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FLANIGAN'S FISH COMPANY, LLC
12 Months Ended
Sep. 28, 2019
Investments, Debt and Equity Securities [Abstract]  
FLANIGAN'S FISH COMPANY, LLC

NOTE 9. FLANIGAN’S FISH COMPANY, LLC:

 

During the fourth quarter of our fiscal year 2018, we (as a 51% member control person) and a third party unaffiliated with us, experienced in the business of importing fresh fish into the United States (as a 49% member), formed Flanigan’s Fish Company, LLC, a Florida limited liability company (“FFC”). The current purpose of FFC is to acquire and sell only to our restaurants imported fresh fish at competitive prices to what we are currently paying outside fresh fish purveyors. Commencing with the third quarter of our fiscal year 2019, FCC began to supply fish and as of September 28, 2019, FFC supplies certain of the fish to thirteen (13) of our restaurants. Since we hold the controlling interest of FFC, the balance sheet and operating results of this entity are consolidated into the accompanying financial statements of the Company. All intercompany transactions are eliminated on consolidation. Sales and purchases of fish are recognized in restaurant food sales and restaurant and lounges (cost of merchandise sold), respectively, in the consolidated statements of income at the time of sale to the restaurant. In addition, the 49% of FFC owned by the unrelated third party is recognized as noncontrolling interest in our consolidated financial statements.