adversely affect our ability to acquire additional debt or equity financing for
working capital, new restaurant development, or refinancing of existing funding
agreements.</p>

<p class=MsoNormal style='margin-bottom:12.0pt;background:white'><b>If our franchisees cannot develop or finance new
restaurants, build them on suitable sites or open them on schedule, our growth
and success may be impeded.&nbsp; </b></p>

<p class=MsoNormal style='margin-bottom:12.0pt;background:white'>Under our current form of area development agreement,
some franchisees must develop a predetermined number of restaurants according
to a schedule that lasts for the term of their development agreement.&nbsp;
Franchisees may not have access to the financial or management resources that
they need to open the restaurants required by their development schedules, or
may be unable to find suitable sites on which to develop them.&nbsp; Franchisees may
not be able to negotiate acceptable lease or purchase terms for the sites,
obtain the necessary permits and government approvals or meet construction
schedules.&nbsp; From time to time in the past, we have agreed to extend or modify
development schedules and we may do so in the future.&nbsp; Any of these problems
could slow our growth and reduce our franchise revenues.</p>

<p class=MsoNormal style='margin-bottom:12.0pt;background:white'><b>Additionally, our franchisees depend upon financing
from banks and other financial institutions in order to construct and open new
restaurants.&nbsp; </b></p>

<p class=MsoNormal style='margin-bottom:12.0pt;background:white'>Difficulty in obtaining adequate financing would
adversely affect the number and rate of new restaurant openings by our
franchisees and adversely affect our future franchise revenues.</p>

<p class=MsoFooter align=center style='text-align:center'>3</p>

<div class=MsoNormal align=center style='text-align:center'>

<hr size=2 width="100%" noshade style='color:navy' align=center>

</div>



<br
clear=all style='page-break-before:always'>










<p class=MsoNormal style='margin-bottom:12.0pt;page-break-after:avoid;
background:white'><b>Our franchisees could take
actions that could harm our business.&nbsp; </b></p>

<p class=MsoNormal style='margin-bottom:12.0pt;page-break-after:avoid;
background:white'>Franchisees are independent
contractors and are not our employees.&nbsp; We provide training and support to
franchisees; however, franchisees operate their restaurants as independent
businesses.&nbsp; Consequently, the quality of franchised restaurant operations may
be diminished by any number of factors beyond our control.&nbsp; Moreover,
franchisees may not successfully operate restaurants in a manner consistent
with our standards and requirements, or may not hire and train qualified
managers and other restaurant personnel.&nbsp; Our image and reputation, and the
image and reputation of other franchisees, may suffer materially and system-wide
sales could significantly decline if our franchisees do not operate
successfully.</p>

<p class=MsoNormal style='margin-bottom:12.0pt;background:white'><b>We depend on key management employees. </b></p>

<p class=MsoNormal style='margin-bottom:12.0pt;background:white'>We believe our current operations and future success
depend largely on the continued services of our management employees, in particular
Boyd E. Hoback, our president and chief executive officer, and Scott LeFever,
our vice president of operations.&nbsp; Although we have entered into an employment
agreement with Mr. Hoback, he may voluntarily terminate his employment with us
at any time. &nbsp;In addition, we do not maintain key-person insurance on Messrs.
Hoback's or LeFever's life.&nbsp; The loss of Messrs. Hoback's or LeFever's
services, or other key management personnel, could have a material adverse
effect on our financial condition and results of operations.</p>

<p class=MsoNormal align=center style='margin-bottom:12.0pt;text-align:center;
background:white'><b>Risks Related to the
Restaurant Industry</b></p>

<p class=MsoNormal style='margin-bottom:12.0pt;background:white'><b>The hamburger restaurant market is highly competitive.
</b></p>

<p class=MsoNormal style='margin-bottom:12.0pt;background:white'>The hamburger restaurant market is highly
competitive.&nbsp; Our competitors include many recognized national and regional
fast-food hamburger restaurant chains such as McDonald's, Burger King, Wendy's,
Carl's Jr., Sonic, Jack in the Box and Culver's.&nbsp; We also compete with small
regional and local hamburger and other fast-food restaurants, many of which
feature drive-through service.&nbsp; Most of our competitors have greater financial
resources, marketing programs and name recognition.&nbsp; All of the major hamburger
chains have increasingly offered selected food items and combination meals at
discounted prices.&nbsp; Continued discounting by competitors may adversely affect
the revenues and profitability of our restaurants.</p>

<p class=MsoNormal style='margin-bottom:12.0pt;background:white'><b>Health concerns relating to the consumption of beef,
chicken or other food products could affect consumer preferences and could
negatively impact our results of operations. </b></p>

<p class=MsoNormal style='margin-bottom:12.0pt;background:white'>Like other restaurant chains, consumer preferences
could be affected by health concerns about the avian influenza, also known as
bird flu, or the consumption of beef, the key ingredient in many of our menu
items, or negative publicity concerning food quality, illness and injury
generally, such as negative publicity concerning E. coli, &quot;mad cow&quot; or &quot;foot-and-mouth&quot;
disease, publication of government or industry findings concerning food
products served by us, or other health concerns or operating issues stemming
from one restaurant or a limited number of restaurants.&nbsp; This negative
publicity may adversely affect demand for our food and could result in a
decrease in guest traffic to our restaurants.&nbsp; If we react to the negative
publicity by changing our concept or our menu we may lose guests who do not
prefer the new concept or menu, and may not be able to attract a sufficient new
guest base to produce the revenue needed to make our restaurants profitable.&nbsp;
In addition, we may have different or additional competitors for our intended
guests as a result of a concept change and may not be able to compete
successfully against those competitors.&nbsp; A decrease in guest traffic to our
restaurants as a result of these health concerns or negative publicity or as a
result of a change in our menu or concept could materially harm our business.</p>

<p class=MsoNormal style='margin-bottom:12.0pt;background:white'><b>We are subject to extensive government regulation that
may adversely hinder or impact our ability to govern various aspects of our
business including our ability to expand and develop our restaurants.&nbsp; </b></p>

<p class=MsoFooter align=center style='text-align:center'>4</p>

<div class=MsoNormal align=center style='text-align:center'>

<hr size=2 width="100%" noshade style='color:navy' align=center>

</div>



<br
clear=all style='page-break-before:always'>










<p class=MsoNormal style='margin-bottom:12.0pt;background:white'>The restaurant industry is subject to various federal,
state and local government regulations, including those relating to the sale of
food.&nbsp; While in the past we have been able to obtain and maintain the necessary
governmental licenses, permits and approvals, our failure to maintain these
licenses, permits and approvals, including food licenses, could adversely
affect our operating results.&nbsp; Difficulties or failures in obtaining the
required licenses and approvals could delay or result in our decision to cancel
the opening of new restaurants.&nbsp; Local authorities may suspend or deny renewal
of our food licenses if they determine that our conduct does not meet
applicable standards or if there are changes in regulations.</p>

<p class=MsoNormal style='margin-bottom:12.0pt;background:white'>We are also subject to federal and state laws that
regulate the offer and sale of franchises and aspects of the licensor-licensee
relationship.&nbsp; Many state franchise laws impose restrictions on the franchise
agreement, including limitations on non-competition provisions and the
termination or non-renewal of a franchise.&nbsp; Some states require that franchise
materials be registered before franchises can be offered or sold in the state.</p>

<p class=MsoNormal style='margin-bottom:12.0pt;background:white'><b>The Federal Americans with Disabilities Act prohibits
discrimination on the basis of disability in public accommodations and
employment.&nbsp; </b></p>

<p class=MsoNormal style='margin-bottom:12.0pt;background:white'>Although our restaurants are designed to be accessible
to the disabled, we could be required to make modifications to our restaurants
to provide service to, or make reasonable accommodations for, disabled persons.</p>

<p class=MsoNormal style='margin-bottom:12.0pt;background:white'><b>Various federal and state labor laws govern our
relationship with our employees and affect operating costs.&nbsp; </b></p>

<p class=MsoNormal style='margin-bottom:12.0pt;background:white'>These laws govern minimum wage requirements, such as
those to be imposed by recently enacted legislation in Colorado, overtime pay,
meal and rest breaks, unemployment tax rates, workers' compensation rates,
citizenship or residency requirements, child labor regulations and sales
taxes.&nbsp; Additional government-imposed increases in minimum wages, overtime pay,
paid leaves of absence and mandated health benefits may increase our operating
costs.</p>

<p class=MsoNormal style='margin-bottom:12.0pt;background:white'><b>Labor shortages could slow our growth or harm our
business. </b></p>

