<SEC-DOCUMENT>0001213900-22-040790.txt : 20220909
<SEC-HEADER>0001213900-22-040790.hdr.sgml : 20220909
<ACCEPTANCE-DATETIME>20220721205423
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0001213900-22-040790
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20220721

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Reborn Coffee, Inc.
		CENTRAL INDEX KEY:			0001707910
		STANDARD INDUSTRIAL CLASSIFICATION:	RETAIL-EATING PLACES [5812]
		IRS NUMBER:				474752305
		STATE OF INCORPORATION:			FL
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		17809 GILLETTE AVE
		CITY:			IRVINE
		STATE:			CA
		ZIP:			92614
		BUSINESS PHONE:		949-880-2868

	MAIL ADDRESS:	
		STREET 1:		17809 GILLETTE AVE
		CITY:			IRVINE
		STATE:			CA
		ZIP:			92614

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	CAPAX INC.
		DATE OF NAME CHANGE:	20170530
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>Reborn Coffee, Inc.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>580 N. Berry Street</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>Brea, CA 92821</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">July 21, 2022</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Division of Corporation Finance</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Office of Trade &amp; Services</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">United States Securities and Exchange Commission</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Washington DC 20549</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.75in; text-align: left">Attention:</TD><TD STYLE="text-align: justify">Nicholas Lamparski (202-551-4695), Mara Ransom (202-551-3264),</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: left">Tatanisha Meadows at 202-551-3322 or Adam Phippen
(202) 551-3336</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 0.5in; text-align: left">RE:</TD><TD STYLE="text-align: justify">Reborn Coffee, Inc.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Amendment No. 3 to Registration Statement on Form
S-1</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Filed June 28, 2022</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">File No. 333-261937</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Ladies and Gentlemen:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">Reborn Coffee, Inc. (the &ldquo;<U>Company</U>&rdquo;)
confirms receipt of the letter dated July 14, 2022 from the staff (the &ldquo;<U>Staff</U>&rdquo;) of the Securities and Exchange Commission
(the &ldquo;<U>Commission</U>&rdquo;) with respect to the above-referenced filing. We are responding to the Staff&rsquo;s comment as set
forth below. The Staff&rsquo;s comment is set forth below, followed by the Company&rsquo;s response in bold:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Amendment No. 3 to Registration Statement on Form S-1 Filed June
28, 2022</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 360.65pt 0pt 2pt"><U>Prospectus Summary <BR>
Our Company, page 1</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 360.65pt 0pt 2pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 35.35pt">1.</TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">We note your response to Comment 1. However, it still doesn&rsquo;t appear
that each place you disclose Adjusted EBITDA margin,
you present the comparable GAAP measure with equal or greater prominence. Specifically, please refer to pages 1, 2, 52, 53 and 67. As
such, we re-issue the comment. Refer to Item 10(e)(1)(i)(A) of Regulation S-K.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0.5in; text-indent: 0in; text-align: left"><B>RESPONSE:
In response to the Staff&rsquo;s comment, we have revised the Registration Statement to present the comparable GAAP measure with equal
or greater prominence in each place we disclose Adjusted EBITDA.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt"><U>Our Growth, page 8</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 35.35pt; text-align: left">2.</TD><TD STYLE="text-align: left">We note your revisions in response to comment 2 and your
revised expectations around new store openings. In each place where you reference expectations around 20 franchise locations, acknowledge
that you have not yet signed any franchise agreements and that such number is purely speculative, if true. Alternatively, if you have
a basis for such number, please revise to provide it. Also, given your stated dependence upon proceeds from this offering to support
20 company-operated store openings, revise your Use of Proceeds to explicitly mention this intended use.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><B>RESPONSE: We have revised the Registration
Statement to state that we acknowledge that we have not yet signed any franchise agreements and that such number is purely speculative.
We have also revised our use of proceeds sections to disclose that we anticipate using $3,000,000 of the proceeds from this offering
to fund the opening of 20 company-operating stores, at an estimated $150,000 per store in response to the Staff&rsquo;s comment.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-right: 236.35pt; margin-bottom: 0pt"><U>Historical Consolidated Financial and Other Data<BR>

