0000944136-11-000009.txt : 20111116 0000944136-11-000009.hdr.sgml : 20111116 20111116173033 ACCESSION NUMBER: 0000944136-11-000009 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 11 CONFORMED PERIOD OF REPORT: 20111002 FILED AS OF DATE: 20111116 DATE AS OF CHANGE: 20111116 FILER: COMPANY DATA: COMPANY CONFORMED NAME: TC GLOBAL, INC. CENTRAL INDEX KEY: 0000944136 STANDARD INDUSTRIAL CLASSIFICATION: RETAIL-EATING PLACES [5812] IRS NUMBER: 911557436 STATE OF INCORPORATION: WA FISCAL YEAR END: 0401 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 001-33646 FILM NUMBER: 111210955 BUSINESS ADDRESS: STREET 1: 3100 AIRPORT WAY SOUTH CITY: SEATTLE STATE: WA ZIP: 98134 BUSINESS PHONE: 2062925055 MAIL ADDRESS: STREET 1: TC GLOBAL, INC. STREET 2: 3100 AIRPORT WAY SOUTH CITY: SEATLE STATE: WA ZIP: 98134 FORMER COMPANY: FORMER CONFORMED NAME: TC Global, Inc. DATE OF NAME CHANGE: 20090407 FORMER COMPANY: FORMER CONFORMED NAME: TULLYS COFFEE CORP DATE OF NAME CHANGE: 19990723 10-Q 1 tcglobal-2011102x10q.htm FORM 10-Q TCGlobal-2011.10.2-10Q
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
 __________________________
FORM 10-Q
 __________________________
x
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
FOR THE QUARTERLY PERIOD ENDED OCTOBER 2, 2011
or
o
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
FOR THE TRANSITION PERIOD FROM              to             
Commission file number: 001-33646
__________________________ 
TC GLOBAL, INC.
(Exact Name of Registrant as Specified in its Charter)
 __________________________
 
Washington
91-1557436
(State or other jurisdiction of
incorporation or organization)
(I.R.S. Employer
Identification No.)
3100 Airport Way South, Seattle, Washington 98134
(Address of principal executive offices)
(206) 233-2070
(Registrant’s telephone number, including area code)
 __________________________
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes  x    No   o
Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).    Yes  x    No   o
Indicate by checkmark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer or a smaller reporting company. See definitions of “large accelerated filer, accelerated filer, non-accelerated filer and smaller reporting company” in Rule 12b-2 of the Exchange Act. (Check One):
 
Large accelerated filer
o
Accelerated filer
o
Non-accelerated filer
o
Smaller reporting company
x
Indicate by checkmark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act)    Yes  o    No   x
Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date.
 
Common Stock, No Par Value
3,565,664
(Title of Each Class)
Number of Shares Outstanding at
November 11, 2011


TC GLOBAL, INC.
FORM 10-Q FOR THE QUARTERLY PERIOD ENDED OCTOBER 2, 2011

INDEX
 
 
 
Page No. 
 
 
PART I
Item 1
 
 
 
 
Item 2
Item 3
Item 4
PART II
Item 1
Item 5
Item 6
 
****
We end our fiscal year on the Sunday closest to March 31. As a result, we record our revenue and expenses on a 52- or 53-week annual period, depending on the year. In this report, we refer to our fiscal periods as follows:
 
Reference in this report 
Fiscal year ending (number of weeks) 
Fiscal 2012
April 1, 2012 (52 weeks)
Fiscal 2011
April 3, 2011 (53 weeks)
 
 
 
Interim fiscal period 
Second Quarter Fiscal 2012
13-week period ended October 2, 2011
Second Quarter Fiscal 2011
13-week period ended September 26, 2010
Six Months Fiscal 2012
26-week period ended October 2, 2011
Six Months Fiscal 2011
26-week period ended September 26, 2010

2

SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS
In this report, we refer to TC Global, Inc. and its consolidated subsidiaries and joint ventures controlled by the company as “we,” “us,” “our,” “the Company,” or “Tully’s.”
This report contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and is subject to the safe harbor created by those sections. These statements reflect our current views with respect to our future financial condition, results of operations, objectives, strategies, plans, goals, targets or future performance and business for future periods, and generally may be identified by use of phrases such as “believe,” “expect,” “will,” “seek,” “should,” “anticipate,” “estimate,” “intend,” “plan,” “target,” “initiatives,” “models,” “hope,” “goal,” “foresee” or other words of similar import.
These forward-looking statements involve known and unknown risks, uncertainties and other factors, including those identified below, that could cause events, including our actual results, to differ materially from those expressed or implied by any forward-looking statements. These factors, among others, could cause our financial performance to differ materially from our goals, targets, objectives, intentions and expectations.

The following factors, among others, could cause our future results to differ materially from historical results or those anticipated:

•
our ability to successfully execute on our Fiscal 2012 operating plan;
•
the performance of existing and new stores, including our ability to achieve comparable store sales growth, increase the average unit volume of new stores, and increase operating margins;
•
the success of our domestic and international franchisees;
•
our ability to raise additional capital or to consummate a strategic transaction to fund our business; and
•
our ability to compete successfully against current or future competitors.

These and other risk factors discussed in Part I, Item 1A (“Risk Factors”) of our Annual Report on Form 10-K are among important factors of which we are currently aware that could cause actual results, performance or achievements to differ materially from those expressed in our forward-looking statements. We operate in a continually changing business environment, and new risk factors emerge from time to time. Other unknown or unpredictable factors also could have material adverse effects on our future results, performance or achievements. We cannot assure you that projected results or events will be achieved or will occur. Consequently, you should not place undue reliance on our forward-looking information and statements.
We qualify all of our forward-looking statements by these cautionary statements. Except to the extent required by the federal securities laws, we do not intend to update or revise the forward-looking statements contained in this report.
 

3

PART I. FINANCIAL INFORMATION
ITEM  1.
FINANCIAL STATEMENTS
TC GLOBAL, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
 
 
 
April 3,
2011
 
October 2,
2011
 
 
(audited)
 
(unaudited)
 
 
(dollars in thousands,
except share data)
Assets
 
 
 
 
Current assets
 
 
 
 
Cash and cash equivalents
 
$
2,809

 
$
2,410

Accounts receivable, net of allowance for doubtful accounts of $994 and $1,007 at April 3, 2011 and October 2, 2011, respectively
 
1,213

 
1,065

Inventories
 
628

 
557

Prepaid expenses and other current assets
 
272

 
186

Total current assets
 
4,922

 
4,218

Property and equipment, net
 
2,207

 
2,423

Related party receivable, net of current portion
 
1,000

 
1,000

Goodwill and other assets
 
344

 
356

Total assets
 
$
8,473

 
$
7,997

Liabilities and Stockholders’ Equity (Deficit)
 
 
 
 
Current liabilities
 
 

 
 

Accounts payable
 
$
2,542

 
$
2,893

Accrued liabilities
 
1,883

 
1,771

Current portion of long-term debt and capital lease obligation
 
54

 
62

Deferred revenue
 
4,540

 
4,944

Current portion of deferred gain on sale of wholesale segment
 
169

 
169

Obligation to minority shareholder in TCAPPLP
 
4,000

 
4,000

Total current liabilities
 
13,188

 
13,839

Deferred lease costs
 
362

 
351

Deferred revenue, net of current portion
 
831

 
739

Long-term portion of capital lease obligation
 
—

 
48

Deferred gain on sale of wholesale segment, net of current portion
 
2,020

 
1,936

Total liabilities
 
16,401

 
16,913

Commitments and contingencies (Note 4)
 


 


Stockholders’ deficit
 
 

 
 

Series A Convertible Preferred stock, no par value; 31,000,000 shares authorized, 12,790,874 issued and outstanding at April 3, 2011 and October 2, 2011, respectively; stated value of $2.50 per share and a liquidation preference
 
28,473

 
28,473

Common stock, no par value; 120,000,000 shares authorized; 3,563,867 and 3,565,664 shares issued and outstanding at April 3, 2011 and October 2, 2011, respectively; stated value of $18.00 per share and a liquidation preference
 
19,706

 
19,706

Series B Convertible Preferred stock, no par value; 8,000,000 shares authorized; 3,590,349 issued and outstanding at April 3, 2011 and October 2, 2011, respectively; stated value of $2.50 per share and a liquidation preference
 
7,958

 
7,958

Additional paid-in capital
 
24,166

 
24,204

Accumulated other comprehensive loss
 
(93
)
 
(76
)
Accumulated deficit
 
(89,585
)
 
(90,585
)
Total stockholders’ deficit attributable to TC Global, Inc.
 
(9,375
)
 
(10,320
)
Non-controlling interest
 
1,447

 
1,404

Total stockholders’ deficit
 
(7,928
)
 
(8,916
)
Total liabilities and stockholders’ deficit
 
$
8,473

 
$
7,997

The accompanying notes are an integral part of these consolidated financial statements.

4

TC GLOBAL, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
 
 
Thirteen Week Periods Ended
 
Twenty-Six Week Periods Ended
 
September 26,
2010
 
October 2,
2011
 
September 26,
2010
 
October 2,
2011
 
(unaudited)
 
(unaudited)
 
(unaudited)
 
(unaudited)
 
(dollars in thousands, except per share data)
 
(dollars in thousands, except per share data)
Net sales
 
 
 
 
 
 
 
Retail store sales    
$
8,773

 
$
9,081

 
$
17,631

 
$
18,190

Specialty sales of products    
270

 
254

 
769

 
547

Total sales of products    
9,043

 
9,335

 
18,400

 
18,737

Licenses, royalties, and fees    
147

 
98

 
276

 
203

Recognition of deferred licensing revenue    
10

 
51

 
20

 
103

Net sales    
9,200

 
9,484

 
18,696

 
19,043

Cost of goods sold and operating expenses


 


 
 

 
 

Retail cost of goods sold    
3,290

 
3,548

 
6,530

 
6,958

Retail occupancy expenses    
1,001

 
832

 
2,048

 
1,886

Total retail cost of goods sold and related occupancy expenses    
4,291

 
4,380

 
8,578

 
8,844

Specialty cost of goods sold    
126

 
56

 
420

 
92

Cost of goods sold and related occupancy expenses    
4,417

 
4,436

 
8,998

 
8,936

Store operating expenses    
3,852

 
4,281

 
7,746

 
8,186

Other operating expenses    
629

 
330

 
1,213

 
703

Marketing, general and administrative costs    
1,613

 
981

 
3,465

 
2,026

Depreciation and amortization    
245

 
170

 
482

 
354

Store closure and lease termination costs (gain)
15

 
(68
)
 
23

 
(68
)
Total cost of goods sold and operating expenses    
10,771

 
10,130

 
21,927

 
20,137

Operating loss    
(1,571
)
 
(646
)
 
(3,231
)
 
(1,094
)
Other income (expense)    
(23
)
 
(102
)
 
(17
)
 
(38
)
Loss before income taxes    
(1,594
)
 
(748
)
 
(3,248
)
 
(1,132
)
Income tax benefit (expense)    
4

 
—

 
(22
)
 
89

Net loss    
$
(1,590
)
 
$
(748
)
 
$
(3,270
)
 
$
(1,043
)
Non-controlling interest    
$
53

 
$
17

 
$
105

 
$
43

Net loss attributable to TC Global, Inc.    
$
(1,537
)
 
$
(731
)
 
$
(3,165
)
 
$
(1,000
)
Loss per share - basic and diluted    
$
(0.43
)
 
$
(0.20
)
 
$
(0.89
)
 
$
(0.28
)
Weighted average shares used in computing basic and diluted loss per share    
3,565

 
3,566

 
3,565

 
3,566

The accompanying notes are an integral part of these condensed consolidated financial statements.
 

5

TC GLOBAL, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOW
 
 
Twenty-Six Week Periods Ended
 
 
September 26,
2010
 
October 2,
2011
 
 
(unaudited)
 
(unaudited)
 
 
(dollars in thousands)
CASH FLOWS FROM OPERATING ACTIVITIES:
 
 
 
 
Net loss
 
$
(3,270
)
 
$
(1,043
)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:    
 
 

 
 

Depreciation and amortization    
 
482

 
354

Store closure and lease termination costs    
 
23

 
(68
)
Stock compensation expense    
 
40

 
38

Provision for doubtful accounts    
 
(211
)
 
(14
)
Gain on sale of fixed assets    
 
(14
)
 
(11
)
Recognition of deferred gain on sale of wholesale segment    
 
(84
)
 
(85
)
Recognition of deferred license revenues    
 
(45
)
 
(123
)
Changes in assets and liabilities:
 
 

 
 

Accounts receivable    
 
(612
)
 
161

Inventories    
 
628

 
71

Prepaid expenses and other assets    
 
185

 
225

Accounts payable    
 
226

 
351

Accrued liabilities    
 
(361
)
 
(44
)
Deferred revenue    
 
(33
)
 
434

Deferred lease costs    
 
32

 
(11
)
Net cash provided by (used in) operating activities    
 
(3,014
)
 
235

CASH FLOWS FROM INVESTING ACTIVITIES:
 
 

 
 

Restricted Cash (Escrow Receivable)    
 
3,500

 
—

Purchases of property and equipment    
 
(1,012
)
 
(576
)
Proceeds from sale of property and equipment    
 
21

 
94

Net cash provided by (used in) investing activities    
 
2,509

 
(482
)
CASH FLOWS FROM FINANCING ACTIVITIES:
 
 

 
 

Payments on long-term debt and capital leases    
 
(158
)
 
(168
)
Foreign currency translation adjustment    
 
1

 
16

Net cash used in financing activities    
 
(157
)
 
(152
)
Net decrease in cash and cash equivalents
 
(662
)
 
(399
)
Cash and cash equivalents at beginning of period    
 
3,558

 
2,809

Cash and cash equivalents at end of period    
 
$
2,896

 
$
2,410

SUPPLEMENTAL CASH FLOW INFORMATION:
 
 

 
 

Cash paid during the period for interest    
 
$
2

 
$
3

Non-cash investing and financing activities:
 
 

 
 

Insurance premiums financed through note payable    
 
$
253

 
$
151

Equipment purchased through capital lease
 
$
—

 
$
74


The accompanying notes are an integral part of these condensed consolidated financial statements.
 