<p class=MsoNormal style='margin-bottom:12.0pt;background:white'>Our success depends in part upon our ability to
attract, motivate and retain a sufficient number of qualified, high-energy
employees.&nbsp; <b>&nbsp;</b>Qualified individuals needed to fill these positions are in
short supply in some areas.&nbsp; The inability to recruit and retain these
individuals may delay the planned openings of new restaurants or result in high
employee turnover in existing restaurants, which could harm our business.&nbsp; Additionally,
competition for qualified employees could require us to pay higher wages to
attract sufficient employees, which could result in higher labor costs.&nbsp; Most
of our employees are paid on an hourly basis.&nbsp; The employees are paid in
accordance with applicable minimum wage regulations.&nbsp; Accordingly, any increase
in the minimum wage, whether state or federal, could have a material adverse
impact on our business.</p>

<p class=MsoNormal align=center style='margin-bottom:12.0pt;text-align:center;
background:white'><b>Risks Related to our Common
Stock</b></p>

<p class=MsoNormal style='margin-bottom:12.0pt;background:white'><b>The price of our Common Stock may fluctuate
significantly, which may result in losses for investors.</b></p>

<p class=MsoNormal style='margin-bottom:12.0pt;background:white'>The market price of our Common Stock has been
volatile.&nbsp; Over the 52-week period ending February 25, 2010, the last sale
price of our Common Stock reported by the Nasdaq Capital Market ranged from a
low of $0.75 per share to a high of $2.50 per share.&nbsp; We expect our Common
Stock to continue to be subject to fluctuations as a result of a variety of
factors, including factors beyond our control.</p>

<p class=MsoNormal style='margin-bottom:12.0pt;background:white'><b>Our Common Stock is thinly traded, which may make it
more difficult for you to resell shares when you want at prices you find
attractive.</b></p>

<p class=MsoNormal style='margin-bottom:12.0pt;background:white'>Our Common Stock is thinly traded.&nbsp; Securities that
are thinly traded often experience a significant spread between the market
maker's bid and asked prices.&nbsp; Therefore, prices for actual transactions in
securities may be difficult to obtain and holders of our Common Stock may be
unable to resell their shares when they want at prices they find attractive.</p>

<p class=MsoNormal style='margin-bottom:12.0pt;background:white'><b>We may never pay dividends on our Common Stock.</b></p>

<p class=MsoFooter align=center style='text-align:center'>5</p>

<div class=MsoNormal align=center style='text-align:center'>

<hr size=2 width="100%" noshade style='color:navy' align=center>

</div>



<br
clear=all style='page-break-before:always'>










<p class=MsoNormal style='margin-bottom:12.0pt;background:white'>We have never paid cash dividends on our Common Stock
and do not anticipate paying dividends on our Common Stock in the foreseeable
future.&nbsp; The payment of dividends on our Common Stock will depend on our
earnings, capital requirements, financial condition and other factors.&nbsp; Since
restaurant development is capital intensive, we currently intend to retain any
earnings for development purposes.</p>

<p class=MsoNormal style='margin-bottom:12.0pt;background:white'><b>The former holders of our Series B Convertible
Preferred Stock control our Board of Directors.</b></p>

<p class=MsoNormal style='margin-bottom:12.0pt;background:white'>In February 2005, we consummated a Series B
Convertible Preferred Stock financing in which we issued shares of our Series B
Convertible Preferred Stock to certain investors.&nbsp; We subsequently converted
these shares of Series B Convertible Preferred Stock into shares of Common
Stock.&nbsp; However, pursuant to the applicable financing agreements, the holders
of the Common Stock into which the Series B shares have been converted continue
to have the right to designate a majority of our Board of Directors.&nbsp; An
additional provision of the financing restricts our ability to increase the
size of the Board of Directors above seven directors, for as long as the
original investors hold at least two-thirds of the Common Stock into which the
Series B shares have been converted, unless we first receive approval from the
holders of at least three-fourths of all outstanding shares of Common Stock.&nbsp; </p>

<p class=MsoNormal style='margin-bottom:12.0pt;background:white'><b>Nevada law and our articles of incorporation and
bylaws have provisions that discourage corporate takeovers and could prevent
stockholders from realizing a premium on their investment. </b></p>

<p class=MsoNormal style='margin-bottom:12.0pt;background:white'>We are subject to anti-takeover laws for Nevada
corporations.&nbsp; These anti-takeover laws prevent a Nevada corporation from
engaging in a business combination with any stockholder, including all
affiliates and associates of the stockholder, who owns 10% or more of the
corporation's outstanding voting stock, for three years following the date that
the stockholder acquired 10% or more of the corporation's voting stock, unless
specified conditions are met.</p>

<p class=MsoNormal style='margin-bottom:12.0pt;background:white'><b>Our articles of incorporation and our bylaws contain a
number of provisions that may deter or impede takeovers or changes of control
or management.&nbsp; </b></p>

<p class=MsoNormal style='margin-bottom:12.0pt;background:white'>These provisions:</p>

<p class=MsoNormal style='margin-top:0in;margin-right:0in;margin-bottom:12.0pt;
margin-left:.25in;text-indent:-.25in;background:white'>&#149;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
authorize our Board of Directors
to establish one or more series of preferred stock, the terms of which can be
determined by the Board of Directors at the time of issuance;</p>

<p class=MsoNormal style='margin-top:0in;margin-right:0in;margin-bottom:12.0pt;
margin-left:.25in;text-indent:-.25in;background:white'>&#149;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
do not allow for cumulative voting
in the election of directors unless required by applicable law.&nbsp; Under
cumulative voting, a minority stockholder holding a sufficient percentage of a
class of shares may be able to ensure the election of one or more directors;</p>

<p class=MsoNormal style='margin-top:0in;margin-right:0in;margin-bottom:12.0pt;
margin-left:.25in;text-indent:-.25in;background:white'>&#149;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
state that special meetings of our
stockholders may be called only by the chairman of the board, the president or
any two directors, and must be called by the president upon the written request
of the holders of ten percent of the outstanding shares of capital stock
entitled to vote at such special meeting; and</p>

<p class=MsoNormal style='margin-top:0in;margin-right:0in;margin-bottom:12.0pt;
margin-left:.25in;text-indent:-.25in;background:white'>&#149;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
provide that the authorized number
of directors is currently set at seven.</p>

<p class=MsoNormal style='margin-bottom:12.0pt;background:white'>These provisions, alone or in combination with each
other, may discourage transactions involving actual or potential changes of
control, including transactions that otherwise could involve payment of a
premium over prevailing market prices to stockholders for their Common Stock.</p>

<p class=MsoNormal style='margin-bottom:12.0pt;background:white'><b>Our NASDAQ Listing Is Important. </b></p>

<p class=MsoNormal style='margin-bottom:12.0pt;background:white'>Our Common Stock is currently listed for trading on
the NASDAQ Capital Market.&nbsp; The NASDAQ maintenance rules require, among other
things, that our Common Stock price remains above $1.00 per share and that we
have minimum net tangible assets in excess of $2 million.&nbsp; We were required to
obtain shareholder approval in 1998 for a reverse stock split to maintain a
sufficient per share price to preserve our NASDAQ listing.</p>

<p class=MsoFooter align=center style='text-align:center'>6</p>

<div class=MsoNormal align=center style='text-align:center'>

<hr size=2 width="100%" noshade style='color:navy' align=center>

</div>



<br
clear=all style='page-break-before:always'>










<p class=MsoNormal style='margin-bottom:12.0pt;page-break-after:avoid;
background:white'><b>Compliance with changing
regulation of corporate governance and public disclosure may result in
additional expenses.&nbsp; </b></p>

<p class=MsoNormal style='margin-bottom:12.0pt;page-break-after:avoid;
background:white'>Keeping abreast of, and in
compliance with, changing laws, regulations and standards relating to corporate
governance and public disclosure, including the Sarbanes-Oxley Act of 2002, new
SEC regulations and The NASDAQ&nbsp; Market rules, has required an increased amount of
management attention and expense.&nbsp; We remain committed to maintaining high
standards of corporate governance and public disclosure.&nbsp; As a result, we
intend to invest all reasonably necessary resources to comply with evolving
standards, and this investment has resulted in and will continue to result in
increased general and administrative expenses and a diversion of management
time and attention from revenue-generating activities to compliance
activities.&nbsp; Accordingly, we are continuing to explore alternatives to reduce
the cost burdens of being a publicly held entity.</p>

<p class=MsoNormal style='margin-bottom:12.0pt;background:white'><b>Future changes in financial accounting standards may
cause adverse unexpected operating results and affect our reported results of
operations.&nbsp; </b></p>

<p class=MsoNormal style='margin-bottom:12.0pt;background:white'>Changes in accounting standards can have a significant
effect on our reported results and may affect our reporting of transactions
completed before the change is effective.&nbsp; As an example, in 2006, we adopted
the change that requires us to record compensation expense in the statement of
operations for employee stock options using the fair value method.&nbsp; New
pronouncements and varying interpretations of pronouncements have occurred and
may occur in the future.&nbsp; Changes to existing rules or differing
interpretations with respect to our current practices may adversely affect our
reported financial results.</p>