Other Financial and Operating Data, page 52</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 236.35pt 0pt 7pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 35.35pt">3.</TD><TD STYLE="padding-right: 9.85pt">The table discloses that three stores were open as of March 31, 2022 and seven open as of December 31,
2021. Please explain the change or revise your disclosure.</TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0.5in; text-indent: 0in; text-align: justify"><B>RESPONSE: The Company has revised its disclosure
to address the Staff&rsquo;s comment. </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0.25in; text-indent: 0in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 35.35pt">4.</TD><TD STYLE="padding-right: 7.15pt">Tell us how you were able to calculate Comparable location sales growth percentages for the Three Months
Ended March 31, 2022 when your explanation of this metric on page 57 states that you utilize AUV to do so and yet you state here that
you do not calculate AUV for interim periods.</TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0.5in; text-indent: 0in; text-align: left"><B>RESPONSE: We use a metric similar to the AUV calculation
to measure comparable location sales growth for interim periods. We do not present the AUV disclosures for the interim periods because
the analytic over shorter periods of time could result in skewed or unrepresentative results. </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0.25in; text-indent: 0in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-right: 44.55pt; margin-bottom: 0pt"><U>Management&rsquo;s Discussion and Analysis of Financial
Condition and Results of Operations<BR>
 Impact of COVID-19 , page 56</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-right: 44.55pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 35.35pt">5.</TD><TD STYLE="text-align: left; padding-right: 5.55pt">We note your updated disclosure that the increase in prices announced on your website
is due to inflation. This disclosure indicates that inflation has caused an increase in the prices of raw green coffee beans, shipping
and supplies, and nationwide increases in labor costs. We note your disclosure on page 66 that price increases have so far been able to
accommodate the impact of inflation; however, please clarify when you implemented such price increases. Also, revise to state whether
inflationary pressures have continued and increased since your price increase and, if so, how you are managing such increases. Revise
to provide risk factor disclosure that discusses the impact of inflation and how it has historically impacted your prices, and could impact
demand for your products and your profit margins, if true.</TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0.5in; text-indent: 0in; text-align: left"><B>RESPONSE: The Company has updated its disclosures
to disclose that as of the date of the prospectus, the price increases, in addition to other factors including operational efficiencies, continue to accommodate the impact of inflation since the date
of the Company&rsquo;s price increases and we have also added a risk factor with respect to the impact of inflation on our prices and
how inflation may impact the Company in the future in response to the Staff&rsquo;s comment.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0.5in; text-indent: 0in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0.5in; text-indent: 0in; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0.5in; text-indent: 0in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt"><U>Key Performance Indicators and Non-GA</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt"><U>AP Financial Measures, page 57</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 35.35pt">6.</TD><TD STYLE="text-align: left; padding-right: 0">We note your updated disclosure in response to comment 8 and re-issue in part.
In the description of the chart on this page you use the terms &ldquo;Comparable location sales growth&rdquo; and use &ldquo;Comparable shop
sales growth&rdquo; in the chart as if these terms are interchangeable. Please align the chart and the description or explain the use of
the different terms.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 28.5pt 0pt 40.8pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0.5in; text-indent: 0in; text-align: left"><B>RESPONSE: We have revised &ldquo;comparable shop&rdquo;
to &ldquo;comparable location&rdquo; throughout the prospectus to address this inconsistency in response to the Staff&rsquo;s comment.
</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt"><U>Results of Operations</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt"><U>Three months ended March 31, 2021 Compared to Three months
ended March 31, 2022, page 58</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 35.35pt">7.</TD><TD STYLE="text-align: left; padding-right: 0">In your discussion of period-to-period changes, revise to quantify the nature
of the changes rather than provide qualitative descriptions. For example, rather than state that the increase in sales for the three-month
period ended March 31, 2022 was &ldquo;primarily&rdquo; driven by new locations, quantify to the extent to which such locations contributed
to increase in sales as compared to other factors you discuss here. Refer to Item 303(b) of Regulation S-K.</TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0.5in; text-indent: 0in; text-align: left"><B>RESPONSE: The Company has revised its disclosures
in this section to quantify the nature of the changes in response to the Staff&rsquo;s comment in accordance with Item 303(b) of Regulation
S-K. </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0.5in; text-indent: 0in; text-align: left">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 35.35pt">8.</TD><TD STYLE="text-align: left; padding-right: 0">In your discussion of Product, food and drink costs, elaborate upon your reference
to &ldquo;seasonal fluctuations&rdquo; in the cost of ingredients. Clarify how inflation impacts such costs, which you acknowledge elsewhere
as a factor, and how inflationary pressures are distinguishable from seasonal pressures.</TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0.5in; text-indent: 0in; text-align: left"><B>RESPONSE: The Company has revised its disclosures
to elaborate on our reference to &ldquo;seasonal fluctuations&rdquo;, to clarify how inflation impacts costs and to distinguish seasonal
pressures from inflationary ones in response to the Staff&rsquo;s comment. </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0.5in; text-indent: 0in; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt"><U>Business</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt"><U>Our Company, page 67</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 35.35pt">9.</TD><TD STYLE="text-align: left; padding-right: 0">We note your updated disclosure in response to comment 11 and re-issue the comment
in part. We understand that you plan on opening an additional 20 company-operated retail locations and 20 franchise locations dependent
on the proceeds of this offering. In addition, we note that you have already in 2022 opened two more corporate-owned locations and expect
to open a third one by 2022 year-end. Please ensure that where you disclose your intention to open new stores, you include both the stores
that will be opened dependent on this offering and those not depend on this financing, such as on page 68 of the registration statement.
In addition, please ensure that the total number of stores currently open is updated throughout the registration statement as we note
that on pages 1 and 54 you list or state that you are currently operating eight retail coffee locations yet on the same pages and on pages
67 and 71 you indicate that you are currently operating or identify nine locations, with inconsistent references to your identification
of the Manhattan Beach location.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 9.15pt 0pt 40.8pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0.5in; text-indent: 0in; text-align: left"><B>RESPONSE: The Company has revised its disclosures
to make clear that the Company intends to use approximately $3,000,000 of the proceeds to open 20 company-owned retail locations (at approximately
$150,000 per location), however if the Company does not consummate the offering, it intends to raise approximately $1,500,000 through
public or private offerings to open 10 new company-owned retail locations in response to the Staff&rsquo;s comment. The Company has also
clarified throughout the Registration Statement that it currently operates eight stores, with one additional store in Manhattan Beach
currently in development in response to the Staff&rsquo;s comment.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0.5in; text-indent: 0in; text-align: justify">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt"><U>Consolidated Shareholders&rsquo; Equity (Deficit), page F-5</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 35.35pt">10.</TD><TD STYLE="text-align: left; padding-right: 0">We read your response to comment 12 but cannot locate the revised disclosure, so
we re- issue the comment. We note the 31,875 shares of common stock issued during 2021 with no impact on total shareholders&rsquo; equity.
Please disclose the nature of this common stock issuance in the line item here or in footnote 12.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.15in 0pt 40.8pt">&nbsp;</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><B>RESPONSE: The Company has added disclosure
in footnote 12 to address the Staff&rsquo;s comment above.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.15in 0pt 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-right: 264pt; margin-bottom: 0pt"><U>Notes to Consolidated Financial Statements<BR>
 Note 12.
Shareholders&rsquo; Equity</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt"><U>Issuance of Common Stock in Settlement of Antidilution Provisions,
page F-22</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 35.35pt">11.</TD><TD STYLE="text-align: left; padding-right: 0">We read your response to comment 15 but could not locate your revised disclosure.
In this regard, there is no disclosure related to your accounting treatment and you disclose that shareholders are entitled to the antidilution
protection through the closing date of an underwritten public offering. Please advise. In addition, as previously requested, please tell
us how you account for the antidilution provisions referencing specific guidance you relied upon. Finally, since the modification of the
agreement did not occur until January 2022, please tell us the facts and circumstances that qualify the modification as a Type 1 subsequent
event.</TD></TR></TABLE>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><B>RESPONSE: The Company has added disclosure in footnote 12 to address the
Staff&rsquo;s comment above, and has made additional changes as a result. In regard to accounting guidance relied upon, we considered
ASU 217-11, and specifically its effects on provisions within ASC 815 and ASC 480. We have modified the footnote disclosure to include
this information. The first recording of additional shares under these provisions was for the year ended December 31, 2021. The Company
had not recorded shares in periods previously because we had considered the number of issuable shares to be undetermined.&nbsp; However,
after reassessment of the accounting guidance in responding to the Staff&rsquo;s comment, the Company has concluded that the incremental
shares should have been reflected as deemed dividends and recorded as issuances of common stock as the rights were conveyed.&nbsp; We
have restated the financial statements to reflect this change.</B></P>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt"><U>Shareholder&rsquo;s Equity</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt"><U>Class A Common Stock, page F-22</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2pt">&nbsp;</P>