6

TC GLOBAL, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)

1. Basis of Presentation
The condensed consolidated financial statements include the accounts of TC Global, Inc. and its consolidated subsidiaries and joint ventures controlled by the Company. In these condensed consolidated financial statements, references to “we,” “us,” “Tully’s” or the “Company” refer to TC Global, Inc.
The accompanying condensed consolidated financial statements are unaudited; however, they include all adjustments, consisting only of normal recurring adjustments that, in the opinion of management, are necessary to fairly present the financial information set forth therein. Certain information and note disclosures normally included in financial statements prepared in accordance with generally accepted accounting principles have been condensed or omitted pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”). Results of operations for the thirteen and twenty-six week periods ended October 2, 2011 (“Second Quarter Fiscal 2012” and "Six Months Fiscal 2012," respectively) and the thirteen and twenty-six week periods ended September 26, 2010 (“Second Quarter Fiscal 2011” and "Six Months Fiscal 2011," respectively) are not necessarily indicative of future financial results.
Investors should read these interim financial statements in conjunction with “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and the financial statements and notes thereto included in our Annual Report on Form 10-K for our fiscal year ended April 3, 2011, filed with the SEC on July 6, 2011 (the “Fiscal 2011 Form 10-K”). As discussed in Note 2 to the condensed consolidated financial statements, circumstances exist that raise substantial doubt about the Company's ability to continue as a going concern. The condensed consolidated financial statements as of and for the periods ended October 2, 2011 and September 26, 2010 and the consolidated financial statements as of April 3, 2011 have been prepared on a going concern basis, which contemplates the realization of assets and the satisfaction of liabilities in the normal course of business.
All amounts in the preceding financial statements and in the following notes to the condensed consolidated financial statements are assumed to be denominated in US dollars, unless otherwise indicated.
Recent Developments
During the Six Months Fiscal 2012, the Company added one Company-operated store location, but closed five Company-operated store locations, either because of poor operating performance or because of the natural end of the location's lease coupled with under-performance. During this period, the Company’s franchise and license partners added two new locations and closed one existing location. During First Quarter Fiscal 2012, the Company’s licensees in Asia closed one store in South Korea, leaving a total of seven international franchise locations as of October 2, 2011.
Recent Accounting Pronouncements
In September 2011, the FASB issued ASU 2011-08, Intangibles-Goodwill and Other. The objective of this update is to simplify how entities test goodwill for impairment. The amendments in the update permit an entity to first assess qualitative factors to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying amount as a basis for determining whether it is necessary to perform the two-step goodwill impairment test described in Topic 350. The more-likely-than-not threshold is defined as having a likelihood of more than 50 percent. The amendments are effective for annual and interim goodwill impairment tests performed for fiscal years beginning after December 15, 2011. The Company believes that the adoption of this update will not have a material impact on its financial statements.
In June 2011, the FASB issued guidance regarding the presentation of comprehensive income, ASU 2011-05, Presentation of Comprehensive Income. The new standard requires the presentation of comprehensive income, the components of net income and the components of other comprehensive income either in a single continuous statement of comprehensive income or in two separate but consecutive statements. The new standard also requires presentation of adjustments for items that are reclassified from other comprehensive income to net income in the statement where the components of net income and the components of other comprehensive income are presented. The updated guidance is effective on a retrospective basis for financial statements issued for fiscal years, and interim periods within fiscal years, beginning after December 15, 2011. The adoption of this guidance is not expected to have a material impact on our financial statements.
In May 2011, the FASB issued ASU 2011-04, Fair Value Measurement, which provides guidance on fair value measurements and clarifies the application of existing guidance and disclosure requirements, changes certain fair value measurement principles and requires additional disclosures about fair value measurements. The updated guidance is effective on a prospective basis for financial statements issued for fiscal years, and interim periods within fiscal years, beginning after December 15, 2011. The

7

adoption of this guidance is not expected to have a material impact on our financial statements.
Cash and Cash Equivalents
Cash equivalents in excess of current operating requirements are invested in short-term, interest-bearing instruments with maturities of three months or less at the date of purchase and are stated at cost, which approximates market value.
Escrow and Related Party Receivable
In connection with the closing of the sale of the assets associated with Tully’s business names, trademarks, and wholesale business to Green Mountain Coffee Roasters, Inc. (“GMCR”), a Delaware Corporation, pursuant to the terms of an Asset Purchase Agreement (“Green Mountain transaction”), dated September 15, 2008, as amended by Amendment No. 1 thereto dated November 12, 2008 and Amendment No. 2 thereto dated February 6, 2009 by and among the TC Global, Inc., GMCR and Tully’s Bellaccino, LLC (the “GMCR Agreement”), $3.5 million of the purchase price was placed in escrow for one year to satisfy Tully’s post-closing indemnification obligations to GMCR . The full amount of this escrow was released to Tully’s on March 29, 2010.

2. Liquidity
As of October 2, 2011 we had cash and cash equivalents of $2.4 million, of which $299,000 was held in our Asian joint venture, Tully’s Coffee Asia Pacific Partners, LP (“TCAPPLP”) and limited in use, and a working capital deficit of $9.6 million, which includes a $4.0 million obligation of Tully’s Coffee Asia Pacific, Inc. (“TCAP”), our wholly-owned subsidiary, to Asia Food Culture Management Pte. Ltd. (“AFCM”), a Singapore company and the limited partner in TCAPPLP; such obligation is not expected to be satisfied by funds held by TC Global, Inc.
The Company has realized improvements during its most recent periods in sales volumes as compared to previous periods and has made certain reductions in staffing and other expenses. Until the four most recent quarters, the Company had consistently incurred negative cash flows from operations. If sales volumes do not meet expectations during Fiscal 2012 or if the Company incurs increased costs result from pending litigation or contingent obligations, the Company does not believe it will be able to offset such negative events through additional overhead cost reductions. As a result, if operating results do not meet expectations, the Company may not have sufficient resources to cover its working capital and capital expenditure requirements and, without additional sources of capital made available to the Company during Fiscal 2012, there will be substantial doubt that the Company will be able to continue as a going concern. In order to maintain an appropriate level of liquidity, the Company believes it will need to either effectively implement its operational plans and objectives or obtain additional capital in the next six to nine months in order to fund its working capital requirements for the remainder of Fiscal 2012 and beyond and is evaluating a variety of alternatives, including the reorganization of existing operations and/or the sale or closure of some of its stores or the sale of other selected assets. Certain financing alternatives could result in significant interest and other costs, be highly dilutive to existing shareholders or require the divestiture or sale of some or all of the Company’s assets. There can be no assurance that any debt or equity financing arrangement will be available to the Company on acceptable terms, if at all. In addition, there can be no assurance that these financing alternatives would provide the Company with sufficient funds to meet its current or long term capital requirements.
If sources of capital are unavailable, or are available only on a limited basis or under unacceptable terms, then the Company could be required to substantially reduce or discontinue its investments in store improvements, new customers and new products; reduce operating, marketing, general and administrative costs related to its continuing operations; or limit the scope of its continuing operations. Due to various contractual obligations of the Company, including store operating leases, supply agreements and franchise agreements, the Company may not have the discretion to reduce operations in an orderly manner to a more sustainable level. The potential sale of stores or other income-producing assets could adversely affect future operating results and cash flows.

3. Credit lines and long term debt
Farnam Street Lease Facility
Currently, the Company has an available lease facility with Farnam Street Financial, Inc. which allows the Company to borrow up to $825,000. This lease facility is being utilized to support the purchase and implementation of new point of sale systems in the Company's retail locations, as well as the upgrade of back-end accounting systems. As of October 2, 2011, there was $219,000 outstanding under this facility. The lease has a term of 24 months, which commences upon acceptance of equipment on any given lease schedule associated with the lease agreement. This lease fails to meet the conditions of capital lease accounting and is therefore accounted for as an operating lease within the accompanying consolidated financial statements.
CIT Technology Financing Services Lease
In June, 2011, the Company entered into a lease agreement with CIT Technology Financing Services, Inc. ("CIT") in order

8

to finance the purchase of hardware and software to update the Company's corporate computer network. As of October 2, 2011, there was approximately $70,000 outstanding under this facility. The lease has a term of 36 months, which commenced on July 29, 2011. This lease is being accounted for as capital lease within the accompanying consolidated financial statements.
Tully’s Coffee Asia Pacific – Limited Partnership Loan
On December 31, 2008, pursuant to the Limited Partnership Agreement dated December 21, 2007 between TCAP and AFCM, TCAP issued a promissory note in the principal amount of $1,120,000 (the “GP Loan”) to TCAPPLP. The GP Loan accrues interest at an annualized rate of 15%.
Also on December 31, 2008, as subsequently amended by Amendment No. 1 dated March 6, 2009, and Amendment No. 2 dated March 17, 2009, TCAPPLP issued a convertible promissory note to AFCM in the principal amount of $1,120,000 (the “LP Loan”). The LP Loan bears interest of an annualized rate of 0.44%. The LP Loan is due and payable five business days after the date that TCAPPLP has made distributions to AFCM in an amount equal to all principal and accrued interest on the LP Loan or in the event the partners clear certain security interests in partnership obligations. In connection with this loan, Tully’s has granted AFCM a preferential right to receive from TCAPPLP, prior to any future distribution to TCAP, cash distributions equal to $500,000 out of TCAPPLP’s profits available for distribution, and that, after receipt by AFCM of the full preference amount, all subsequent cash distributions of profits shall be shared equally between TCAP and AFCM. Any subsequent cash distributions to AFCM would first be applied to retire the LP Loan.
Tully’s Coffee Asia Pacific – Limited Partnership Interest Obligation
On March 27, 2009, TCAP agreed to purchase, or cause a third party to purchase, one-half of AFCM’s partnership interest in TCAPPLP, equal to twenty-five percent (25%) of the total partnership interests outstanding, at a purchase price of $4.0 million, by March 27, 2010. As of October 2, 2011, TCAP had not met its obligation. TCAP and AFCM continue to work on a settlement and to seek a buyer for AFCM’s partnership interest. If TCAP is unsuccessful in either finding a buyer for AFCM’s interest or in its settlement negotiations, it could have an adverse impact on TCAP’s financial position or results of operations, or cause renegotiation of the partnership agreement.
Obligations under notes payable and capital leases as of October 2, 2011 consist of the following:
 
 
 
April 3,
2011
 
October 2,
2011 

 
 
(dollars in thousands)
Note payable for purchase of insurance, payable in variable monthly installments of approximately $16,000 - $43,000, including interest at 4.31%, through September 2011, and collateralized by unearned or return insurance premiums, accrued dividends and loss payments    
 
$
54

 
$
40

Capital lease obligation
 
—

 
70

Note payable due to Limited Partner in TCAPPLP    
 
4,000

 
4,000

 Total long-term debt
 
4,054

 
4,110

Less: Current portion    
 
(4,054
)
 
(4,062
)
Long-term debt, net of current portion    
 
$
—

 
$
48


4. Commitments and contingencies
Real estate lease commitments
The Company leases all of its retail and office space under operating leases, which have expiration dates through 2020. The leases provide for minimum annual payments, and (in certain cases) contingent rentals based upon gross sales, escalation clauses and/or options to renew. Rental expense is recorded on a straight-line basis over the respective terms of the leases.
In connection with certain leases, lessors have granted tenant improvement allowances. These amounts, included in liabilities under the caption “deferred lease costs,” are amortized into income on a straight-line basis over the life of the related lease. Also recorded in deferred lease costs is the “stepped rent” excess of rental expense computed on a straight-line basis over the actual rent payments required by the terms of these leases.
Minimum future rental payments under non-cancelable operating leases as of October 2, 2011 are summarized as follows:
 

9

Fiscal year 
 
 
(dollars in thousands)
 
 
Remainder of Fiscal 2012    
 
1,578

2013
 
2,653

2014
 
2,020

2015
 
1,499

2016
 
865

2017
 
499

Thereafter    
 
1,139

Total    
 
$
10,253

The Company has subleased some of its leased premises to third parties under agreements with varying terms through 2013. Expected future sublease receipts under such sub-lease agreements are summarized as follows:
 
Fiscal year 
 
 
(dollars in thousands)
 
 
Remainder of Fiscal 2012    
 
$
13

2013
 
15

Total    
 
$
28

 
Capital lease commitments
As discussed in Note 3 above, the Company leases certain hardware and software under a capital lease arrangement with CIT. Minimum future lease payments as per the lease agreement are summarized as follows:
Fiscal year 
 
 
(dollars in thousands)
 
 
Remainder of Fiscal 2012
 
$
15

2013
 
30

2014
 
30

2015
 
10

Total
 
$
85


Contingencies
On May 17, 2011, a lawsuit was filed against the Company in California state court by JH Development, LLC, a franchise area developer, alleging that (i) at the time the Company entered into agreements with the plaintiff, the Company concealed its financial strength and the fact that it was contemplating a sale of its wholesale division and rights to the “Tully's” trademark; (ii) the Company breached the franchise agreements with the plaintiff; (iii) the Company made false promises to the plaintiff; and (iv) the Company violated certain provisions of the California Corporations Code governing the sale of franchises. In its complaint, the plaintiff sought damages, rescission, and attorneys' fees and costs. After the lawsuit was removed to federal court, the court dismissed plaintiff's causes of action for concealment, breach of contract, and false promise. We have filed counterclaims against the plaintiff, and the plaintiff has asserted additional claims against us for intentional misrepresentation and breach of the implied covenant of good faith and fair dealing. The parties have agreed to suspend the court proceeding until after mediation, which is scheduled to be completed by January 9, 2012.  We intend to vigorously defend these claims but cannot predict the outcome or financial impact to the Company at this time.
On October 17, 2011, a complaint was filed against the Company and GMCR, jointly, by Spinelli Pte. Ltd., a Singapore company. The lawsuit claims breach of contract, declaratory relief and fraudulent procurement related to the Spinelli brand and marks. We intend to vigorously defend these claims but cannot predict the outcome or financial impact to the Company at this time.
On November 4, 2011, The Irvine Company, LLC (the “plaintiff”), a landlord for one of the Company's stores, filed suit against the Company and JH Development, LLC ("JHD"), a franchise area developer.  The plaintiff alleges that the Company entered a lease with the plaintiff in May 2000, then assigned the lease to JHD in October 2008.  The plaintiff alleges that the

10

Company and JHD then breached the lease by vacating prior to termination and failing to make payments.  The only cause of action is a cause of action for breach of lease.  The plaintiff seeks compensatory damages in the amount of $250,000, as well as attorney's fees and costs.  We are investigating the claim and plan to vigorously defend against it.
The Company has provided real estate lease payment guarantees for several other locations on behalf of JHD, who has operated them as franchise locations since their purchase of these Southern California locations from Tully's in 2008. There are not currently any defaults on these other locations, so the Company does not believe any accrual for costs is appropriate at this time.
We are a party to various other legal proceedings arising in the ordinary course of our business, but are not currently a party to any other legal proceeding that we believe could have a material adverse effect on our financial position or results of operations.
Tully’s Coffee Asia Pacific – Limited Partnership Interest
On March 27, 2009, TCAP agreed to purchase, or cause a third party to purchase, one-half of AFCM’s partnership interest in TCAPPLP, equal to twenty-five percent (25%) of the total partnership interests outstanding, at a purchase price of US $4.0 million by March 27, 2010. As of October 2, 2011, TCAP had not met its obligation. TCAP and AFCM continue to work on a settlement and to seek a buyer for AFCM’s partnership interest. If TCAP is unsuccessful in either finding a buyer for AFCM’s interest or in its settlement negotiations, the Company could face adverse economic consequences surrounding its wholly owned subsidiary TCAP.