<p class=MsoNormal style='margin-bottom:12.0pt;background:white'><b>Risks related to internal controls.&nbsp; </b></p>

<p class=MsoNormal style='margin-bottom:12.0pt;background:white'>Public companies in the United States are required to
review their internal controls as set forth in the Sarbanes-Oxley Act of 2002.&nbsp;
It should be noted that any system of controls, however well designed and
operated, can provide only reasonable, and not absolute, assurance that the
objectives of the system are met.&nbsp; In addition, the design of any control
system is based in part upon certain assumptions about the likelihood of future
events.&nbsp; Because of these and other inherent limitations of control systems,
there can be no assurance that any design will succeed in achieving its stated
goals under all potential future conditions, regardless of how remote.&nbsp; If the
internal controls put in place by us are not adequate or in conformity with the
requirements of the Sarbanes-Oxley Act of 2002, and the rules and regulations
promulgated by the Securities and Exchange Commission, we may be forced to
restate our financial statements and take other actions which will take
significant financial and managerial resources, as well as be subject to fines
and other government enforcement actions.</p>

<p class=MsoNormal align=center style='margin-bottom:12.0pt;text-align:center;
page-break-after:avoid;background:white'><b>USE
OF PROCEEDS</b></p>

<p class=MsoNormal style='margin-bottom:12.0pt;text-indent:.25in;page-break-after:
avoid;background:white'>We are registering these
shares pursuant to the registration rights granted to the selling
securityholders.&nbsp; We are not selling any securities under this prospectus and
will not receive any of the proceeds from the sale or other disposition of
these shares by the selling securityholders.&nbsp; We have agreed to pay all costs,
expenses and fees relating to registering such shares of our Common Stock
referenced in this prospectus.&nbsp; The selling securityholders will pay any
brokerage commissions and/or similar charges incurred for the sale of such
shares of our Common Stock.</p>

<p class=MsoNormal align=center style='margin-bottom:12.0pt;text-align:center;
page-break-after:avoid;background:white'><b>SELLING
SECURITYHOLDERS</b></p>

<p class=MsoNormal style='margin-bottom:12.0pt;text-indent:.25in;page-break-after:
avoid;background:white'>This prospectus relates
to the possible resale or other disposition by the selling securityholders of
up to a total of 639,969 shares of Common Stock issuable upon conversion of the
Secured Convertible Promissory Note and exercise of the Warrants issued to the
selling securityholders pursuant to the Loan Agreement dated as of February 1,
2010, as amended as of April 1, 2010.</p>

<p class=MsoFooter align=center style='text-align:center'>7</p>

<div class=MsoNormal align=center style='text-align:center'>

<hr size=2 width="100%" noshade style='color:navy' align=center>

</div>



<br
clear=all style='page-break-before:always'>










<p class=MsoNormal style='text-indent:.25in;background:white'>The following table presents information regarding the
selling securityholders and the shares that they may offer and sell from time
to time under this prospectus.&nbsp; This table is prepared based on information
supplied to us by the selling securityholders, and reflects holdings as of February
16, 2010.&nbsp; As used in this prospectus, the term &quot;selling securityholders&quot;
includes the entities and persons listed below and any donees, pledgees,
transferees or other successors in interest selling shares received after the
date of this prospectus from any of the selling securityholders as a gift,
pledge or other transfer.&nbsp; Except as set forth in the footnotes below, beneficial
ownership is determined in accordance with Rule&nbsp;13d-3(d) promulgated by
the SEC under the Exchange Act.</p>



<p class=MsoNormal style='text-indent:.25in;background:white'>The selling securityholders may from time to time
offer and sell pursuant to this prospectus any or all of the shares of Common
Stock under this prospectus.&nbsp; Because the selling securityholders are not
obligated to sell the shares of Common Stock under this prospectus, we cannot
estimate how many shares of Common Stock that the selling securityholders will
hold upon consummation of any such sales.&nbsp; </p>



<div align=center>

<table class=MsoNormalTable border=0 cellspacing=0 cellpadding=0
 style='border-collapse:collapse'>
 <tr style='height:10.1pt'>
  <td width=217 valign=bottom style='width:162.65pt;padding:0in 5.75pt .1in 5.75pt;
  height:10.1pt'>
  <p class=MsoNormal align=center style='text-align:center'><b>Security Holders</b></p>
  </td>
  <td width=114 valign=top style='width:85.35pt;padding:0in 5.75pt .1in 5.75pt;
  height:10.1pt'>
  <p class=MsoNormal align=center style='text-align:center'><b>Number of Shares of Common Stock That May be Sold (1)</b></p>
  </td>
  <td width=120 valign=top style='width:90.15pt;padding:0in 5.75pt .1in 5.75pt;
  height:10.1pt'>
  <p class=MsoNormal align=center style='text-align:center'><b>Percentage of Shares of Common Stock Outstanding (2)</b></p>
  </td>
 </tr>
 <tr style='height:10.1pt'>
  <td width=217 valign=top style='width:162.65pt;padding:0in 5.75pt .1in 5.75pt;
  height:10.1pt'>
  <p class=MsoNormal>W Capital, Inc.</p>
  </td>
  <td width=114 valign=top style='width:85.35pt;padding:0in 5.75pt .1in 5.75pt;
  height:10.1pt'>
  <p class=MsoNormal align=center style='text-align:center'>480,305</p>
  </td>
  <td width=120 valign=top style='width:90.15pt;padding:0in 5.75pt .1in 5.75pt;
  height:10.1pt'>
  <p class=MsoNormal align=center style='text-align:center'>10.58%</p>
  </td>
 </tr>
 <tr style='height:10.1pt'>
  <td width=217 valign=top style='width:162.65pt;padding:0in 5.75pt .1in 5.75pt;
  height:10.1pt'>
  <p class=MsoNormal>John T. McDonald</p>
  </td>
  <td width=114 valign=top style='width:85.35pt;padding:0in 5.75pt .1in 5.75pt;
  height:10.1pt'>
  <p class=MsoNormal align=center style='text-align:center'>159,663</p>
  </td>
  <td width=120 valign=top style='width:90.15pt;padding:0in 5.75pt .1in 5.75pt;
  height:10.1pt'>
  <p class=MsoNormal align=center style='text-align:center'>3.52%</p>
  </td>
 </tr>
</table>

</div>



<table class=MsoNormalTable border=0 cellspacing=0 cellpadding=0
 style='border-collapse:collapse'>
 <tr>
  <td width=31 valign=top style='width:23.4pt;padding:0in 5.4pt 0in 5.4pt'>
  <p class=MsoNormal style='margin-top:0in;margin-right:0in;margin-bottom:6.0pt;
  margin-left:-4.5pt'>(1)</p>
  </td>
  <td width=607 valign=top style='width:455.4pt;padding:0in 5.4pt 0in 5.4pt'>
  <p class=MsoNormal style='margin-bottom:6.0pt'>The
  total number of shares of our Common Stock to which this prospectus relates
  consists of (a) an estimated 589,969 shares of Common Stock issuable to the
  selling securityholders upon conversion of the Note, and (b) 50,000 shares of
  Common Stock issuable to the selling securityholders upon exercise of the
  Warrants.&nbsp; For purposes of this prospectus, we have calculated the maximum
  number of shares issuable upon conversion of the Note.&nbsp; The Note is for an
  aggregate principal amount of $400,000 and bears interest at a rate of 12%
  per annum on the unpaid principal balance until August 1, 2010.&nbsp; The maturity
  date for payment of all principal and interest on the Note is December 31,
  2010.&nbsp; However, if and to the extent that any portion of the Note is still
  outstanding after August 1, 2010, the interest rate will increase to 14% per
  annum from and after August 1, 2010 until the maturity date.&nbsp; All interest
  accrues through the maturity date.&nbsp; The Note is convertible into shares of
  our Common Stock at any time prior to repayment at a conversion price of 25%
  less than the average price of our Common Stock during the 20 days prior to
  the conversion date, provided however that the conversion price shall not be
  below $.75 per share nor above $1.08 per share.&nbsp; Accordingly, we have
  calculated the maximum number of shares issuable upon conversion of the Note
  assuming that the entire principal balance and accrued interest through the
  maturity date will be converted at the minimum conversion price of $.75 per
  share.&nbsp; However, the actual number of shares to which this prospectus relates
  may be less than 639,969 if the market price of our shares exceeds $1.00 per
  share (resulting in the conversion price being higher than $.75 per share) or
  the Note is repaid before the time of conversion.</p>
  </td>
 </tr>
 <tr>
  <td width=31 valign=top style='width:23.4pt;padding:0in 5.4pt 0in 5.4pt'>
  <p class=MsoNormal style='margin-top:0in;margin-right:0in;margin-bottom:6.0pt;
  margin-left:-4.5pt'>(2)</p>
  </td>
  <td width=607 valign=top style='width:455.4pt;padding:0in 5.4pt 0in 5.4pt'>
  <p class=MsoNormal style='margin-bottom:6.0pt'>Calculated
  based on 3,898,559 shares of Common Stock outstanding as of February 16,
  2010, plus the 639,969 shares of Common Stock that may be sold under this
  prospectus.</p>
  </td>
 </tr>
</table>