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<TD STYLE="width: 0in"></TD><TD STYLE="width: 35.35pt">12.</TD><TD STYLE="text-align: left; padding-right: 0">We note the updated disclosure with regards to the issuer&rsquo;s capital structure.
We understand that in the new capital structure &ldquo;Class A Common Stock&rdquo; is now just referred to as &ldquo;Common Stock,&rdquo;
as disclosed on page 49. Please ensure that the description of the current capital structure in this section, and elsewhere, is consistent
throughout the registration statement.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 12.45pt 0pt 40.8pt; text-indent: 0in">&nbsp;</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0in"><B>RESPONSE: In response to the
Staff&rsquo;s comment, the Company did not revise the description of &ldquo;Class A&rdquo; or &ldquo;Class B&rdquo; common stock when
such disclosures make reference to previously issued shares of such class, and the Company did revise such descriptions when such disclosures
make reference to currently issued or authorized shares of common stock including, without limitation, in the Shareholder&rsquo;s Equity
section of the Company&rsquo;s financial statements. </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 12.45pt 0pt 40.8pt; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-right: 129.05pt; margin-bottom: 0pt"><U>Notes
to Unaudited Condensed Consolidated Financial Statements<BR>
 Nature of Operations, page F-28</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 129.05pt 0pt 2pt">&nbsp;</P>