5. Stock options
Company Stock Incentive Plan
In 1994, Tully’s shareholders approved a Stock Incentive Plan (the “1994 Plan”). In August 1999, the Company’s shareholders approved an amended plan, which established the maximum number of shares issuable under the 1994 Plan and the Employee Stock Purchase Plan at 525,000; and in June 2003, the Company’s Board of Directors further amended the 1994 Plan. By its terms, the 1994 Plan expired in October 2004 (this did not terminate outstanding options).
In December 2004, Tully’s shareholders approved the 2004 Stock Option Plan, which authorizes the issuance of up to 312,500 shares of common stock under the 2004 Stock Option Plan and Tully’s Employee Stock Purchase Plan.
In March 2010, Tully’s shareholders approved the 2010 Stock Option Plan, which authorizes the issuance of up to 312,500 shares of common stock under the 2010 Stock Option Plan and Tully’s Employee Stock Purchase Plan. As of October 2, 2011, no options had been granted under the 2010 Stock Option Plan. The provisions of the 2010 Stock Option Plan, 2004 Stock Option Plan (and the 1994 Plan prior to its expiration) are summarized as follows:
•
The Company may issue incentive or nonqualified stock options to its employees and directors. Stock options are granted solely at the discretion of the Company’s Board of Directors and are issued at a price determined by its Board of Directors.
•
The term of each option granted is for such period as determined by the Board of Directors, but not more than ten years from date of grant.
•
Options are nontransferable and may generally be exercised based on a vesting schedule determined by the Company’s Board of Directors.
•
The plan provides for acceleration of outstanding options under certain conditions, including but limited to certain changes in control of the Company.
Other Equity Instruments
The Company has granted warrants to purchase common stock. These warrants have up to one year vesting periods and generally have ten year lives. Issued, outstanding and exercisable warrants as of October 2, 2011 are summarized as follows:

 
 
Outstanding
warrants
 
Number
exercisable
 
Exercise
Price
Issued to guarantors of debt    
 
93,191

 
93,191

 
$
2.64

Issued with Series A Preferred Stock investment units    
 
783

 
783

 
$
0.08

Totals    
 
93,974

 
93,974

 
 

 
Stock Options

11

The Company issues new shares of common stock upon the exercise of stock options granted under the 1994 Plan, the 2004 Stock Option Plan and the 2010 Stock Option Plan, although it is no longer granting options from the 1994 Plan.
Determining Fair Value of Stock Awards Using Black Scholes
Valuation and Amortization Method.
The Company estimates the fair value of stock option awards granted using the Black-Scholes option valuation model. The fair value of each option grant is estimated on the date of grant. The Company amortizes the fair value of all awards on a straight-line basis over the requisite service periods, which are generally the vesting periods.
Expected Life.
The expected life of awards granted represents the period of time that they are expected to be outstanding. The Company determines the expected life based primarily on historical experience with similar awards, giving consideration to the contractual terms, vesting schedules, expected exercises and post-vesting forfeitures.
Expected Volatility.
The Company estimates the volatility of its common stock at the date of grant based on the historical volatility of its common stock. The volatility factor used in the Black-Scholes option valuation model is based on its historical stock prices over the most recent period commensurate with the estimated expected life of the award.
Risk-Free Interest Rate.
The risk-free interest rate used in the Black-Scholes option valuation model is the implied risk-free interest rate with an equivalent remaining term equal to the expected life of the award.
Expected Dividend Yield.
The Company uses an expected dividend yield of zero in the Black-Scholes option valuation model, consistent with historical experience on the date of grant.
The fair value of each option grant is estimated on the date of grant using the Black-Scholes option pricing model. A summary of the weighted average assumptions and resulting weighted average fair value results for options granted during the periods presented is as follows:

 
 
Twenty-Six Week Periods Ended
 
 
September 26,
2010
 
October 2,
2011
Weighted average risk free interest rate    
 
1.72
%
 
—
Expected dividend yield    
 
0%

 
—
Expected lives    
 
5 years

 
—
Weighted average expected volatility    
 
113
%
 
—
Weighted average fair value at date of grant    
 
$
1.32

 
—

No assumptions are presented for the first twenty-six weeks of Fiscal 2012 because no options were granted during this period.
Expected Forfeitures.
The Company primarily uses historical data to estimate pre-vesting option forfeitures. It records stock-based compensation only for those awards that are expected to vest. For Fiscal 2012 the Company estimates its pre-vesting option forfeiture rate at 18%.
 
Stock-based Compensation
Stock-based compensation expense related to stock-based awards was $20,000 and $14,000, respectively, for Second Quarter Fiscal 2011 and Second Quarter Fiscal 2012, respectively, and $40,000 and $38,000 for the Six Months Fiscal 2011 and Six Months Fiscal 2012, respectively. Stock-based compensation expense is included in marketing, general and administrative costs in our Condensed Consolidated Statements of Operations. This is a non-cash expense.

12

As of October 2, 2011, the Company had approximately $118,000 of total unrecognized compensation cost related to 62,500 non-vested stock-based awards granted under all equity compensation plans. The Company expects to recognize this cost over a period of approximately five years.
Stock Award Activity
As of October 2, 2011 options for 307,342 shares were outstanding under the 1994 Plan, the 2004 Stock Option Plan, and the 2010 Stock Option Plan, of which 282,342 were fully vested.
The following table summarizes activity under our stock option plans:
 
 
Number
of shares 
 
Weighted-
average
exercise
price per
share
 
Weighted-
average
remaining
contractual
term
Outstanding at April 3, 2011     
 
316,488

 
$
5.02

 
8.6 years
Granted    
 
—

 
—

 
 
Exercised    
 
—

 
—

 
 
Forfeited    
 
(7,498
)
 
$
10.73

 
 
Outstanding at July 3, 2011
 
308,990

 
$
4.25

 
8.4 years
     Granted
 
—

 
$
—

 
 
Exercised
 
—

 
$
—

 
 
Forfeited
 
(1,648
)
 
$
10.33

 
 
Outstanding at October 2, 2011
 
307,342

 
$
4.85

 
8.2 years
Exercisable or convertible at the end of the period    
 
282,342

 
$
4.22

 
8.4 years

The aggregate intrinsic value of options outstanding at October 2, 2011 was $20,000. Intrinsic value represents the total pretax intrinsic value for all “in-the-money” options (i.e., the difference between the actuarially-determined fair market value of the Company’s common stock of $0.31 per share as of June 30, 2010 and the exercise price, multiplied by the number of shares of common stock underlying the stock options) that would have been received by the option holders had all option holders exercised their options on October 2, 2011.
No options were exercised in Six Months Fiscal 2011 or in Six Months Fiscal 2012.

6. Stockholders’ Equity
Preferred stock
Each outstanding share of the Company’s Series A Preferred Stock is convertible at any time by the holder thereof into shares of common stock at the then-effective conversion price. In addition, each outstanding share of Series A Preferred Stock is automatically convertible into shares of common stock if Tully’s completes an underwritten public offering of its shares of common stock with gross proceeds to the Company in excess of $15 million (“Qualified Offering”). The Series A Preferred Stock contains an anti-dilution protection right that provides for a weighted average adjustment of the conversion price in the event the Company issues shares of capital stock at an effective price less than the Series A Preferred conversion price then in effect, subject to certain limitations and exclusions. At October 2, 2011, each eight shares of the Company’s outstanding Series A Convertible Preferred were convertible into approximately 1.12 shares of common stock (giving effect to the one-for-eight reverse split of its common stock).
Voting rights of the Series A Preferred Stock are subject to adjustment for the anti-dilution adjustment. Series A Preferred shareholders may exercise cumulative voting rights with respect to the election of Directors.
In the event of any liquidation or winding up of Tully’s, each share of Series A Preferred Stock is entitled to receive, prior and in preference to all other payments to the holders of Series B Preferred Stock and the shares of common stock, an amount equal to $2.50, plus any and all declared but unpaid dividends with respect to such share of Series A Preferred Stock (the “Series A Liquidation Preference”). Assuming distribution of the full Series A Liquidation Preference, common stock liquidation preference (described below), and the Series B Liquidation Preference (described below), and subject to the rights of any additional preferred stock that may in the future be designated and issued by Tully’s, the Company’s remaining assets available for distribution to shareholders would be distributed pro rata among the holders of the Series A Preferred Stock, Series B Preferred Stock and shares of common stock, treating the shares of Series A Preferred Stock and Series B Preferred Stock on an as-converted basis.
 

13

Certain holders of Series A Preferred Stock have certain rights to require the Company to register the shares of common stock issued upon conversion of the Series A Preferred Stock. These rights generally allow persons holding the underlying shares of common stock to require Tully’s to use its best efforts to register the shares for resale under the Securities Act of 1933, as amended, and under such state securities laws as may be necessary. These rights include the right to demand that the Company file a registration statement for the underlying shares of common stock at the shareholders’ option no more than one time following an initial public offering, if any, and thereafter, unlimited rights once Tully’s is eligible to use Form S-3.
Each outstanding share of Series B Preferred Stock is convertible at any time by the holder thereof into shares of common stock at the then-effective conversion price. In addition, each outstanding share of Series B Preferred Stock is automatically convertible into shares of common stock at the then-effective conversion price when and if the Company makes a Qualified Offering. The conversion price for the Series B Preferred shares is subject to an anti-dilution adjustment, but no adjustment has been required. Giving effect to the one-for-eight reverse split of the Company’s common stock, each eight Series B Preferred shares could be converted at the option of the shareholder into one share of common stock as of October 2, 2011. Each eight shares of Series B Preferred Stock also are entitled to cast one vote on all matters submitted to a vote of the shareholders of Tully’s (giving effect to the one-for-eight reverse split of its common stock).
In the event of any liquidation or winding up of Tully’s, each share of Series B Preferred Stock is entitled to receive, after full satisfaction of the Series A Liquidation Preference and the common stock liquidation preference (described below), and prior and in preference to all other payments to the holders of shares of common stock, an amount equal to $2.50, plus any and all declared but unpaid dividends with respect to such share of Series B Preferred Stock (the “Series B Liquidation Preference”). Assuming distribution of the full Series A Liquidation Preference, common stock liquidation preference and the Series B Liquidation Preference, and subject to the rights of any additional series or classes of preferred stock that may in the future be designated and issued by Tully’s, the remaining assets of Tully’s available for distribution to shareholders would be distributed pro rata among the holders of the Series A Preferred Stock, Series B Preferred Stock and shares of common stock, treating the shares of Series A Preferred Stock and Series B Preferred Stock on an as-converted basis.
Common stock
In the event of any liquidation or winding up of the Company, after distribution of the full Series A Liquidation Preference, each common share is entitled to receive an amount per share equal to $18.00 (giving effect to the one-for-eight reverse split of the Company’s common stock), plus any and all declared but unpaid dividends with respect to such share of common stock (the “common stock liquidation preference”). Assuming distribution of the full Series A Liquidation Preference, common stock liquidation preference and the Series B Liquidation Preference (described above), and subject to the rights of any additional preferred stock that may in the future be designated and issued by the Company, its remaining assets available for distribution to shareholders would be distributed pro rata among the holders of the Series A Preferred Stock, Series B Preferred Stock and shares of common stock, treating the shares of Series A Preferred Stock and Series B Preferred Stock on an as-converted basis.

7. Segment Reporting
Operating segments are defined as components of an enterprise for which separate financial information is available and regularly reviewed by senior management. The accounting policies of the operating segments are the same as those described in the summary of significant accounting policies in Note 1. The Company does not allocate its assets among its business units for purposes of making business decisions, and therefore does not present asset information by operating segment. Earnings before interest, taxes, depreciation and amortization (“EBITDA”) exclude the effects of financing costs, income taxes, and non-cash depreciation and amortization. EBITDA is not a measure determined in accordance with accounting principles generally accepted in the United States (“GAAP”), and should not be considered a substitute for operating income, net income or any other measure determined in accordance with GAAP. EBITDA is used as a measurement of operating efficiency and overall financial performance of operating segments and the Company believes it to be a helpful measure for those evaluating companies in the retail industry. Conceptually, EBITDA measures the amount of income generated each period that could be used to service debt, pay taxes and fund capital expenditures. EBITDA should not be considered in isolation or as a substitute for measures of performance prepared in accordance with GAAP.
 
The tables below present information by operating segment:

14

 
 
Thirteen Week Periods Ended
 
Six Month Periods Ended
 
 
September 26,
2010
 
October 2,
2011
 
September 26,
2010
 
October 2,
2011
 
 
(unaudited)
 
(unaudited)
 
(unaudited)
 
(unaudited)
 
 
(dollars in thousands)
 
(dollars in thousands)
Net sales
 
 
 
 
 
 
 
 
Retail division    
 
$
8,773

 
$
9,081

 
$
17,631

 
$
18,190

Specialty division    
 
427

 
403

 
1,065

 
853

 
 
$
9,200

 
$
9,484

 
$
18,696

 
$
19,043

Earnings before interest, taxes, depreciation and amortization (“EBITDA”)
 
 

 
 

 
 

 
 

Retail division    
 
$
615

 
$
488

 
$
1,284

 
$
1,228

Specialty division    
 
(328
)
 
17

 
(568
)
 
58

Corporate and other expenses    
 
(1,613
)
 
(981
)
 
(3,465
)
 
(2,026
)
Loss before interest, taxes, depreciation and amortization    
 
(1,326
)
 
(476
)
 
(2,749
)
 
(740
)
Depreciation and amortization    
 
(245
)
 
(170
)
 
(482
)
 
(354
)
Interest income, interest expense, and loan guarantee fees    
 
(23
)
 
(102
)
 
(17
)
 
(38
)
Non-controlling interest    
 
53

 
17

 
105

 
43

Income taxes    
 
4

 
—

 
(22
)
 
89

Net loss attributable to TC Global, Inc.    
 