<p class=MsoNormal align=center style='margin-bottom:12.0pt;text-align:center;
background:white'><b>&nbsp;</b></p>

<p class=MsoNormal align=center style='margin-bottom:12.0pt;text-align:center;
page-break-after:avoid;background:white'><b>PLAN
OF DISTRIBUTION</b></p>

<p class=MsoBodyText style='text-indent:.25in;page-break-after:avoid'>The selling securityholders, which as used herein
includes donees, pledgees, transferees or other successors-in-interest selling
shares of our Common Stock or interests in shares of our Common Stock received
after the date of this prospectus from a selling securityholder as a gift,
pledge, partnership distribution or other transfer, may, from time to time,
sell, transfer or otherwise dispose of any or all of their shares of Common
Stock or interests in shares of Common Stock on any stock exchange, market or
trading facility on which the shares are traded or in private transactions.&nbsp;
These dispositions may be at fixed prices, at prevailing market prices at the
time of sale, at prices related to the prevailing market price, at varying
prices determined at the time of sale, or at negotiated prices.</p>

<p class=MsoNormal style='margin-bottom:12.0pt;text-indent:.25in'>The selling securityholders may use any one or more of
the following methods when disposing of shares or interests therein:</p>

<p class=MsoNormal style='margin-bottom:12.0pt;text-indent:.25in'>&#149;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ordinary brokerage transactions and
transactions in which the broker-dealer solicits purchasers;</p>

<p class=MsoNormal style='margin-bottom:12.0pt;text-indent:.25in'>&#149;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; block trades in which the broker-dealer will
attempt to sell the shares as agent, but may position and resell a portion of
the block as principal to facilitate the transaction;</p>

<p class=MsoNormal style='margin-bottom:12.0pt;text-indent:.25in'>&#149;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; purchases by a broker-dealer as principal and
resale by the broker-dealer for its account;</p>

<p class=MsoNormal style='margin-bottom:12.0pt;text-indent:.25in'>&#149;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; an exchange distribution in accordance with the
rules of the applicable exchange;</p>

<p class=MsoNormal style='margin-bottom:12.0pt;text-indent:.25in'>&#149;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; privately negotiated transactions;</p>

<p class=MsoFooter align=center style='text-align:center'>8</p>

<div class=MsoNormal align=center style='text-align:center'>

<hr size=2 width="100%" noshade style='color:navy' align=center>

</div>



<br
clear=all style='page-break-before:always'>










<p class=MsoNormal style='margin-bottom:12.0pt;text-indent:.25in'>&#149;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; short sales effected after the date the
registration statement of which this prospectus is a part is declared effective
by the SEC;</p>

<p class=MsoNormal style='margin-bottom:12.0pt;text-indent:.25in'>&#149;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; through the writing or settlement of options or
other hedging transactions, whether through an options exchange or otherwise;</p>

<p class=MsoNormal style='margin-bottom:12.0pt;text-indent:.25in'>&#149;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; broker-dealers may agree with the selling
securityholders to sell a specified number of such shares at a stipulated price
per share; </p>

<p class=MsoNormal style='margin-bottom:12.0pt;text-indent:.25in'>&#149;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; a combination of any such methods of sale; and</p>

<p class=MsoNormal style='margin-bottom:12.0pt;text-indent:.25in'>&#149;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; any other method permitted by applicable law.</p>

<p class=MsoNormal style='margin-bottom:12.0pt;text-indent:.25in'>The selling securityholders may, from time to time,
pledge or grant a security interest in some or all of the shares of Common
Stock owned by them and, if they default in the performance of their secured
obligations, the pledgees or secured parties may offer and sell the shares of Common
Stock, from time to time, under this prospectus, or under an amendment to this
prospectus under Rule 424(b)(3) or other applicable provision of the Securities
Act amending the list of selling securityholders to include the pledgee,
transferee or other successors in interest as selling securityholders under
this prospectus.&nbsp; The selling securityholders also may transfer the shares of Common
Stock in other circumstances, in which case the transferees, pledgees or other
successors in interest will be the selling beneficial owners for purposes of
this prospectus.</p>

<p class=MsoNormal style='margin-bottom:12.0pt;text-indent:.25in'>In connection with the sale of our Common Stock or
interests therein, the selling securityholders may enter into hedging
transactions with broker-dealers or other financial institutions, which may in
turn engage in short sales of the Common Stock in the course of hedging the
positions they assume.&nbsp; The selling securityholders may also sell shares of our
Common Stock short and deliver these securities to close out their short
positions, or loan or pledge the Common Stock to broker-dealers that in turn
may sell these securities.&nbsp; The selling securityholders may also enter into
option or other transactions with broker-dealers or other financial
institutions or the creation of one or more derivative securities which require
the delivery to such broker-dealer or other financial institution of shares
offered by this prospectus, which shares such broker-dealer or other financial
institution may resell pursuant to this prospectus (as supplemented or amended
to reflect such transaction).</p>

<p class=MsoNormal style='margin-bottom:12.0pt;text-indent:.25in'>The aggregate proceeds to the selling securityholders
from the sale of the Common Stock offered by them will be the purchase price of
the Common Stock less discounts or commissions, if any.&nbsp; Each of the selling
securityholders reserves the right to accept and, together with their agents
from time to time, to reject, in whole or in part, any proposed purchase of Common
Stock to be made directly or through agents.&nbsp; We will not receive any of the
proceeds from this offering. Upon any exercise of the warrants by payment of
cash, however, we will receive the exercise price of the warrants.</p>

<p class=MsoNormal style='margin-bottom:12.0pt;text-indent:.25in'>The selling securityholders also may resell all or a
portion of the shares in open market transactions in reliance upon Rule 144
under the Securities Act of 1933, provided that they meet the criteria and
conform to the requirements of that rule.</p>

<p class=MsoNormal style='margin-bottom:12.0pt;text-indent:.25in'>The selling securityholders and any underwriters,
broker-dealers or agents that participate in the sale of the Common Stock or
interests therein may be &quot;underwriters&quot; within the meaning of Section 2(11) of
the Securities Act.&nbsp; Any discounts, commissions, concessions or profit they
earn on any resale of the shares may be underwriting discounts and commissions
under the Securities Act.&nbsp; Selling securityholders who are &quot;underwriters&quot;
within the meaning of Section 2(11) of the Securities Act will be subject to
the prospectus delivery requirements of the Securities Act.</p>

<p class=MsoNormal style='margin-bottom:12.0pt;text-indent:.25in'>To the extent required, the shares of our Common Stock
to be sold, the names of the selling securityholders, the respective purchase
prices and public offering prices, the names of any agents, dealer or
underwriter, any applicable commissions or discounts with respect to a
particular offer will be set forth in an accompanying prospectus supplement or,
if appropriate, a post-effective amendment to the registration statement that
includes this prospectus.</p>

<p class=MsoFooter align=center style='text-align:center'>9</p>

<div class=MsoNormal align=center style='text-align:center'>

<hr size=2 width="100%" noshade style='color:navy' align=center>

</div>



<br
clear=all style='page-break-before:always'>










<p class=MsoNormal style='margin-bottom:12.0pt;text-indent:.25in'>In order to comply with the securities laws of some
states, if applicable, the Common Stock may be sold in these jurisdictions only
through registered or licensed brokers or dealers.&nbsp; In addition, in some states
the Common Stock may not be sold unless it has been registered or qualified for
sale or an exemption from registration or qualification requirements is
available and is complied with.</p>

<p class=MsoNormal style='margin-bottom:12.0pt;text-indent:.25in'>We have advised the selling securityholders that the
anti-manipulation rules of Regulation M under the Exchange Act may apply to
sales of shares in the market and to the activities of the selling
securityholders and their affiliates.&nbsp; In addition, to the extent applicable we
will make copies of this prospectus (as it may be supplemented or amended from
time to time) available to the selling securityholders for the purpose of
satisfying the prospectus delivery requirements of the Securities Act.&nbsp; The selling
securityholders may indemnify any broker-dealer that participates in
transactions involving the sale of the shares against certain liabilities,
including liabilities arising under the Securities Act.</p>

