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Commitments and Contingencies | 12 Months Ended
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Sep. 28, 2021
Commitments and Contingencies Disclosure [Abstract] |
Commitments and Contingencies | 5.Commitments and Contingencies: As of September 28, 2021, the Company had no total commitments outstanding related to construction contracts. As previously disclosed in the Company’s Form 10-K for the fiscal year ended September 29, 2020, the Company is the defendant in a lawsuit styled as White Winston Select Asset Funds, LLC and GT Acquisition Group, Inc. v. Good Times Restaurants, Inc., arising from the failed negotiations between plaintiffs and the Company for the sale of the Good Times Drive Thru subsidiary to plaintiffs. The lawsuit was initially filed on September 24, 2019 in Delaware Chancery Court, and Company removed the case to federal court in the US District Court for the District of Delaware on November 5, 2019. On July 30, 2021, the plaintiffs moved the Court for leave to amend their complaint and add new causes of action and a claim for $18 million in damages. On August 31, 2021, the Company’s retained damages expert submitted a report in response to the plaintiffs’ claims for damages. Good Times contends that the most reasonable estimation of damages is between $332,000 and $3.3 million. The estimate assumes a finding of liability in favor of the plaintiffs and their ability to satisfy the legal standards for proving damages. The Company views these events as not probable. On October 25, 2021, the Court granted the plaintiffs leave to amend their complaint and add new causes of action and damages. The Company will continue to vigorously pursue a full defense of this matter on the merits. Because the Company has concluded that a loss is not probable, we therefore have not recorded a liability related to the litigation. The Company will continue to evaluate this matter based on new information as it becomes available. There may be various claims in process, matters in litigation, and other contingencies brought against the company by employees, vendors, customers, franchisees, or other parties. Evaluating these contingencies is a complex process that may involve substantial judgment on the potential outcome of such matters, and the ultimate outcome of such contingencies may differ from our current analysis. We regularly review the adequacy of accruals and disclosures related to such contingent liabilities in consultation with legal counsel. While it is not possible to predict the outcome of these claims with certainty, it is management’s opinion that any reasonably possible losses associated with such contingencies would be immaterial to our financial statements.

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