$
(1,537
)
 
$
(731
)
 
$
(3,165
)
 
$
(1,000
)
Depreciation and amortization
 
 

 
 

 
 

 
 

Retail division    
 
$
223

 
$
141

 
$
422

 
$
297

Specialty division    
 
3

 
4

 
6

 
7

Corporate and other expenses    
 
19

 
25

 
54

 
50

Total depreciation and amortization    
 
$
245

 
$
170

 
$
482

 
$
354


 8. Loss Per Common Share
Basic loss per share is computed by dividing net loss by the weighted-average number of common shares outstanding during the period. Diluted loss per share is computed by dividing net loss by the sum of the weighted average number of common shares and the effect of dilutive common share equivalents, if any.
Tully’s has granted options and warrants to purchase common stock, and has issued preferred stock that is convertible into common stock (collectively, the “common share equivalent instruments”). Outstanding stock options, stock warrants, Series A Convertible Preferred shares and Series B Convertible Preferred shares are antidilutive because of net losses, and as such, their effect has not been included in the calculation of basic or diluted net loss per share. For the Second Quarter Fiscal 2012 and Second Quarter Fiscal 2011, respectively, potential gross common shares of 2.4 million and 2.6 million, respectively, were antidilutive and are not included in computing loss per share.

9. Subsequent Events

On October 17, 2011, a complaint was filed against the Company and GMCR, jointly, by Spinelli Pte. Ltd., a Singapore company. The lawsuit claims breach of contract, declaratory relief and fraudulent procurement related to the Spinelli brand and marks. We intend to vigorously defend these claims but cannot predict the outcome or financial impact to the Company at this time.
On November 4, 2011, The Irvine Company, LLC (the “plaintiff”), a landlord for one of the Company's stores, filed suit against the Company and JH Development, LLC, a franchise area developer.  The plaintiff alleges that the Company entered a lease with the plaintiff in May 2000, then assigned the lease to JH Development, LLC in October 2008.  The plaintiff alleges that the Company and JH Development, LLC then breached the lease by vacating prior to termination and failing to make payments.  The only cause of action is a cause of action for breach of lease.  The plaintiff seeks compensatory damages in the amount of $250,000, as well as attorney's fees and costs.  We are investigating the claim and plan to vigorously defend against it, although we have not yet been officially served with such complaint at the time of this filing.



15

ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
The following discussion and analysis provides information that TC Global, Inc. believes is relevant to an assessment and understanding of our results of operations and financial condition for the thirteen and twenty-six week periods ended October 2, 2011 (“Second Quarter Fiscal 2012” and "Six Months Fiscal 2012," respectively). The following discussion should be read in conjunction with the condensed consolidated financial statements and related notes appearing elsewhere in this report, as well as “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and the consolidated financial statements and notes included in our Annual Report on Form 10-K for the fiscal year ended April 3, 2011, filed with the SEC on July 6, 2011 (the “Fiscal 2011 Form 10-K”). This discussion and analysis contains “forward-looking statements” that involve risks, uncertainties, and assumptions. Our actual results may differ materially from those anticipated in these forward-looking statements as a result of many factors, including, but not limited to the factors referenced at “Special Note Regarding Forward-Looking Statements” and described in “Risk Factors” section of our Fiscal 2011 Form 10-K.

Business Overview
We are a specialty gourmet coffee retailer. We generate revenues through two operating divisions:
•
Retail. Our retail division operates Tully’s Coffee retail stores in the United States and generates revenues through the sales of products in these stores.
•
Specialty. Our specialty division oversees the domestic licensing and franchising of Tully’s Coffee retail stores and manages our international joint venture, foreign licensing, and business development activities. We generate revenues through licensing fees from U.S. and foreign franchisees and sales of products to foreign licensees.
We have realized some improvements in sales volumes in recent periods as compared to previous periods, and have made some reductions in staffing and other expenses over the past year to bring operating expenses more in line with operating revenues.  Despite these revenue improvements and expense reductions, with the exception of the Third and Fourth Quarters of Fiscal 2011 and First and Second Quarters of Fiscal 2012, the Company has historically incurred negative cash flows from operations. If sales volumes decline significantly or we do not meet expectations of sustained increases during Fiscal 2012, we do not believe that we will be able to offset such negative trends through additional overhead cost reductions.
For most of our operating history, we have generated insufficient cash to fully fund operations. We have historically financed this cash shortfall through the issuance of debt and equity securities, borrowings, asset sales, and cash provided under our international licensing relationships.
On March 27, 2009, we completed the sale of the assets associated with our wholesale business and supply chain (including Tully’s business names and trademarks) to Green Mountain Coffee Roasters, Inc. a Delaware corporation (“GMCR”), pursuant to the Asset Purchase Agreement dated September 15, 2008, as amended by Amendment No. 1 thereto dated November 12, 2008, and Amendment No. 2 thereto dated February 6, 2009, by and among TC Global, Inc., GMCR and Tully’s Bellaccino, LLC (the “Green Mountain Transaction”).
In connection with the closing of the Green Mountain Transaction, we entered into a Supply Agreement, a License Agreement, and a Noncompetition Agreement with GMCR. We also secured a perpetual license to use the “Tully’s” brand and other trade names, trademarks and service marks in connection with certain (i) retail operations worldwide (excluding Japan) and (ii) wholesale business outside of North America, utilizing an exclusive coffee supply arrangement. Our current shareholders and executive management team continue to own and operate the Company’s domestic retail business (Company-operated, franchised and licensed retail store locations) and international retail and wholesale businesses.
In connection with the Green Mountain Transaction, we changed our corporate name to “TC Global, Inc.”
We intend to pursue growth by executing the following strategies:
1. Drive comparable store sales growth and profitability by executing on our fundamental retail strategies. We intend to drive comparable store sales and average unit volume growth by executing on our fundamental retail strategies to increase store traffic and average transaction size.
2. Expand our geographic footprint by leveraging international opportunities. Our international growth strategy emphasizes joint ventures and licensing relationships with companies situated in promising foreign markets, and sales of coffee and other products to those partners. We believe the success of our former licensee, Tully’s Coffee Japan (“TCJ”), demonstrates the broader opportunity available to us in foreign markets.



16

3. More effectively control operating expenses and enhance process controls. We are "right-sizing" the business and establishing not only accountability, but also responsibility for sound spending decisions, down to the lowest level employees in the organization. We are focusing on making investment decisions in light of return on investment or overall profitability of the business decision. We are also putting into place further process controls and policies to reinforce accountabilities and engage the highest levels of the organization in tactical and strategic activities.
4. Execute our licensing/franchising strategy. Our licensing/franchising strategy focuses on adding licensed and franchised stores in market areas and venues that complement our company-operated stores. We have used these means to extend our presence in special venues, such as grocery stores, airports, hotels and university campuses.

Trends in Our Business
Retail Division.
As of October 2, 2011, Tully’s had 70 company-operated retail stores and 106 franchised stores in Washington, California, Arizona, Colorado, Idaho, Oregon, Montana and Wyoming. Our stores are located in a variety of urban and suburban neighborhoods, and in the Seattle and San Francisco central business districts. We also operate or franchise smaller footprint stores in special venues, such as within the premises of corporate facilities, and kiosks and cafes that are located in grocery stores, hotels, hospitals and on university campuses. These facilities are operated under contracts with varying terms. While not our core business, addition and/or loss of any of these locations could have an impact on our results of operations.
We continue to critically review our retail business, and we are continuing to implement initiatives to improve our retail operations, retail distribution, store facilities and merchandising strategies. The ongoing goal of our retail division initiatives is to increase retail store average unit volume, increase comparable store sales and improve new store unit economics. We are simultaneously targeting operational improvements to enhance our retail margins and achieve profitability. All of these initiatives are designed to collectively improve our sales and achieve profitability.
Further, we continue to review our retail locations and leasing arrangements in order to enhance operating efficiencies during the current economic conditions. During the Six Months Fiscal 2012, we opened one new store within a corporate campus, while closing five other locations. New stores generally require several months to reach their full sales potential so the impact of new store openings may not be reflected in operating results in the very near future.
Over the course of the last several years, the cost of coffee, a key ingredient in most of our beverages, has increased dramatically. Raw coffee prices have increased more than 50% in the past year alone. Since the sale of our wholesale and supply chain operations to GMCR in 2009, we have purchased our coffee from GMCR under the Supply Agreement negotiated as part of that sale. The market price of dairy products also continues to steadily increase. While we have taken steps to increase prices for some products and in certain markets to attempt to maintain margins and operating profit levels, market conditions have prevented us from recovering all of the increased costs which has significantly impacted the profitability of our retail operations. Cost of goods sold as a percentage of retail sales in Second Quarter Fiscal 2012 was 39.1% as compared to 37.5% in the same period of Fiscal 2011.
Specialty Division.
Our specialty division oversees the licensing and franchising of Tully’s Coffee retail stores. Franchising complements our company-operated retail business by making Tully’s genuine community coffeehouse experience more widely available and convenient for customers. Franchising also extends the Tully’s brand and promotes consumer familiarity with Tully’s products. At October 2, 2011 there were 106 U.S. licensed and franchisee-operated stores, primarily in special venues such as grocery stores, airports, hotels and university campuses.
Additionally, our specialty division oversees TCAPLLP, which seeks to develop the Tully’s brand in Asia (excluding Japan), Australia and New Zealand, foreign licensing, wholesale distribution and other business activities. As of October 2, 2011 there are four stores in Singapore through our master licensee Kitchen Language PTE LTD, which is obligated to develop 15 locations, and three stores in South Korea through our master licensee DK Retail Co., Ltd., (“DK Retail”) a South Korean corporation, which is obligated to develop 100 locations over the next five years. We also have a new licensee in the Philippines who had not yet opened any locations as of October 2, 2011, but is obligated to develop 50 locations in the Philippines over the next five years, and is preparing to open its first locations in the third quarter of the current fiscal year.
 
Revenue Trends
Our quarterly sales from our retail and specialty operations are summarized as follows:
 

17

 
 
First
Quarter
 
Second
Quarter
 
Third
Quarter
 
Fourth
Quarter(1)
 
 
(unaudited–dollars in thousands)
Fiscal 2011(1)    
 
9,496

 
9,200

 
9,562

 
10,010

Fiscal 2012    
 
9,559

 
9,484

 
—  

 
—  

(1)
Each fiscal quarter included 13 weeks, except for the Fourth Quarter of Fiscal 2011, which had 14 weeks. We estimate that the 14th week accounted for $675,000 in net sales in the Fourth Quarter of Fiscal 2011.
Operating Cost Trends
Retail Cost Trends. We experience both variable and fixed cost trends in our retail division cost structure. Cost of products (cost of goods sold), labor costs, occupancy costs other than rent, supplies, and other operating expenses typically increase or decrease according to broader pricing trends for those products. During Fiscal 2011 and into Fiscal 2012, we have experienced a mixture of increased costs associated with some of the products we sell and negotiated lower costs for other products and components. In addition, we have increased prices for some of our coffee-based beverages in our stores to offset these cost increases. In some cases, store-level retail operating expenses may increase or decrease depending on the sales volume at a particular location. Generally, our leases provide for periodic rent increases (which are generally leveled for financial reporting purposes by “straight-line rent” accounting). We continue to undertake certain retail business initiatives with the objective of reducing costs as a percentage of sales through increased efficiencies and operating leverage. However, initiatives intended to produce a future benefit may cause a short-term increase in costs, both in absolute dollars and as a percentage of sales. We analyze retail division operating costs as a percentage of store sales and manage the stores to that metric.
During the First Quarter Fiscal 2011 we entered into a distribution agreement that enabled us to outsource the inventory warehousing and distribution of products to our Company–operated, licensed, and franchised stores. We believe that this will provide substantial operating efficiencies over time. It also means that, beginning in the First Quarter Fiscal 2011, we no longer recognized Specialty Sales of Product or Specialty Cost of Goods Sold for the sale of these products to our franchised or licensed stores. This has had the effect of decreasing net sales and cost of sales as compared to prior periods; however, we expect an overall increase in operating income and net income as a result of the efficiencies gained from this distribution arrangement.
Over the course of the last several years the cost of coffee, a key ingredient in most of our beverages, has increased dramatically. Raw coffee prices have increased more than 50% in the past year alone. Since the sale of our wholesale and supply chain operations to GMCR in 2009, we have purchased our coffee from GMCR under the Supply Agreement whereby costs are pre-determined on a cost–plus basis. The market price of dairy products also continues to steadily increase. While we have taken steps to increase prices for some products and in certain markets to attempt to maintain margins and operating profit levels, market conditions have prevented us from recovering all of the increased costs which has significantly impacted the profitability of our retail operations. Since the prices paid to GMCR are in large part determined by market rates, we expect expense trends to follow market rates for Arabica coffee.
Specialty Cost Trends. Most of our specialty division costs consist of labor, travel and legal expenses. Labor and travel costs have increased to support our U.S. franchise store base as well as the development of stores associated with the Tully’s Coffee Asia joint venture. We also incur legal and compliance costs in connection with our franchising operations.
Marketing, General and Administrative Cost Trends. Most of our marketing expenditures are discretionary in nature and depend on the type, intensity and frequency of the marketing programs we employ. Examples of marketing expenses include point-of-sale and promotion materials, community initiatives, use of social media, sponsorships and advertising.
Our general and administrative costs are less discretionary than our marketing costs. During the second and third quarters of Fiscal 2011, and again during First Quarter Fiscal 2012, we eliminated various overhead staff positions and cut other administrative expenses in an effort to further reduce costs. Since the beginning of Fiscal 2011, we have decreased staff size in our corporate offices by 17.5 full-time equivalent personnel, or 32%.
 
Retail Performance Measures
Our U.S. retail stores are summarized as follows:
 

18

 
 
Twenty-Six Week Periods Ended
 
 
September 26,
2010
 
October 2,
2011
NUMBER OF STORES:
 
 
 
 
Company-operated stores    
 
 
 
 
Stores at beginning of the period    
 
78

 
74

New stores    
 
5

 
1

Closed stores    
 
(5
)
 
(5
)
End of the period    
 
78

 
70

Licensee- and Franchisee-operated stores
 
 

 
 

Stores at beginning of the period    
 
107

 
110

New stores    
 
5

 
2

Closed stores    
 
(2
)
 
(6
)
End of the period    
 
110

 
106

Total company-operated, licensed and franchised stores by location
 
 

 
 

Arizona    
 
20

 
19

California    
 
27

 
22

Oregon    
 
5

 
5

Washington    
 
101

 
95

Montana    
 
5

 
5

Idaho    
 
11

 
11

Wyoming    
 
2

 
2

Colorado    
 
17

 
17

End of the period    
 
188

 
176

International franchised and licensed stores at the end of each respective fiscal period are set forth in the table below:
 
 
 
Twenty-Six Week Periods Ended
 
 
September 26,
2010
 
October 2,
2011
International franchise and licensees     
 
7
 
7
Our increase (decrease) in quarterly comparable store sales, which is the same-store comparison of sales in the current period to sales in the prior comparable period without the impact of new stores or closed stores that have occurred in the interim, over the prior year’s comparable quarter are summarized as follows:
 
 
 
Fiscal Years
 
 
First
Quarter
 
Second
Quarter
 
Third
Quarter
 
Fourth
Quarter (1)
Fiscal 2011 (1)    
 
(0.8
)%
 
1.1
%
 
3.5
%
 
14
%
Fiscal 2012    
 
4.8
 %
 
5.3
%
 
—  

 
—  

(1)
Each fiscal quarter included 13 weeks, except for the Fourth Quarter of Fiscal 2011, which had 14 weeks. We estimate that the 14th week accounted for $675,000 in net sales in the Fourth Quarter of Fiscal 2011, amounting to 60% of the increase, so that comparable sales in the Fourth Quarter Fiscal 2011 without the impact of the 14th week was 5.6%.