<p class=MsoNormal style='margin-bottom:12.0pt;text-indent:.25in'>We have agreed with the selling securityholders that
we will use our commercially reasonable best efforts to keep the registration
statement of which this prospectus constitutes a part effective until such time
as the shares can be sold pursuant to an exemption from the registration
requirements under the Securities Act.</p>

<p class=MsoNormal align=center style='margin-bottom:12.0pt;text-align:center;
page-break-after:avoid;background:white'><b>LEGAL
MATTERS</b></p>

<p class=MsoNormal style='margin-bottom:12.0pt;text-indent:.25in;background:
white'>The validity of the securities being
offered by this prospectus has been passed upon for us by Snell &amp; Wilmer
L.L.P., of Las Vegas, Nevada.</p>

<p class=MsoNormal align=center style='margin-bottom:12.0pt;text-align:center;
background:white'><b>EXPERTS</b></p>

<p class=MsoNormal style='margin-bottom:12.0pt;text-indent:.25in;background:
white'>The consolidated financial
statements as of September 30, 2009 and for the years ended September 30, 2009
and 2008, incorporated by reference&nbsp;in this prospectus and elsewhere in
the registration statement, have been audited by Hein &amp; Associates LLP, an independent
registered public accounting firm, as indicated in their report with respect
thereto, and are incorporated by reference in reliance upon the authority of
said firm as experts in giving such report.</p>

<p class=MsoFooter align=center style='text-align:center'>10</p>

<div class=MsoNormal align=center style='text-align:center'>

<hr size=2 width="100%" noshade style='color:navy' align=center>

</div>





<br
clear=all style='page-break-before:always'>












<p class=MsoNormal align=center style='text-align:center;page-break-after:avoid;
background:white'><b>PART II</b></p>

<p class=MsoNormal align=center style='margin-bottom:6.0pt;text-align:center;
page-break-after:avoid;background:white'><b>INFORMATION
NOT REQUIRED IN PROSPECTUS</b></p>

<p class=MsoNormal style='page-break-after:avoid;background:white'><b>Item 16.&nbsp;&nbsp;&nbsp;&nbsp; Exhibits.</b></p>

<p class=MsoNormal style='page-break-after:avoid;background:white'><b>&nbsp;</b></p>

<table class=MsoNormalTable border=0 cellspacing=0 cellpadding=0
 style='border-collapse:collapse'>
 <tr style='page-break-inside:avoid'>
  <td width=91 valign=top style='width:.95in;padding:0in 5.4pt 0in 5.4pt'>
  <p class=MsoNormal align=center style='text-align:center;page-break-after:
  avoid'>4.1</p>
  </td>
  <td width=547 valign=top style='width:5.7in;padding:0in 5.4pt 0in 5.4pt'>
  <p class=MsoNormal style='page-break-after:avoid'>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)</p>
  </td>
 </tr>
 <tr style='page-break-inside:avoid'>
  <td width=91 valign=top style='width:.95in;padding:0in 5.4pt 0in 5.4pt'>
  <p class=MsoNormal align=center style='text-align:center'>4.2</p>
  </td>
  <td width=547 valign=top style='width:5.7in;padding:0in 5.4pt 0in 5.4pt'>
  <p class=MsoNormal>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)</p>
  </td>
 </tr>
 <tr style='page-break-inside:avoid'>
  <td width=91 valign=top style='width:.95in;padding:0in 5.4pt 0in 5.4pt'>
  <p class=MsoNormal align=center style='text-align:center'>4.3</p>
  </td>
  <td width=547 valign=top style='width:5.7in;padding:0in 5.4pt 0in 5.4pt'>
  <p class=MsoNormal>Amendment to Articles of
  Incorporation (previously filed as Exhibit 3.5 to the registrant's Annual
  Report on Form 10-KSB for the fiscal year ended September 30, 1996 and (File
  No. 000-18590) incorporated herein by reference)</p>
  </td>
 </tr>
 <tr style='page-break-inside:avoid'>
  <td width=91 valign=top style='width:.95in;padding:0in 5.4pt 0in 5.4pt'>
  <p class=MsoNormal align=center style='text-align:center'>4.4</p>
  </td>
  <td width=547 valign=top style='width:5.7in;padding:0in 5.4pt 0in 5.4pt'>
  <p class=MsoNormal>Certificate of
  Designations, Preferences, and Rights of Series B Convertible Preference
  Stock of Good Times Restaurants Inc. (previously filed as Exhibit 1 to the
  Amendment No. 6 to Schedule 13D filed by The Erie County Investment Co., The
  Bailey Company, LLLP and Paul T. Bailey (File No. 005-42729) on February 14, 2005
  and incorporated herein by reference)</p>
  </td>
 </tr>
 <tr style='page-break-inside:avoid'>
  <td width=91 valign=top style='width:.95in;padding:0in 5.4pt 0in 5.4pt'>
  <p class=MsoNormal align=center style='text-align:center'>4.5</p>
  </td>
  <td width=547 valign=top style='width:5.7in;padding:0in 5.4pt 0in 5.4pt'>
  <p class=MsoNormal>Restated Bylaws of
  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)</p>
  </td>
 </tr>
 <tr style='page-break-inside:avoid'>
  <td width=91 valign=top style='width:.95in;padding:0in 5.4pt 0in 5.4pt'>
  <p class=MsoNormal align=center style='text-align:center'>4.6</p>
  </td>
  <td width=547 valign=top style='width:5.7in;padding:0in 5.4pt 0in 5.4pt'>
  <p class=MsoNormal>Restated Bylaws of
  Registrant, amended as of August 14, 2007 (previously filed as Exhibit 3.1 to
  the registrant's current report on Form 8-K dated December 31, 2007 (File No.
  000-18590) and incorporated herein by reference)</p>
  </td>
 </tr>
 <tr style='page-break-inside:avoid'>
  <td width=91 valign=top style='width:.95in;padding:0in 5.4pt 0in 5.4pt'>
  <p class=MsoNormal align=center style='text-align:center'>4.7</p>
  </td>
  <td width=547 valign=top style='width:5.7in;padding:0in 5.4pt 0in 5.4pt'>
  <p class=MsoNormal>Loan Agreement dated
  February 1, 2010 (previously filed as Exhibit 10.1 to the registrant's
  current report on Form 8-K dated February 3, 2010 (File No. 000-18590) and
  incorporated herein by reference)</p>
  </td>
 </tr>
 <tr style='page-break-inside:avoid'>
  <td width=91 valign=top style='width:.95in;padding:0in 5.4pt 0in 5.4pt'>
  <p class=MsoNormal align=center style='text-align:center'>4.8</p>
  </td>
  <td width=547 valign=top style='width:5.7in;padding:0in 5.4pt 0in 5.4pt'>
  <p class=MsoNormal>Secured Convertible
  Promissory Note dated February 1, 2010 (previously filed as Exhibit 10.2 to
  the registrant's current report on Form 8-K dated February 3, 2010 (File No. 000-18590)
  and incorporated herein by reference)</p>
  </td>
 </tr>
 <tr style='page-break-inside:avoid'>
  <td width=91 valign=top style='width:.95in;padding:0in 5.4pt 0in 5.4pt'>
  <p class=MsoNormal align=center style='text-align:center'>4.9</p>
  </td>
  <td width=547 valign=top style='width:5.7in;padding:0in 5.4pt 0in 5.4pt'>
  <p class=MsoNormal>Warrants to Purchase Shares
  of Common Stock dated February 1, 2010 (previously filed as Exhibit 4.1 to
  the registrant's current report on Form 8-K dated February 3, 2010 (File No. 000-18590)
  and incorporated herein by reference)</p>
  </td>
 </tr>
 <tr style='page-break-inside:avoid'>
  <td width=91 valign=top style='width:.95in;padding:0in 5.4pt 0in 5.4pt'>
  <p class=MsoNormal align=center style='text-align:center'>4.10</p>
  </td>
  <td width=547 valign=top style='width:5.7in;padding:0in 5.4pt 0in 5.4pt'>
  <p class=MsoNormal>First Amendment to Loan
  Agreement dated April 1, 2010 (previously filed as Exhibit 10.1 to the
  registrant's current report on Form 8-K dated April 6, 2010 (File No. 000-18590)
  and incorporated herein by reference)</p>
  </td>
 </tr>
 <tr style='page-break-inside:avoid'>
  <td width=91 valign=top style='width:.95in;padding:0in 5.4pt 0in 5.4pt'>
  <p class=MsoNormal align=center style='text-align:center'>4.11</p>
  </td>
  <td width=547 valign=top style='width:5.7in;padding:0in 5.4pt 0in 5.4pt'>
  <p class=MsoNormal>Secured Convertible
  Promissory Note dated April 1, 2010 (previously filed as Exhibit 10.2 to the
  registrant's current report on Form 8-K dated April 6, 2010 (File No. 000-18590)
  and incorporated herein by reference)</p>
  </td>
 </tr>
 <tr style='page-break-inside:avoid'>
  <td width=91 valign=top style='width:.95in;padding:0in 5.4pt 0in 5.4pt'>
  <p class=MsoNormal align=center style='text-align:center'>4.12</p>
  </td>
  <td width=547 valign=top style='width:5.7in;padding:0in 5.4pt 0in 5.4pt'>
  <p class=MsoNormal>Warrants to Purchase Shares
  of Common Stock dated April 1, 2010 (previously filed as Exhibit 4.1 to the
  registrant's current report on Form 8-K dated April 6, 2010 (File No. 000-18590)
  and incorporated herein by reference)</p>
  </td>
 </tr>
 <tr style='page-break-inside:avoid'>
  <td width=91 valign=top style='width:.95in;padding:0in 5.4pt 0in 5.4pt'>
  <p class=MsoNormal align=center style='text-align:center'>5.1</p>
  </td>
  <td width=547 valign=top style='width:5.7in;padding:0in 5.4pt 0in 5.4pt'>
  <p class=MsoNormal>Opinion of Snell &amp;
  Wilmer L.L.P. (previously filed)</p>
  </td>
 </tr>
 <tr style='page-break-inside:avoid'>
  <td width=91 valign=top style='width:.95in;padding:0in 5.4pt 0in 5.4pt'>
  <p class=MsoNormal align=center style='text-align:center'>23.1</p>
  </td>
  <td width=547 valign=top style='width:5.7in;padding:0in 5.4pt 0in 5.4pt'>
  <p class=MsoNormal>Consent of Hein &amp;
  Associates LLP (previously filed)</p>
  </td>
 </tr>
 <tr style='page-break-inside:avoid'>
  <td width=91 valign=top style='width:.95in;padding:0in 5.4pt 0in 5.4pt'>
  <p class=MsoNormal align=center style='text-align:center'>23.2</p>
  </td>
  <td width=547 valign=top style='width:5.7in;padding:0in 5.4pt 0in 5.4pt'>
  <p class=MsoNormal>Consent of Snell &amp;
  Wilmer L.L.P. (included with opinion previously filed)</p>
  </td>
 </tr>
 <tr style='page-break-inside:avoid'>
  <td width=91 valign=top style='width:.95in;padding:0in 5.4pt 0in 5.4pt'>
  <p class=MsoNormal align=center style='text-align:center'>24.1</p>
  </td>
  <td width=547 valign=top style='width:5.7in;padding:0in 5.4pt 0in 5.4pt'>
  <p class=MsoNormal>Power of Attorney (included
  on the signature page of previously filed registration statement)</p>
  </td>
 </tr>
</table>