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<TD STYLE="width: 0in"></TD><TD STYLE="width: 35.35pt">13.</TD><TD STYLE="text-align: left; padding-right: 0">We note elsewhere in the registration statement the change from &ldquo;royalty
fees&rdquo; to &ldquo;loyalty fees&rdquo; and the increased fee from &ldquo;3%&rdquo; to &ldquo;5%.&rdquo; However, in this section that update
has not yet been made. Please ensure that the loyalty fee percentage disclosure is consistent throughout the registration statement or
please explain why you deviate in this section.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 12.45pt 0pt 40.8pt; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0 0pt 0.5in; text-indent: 0in"><B>RESPONSE: The Company has updated its disclosure to change &ldquo;loyalty fees&rdquo;
to &ldquo;royalty fees&rdquo; and the change of &ldquo;3%&rdquo; to &ldquo;5%&rdquo; for consistency purposes in response to the Staff&rsquo;s
comment.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B></B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">We trust that this response satisfactorily responds
to your request. Should you require further information, please contact our legal counsel, Matthew Ogurick, at 212/536-4085.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 60%; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 40%; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Very truly yours,</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif"><I>/s/ Jay Kim</I></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Jay Kim, Chief Executive Officer</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">cc:&nbsp;&nbsp;Matthew Ogurick, Esq. </FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  </TABLE>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">6</P>

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