Results of Operations
 

19

 
 
Thirteen 
Week Periods Ended
 
Twenty-Six 
Week Periods Ended
 
 
September 26,
2010 

 
October 2,
2011 

 
September 26,
2010 

 
October 2,
2011 

 
 
(unaudited)
 
(unaudited)
 
(unaudited)
 
(unaudited)
Total Net Sales Metrics
 
 
 
 
 
 
 
 
Amounts as a Percent of Total Net Sales
 
 
 
 
 
 
 
 
Retail store sales    
 
95.4
%
 
95.8
%
 
94.3
%
 
95.5
%
Specialty - product sales    
 
2.9
%
 
2.7
%
 
4.1
%
 
2.9
%
Total sales of products    
 
98.3
%
 
98.5
%
 
98.4
%
 
98.4
%
Specialty - Licenses, royalties and fees    
 
1.6
%
 
1.0
%
 
1.5
%
 
1.1
%
Specialty - Recognition of deferred revenue    
 
0.1
%
 
0.5
%
 
0.1
%
 
0.5
%
Total net sales    
 
100.0
%
 
100.0
%
 
100.0
%
 
100.0
%
Retail Metrics
 
 

 
 
 
 

 
 
Amounts as a Percent of Retail Store Sales
 
 

 
 
 
 

 
 
Retail cost of goods sold    
 
37.5
%
 
39.1
%
 
37.0
%
 
38.3
%
Retail occupancy expenses    
 
11.4
%
 
9.2
%
 
11.6
%
 
10.4
%
Store operating expenses    
 
43.9
%
 
46.4
%
 
43.9
%
 
45.0
%
Marketing, General and Administrative Expenses as Percent of Total Net Sales    
 
17.5
%
 
10.3
%
 
18.5
%
 
10.6
%
 
 Second Quarter Fiscal 2012 Compared To Second Quarter Fiscal 2011
Net Sales
Total net sales increased $284,000, or 3.1%, to $9.5 million for the Second Quarter Fiscal 2012, as compared to $9.2 million for the Second Quarter Fiscal 2011. Sales of products increased $292,000, or 3.2%, to $9.3 million for the Second Quarter Fiscal 2012, as compared to $9.0 million for the Second Quarter Fiscal 2011. Licenses, royalties and fees decreased $49,000, or 33.3%, to $98,000 as compared to $147,000 for the Second Quarter Fiscal 2011. Revenue recognized from deferred license arrangements increased $41,000 to $51,000 for the Second Quarter Fiscal 2012 as compared to $10,000 for the Second Quarter Fiscal 2011, due to a several franchise and license arrangements that were consummated during the latter part of Fiscal 2011.
The divisional increase (decrease) in net sales was comprised as follows:
 
Total Company 
Second Quarter Fiscal 2012 compared to Second Quarter Fiscal 2011
(dollars in thousands) 
 
Increase
(Decrease) in
Net Sales 
Retail
 
$
308

Specialty
 
(24
)
Total Company
 
$
284

For the Second Quarter Fiscal 2012, comparable retail store sales increased 5.3%. The factors comprising the divisional retail sales increase are summarized as follows:
 
Retail division 
Components of net sales increase
Second Quarter Fiscal 2012 compared to Second Quarter Fiscal 2011
(dollars in thousands) 
 
Increase
(Decrease) in
Net Sales
Comparable store sales increase
 
$
433

Sales increase from new stores
 
297

Sales decrease from stores closed during Fiscal 2012 and Fiscal 2011
 
(422
)
Total retail division
 
$
308

Specialty net sales decreased $24,000 to $403,000 in the Second Quarter Fiscal 2012 from $427,000 in the Second Quarter Fiscal 2011, due mainly to a decrease in royalty revenue from franchisees who have experienced decreasing sales in the current economic environment.

20

Cost of Goods Sold and Operating Expenses
Cost of goods sold and related occupancy costs increased by $19,000, or 0.4%, to $4.4 million for the Second Quarter Fiscal 2012 as compared to Second Quarter Fiscal 2011. Cost of goods sold and related occupancy costs as a percentage of total net sales decreased slightly to 46.8% for the Second Quarter Fiscal 2012, compared to 48% in the corresponding period last year. Our retail cost of goods sold has increased in recent periods as the commodity price of coffee beans has increased. However, our occupancy expenses have decreased in the same time period, as we have closed underperforming locations.
Store operating expenses increased as a percentage of retail sales to 47.1% for Second Quarter Fiscal 2012 compared to 43.9% for Second Quarter Fiscal 2011, due mainly to an overall increase in the cost of supplies and an increase in repair and maintenance expenses as we maintain our aging retail assets.
Other operating expenses (expenses associated with all operations other than company-operated retail stores) decreased $299,000 or 47.5% to $330,000 during Second Quarter Fiscal 2012 from $629,000 in Second Quarter Fiscal 2011 due to the staffing and expense reductions that we undertook during most of Fiscal 2011 and into First Quarter Fiscal 2012.
Marketing, general and administrative costs decreased significantly by $632,000, or 39.2%, to $981,000 during Second Quarter Fiscal 2012, as compared to $1.6 million during Second Quarter Fiscal 2011. This decrease is the result of the staffing and expense reductions that we undertook throughout Fiscal 2011 and early in First Quarter Fiscal 2012. Since the beginning of Fiscal 2011, we have reduced corporate staffing by 17.5 full-time equivalent personnel, or 32%.
Depreciation and amortization expense decreased $75,000, or 30.6%, to $170,000 in the Second Quarter Fiscal 2012 from $245,000 in the Second Quarter Fiscal 2011. This expense has decreased as assets have aged and become fully depreciated, and are not being replaced by the acquisition of new capital assets due to cash restraints for such expenditures.
Net Loss from Continuing Operations
As a result of the factors described above, we experienced a net loss of $748,000 for the Second Quarter Fiscal 2012 as compared to a net loss of $1.6 million for the Second Quarter Fiscal 2011, representing a loss improvement of $842,000, or 53%.
Six Months Fiscal 2012 Compared To Six Months Fiscal 2011
Net Sales
Total net sales decreased $347,000, or 1.9%, to $19.0 million for the Six Months Fiscal 2012, as compared to $18.7 million for the Six Months Fiscal 2011. Sales of products increased $337,000, or 1.8%, to $18.7 million for the Six Months Fiscal 2012, as compared to $18.4 million for the Six Months Fiscal 2011. Licenses, royalties and fees decreased $73,000, or 26.4%, to $203,000 for the Six Months Fiscal 2012, as compared to $276,000 for the Six Months Fiscal 2011.
The divisional increase (decrease) in net sales was comprised as follows:
 
Total Company 
Six Months Fiscal 2012 compared to Six Months Fiscal 2011
(dollars in thousands) 
 
Increase
(Decrease) in
Net Sales 
Retail
 
$
559

Specialty
 
(212
)
Total Company
 
$
347

For the Six Months Fiscal 2012, comparable retail store sales increased 5.0%. The factors comprising the retail sales increase are summarized as follows:
 
Retail division 
Components of net sales increase
Six Months Fiscal 2012 compared to Six Months Fiscal 2011
(dollars in thousands) 
 
Increase
(Decrease) in
Net Sales
Comparable store sales increase
 
$
770

Sales increase from new stores
 
658

Sales decrease from stores closed during Fiscal 2012 and Fiscal 2011
 
(869
)
Total retail division
 
$
559

Specialty net sales decreased $212,000 to $853,000 for the Six Months Fiscal 2012 from $1.1 million for the Six Months

21

Fiscal 2011. During the First Quarter Fiscal 2011 we entered into a distribution agreement that enabled us to outsource the inventory and distribution of products to our Company-operated, licensed and franchised stores. We believe that this will provide substantial operating efficiencies over time. It also means that since First Quarter Fiscal 2011 we no longer recognize Sales Revenue or Cost of Sales for the sale of these products to our franchise or licensed stores. This did have and will continue to have the effect of decreasing Net Sales, Specialty Sales, and Cost of Sales, as compared to prior periods.
Cost of Goods Sold and Operating Expenses
Cost of goods sold and related occupancy costs decreased $62,000, or 0.7%, to $8.9 million for the Six Months Fiscal 2012 as compared to Six Months Fiscal 2011. Cost of goods sold and related occupancy costs decreased to 46.9% of net sales for Six Months Fiscal 2012, compared to 48.1% in the corresponding prior year period. Retail occupancy expenses as a percentage of retail store sales were lower at 10.4% in the Six Months Fiscal 2012 as compared to 11.6% in the Six Months Fiscal 2011. Retail cost of good sold has increased as a percentage of retail store sales to 38.3% in the Six Months Fiscal 2012, as compared to 37.0% in the Six Months Fiscal 2011. Our retail cost of goods sold has increased in recent periods as the commodity price of coffee beans, dairy products, wheat, and other commodities used in the products we sell has increased.
Store operating expenses as a percentage of retail sales increased to 45.0% of retail sales for the Six Months Fiscal 2012 compared to 43.9% for the Six Months Fiscal 2011, due mainly to an overall increase in the cost of supplies and an increase in repair and maintenance expenses as we maintain our aging retail assets.
Other operating expenses (expenses associated with all operations other than company-operated retail stores) decreased $510,000 or 42.0% to $703,000 during Six Months Fiscal 2012 from $1.2 million in Six Months Fiscal 2011 due to the continuing benefit we have experienced from staffing and expense reductions that we undertook during Fiscal 2011 and into First Quarter Fiscal 2012.

Marketing, general and administrative costs decreased $1.4 million, or 41.5%, to $2.0 million for the Six Months Fiscal 2012 from $3.5 million for the Six Months Fiscal 2011. This decrease is the result of the staffing and expense reductions that we undertook throughout Fiscal 2011 and early in First Quarter Fiscal 2012. Since the beginning of Fiscal 2011, we have reduced corporate staffing by 17.5 full-time equivalent personnel, or 32%.
Depreciation and amortization expense decreased $128,000, or 26.6%, to $354,000 for the Six Months Fiscal 2012 from $482,000 for the Six Months Fiscal 2011. This expense has decreased as assets have aged and become fully depreciated.
Net Loss from Continuing Operations
As a result of the factors described above, we had a loss from continuing operations of $1.0 million for the Six Months Fiscal 2012 as compared to the net loss of $3.3 million for the Six Months Fiscal 2011, representing a loss improvement of $2.2 million, or 68%.


Liquidity and Financial Condition
Sources and Uses of Cash in our Business
The following table sets forth, for the periods indicated, selected statements of cash flows data:
 

22

 
 
Six Months
Fiscal
2011
 
Six Months
Fiscal
2012
 
 
(dollars in thousands)
STATEMENTS OF CASH FLOWS DATA
 
 
 
 
Cash provided by (used for):
 
 
 
 
Net loss
 
$
(3,270
)
 
$
(1,043
)
Deferred Gain on Green Mountain Transaction    
 
(84
)
 
(85
)
Adjustments for depreciation and other non-cash operating activities     
 
266

 
255

Net loss adjusted for non-cash operating statement amounts    
 
(3,088
)
 
(873
)
Cash provided by other changes in assets and liabilities    
 
74

 
1,108

Net cash provided by (used in) operating activities    
 
(3,014
)
 
235

Escrow receivable established in connection with Green Mountain transaction    
 
3,500

 
—

Purchases of property and equipment    
 
(1,012
)
 
(576
)
Other investing activities    
 
21

 
94

Net repayments of notes payable     
 
(158
)
 
(168
)
Foreign currency translation adjustment    
 
1

 
16

Net decrease in cash and cash equivalents
 
$
(662
)
 
$
(399
)
Overall, our operating, investing and financing activities used $399,000 of cash during the Six Months Fiscal 2012 as compared to using $662,000 of cash during the Six Months Fiscal 2011, which included the release of $3.5 million from Escrow in connection with the Green Mountain transaction.
Cash provided by operating activities during the Six Months Fiscal 2012 was $235,000, an improvement of nearly $3.3 million, compared to Six Months Fiscal 2011, when operating activities used cash of $3.0 million.
Investing activities used cash of $482,000 in the Six Months Fiscal 2012, compared to providing $2.5 million of cash in the Six Months Fiscal 2011, again relating to the release of $3.5 million from Escrow related to the Green Mountain transaction.
Financing activities used cash of $152,000 in the Six Months Fiscal 2012, compared to use of $157,000 in the Six Months Fiscal 2011. In both periods, this use was primarily related to payments made on financed insurance policies.
Liquidity and Capital Resources
As of October 2, 2011 we had cash and cash equivalents of $2.4 million, of which $299,000 was held in TCAPPLP and limited in use, and a working capital deficit of $9.6 million, which also includes TCAP’s $4.0 million obligation to AFCM; such obligation is not expected to be satisfied by funds held by TC Global, Inc.
As of October 2, 2011, we had cash commitments as summarized below:
 
Remainder
of 2012
 
2013
 
2014
 
2015
 
2016
 
2017
 
Thereafter
 
Total
Real estate operating leases
$
1,578

 
$
2,653

 
$
2,020

 
$
1,499

 
$
865

 
$
499

 
$
1,139

 
$
10,253

Equipment operating lease
66

 
132

 
66

 
—

 
—

 
—

 
—

 
264

Capital lease
15

 
30

 
30

 
10

 
—

 
—

 
—

 
85

Sublease income
(13
)
 
(15
)
 
—

 
—

 
—

 
—

 
—

 
(28
)
Total
$
1,646

 
$
2,800

 
$
2,116

 
$
1,509

 
$
865

 
$
499

 
$
1,139

 
$
10,574


The Company has realized some improvements during its most recent periods in sales volumes as compared to previous periods and has made certain reductions in staffing and other expenses. Until the four most recent quarters, the Company had consistently incurred negative cash flows from operations. If sales volumes do not meet expectations during Fiscal 2012 or if the Company incurs increased costs result from pending litigation or contingent obligations, the Company does not believe it will be able to offset such negative events through additional overhead cost reductions. As a result, if operating results do not meet expectations, the Company may not have sufficient resources to cover its working capital and capital expenditure requirements

23

and, without additional sources of capital made available to the Company for the remainder of Fiscal 2012 and beyond, there will be substantial doubt that the Company will be able to continue as a going concern. In order to maintain an appropriate level of liquidity, the Company believes it will need to either effectively implement its operational plans and objectives or obtain additional capital in the next six to nine months in order to fund its working capital requirements for the remainder for Fiscal 2012 and is evaluating a variety of alternatives, reorganization of existing operations and/or sale of some of its stores or other selected assets. Certain financing alternatives could result in significant interest and other costs, be highly dilutive to existing shareholders or require the divestiture or sale of some or all of the Company’s assets. There can be no assurance that any debt or equity financing arrangement will be available to the Company on acceptable terms, if at all. In addition, there can be no assurance that these financing alternatives would provide the Company with sufficient funds to meet its current or long term capital requirements.
If sources of capital are unavailable, or are available only on a limited basis or under unacceptable terms, then the Company could be required to substantially reduce or discontinue its investments in store improvements, new customers and new products; reduce operating, marketing, general and administrative costs related to its continuing operations; or limit the scope of its continuing operations. Due to various contractual obligations of the Company, including store operating leases, supply agreements and franchise agreements, the Company may not have the discretion to reduce operations in an orderly manner to a more sustainable level. The potential sale of stores or other income-producing assets could adversely affect future operating results and cash flows.
During the remainder of Fiscal 2012, we expect that the majority of new store locations will be franchised and/or licensed stores, rather than Company-operated stores. Franchised and licensed stores do not require capital investment in property and equipment, although they do require selling and support costs for such new stores related to store opening, training, and quality control. Typically, a new company-operated store will require capital investment of approximately $100,000 to $400,000, but this varies depending on a specific location. During the Six Months Fiscal 2012, we invested $653,000 primarily for limited refurbishment of some existing stores as well as to implement new point-of-sale systems in our retail locations. We expect that we will continue to perform limited refurbishment on our group of aging retail locations throughout Fiscal 2012 and beyond.
 