<div class=MsoNormal align=center style='text-align:center'>

<hr size=2 width="100%" noshade style='color:navy' align=center>

</div>



<br
clear=all style='page-break-before:always'>










<p class=MsoNormal align=center style='margin-bottom:12.0pt;text-align:center'><b>SIGNATURES</b></p>

<p class=MsoNormal style='margin-bottom:12.0pt;text-indent:.25in;background:
white'>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 the 27<sup>th</sup> day of April, 2010.</p>

<p class=MsoNormal style='margin-bottom:12.0pt;text-indent:3.0in;background:
white'><b>GOOD TIMES RESTAURANTS INC.</b></p>

<p class=MsoNormal style='text-indent:.25in;background:white'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; By: <u>/s/
Boyd E. Hoback</u></p>

<p class=MsoNormal style='margin-left:3.25in;text-indent:-3.0in;background:
white'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Boyd
E. Hoback</p>

<p class=MsoNormal style='margin-top:0in;margin-right:0in;margin-bottom:12.0pt;
margin-left:3.25in;text-indent:-3.0in;background:white'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; President
and Chief Executive Officer</p>

<p class=MsoNormal align=center style='margin-bottom:12.0pt;text-align:center;
background:white'><b>POWER OF ATTORNEY</b></p>

<p class=MsoNormal style='margin-bottom:12.0pt;text-indent:.25in;background:
white'>We, the undersigned officers and
directors of Good Times Restaurants Inc., and each of us, do hereby constitute
and appoint Boyd E. Hoback and Susan M. Knutson, and each of them individually,
as our true and lawful attorneys and agents, with full power of substitution
and resubstitution, to do any and all acts and things in our name and behalf in
any and all capacities and to execute any and all instruments for us in our
names, in connection with this registration statement or any registration
statement for the same offering that is to be effective upon filing under the
Securities Act of 1933, as amended, and to file the same, with all exhibits thereto
and other documents in connection therewith, with the Securities and Exchange
Commission, including specifically, but without limitation, power and authority
to sign for us or any of us in our names in the capacities indicated below, any
and all amendments (including post-effective amendments) hereto; and we hereby
ratify and confirm all that said attorneys and agents, or their substitutes,
shall do or cause to be done by virtue thereof.</p>

<p class=MsoNormal style='text-indent:.25in;background:white'>Pursuant to the requirements of the Securities Act of
1933, this registration statement has been signed by the following persons in
the capacities and as of the dates indicated.</p>



<table class=MsoNormalTable border=0 cellspacing=0 cellpadding=0 width=662
 style='width:6.9in;border-collapse:collapse'>

  <tr>
   <td width=181 valign=top style='width:135.9pt;border:none;border-bottom:
   solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt'>
   <p class=MsoNormal align=center style='margin-top:0in;margin-right:0in;
   margin-bottom:6.0pt;margin-left:-5.4pt;text-align:center'><b>Signature</b></p>
   </td>
   <td width=18 valign=top style='width:13.5pt;padding:0in 5.4pt 0in 5.4pt'>
   <p class=MsoNormal align=center style='margin-bottom:6.0pt;text-align:center'><b>&nbsp;</b></p>
   </td>
   <td width=288 valign=top style='width:3.0in;border:none;border-bottom:solid windowtext 1.0pt;
   padding:0in 5.4pt 0in 5.4pt'>
   <p class=MsoNormal align=center style='margin-bottom:6.0pt;text-align:center'><b>Title</b></p>
   </td>
   <td width=18 valign=top style='width:13.4pt;padding:0in 5.4pt 0in 5.4pt'>
   <p class=MsoNormal align=center style='margin-bottom:6.0pt;text-align:center'><b>&nbsp;</b></p>
   </td>
   <td width=157 valign=top style='width:118.0pt;border:none;border-bottom:
   solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt'>
   <p class=MsoNormal align=center style='margin-bottom:6.0pt;text-align:center'><b>Date</b></p>
   </td>
  </tr>

 <tr>
  <td width=181 valign=top style='width:135.9pt;padding:0in 5.4pt 0in 5.4pt'>
  <p class=MsoNormal style='margin-bottom:6.0pt'>/s/</p>
  <p class=MsoNormal style='margin-bottom:6.0pt'>Boyd
  E. Hoback</p>
  </td>
  <td width=18 valign=top style='width:13.5pt;padding:0in 5.4pt 0in 5.4pt'>

  </td>
  <td width=288 valign=top style='width:3.0in;padding:0in 5.4pt 0in 5.4pt'>
  <p class=MsoNormal align=center style='margin-top:6.0pt;margin-right:0in;
  margin-bottom:6.0pt;margin-left:0in;text-align:center'>Director, President and Chief Executive Officer</p>
  </td>
  <td width=18 valign=top style='width:13.4pt;padding:0in 5.4pt 0in 5.4pt'>

  </td>
  <td width=157 valign=top style='width:118.0pt;padding:0in 5.4pt 0in 5.4pt'>
  <p class=MsoNormal align=center style='margin-top:6.0pt;margin-right:0in;
  margin-bottom:6.0pt;margin-left:0in;text-align:center'>April 27, 2010</p>
  </td>
 </tr>
 <tr>
  <td width=181 valign=top style='width:135.9pt;padding:0in 5.4pt 0in 5.4pt'>
  <p class=MsoNormal style='margin-bottom:6.0pt'>/s/</p>
  <p class=MsoNormal style='margin-bottom:6.0pt'>Susan
  M. Knutson</p>
  </td>
  <td width=18 valign=top style='width:13.5pt;padding:0in 5.4pt 0in 5.4pt'>

  </td>
  <td width=288 valign=top style='width:3.0in;padding:0in 5.4pt 0in 5.4pt'>
  <p class=MsoNormal align=center style='margin-top:6.0pt;margin-right:0in;
  margin-bottom:6.0pt;margin-left:0in;text-align:center'>Controller and Principal Financial Officer</p>
  </td>
  <td width=18 valign=top style='width:13.4pt;padding:0in 5.4pt 0in 5.4pt'>

