Contract Liabilities:

6 Months Ended

Jun. 27, 2020

Contract Liabilities:

Contract Liabilities:

4. Contract Liabilities:

The Company’s contract liabilities for its franchise revenues consist of deferred revenue associated with franchise fees and software license fees. The table below presents the activity of the current and noncurrent deferred franchise revenue during the first six months of 2020 and 2019, respectively:

	June 27, 2020		June 29, 2019
Balance at beginning of period	$	9,575,500	$	10,177,300
Franchise and software license fees collected from franchisees, excluding amount earned as revenue during the period		473,500		598,400
Fees earned that were included in the balance at the beginning of the period		(885,600)		(956,300)
Balance at end of period	$	9,163,400	$	9,819,400

The following table illustrates future estimated revenue to be recognized for the remainder of 2020 and full fiscal years thereafter related to performance obligations that are unsatisfied (or partially unsatisfied) as of June 27, 2020.

Contract Liabilities expected to be recognized in	Amount
2020	$	837,600
2021		1,625,300
2022		1,480,400
2023		1,309,100
2024		1,111,400
Thereafter		2,799,600
	$	9,163,400