SEASONALITY
Our business is subject to moderate seasonal fluctuations. Greater portions of Tully’s net sales are generally realized during the third quarter of Tully’s fiscal year, which includes the November and December holiday season. Seasonal patterns are generally applicable to each of our operating divisions. In addition, quarterly results are affected by the timing of the opening of new stores (by Tully’s and our franchisees) or the closure of stores not meeting our expectations. Because of these factors, results for any quarter are not necessarily indicative of the results that may be achieved for the full fiscal year.
 

24

ITEM  3.    QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
The supply and price of coffees are subject to significant volatility and can be affected by multiple factors in green coffee producing countries, including weather, political and economic conditions. In addition, green coffee bean prices have been affected in the past, and may be affected in the future, by the actions of certain organizations and associations that have historically attempted to influence commodity prices of green coffee beans through agreements establishing export quotas or restricting coffee bean supplies worldwide. Because we purchase all of our coffee according to the terms of a Supply Agreement with GMCR, we are limited to offsetting the cost exposure of the main commodity used in our business, as we are unable to enter into fixed-price purchase commitments with other roasters.
We currently have no foreign currency exchange rate exposure related to our purchasing of coffee beans because all transactions are denominated in U.S. dollars.

ITEM  4.    CONTROLS AND PROCEDURES
An evaluation was performed, under the supervision of, and with the participation of, the Chief Executive Officer (CEO) and the Chief Financial Officer (CFO), of the effectiveness of the design and operation of our disclosure controls and procedures (as defined in Rule 13a-15(e) under the Securities Exchange Act of 1934, as amended (the 1934 Act)). Based on that evaluation, the CEO and CFO have concluded that, as of October 2, 2011, our disclosure controls and procedures were ineffective due to limited technical resources and lack of segregation of duties with regard to financial accounting and reporting disclosures. As part of the cost savings initiatives discussed in "Management's Discussion and Analysis of Financial Condition and Results of Operations," we reduced finance staff. Management continues to assess and remediate disclosure controls and procedures as part of their reorganization and “right sizing” effort and will continue to do so during Fiscal 2012; we also continue to assess the appropriate level of staffing to support our organization, given our limited financial resources at the present time.
There has been no change in our internal control over financial reporting during the three month period ended October 2, 2011 that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.

PART II. OTHER INFORMATION

ITEM  1. LEGAL PROCEEDINGS
On May 17, 2011, a lawsuit was filed against the Company in California state court by JH Development, LLC, a franchise area developer, alleging that (i) at the time the Company entered into agreements with the plaintiff, the Company concealed its financial strength and the fact that it was contemplating a sale of its wholesale division and rights to the “Tully's” trademark; (ii) the Company breached the franchise agreements with the plaintiff; (iii) the Company made false promises to the plaintiff; and (iv) the Company violated certain provisions of the California Corporations Code governing the sale of franchises. In its complaint, the plaintiff sought damages, rescission, and attorneys' fees and costs. After the lawsuit was removed to federal court, the court dismissed plaintiff's causes of action for concealment, breach of contract, and false promise. We have filed counterclaims against the plaintiff, and the plaintiff has asserted additional claims against us for intentional misrepresentation and breach of the implied covenant of good faith and fair dealing. The parties have agreed to suspend the court proceeding until after mediation, which is scheduled to be completed by January 9, 2012.  We intend to vigorously defend these claims but cannot predict the outcome or financial impact to the Company at this time.
On October 17, 2011, a complaint was filed against the Company and GMCR, jointly, by Spinelli Pte. Ltd., a Singapore company. The lawsuit claims breach of contract, declaratory relief and fraudulent procurement related to the Spinelli brand and marks. We intend to vigorously defend these claims but cannot predict the outcome or financial impact to the Company at this time.
On November 4, 2011, The Irvine Company, LLC (the “plaintiff”), a landlord for one of the Company's stores, filed suit against the Company and JH Development, LLC, a franchise area developer.  The plaintiff alleges that the Company entered a lease with the plaintiff in May 2000, then assigned the lease to JH Development, LLC in October 2008.  The plaintiff alleges that the Company and JH Development, LLC then breached the lease by vacating prior to termination and failing to make payments.  The only cause of action is a cause of action for breach of lease.  The plaintiff seeks compensatory damages in the amount of $250,000, as well as attorney's fees and costs.  We are investigating the claim and plan to vigorously defend against it.
We are not currently a party to any other legal proceeding that we believe could have a material adverse effect on our financial position or results of operations.

ITEM  5. OTHER INFORMATION
On September 27, 2011, the Company convened its annual meeting of shareholders. Due to a lack of quorum, the Company

25

adjourned the meeting to November 15, 2011 in order to provide additional time for management to solicit proxies from the Company’s shareholders. On November 15, the meeting was reconvened but again adjourned, due to a lack of quorum, to 8:00 a.m. PST on December 15, 2011, at the Company’s corporate headquarters located at 3100 Airport Way South, Seattle, WA 98134.


26

ITEM  6. EXHIBITS
(a)
The exhibits listed below are filed as part of, or incorporated by reference into, this Quarterly Report on Form 10-Q
 
EXHIBIT INDEX
 
  3.1    
Amended and Restated Articles of Incorporation filed with the Washington Secretary of State on October 26, 1999 (Filed with the Registrant’s Annual Report on Form 10-K for the year ended April 1, 2001 as filed with the SEC on October 19, 2001, and incorporated herein by reference)
  3.1(a)
Articles of Amendment of the Restated Articles of Incorporation containing the Statement of Rights and Preferences of Series B Preferred Stock filed with the Washington Secretary of State on June 27, 2000 (Filed with the Registrant’s Annual Report on Form 10-K for the year ended April 1, 2001, as filed with the Commission on October 19, 2001, and incorporated herein by reference)
  3.1(b)
Articles of Correction to Amended and Restated Articles of Incorporation filed with the Washington Secretary of State on August 8, 2000 (Filed with the Registrant’s Annual Report on Form 10-K for the year ended April 1, 2007, as filed with the SEC on July 13, 2007, and incorporated herein by reference)
  3.1(c)
Articles of Correction to Amended and Restated Articles of Incorporation filed with the Washington Secretary of State on August 8, 2000 (Filed with the Registrant’s Annual Report Form 10-K for the year ended April 1, 2007, as filed with the SEC on July 13, 2007, and incorporated herein by reference)
  3.1(d)
Articles of Amendment to Amended and Restated Articles of Incorporation filed with the Washington Secretary of State on December 16, 2004 (Filed with the Registrant’s Annual Report on Form 10-K for the year ended April 1, 2007, as filed with the SEC on July 13, 2007, and incorporated herein by reference)
  3.1(e)
Articles of Amendment to Amended and Restated Articles of Incorporation filed with the Washington Secretary of State on December 16, 2004 (Filed with the Registrant’s Current Report on Form 8-K, dated March 26, 2009, as filed with the SEC on March 27, 2009, and incorporated herein by reference)
  3.1(f)
Articles of Amendment to Amended and Restated Articles of Incorporation filed with the Washington Secretary of State on June 27, 2007 (Filed with the Registrant’s Annual Report on Form 10-K for the year ended April 1, 2007, as filed with the SEC on July 13, 2007, and incorporated herein by reference)
  3.2
Amended and Restated Bylaws adopted on July 18, 2007 (Filed with the Registrant’s Quarterly Report on Form 10-Q for the quarter ended July 1, 2007, as filed with the SEC on July 26, 2007, and incorporated herein by reference)
  3.2(a)
Amendment to Amended and Restated Bylaws, adopted effective July 8, 2010 (Filed with the Registrant’s Current Report on Form 8-K, as filed with the SEC on July 8, 2010, and incorporated herein by reference)
  4.1
Description of capital stock contained in the Amended and Restated Articles of Incorporation (see Exhibit 3.1)
  4.2
Description of rights of security holders contained in the Bylaws (see Exhibit 3.2)
  4.2(c)
Common Stock Purchase Warrant dated April 26, 2007, issued to Benaroya Capital Company, L.L.C. (Filed with the Registrant’s Annual Report on Form 10-K for the year ended March 30, 2008, as filed with the SEC on September 18, 2008, and incorporated herein by reference)
  4.3
Form of Registration Rights Agreement with Series A Preferred Shareholders (Filed with the Registrant’s Annual Report on Form 10-K for the year ended March 30, 2008, as filed with the SEC on September 18, 2008, and incorporated herein by reference)
  4.4
Registration Rights Agreement, dated December 14, 2000 between Tully’s and KWM Investments LLC (Filed with the Registrant’s Annual Report on Form 10-K for the year ended March 30, 2008, as filed with the SEC on 139 18, 2008, and incorporated herein by reference)
31.1*
Certification of principal executive officer Pursuant to Rule 13a-14 of the Securities Exchange Act of 1934, As Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
31.2*
Certification of principal financial officer Pursuant to Rule 13a-14 of the Securities Exchange Act of 1934, As Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
32.1*
Certification of principal executive officer Pursuant to 18 U.S.C. Section 1350, As Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
32.2*
Certification of principal financial officer Pursuant to 18 U.S.C. Section 1350, As Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
101.INS**
XBRL Instance Document
101.SCH**
XBRL Taxonomy Extension Schema Document
101.CAL**
XBRL Taxonomy Extension Calculation Linkbase
101.DEF**
XBRL Taxonomy Extension Definition Linkbase Document
101.LAB**
XBRL Taxonomy Extension Label Linkbase Document
101.PRE**
XBRL Taxonomy Extension Presentation Linkbase Document
 

27

*
Filed herewith
**
Pursuant to Rule 406T of Regulation S-T, the information in Exhibit 101 is “furnished” with this Quarterly Report on Form 10-Q and is not deemed to be “filed” or part of a registration statement or prospectus for purposes of Section 11 or 12 of the Securities Act of 1933, as amended, (b) is deemed not to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, and (c) is not otherwise subject to liability under those sections.
 

28

SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this Report to be signed on its behalf by the undersigned thereunto duly authorized, in Seattle, Washington on November 16, 2011.
 
TC Global, Inc.
By:
/S/    CATHERINE M. CAMPBELL        
 
Catherine M. Campbell
 
Chief Financial Officer & Principal Financial Officer
 
 
 
Signing on behalf of the Registrant
 

29
 EX-31.1 2 tcglobal311-102.htm SECTION 302 CEO CERTIFICATION TCGlobal 31.1-10.2


EXHIBIT 31.1
CERTIFICATION PURSUANT TO
RULE 13A-14 OF THE SECURITIES EXCHANGE ACT OF 1934
AS ADOPTED PURSUANT TO
SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002
CERTIFICATIONS
I, Scott M. Pearson, certify that:
1.
I have reviewed this quarterly report on Form 10-Q of TC Global, Inc.;
2.
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3.
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
4.
The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15 (e) and 15d-15 (e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15 (f) and 15d-15(f)) for the registrant and have:
a)
designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
b)
designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
c)
evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
d)
disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
5.
The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):
a)
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
b)
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.
Date: October 2, 2011
 
 
/S/ SCOTT M. PEARSON
 
Scott M. Pearson
President (principal executive officer)



 EX-31.2 3 tcglobal312-102.htm SECTION 302 CFO CERTIFICATION TCGlobal 31.2-10.2


EXHIBIT 31.2
CERTIFICATION PURSUANT TO
RULE 13A-14 OF THE SECURITIES EXCHANGE ACT OF 1934
AS ADOPTED PURSUANT TO
SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002
CERTIFICATIONS
I, Catherine M. Campbell, certify that:
1.
I have reviewed this quarterly report on Form 10-Q of TC Global, Inc.;
2.
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3.
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
4.
The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15 (e) and 15d-15 (e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15 (f) and 15d-15(f)) for the registrant and have:
a)
designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
b)
designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
c)
evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
d)
disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
5.
The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):
a)
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
b)
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.
Date: October 2, 2011
 
 
/S/ CATHERINE M. CAMPBELL
 
Catherine M. Campbell
Chief Financial Officer (principal financial officer)



 EX-32.1 4 tcglobal321-102.htm SECTION 906 CEO CERTIFICATION TCGlobal 32.1-10.2


EXHIBIT 32.1
 
CERTIFICATION PURSUANT TO
18 U.S.C. SECTION 1350
AS ADOPTED PURSUANT TO
SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002
In connection with the Quarterly Report of TC Global, Inc. (the “Company”) on Form 10-Q for the period ended October 2, 2011, as filed with the Securities and Exchange Commission on November 16, 2011 (the “Report”), I, Scott M. Pearson, President (principal executive officer) of the Company, certify, pursuant to 18 U.S.C. § 1350, as adopted pursuant to § 906 of the Sarbanes-Oxley Act of 2002, that, to my knowledge:
(1)
The Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934; and
(2)
The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.
 