  </td>
  <td width=157 valign=top style='width:118.0pt;padding:0in 5.4pt 0in 5.4pt'>
  <p class=MsoNormal align=center style='margin-top:6.0pt;margin-right:0in;
  margin-bottom:6.0pt;margin-left:0in;text-align:center'>April 27, 2010</p>
  </td>
 </tr>
 <tr>
  <td width=181 valign=top style='width:135.9pt;padding:0in 5.4pt 0in 5.4pt'>
  <p class=MsoNormal style='margin-bottom:6.0pt'>/s/</p>
  <p class=MsoNormal style='margin-bottom:6.0pt'>Geoffrey
  R. Bailey</p>
  </td>
  <td width=18 valign=top style='width:13.5pt;padding:0in 5.4pt 0in 5.4pt'>

  </td>
  <td width=288 valign=top style='width:3.0in;padding:0in 5.4pt 0in 5.4pt'>
  <p class=MsoNormal align=center style='margin-top:6.0pt;margin-right:0in;
  margin-bottom:6.0pt;margin-left:0in;text-align:center'>Director</p>
  </td>
  <td width=18 valign=top style='width:13.4pt;padding:0in 5.4pt 0in 5.4pt'>

  </td>
  <td width=157 valign=top style='width:118.0pt;padding:0in 5.4pt 0in 5.4pt'>
  <p class=MsoNormal align=center style='margin-top:6.0pt;margin-right:0in;
  margin-bottom:6.0pt;margin-left:0in;text-align:center'>April 27, 2010</p>
  </td>
 </tr>
 <tr>
  <td width=181 valign=top style='width:135.9pt;padding:0in 5.4pt 0in 5.4pt'>
  <p class=MsoNormal style='margin-bottom:6.0pt'>/s/</p>
  <p class=MsoNormal style='margin-bottom:6.0pt'>Ron
  Goodson</p>
  </td>
  <td width=18 valign=top style='width:13.5pt;padding:0in 5.4pt 0in 5.4pt'>

  </td>
  <td width=288 valign=top style='width:3.0in;padding:0in 5.4pt 0in 5.4pt'>
  <p class=MsoNormal align=center style='margin-top:6.0pt;margin-right:0in;
  margin-bottom:6.0pt;margin-left:0in;text-align:center'>Director</p>
  </td>
  <td width=18 valign=top style='width:13.4pt;padding:0in 5.4pt 0in 5.4pt'>

  </td>
  <td width=157 valign=top style='width:118.0pt;padding:0in 5.4pt 0in 5.4pt'>
  <p class=MsoNormal align=center style='margin-top:6.0pt;margin-right:0in;
  margin-bottom:6.0pt;margin-left:0in;text-align:center'>April 27, 2010</p>
  </td>
 </tr>
 <tr>
  <td width=181 valign=top style='width:135.9pt;padding:0in 5.4pt 0in 5.4pt'>
  <p class=MsoNormal style='margin-bottom:6.0pt'>/s/</p>
  <p class=MsoNormal style='margin-bottom:6.0pt'>David
  Grissen</p>
  </td>
  <td width=18 valign=top style='width:13.5pt;padding:0in 5.4pt 0in 5.4pt'>

  </td>
  <td width=288 valign=top style='width:3.0in;padding:0in 5.4pt 0in 5.4pt'>
  <p class=MsoNormal align=center style='margin-top:6.0pt;margin-right:0in;
  margin-bottom:6.0pt;margin-left:0in;text-align:center'>Director</p>
  </td>
  <td width=18 valign=top style='width:13.4pt;padding:0in 5.4pt 0in 5.4pt'>

  </td>
  <td width=157 valign=top style='width:118.0pt;padding:0in 5.4pt 0in 5.4pt'>
  <p class=MsoNormal align=center style='margin-top:6.0pt;margin-right:0in;
  margin-bottom:6.0pt;margin-left:0in;text-align:center'>April 27, 2010</p>
  </td>
 </tr>
 <tr>
  <td width=181 valign=top style='width:135.9pt;padding:0in 5.4pt 0in 5.4pt'>
  <p class=MsoNormal style='margin-bottom:6.0pt'>/s/</p>
  <p class=MsoNormal style='margin-bottom:6.0pt'>Eric
  W. Reinhard</p>
  </td>
  <td width=18 valign=top style='width:13.5pt;padding:0in 5.4pt 0in 5.4pt'>

  </td>
  <td width=288 valign=top style='width:3.0in;padding:0in 5.4pt 0in 5.4pt'>
  <p class=MsoNormal align=center style='margin-top:6.0pt;margin-right:0in;
  margin-bottom:6.0pt;margin-left:0in;text-align:center'>Director</p>
  </td>
  <td width=18 valign=top style='width:13.4pt;padding:0in 5.4pt 0in 5.4pt'>

  </td>
  <td width=157 valign=top style='width:118.0pt;padding:0in 5.4pt 0in 5.4pt'>
  <p class=MsoNormal align=center style='margin-top:6.0pt;margin-right:0in;
  margin-bottom:6.0pt;margin-left:0in;text-align:center'>April 27, 2010</p>
  </td>
 </tr>
 <tr>
  <td width=181 valign=top style='width:135.9pt;padding:0in 5.4pt 0in 5.4pt'>
  <p class=MsoNormal style='margin-bottom:6.0pt'>/s/</p>
  <p class=MsoNormal style='margin-bottom:6.0pt'>Richard
  J. Stark</p>
  </td>
  <td width=18 valign=top style='width:13.5pt;padding:0in 5.4pt 0in 5.4pt'>

  </td>
  <td width=288 valign=top style='width:3.0in;padding:0in 5.4pt 0in 5.4pt'>
  <p class=MsoNormal align=center style='margin-top:6.0pt;margin-right:0in;
  margin-bottom:6.0pt;margin-left:0in;text-align:center'>Director</p>
  </td>
  <td width=18 valign=top style='width:13.4pt;padding:0in 5.4pt 0in 5.4pt'>

  </td>
  <td width=157 valign=top style='width:118.0pt;padding:0in 5.4pt 0in 5.4pt'>
  <p class=MsoNormal align=center style='margin-top:6.0pt;margin-right:0in;
  margin-bottom:6.0pt;margin-left:0in;text-align:center'>April 27, 2010</p>
  </td>
 </tr>
 <tr>
  <td width=181 valign=top style='width:135.9pt;padding:0in 5.4pt 0in 5.4pt'>
  <p class=MsoNormal style='margin-bottom:6.0pt'>/s/</p>
  <p class=MsoNormal style='margin-bottom:6.0pt'>Alan
  A. Teran</p>
  </td>
  <td width=18 valign=top style='width:13.5pt;padding:0in 5.4pt 0in 5.4pt'>

  </td>
  <td width=288 valign=top style='width:3.0in;padding:0in 5.4pt 0in 5.4pt'>
  <p class=MsoNormal align=center style='margin-top:6.0pt;margin-right:0in;
  margin-bottom:6.0pt;margin-left:0in;text-align:center'>Director</p>
  </td>
  <td width=18 valign=top style='width:13.4pt;padding:0in 5.4pt 0in 5.4pt'>

  </td>
  <td width=157 valign=top style='width:118.0pt;padding:0in 5.4pt 0in 5.4pt'>
  <p class=MsoNormal align=center style='margin-top:6.0pt;margin-right:0in;
  margin-bottom:6.0pt;margin-left:0in;text-align:center'>April 27, 2010</p>
  </td>
 </tr>
</table>

<p class=MsoNormal align=center style='text-align:center;background:white'><b>&nbsp;</b></p>



<div class=MsoNormal align=center style='text-align:center'>

<hr size=2 width="100%" noshade style='color:navy' align=center>

</div>



<br
clear=all style='page-break-before:always'>










<p class=MsoNormal align=center style='text-align:center;background:white'><b>EXHIBIT INDEX</b>
</p>