 
 
/S/ SCOTT M. PEARSON
 
Scott M. Pearson
President (principal executive officer)
November 16, 2011



 EX-32.2 5 tcglobal322-102.htm SECTION 906 CFO CERTIFICATION TCGlobal 32.2-10.2


EXHIBIT 32.2
CERTIFICATION PURSUANT TO
18 U.S.C. SECTION 1350
AS ADOPTED PURSUANT TO
SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002
In connection with the Quarterly Report of TC Global, Inc. (the “Company”) on Form 10-Q for the period ended October 2, 2011, as filed with the Securities and Exchange Commission on November 16, 2011 (the “Report”), I, Catherine M. Campbell, Chief Financial Officer (principal accounting officer) of the Company, certify, pursuant to 18 U.S.C. § 1350, as adopted pursuant to § 906 of the Sarbanes-Oxley Act of 2002, that, to my knowledge:
(1)
The Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934; and
(2)
The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.
 
 
 
/S/ CATHERINE M. CAMPBELL
 
Catherine M. Campbell
Chief Financial Officer
November 16, 2011



 EX-101.INS 6 tuly-20110703.xml XBRL INSTANCE DOCUMENT 0000944136 2010-06-28 2010-09-26 0000944136 2010-03-29 2010-09-26 0000944136 2011-07-04 2011-10-02 0000944136 2011-04-04 2011-10-02 0000944136 2010-03-28 0000944136 2010-09-26 0000944136 2011-04-03 0000944136 tuly:SeriesBConvertiblePreferredStockMember 2011-04-03 0000944136 tuly:SeriesConvertiblePreferredStockMember 2011-04-03 0000944136 2011-10-02 0000944136 2011-11-11 0000944136 tuly:SeriesBConvertiblePreferredStockMember 2011-10-02 0000944136 tuly:SeriesConvertiblePreferredStockMember 2011-10-02 xbrli:shares iso4217:USD iso4217:USD xbrli:shares 2542000 2893000 1213000 1065000 1883000 1771000 -76000 -93000 24204000 24166000 994000 1007000 8473000 7997000 4218000 4922000 -68000 -68000 15000 23000 74000 0 48000 0 2809000 2410000 3558000 2896000 -662000 -399000 <div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Commitments and contingencies </font></div><div style="line-height:120%;padding-top:6px;text-align:justify;padding-left:16px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;font-weight:bold;">Real estate lease commitments </font></div><div style="line-height:120%;padding-top:6px;text-align:justify;text-indent:33px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The Company leases all of its retail and office space under operating leases, which have expiration dates through 2020. 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style="text-align:left;font-size:4pt;"><font style="font-family:inherit;font-size:4pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:1px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">(dollars&#160;in&#160;thousands)</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:9px;padding-top:2px;padding-bottom:2px;padding-right:6px;" rowspan="1"><div style="text-align:left;font-size:4pt;"><font style="font-family:inherit;font-size:4pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:6px;padding-bottom:6px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Remainder of Fiscal 2012&#160;&#160;&#160;&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:1px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">1,578</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:6px;padding-bottom:6px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">2013</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:1px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">2,653</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:6px;padding-bottom:6px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">2014</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:1px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">2,020</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:6px;padding-bottom:6px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">2015</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:1px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">1,499</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:6px;padding-bottom:6px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">2016</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:1px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">865</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:6px;padding-bottom:6px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">2017</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:1px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">499</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:6px;padding-bottom:6px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Thereafter&#160;&#160;&#160;&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:1px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">1,139</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:20px;padding-top:6px;padding-bottom:6px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Total&#160;&#160;&#160;&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:1px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-top:2px;padding-bottom:1px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">10,253</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr></table></div></div><div style="line-height:120%;padding-top:12px;text-align:justify;text-indent:33px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The Company has subleased some of its leased premises to third parties under agreements with varying terms through 2013. Expected future sublease receipts under such sub-lease agreements are summarized as follows: </font></div><div style="line-height:120%;text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">&#160;</font></div><div style="line-height:120%;text-align:center;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;margin-left:auto;margin-right:auto;width:100%;border-collapse:collapse;text-align:left;"><tr><td colspan="5" rowspan="1"></td></tr><tr><td width="85%" rowspan="1" colspan="1"></td><td width="1%" rowspan="1" colspan="1"></td><td width="1%" rowspan="1" colspan="1"></td><td width="12%" rowspan="1" colspan="1"></td><td width="1%" rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Fiscal year</font><font style="font-family:inherit;font-size:4pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:9px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:left;font-size:4pt;"><font style="font-family:inherit;font-size:4pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:1px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">(dollars&#160;in&#160;thousands)</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:9px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:left;font-size:4pt;"><font style="font-family:inherit;font-size:4pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:6px;padding-bottom:6px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Remainder of Fiscal 2012&#160;&#160;&#160;&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:1px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:1px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">13</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:6px;padding-bottom:6px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">2013</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:1px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">15</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:20px;padding-top:6px;padding-bottom:6px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Total&#160;&#160;&#160;&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:1px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;padding-top:2px;padding-bottom:1px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">28</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr></table></div></div><div style="line-height:120%;text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">&#160;</font></div><div style="line-height:120%;padding-top:6px;text-align:justify;padding-left:16px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;font-weight:bold;">Capital lease commitments </font></div><div style="line-height:120%;padding-top:6px;text-align:justify;text-indent:33px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">As discussed in Note 3 above, the Company leases certain hardware and software under a capital lease arrangement with CIT. Minimum future lease payments as per the lease agreement are summarized as follows:</font></div><div style="line-height:120%;padding-top:6px;text-align:center;text-indent:33px;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;margin-left:auto;margin-right:auto;width:681px;border-collapse:collapse;text-align:left;"><tr><td colspan="5" rowspan="1"></td></tr><tr><td width="584px" rowspan="1" colspan="1"></td><td width="5px" rowspan="1" colspan="1"></td><td width="9px" rowspan="1" colspan="1"></td><td width="79px" rowspan="1" colspan="1"></td><td width="4px" rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Fiscal year</font><font style="font-family:inherit;font-size:4pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:1px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">(dollars&#160;in&#160;thousands)</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Remainder of Fiscal 2012</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">15</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">2013</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">30</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">2014</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">30</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">2015</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">10</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:12px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Total</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">85</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr></table></div></div><div style="line-height:120%;padding-top:6px;text-align:justify;text-indent:33px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:justify;padding-left:16px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;font-weight:bold;">Contingencies </font></div><div style="line-height:120%;padding-top:10px;text-align:justify;text-indent:33px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">On May 17, 2011, a lawsuit was filed against the Company in California state court by JH Development, LLC, a franchise area developer, alleging that (i) at the time the Company entered into agreements with the plaintiff, the Company concealed its financial strength and the fact that it was contemplating a sale of its wholesale division and rights to the &#8220;Tully's&#8221; trademark; (ii) the Company breached the franchise agreements with the plaintiff; (iii) the Company made false promises to the plaintiff; and (iv) the Company violated certain provisions of the California Corporations Code governing the sale of franchises. In its complaint, the plaintiff sought damages, rescission, and attorneys' fees and costs. After the lawsuit was removed to federal court, the court dismissed plaintiff's causes of action for concealment, breach of contract, and false promise. We have filed counterclaims against the plaintiff, and the plaintiff has asserted additional claims against us for intentional misrepresentation and breach of the implied covenant of good faith and fair dealing. The parties have agreed to suspend the court proceeding until after mediation, which is scheduled to be completed by January 9, 2012.&#160; We intend to vigorously defend these claims but cannot predict the outcome or financial impact to the Company at this time.</font></div><div style="line-height:120%;padding-top:10px;text-align:justify;text-indent:33px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">On October 17, 2011, a complaint was filed against the Company and GMCR, jointly, by Spinelli Pte. Ltd., a Singapore company. The lawsuit claims breach of contract, declaratory relief and fraudulent procurement related to the Spinelli brand and marks. We intend to vigorously defend these claims but cannot predict the outcome or financial impact to the Company at this time.</font></div><div style="line-height:120%;padding-top:10px;text-align:justify;text-indent:33px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">On November 4, 2011, The Irvine Company, LLC (the &#8220;plaintiff&#8221;), a landlord for one of the Company's stores, filed suit against the Company and JH Development, LLC ("JHD"), a franchise area developer.&#160; The plaintiff alleges that the Company entered a lease with the plaintiff in May 2000, then assigned the lease to JHD in October 2008.&#160; The plaintiff alleges that the Company and JHD then breached the lease by vacating prior to termination and failing to make payments.&#160; The only cause of action is a cause of action for breach of lease.&#160; The plaintiff seeks compensatory damages in the amount of $250,000, as well as attorney's fees and costs.&#160; We are investigating the claim and plan to vigorously defend against it.</font></div><div style="line-height:120%;padding-top:10px;text-align:justify;text-indent:33px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The Company has provided real estate lease payment guarantees for several other locations on behalf of JHD, who has operated them as franchise locations since their purchase of these Southern California locations from Tully's in 2008. There are not currently any defaults on these other locations, so the Company does not believe any accrual for costs is appropriate at this time.</font></div><div style="line-height:120%;padding-top:10px;text-align:justify;text-indent:33px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">We are a party to various other legal proceedings arising in the ordinary course of our business, but are not currently a party to any other legal proceeding that we believe could have a material adverse effect on our financial position or results of operations. </font></div><div style="line-height:120%;padding-top:12px;text-align:justify;padding-left:16px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;">Tully&#8217;s Coffee Asia Pacific &#8211; Limited Partnership Interest </font></div><div style="line-height:120%;padding-top:6px;text-align:justify;text-indent:33px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">On March&#160;27, 2009, TCAP agreed to purchase, or cause a third party to purchase, one-half of AFCM&#8217;s partnership interest in TCAPPLP, equal to twenty-five percent (25%)&#160;of the total partnership interests outstanding, at a purchase price of US $4.0 million by March&#160;27, 2010. As of October 2, 2011, TCAP had not met its obligation. TCAP and AFCM continue to work on a settlement and to seek a buyer for AFCM&#8217;s partnership interest. If TCAP is unsuccessful in either finding a buyer for AFCM&#8217;s interest or in its settlement negotiations, the Company could face adverse economic consequences surrounding its wholly owned subsidiary TCAP. </font></div></div> 18.00 18.00 120000000 120000000 3563867 3565664 3563867 3565664 19706000 19706000 4417000 8936000 4436000 8998000 8844000 4291000 8578000 4380000 10771000 10130000 21927000 20137000 <div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Credit lines and long term debt </font></div><div style="line-height:120%;padding-top:6px;text-align:justify;padding-left:16px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;font-weight:bold;">Farnam Street Lease Facility </font></div><div style="line-height:120%;padding-top:6px;text-align:justify;text-indent:33px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Currently, the Company has an available lease facility with Farnam Street Financial, Inc. which allows the Company to borrow up to $825,000. This lease facility is being utilized to support the purchase and implementation of new point of sale systems in the Company's retail locations, as well as the upgrade of back-end accounting systems. As of October 2, 2011, there was $219,000 outstanding under this facility. The lease has a term of 24 months, which commences upon acceptance of equipment on any given lease schedule associated with the lease agreement. This lease fails to meet the conditions of capital lease accounting and is therefore accounted for as an operating lease within the accompanying consolidated financial statements.</font></div><div style="line-height:120%;padding-top:6px;text-align:justify;padding-left:16px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;font-weight:bold;">CIT Technology Financing Services Lease</font></div><div style="line-height:120%;padding-top:6px;text-align:justify;text-indent:33px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In June, 2011, the Company entered into a lease agreement with CIT Technology Financing Services, Inc. ("CIT") in order to finance the purchase of hardware and software to update the Company's corporate computer network. As of October 2, 2011, there was approximately $70,000 outstanding under this facility. The lease has a term of 36 months, which commenced on July 29, 2011. This lease is being accounted for as capital lease within the accompanying consolidated financial statements.</font></div><div style="line-height:120%;padding-top:18px;text-align:justify;padding-left:16px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;font-weight:bold;">Tully&#8217;s Coffee Asia Pacific &#8211; Limited Partnership Loan </font></div><div style="line-height:120%;padding-top:6px;text-align:justify;text-indent:33px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">On December&#160;31, 2008, pursuant to the Limited Partnership Agreement dated December&#160;21, 2007 between TCAP and AFCM, TCAP issued a promissory note in the principal amount of $1,120,000 (the &#8220;GP Loan&#8221;) to TCAPPLP. The GP Loan accrues interest at an annualized rate of 15%. </font></div><div style="line-height:120%;padding-top:12px;text-align:justify;text-indent:33px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Also on December&#160;31, 2008, as subsequently amended by Amendment No.&#160;1 dated March&#160;6, 2009, and Amendment No.&#160;2 dated March&#160;17, 2009, TCAPPLP issued a convertible promissory note to AFCM in the principal amount of $1,120,000 (the &#8220;LP Loan&#8221;). The LP Loan bears interest of an annualized rate of 0.44%. The LP Loan is due and payable five business days after the date that TCAPPLP has made distributions to AFCM in an amount equal to all principal and accrued interest on the LP Loan or in the event the partners clear certain security interests in partnership obligations. In connection with this loan, Tully&#8217;s has granted AFCM a preferential right to receive from TCAPPLP, prior to any future distribution to TCAP, cash distributions equal to $500,000 out of TCAPPLP&#8217;s profits available for distribution, and that, after receipt by AFCM of the full preference amount, all subsequent cash distributions of profits shall be shared equally between TCAP and AFCM. Any subsequent cash distributions to AFCM would first be applied to retire the LP Loan. </font></div><div style="line-height:120%;padding-top:18px;text-align:justify;padding-left:16px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;font-weight:bold;">Tully&#8217;s Coffee Asia Pacific &#8211; Limited Partnership Interest Obligation </font></div><div style="line-height:120%;padding-top:6px;text-align:justify;text-indent:33px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">On March&#160;27, 2009, TCAP agreed to purchase, or cause a third party to purchase, one-half of AFCM&#8217;s partnership interest in TCAPPLP, equal to twenty-five percent (25%)&#160;of the total partnership interests outstanding, at a purchase price of $4.0 million, by March&#160;27, 2010. As of October 2, 2011, TCAP had not met its obligation. TCAP and AFCM continue to work on a settlement and to seek a buyer for AFCM&#8217;s partnership interest. If TCAP is unsuccessful in either finding a buyer for AFCM&#8217;s interest or in its settlement negotiations, it could have an adverse impact on TCAP&#8217;s financial position or results of operations, or cause renegotiation of the partnership agreement. </font></div><div style="line-height:120%;padding-top:12px;text-align:justify;text-indent:33px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Obligations under notes payable and capital leases as of October 2, 2011 consist of the following: </font></div><div style="line-height:120%;text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">&#160;</font></div><div style="line-height:120%;text-align:center;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;margin-left:auto;margin-right:auto;width:100%;border-collapse:collapse;text-align:left;"><tr><td colspan="9" rowspan="1"></td></tr><tr><td width="70%" rowspan="1" colspan="1"></td><td width="1%" rowspan="1" colspan="1"></td><td width="1%" rowspan="1" colspan="1"></td><td width="12%" rowspan="1" colspan="1"></td><td width="1%" rowspan="1" colspan="1"></td><td width="1%" rowspan="1" colspan="1"></td><td width="1%" rowspan="1" colspan="1"></td><td width="12%" rowspan="1" colspan="1"></td><td width="1%" rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:bottom;padding-left:9px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:4pt;"><font style="font-family:inherit;font-size:4pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">April 3, <br clear="none"/>2011</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">October 2, <br clear="none"/>2011</font><font style="font-family:inherit;font-size:4pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:9px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:4pt;"><font style="font-family:inherit;font-size:4pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="7" style="vertical-align:bottom;padding-left:9px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">(dollars&#160;in&#160;thousands)</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:6px;padding-bottom:6px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Note payable for purchase of insurance, payable in variable monthly installments of approximately $16,000 - $43,000, including interest at 4.31%, through September&#160;2011, and collateralized by unearned or return insurance premiums, accrued dividends and loss payments&#160;&#160;&#160;&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:1px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:1px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">54</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:1px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:1px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">40</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Capital