<table class=MsoNormalTable border=0 cellspacing=0 cellpadding=0
 style='border-collapse:collapse'>
 <tr style='page-break-inside:avoid'>
  <td width=91 valign=top style='width:.95in;padding:0in 5.4pt 0in 5.4pt'>
  <p class=MsoNormal align=center style='text-align:center;page-break-after:
  avoid'>4.1</p>
  </td>
  <td width=547 valign=top style='width:5.7in;padding:0in 5.4pt 0in 5.4pt'>
  <p class=MsoNormal style='page-break-after:avoid'>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)</p>
  </td>
 </tr>
 <tr style='page-break-inside:avoid'>
  <td width=91 valign=top style='width:.95in;padding:0in 5.4pt 0in 5.4pt'>
  <p class=MsoNormal align=center style='text-align:center'>4.2</p>
  </td>
  <td width=547 valign=top style='width:5.7in;padding:0in 5.4pt 0in 5.4pt'>
  <p class=MsoNormal>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)</p>
  </td>
 </tr>
 <tr style='page-break-inside:avoid'>
  <td width=91 valign=top style='width:.95in;padding:0in 5.4pt 0in 5.4pt'>
  <p class=MsoNormal align=center style='text-align:center'>4.3</p>
  </td>
  <td width=547 valign=top style='width:5.7in;padding:0in 5.4pt 0in 5.4pt'>
  <p class=MsoNormal>Amendment to Articles of
  Incorporation (previously filed as Exhibit 3.5 to the registrant's Annual
  Report on Form 10-KSB for the fiscal year ended September 30, 1996 and (File
  No. 000-18590) incorporated herein by reference)</p>
  </td>
 </tr>
 <tr style='page-break-inside:avoid'>
  <td width=91 valign=top style='width:.95in;padding:0in 5.4pt 0in 5.4pt'>
  <p class=MsoNormal align=center style='text-align:center'>4.4</p>
  </td>
  <td width=547 valign=top style='width:5.7in;padding:0in 5.4pt 0in 5.4pt'>
  <p class=MsoNormal>Certificate of
  Designations, Preferences, and Rights of Series B Convertible Preference
  Stock of Good Times Restaurants Inc. (previously filed as Exhibit 1 to the
  Amendment No. 6 to Schedule 13D filed by The Erie County Investment Co., The
  Bailey Company, LLLP and Paul T. Bailey (File No. 005-42729) on February 14,
  2005 and incorporated herein by reference)</p>
  </td>
 </tr>
 <tr style='page-break-inside:avoid'>
  <td width=91 valign=top style='width:.95in;padding:0in 5.4pt 0in 5.4pt'>
  <p class=MsoNormal align=center style='text-align:center'>4.5</p>
  </td>
  <td width=547 valign=top style='width:5.7in;padding:0in 5.4pt 0in 5.4pt'>
  <p class=MsoNormal>Restated Bylaws of
  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)</p>
  </td>
 </tr>
 <tr style='page-break-inside:avoid'>
  <td width=91 valign=top style='width:.95in;padding:0in 5.4pt 0in 5.4pt'>
  <p class=MsoNormal align=center style='text-align:center'>4.6</p>
  </td>
  <td width=547 valign=top style='width:5.7in;padding:0in 5.4pt 0in 5.4pt'>
  <p class=MsoNormal>Restated Bylaws of
  Registrant, amended as of August 14, 2007 (previously filed as Exhibit 3.1 to
  the registrant's current report on Form 8-K dated December 31, 2007 (File No.
  000-18590) and incorporated herein by reference)</p>
  </td>
 </tr>
 <tr style='page-break-inside:avoid'>
  <td width=91 valign=top style='width:.95in;padding:0in 5.4pt 0in 5.4pt'>
  <p class=MsoNormal align=center style='text-align:center'>4.7</p>
  </td>
  <td width=547 valign=top style='width:5.7in;padding:0in 5.4pt 0in 5.4pt'>
  <p class=MsoNormal>Loan Agreement dated
  February 1, 2010 (previously filed as Exhibit 10.1 to the registrant's
  current report on Form 8-K dated February 3, 2010 (File No. 000-18590) and
  incorporated herein by reference)</p>
  </td>
 </tr>
 <tr style='page-break-inside:avoid'>
  <td width=91 valign=top style='width:.95in;padding:0in 5.4pt 0in 5.4pt'>
  <p class=MsoNormal align=center style='text-align:center'>4.8</p>
  </td>
  <td width=547 valign=top style='width:5.7in;padding:0in 5.4pt 0in 5.4pt'>
  <p class=MsoNormal>Secured Convertible
  Promissory Note dated February 1, 2010 (previously filed as Exhibit 10.2 to
  the registrant's current report on Form 8-K dated February 3, 2010 (File No. 000-18590)
  and incorporated herein by reference)</p>
  </td>
 </tr>
 <tr style='page-break-inside:avoid'>
  <td width=91 valign=top style='width:.95in;padding:0in 5.4pt 0in 5.4pt'>
  <p class=MsoNormal align=center style='text-align:center'>4.9</p>
  </td>
  <td width=547 valign=top style='width:5.7in;padding:0in 5.4pt 0in 5.4pt'>
  <p class=MsoNormal>Warrants to Purchase Shares
  of Common Stock dated February 1, 2010 (previously filed as Exhibit 4.1 to
  the registrant's current report on Form 8-K dated February 3, 2010 (File No. 000-18590)
  and incorporated herein by reference)</p>
  </td>
 </tr>
 <tr style='page-break-inside:avoid'>
  <td width=91 valign=top style='width:.95in;padding:0in 5.4pt 0in 5.4pt'>
  <p class=MsoNormal align=center style='text-align:center'>4.10</p>
  </td>
  <td width=547 valign=top style='width:5.7in;padding:0in 5.4pt 0in 5.4pt'>
  <p class=MsoNormal>First Amendment to Loan
  Agreement dated April 1, 2010 (previously filed as Exhibit 10.1 to the
  registrant's current report on Form 8-K dated April 6, 2010 (File No.
  000-18590) and incorporated herein by reference)</p>
  </td>
 </tr>
 <tr style='page-break-inside:avoid'>
  <td width=91 valign=top style='width:.95in;padding:0in 5.4pt 0in 5.4pt'>
  <p class=MsoNormal align=center style='text-align:center'>4.11</p>
  </td>
  <td width=547 valign=top style='width:5.7in;padding:0in 5.4pt 0in 5.4pt'>
  <p class=MsoNormal>Secured Convertible
  Promissory Note dated April 1, 2010 (previously filed as Exhibit 10.2 to the
  registrant's current report on Form 8-K dated April 6, 2010 (File No.
  000-18590) and incorporated herein by reference)</p>
  </td>
 </tr>
 <tr style='page-break-inside:avoid'>
  <td width=91 valign=top style='width:.95in;padding:0in 5.4pt 0in 5.4pt'>
  <p class=MsoNormal align=center style='text-align:center'>4.12</p>
  </td>
  <td width=547 valign=top style='width:5.7in;padding:0in 5.4pt 0in 5.4pt'>
  <p class=MsoNormal>Warrants to Purchase Shares
  of Common Stock dated April 1, 2010 (previously filed as Exhibit 4.1 to the
  registrant's current report on Form 8-K dated April 6, 2010 (File No.
  000-18590) and incorporated herein by reference)</p>
  </td>
 </tr>
 <tr style='page-break-inside:avoid'>
  <td width=91 valign=top style='width:.95in;padding:0in 5.4pt 0in 5.4pt'>
  <p class=MsoNormal align=center style='text-align:center'>5.1</p>
  </td>
  <td width=547 valign=top style='width:5.7in;padding:0in 5.4pt 0in 5.4pt'>
  <p class=MsoNormal>Opinion of Snell &amp;
  Wilmer L.L.P. (previously filed)</p>
  </td>
 </tr>
 <tr style='page-break-inside:avoid'>
  <td width=91 valign=top style='width:.95in;padding:0in 5.4pt 0in 5.4pt'>
  <p class=MsoNormal align=center style='text-align:center'>23.1</p>
  </td>
  <td width=547 valign=top style='width:5.7in;padding:0in 5.4pt 0in 5.4pt'>
  <p class=MsoNormal>Consent of Hein &amp;
  Associates LLP (previously filed)</p>
  </td>
 </tr>
 <tr style='page-break-inside:avoid'>
  <td width=91 valign=top style='width:.95in;padding:0in 5.4pt 0in 5.4pt'>
  <p class=MsoNormal align=center style='text-align:center'>23.2</p>
  </td>
  <td width=547 valign=top style='width:5.7in;padding:0in 5.4pt 0in 5.4pt'>
  <p class=MsoNormal>Consent of Snell &amp;
  Wilmer L.L.P. (included with opinion previously filed)</p>
  </td>
 </tr>
 <tr style='page-break-inside:avoid'>
  <td width=91 valign=top style='width:.95in;padding:0in 5.4pt 0in 5.4pt'>
  <p class=MsoNormal align=center style='text-align:center'>24.1</p>
  </td>
  <td width=547 valign=top style='width:5.7in;padding:0in 5.4pt 0in 5.4pt'>
  <p class=MsoNormal>Power of Attorney (included
  on the signature page of previously filed registration statement)</p>
  </td>
 </tr>
</table>



<div class=MsoNormal align=center style='text-align:center'>

<hr size=2 width="100%" noshade style='color:navy' align=center>

</div>







</body>

</html>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
-----END PRIVACY-ENHANCED MESSAGE-----