lease obligation</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:1px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#8212;</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:1px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">70</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:6px;padding-bottom:6px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Note payable due to Limited Partner in TCAPPLP&#160;&#160;&#160;&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:1px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">4,000</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:1px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">4,000</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:16px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;Total long-term debt</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:1px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">4,054</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:1px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">4,110</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:6px;padding-bottom:6px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Less: Current portion&#160;&#160;&#160;&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:1px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(4,054</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-right:9px;padding-top:2px;padding-bottom:1px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:1px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(4,062</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-right:9px;padding-top:2px;padding-bottom:1px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:20px;padding-top:6px;padding-bottom:6px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Long-term debt, net of current portion&#160;&#160;&#160;&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:1px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-top:2px;padding-bottom:1px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#8212;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:1px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-top:2px;padding-bottom:1px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">48</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr></table></div></div></div> 4944000 4540000 739000 831000 354000 482000 170000 245000 <div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Stock options </font></div><div style="line-height:120%;padding-top:6px;text-align:justify;padding-left:16px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;font-weight:bold;">Company Stock Incentive Plan </font></div><div style="line-height:120%;padding-top:6px;text-align:justify;text-indent:33px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In 1994, Tully&#8217;s shareholders approved a Stock Incentive Plan (the &#8220;1994 Plan&#8221;). In August 1999, the Company&#8217;s shareholders approved an amended plan, which established the maximum number of shares issuable under the 1994 Plan and the Employee Stock Purchase Plan at 525,000; and in June 2003, the Company&#8217;s Board of Directors further amended the 1994 Plan. By its terms, the 1994 Plan expired in October 2004 (this did not terminate outstanding options). </font></div><div style="line-height:120%;padding-top:10px;text-align:justify;text-indent:33px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In December 2004, Tully&#8217;s shareholders approved the 2004 Stock Option Plan, which authorizes the issuance of up to 312,500 shares of common stock under the 2004 Stock Option Plan and Tully&#8217;s Employee Stock Purchase Plan. </font></div><div style="line-height:120%;padding-top:10px;text-align:justify;text-indent:33px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In March 2010, Tully&#8217;s shareholders approved the 2010 Stock Option Plan, which authorizes the issuance of up to 312,500 shares of common stock under the 2010 Stock Option Plan and Tully&#8217;s Employee Stock Purchase Plan. As of October 2, 2011, no options had been granted under the 2010 Stock Option Plan. The provisions of the 2010 Stock Option Plan, 2004 Stock Option Plan (and the 1994 Plan prior to its expiration) are summarized as follows: </font></div><table cellpadding="0" cellspacing="0" style="padding-top:10px;font-family:Times New Roman; font-size:10pt; width:100%;"><tr><td style="width:81px;" rowspan="1" colspan="1"></td><td rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:top" rowspan="1" colspan="1"><div style="line-height:120%;font-size:10pt;padding-left:57px;"><font style="font-family:inherit;font-size:10pt;">&#8226;</font></div></td><td style="vertical-align:top;" rowspan="1" colspan="1"><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The Company may issue incentive or nonqualified stock options to its employees and directors. Stock options are granted solely at the discretion of the Company&#8217;s Board of Directors and are issued at a price determined by its Board of Directors. </font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:10px;font-family:Times New Roman; font-size:10pt; width:100%;"><tr><td style="width:81px;" rowspan="1" colspan="1"></td><td rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:top" rowspan="1" colspan="1"><div style="line-height:120%;font-size:10pt;padding-left:57px;"><font style="font-family:inherit;font-size:10pt;">&#8226;</font></div></td><td style="vertical-align:top;" rowspan="1" colspan="1"><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The term of each option granted is for such period as determined by the Board of Directors, but not more than ten years from date of grant.</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:10px;font-family:Times New Roman; font-size:10pt; width:100%;"><tr><td style="width:81px;" rowspan="1" colspan="1"></td><td rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:top" rowspan="1" colspan="1"><div style="line-height:120%;font-size:10pt;padding-left:57px;"><font style="font-family:inherit;font-size:10pt;">&#8226;</font></div></td><td style="vertical-align:top;" rowspan="1" colspan="1"><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Options are nontransferable and may generally be exercised based on a vesting schedule determined by the Company&#8217;s Board of Directors. </font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:10px;font-family:Times New Roman; font-size:10pt; width:100%;"><tr><td style="width:81px;" rowspan="1" colspan="1"></td><td rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:top" rowspan="1" colspan="1"><div style="line-height:120%;font-size:10pt;padding-left:57px;"><font style="font-family:inherit;font-size:10pt;">&#8226;</font></div></td><td style="vertical-align:top;" rowspan="1" colspan="1"><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The plan provides for acceleration of outstanding options under certain conditions, including but limited to certain changes in control of the Company. </font></div></td></tr></table><div style="line-height:120%;padding-top:18px;text-align:justify;padding-left:16px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;font-weight:bold;">Other Equity Instruments </font></div><div style="line-height:120%;padding-top:6px;text-align:justify;text-indent:33px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The Company has granted warrants to purchase common stock. These warrants have up to one year vesting periods and generally have ten year lives. Issued, outstanding and exercisable warrants as of October 2, 2011 are summarized as follows: </font></div><div style="line-height:120%;padding-top:6px;text-align:justify;text-indent:33px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:center;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;margin-left:auto;margin-right:auto;width:100%;border-collapse:collapse;text-align:left;"><tr><td colspan="11" rowspan="1"></td></tr><tr><td width="55%" rowspan="1" colspan="1"></td><td width="1%" rowspan="1" colspan="1"></td><td width="13%" rowspan="1" colspan="1"></td><td width="1%" rowspan="1" colspan="1"></td><td width="1%" rowspan="1" colspan="1"></td><td width="13%" rowspan="1" colspan="1"></td><td width="1%" rowspan="1" colspan="1"></td><td width="1%" rowspan="1" colspan="1"></td><td width="1%" rowspan="1" colspan="1"></td><td width="12%" rowspan="1" colspan="1"></td><td width="1%" rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:bottom;padding-left:9px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:4pt;"><font style="font-family:inherit;font-size:4pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Outstanding <br clear="none"/>warrants</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Number <br clear="none"/>exercisable</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Exercise <br clear="none"/>Price</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:6px;padding-bottom:6px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Issued to guarantors of debt&#160;&#160;&#160;&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:1px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">93,191</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:1px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">93,191</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:1px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:1px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">2.64</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:6px;padding-bottom:6px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Issued with Series A Preferred Stock investment units&#160;&#160;&#160;&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:1px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">783</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:1px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">783</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:1px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:1px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">0.08</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:6px;padding-bottom:6px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Totals&#160;&#160;&#160;&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:1px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">93,974</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:1px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">93,974</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:4pt;"><font style="font-family:inherit;font-size:4pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr></table></div></div><div style="line-height:120%;text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">&#160;</font></div><div style="line-height:120%;text-align:justify;padding-left:16px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;font-weight:bold;">Stock Options </font></div><div style="line-height:120%;padding-top:6px;text-align:justify;text-indent:33px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The Company issues new shares of common stock upon the exercise of stock options granted under the 1994 Plan, the 2004 Stock Option Plan and the 2010 Stock Option Plan, although it is no longer granting options from the 1994 Plan. </font></div><div style="line-height:120%;padding-top:18px;text-align:justify;padding-left:16px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;font-weight:bold;">Determining Fair Value of Stock Awards Using Black Scholes </font></div><div style="line-height:120%;padding-top:6px;text-align:justify;padding-left:16px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;">Valuation and Amortization Method. </font></div><div style="line-height:120%;padding-top:6px;text-align:justify;text-indent:33px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The Company estimates the fair value of stock option awards granted using the Black-Scholes option valuation model. The fair value of each option grant is estimated on the date of grant. The Company amortizes the fair value of all awards on a straight-line basis over the requisite service periods, which are generally the vesting periods. </font></div><div style="line-height:120%;padding-top:18px;text-align:justify;padding-left:16px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;">Expected Life. </font></div><div style="line-height:120%;padding-top:6px;text-align:justify;text-indent:33px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The expected life of awards granted represents the period of time that they are expected to be outstanding. The Company determines the expected life based primarily on historical experience with similar awards, giving consideration to the contractual terms, vesting schedules, expected exercises and post-vesting forfeitures. </font></div><div style="line-height:120%;padding-top:18px;text-align:justify;padding-left:16px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;">Expected Volatility. </font></div><div style="line-height:120%;padding-top:6px;text-align:justify;text-indent:33px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The Company estimates the volatility of its common stock at the date of grant based on the historical volatility of its common stock. The volatility factor used in the Black-Scholes option valuation model is based on its historical stock prices over the most recent period commensurate with the estimated expected life of the award. </font></div><div style="line-height:120%;padding-top:18px;text-align:justify;padding-left:16px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;">Risk-Free Interest Rate. </font></div><div style="line-height:120%;padding-top:6px;text-align:justify;text-indent:33px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The risk-free interest rate used in the Black-Scholes option valuation model is the implied risk-free interest rate with an equivalent remaining term equal to the expected life of the award. </font></div><div style="line-height:120%;padding-top:18px;text-align:justify;padding-left:16px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;">Expected Dividend Yield. </font></div><div style="line-height:120%;padding-top:6px;text-align:justify;text-indent:33px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The Company uses an expected dividend yield of zero in the Black-Scholes option valuation model, consistent with historical experience on the date of grant. </font></div><div style="line-height:120%;padding-top:12px;text-align:justify;text-indent:33px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The fair value of each option grant is estimated on the date of grant using the Black-Scholes option pricing model. A summary of the weighted average assumptions and resulting weighted average fair value results for options granted during the periods presented is as follows:</font></div><div style="line-height:120%;text-align:justify;text-indent:33px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:center;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;margin-left:auto;margin-right:auto;width:100%;border-collapse:collapse;text-align:left;"><tr><td colspan="7" rowspan="1"></td></tr><tr><td width="70%" rowspan="1" colspan="1"></td><td width="1%" rowspan="1" colspan="1"></td><td width="1%" rowspan="1" colspan="1"></td><td width="12%" rowspan="1" colspan="1"></td><td width="1%" rowspan="1" colspan="1"></td><td width="1%" rowspan="1" colspan="1"></td><td width="14%" rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:bottom;padding-left:9px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:justify;font-size:4pt;"><font style="font-family:inherit;font-size:4pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="5" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Twenty-Six Week Periods Ended</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:9px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:justify;font-size:4pt;"><font style="font-family:inherit;font-size:4pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">September 26, <br clear="none"/>2010</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">October 2, <br clear="none"/>2011</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:6px;padding-bottom:6px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Weighted average risk free interest rate&#160;&#160;&#160;&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:1px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">1.72</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-right:9px;padding-top:2px;padding-bottom:1px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">%</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:1px;padding-right:9px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#8212;</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:6px;padding-bottom:6px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Expected dividend yield&#160;&#160;&#160;&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:1px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">0%</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:1px;padding-right:9px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#8212;</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:6px;padding-bottom:6px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Expected lives&#160;&#160;&#160;&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:1px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">5&#160;years</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:1px;padding-right:9px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#8212;</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:6px;padding-bottom:6px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Weighted average expected volatility&#160;&#160;&#160;&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:1px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">113</font></div></td><td style="vertical-align:bottom;padding-right:9px;padding-top:2px;padding-bottom:1px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">%</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:1px;padding-right:9px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#8212;</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:6px;padding-bottom:6px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Weighted average fair value at date of grant&#160;&#160;&#160;&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:1px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:1px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">1.32</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" 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style="font-family:inherit;font-size:10pt;">No assumptions are presented for the first twenty-six weeks of Fiscal 2012 because no options were granted during this period.</font></div><div style="line-height:120%;padding-top:18px;text-align:justify;padding-left:16px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;">Expected Forfeitures. </font></div><div style="line-height:120%;padding-top:6px;text-align:justify;text-indent:33px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The Company primarily uses historical data to estimate pre-vesting option forfeitures. 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style="font-family:inherit;font-size:4pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Number <br clear="none"/>of&#160;shares</font><font style="font-family:inherit;font-size:4pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" 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style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:1px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#8212;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:9px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:4pt;"><font style="font-family:inherit;font-size:4pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:20px;padding-top:6px;padding-bottom:6px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Forfeited&#160;&#160;&#160;&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid 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style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Outstanding at July 3, 2011</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:1px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">308,990</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font 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style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:1px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:1px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#8212;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:20px;padding-top:6px;padding-bottom:6px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Forfeited</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:1px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(1,648</font></div></td><td style="vertical-align:bottom;padding-right:9px;padding-top:2px;padding-bottom:1px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:1px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:1px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">10.33</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:20px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;padding-left:18px;text-indent:0px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Outstanding at October 2, 2011</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:1px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font 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style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">4.85</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:1px;padding-right:9px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">8.2 years</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:6px;padding-bottom:6px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Exercisable or convertible at the end of the period&#160;&#160;&#160;&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:1px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">282,342</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:1px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:1px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">4.22</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:1px;padding-right:9px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">8.4 years</font></div></td></tr></table></div></div><div style="line-height:120%;padding-top:10px;text-align:justify;text-indent:33px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;padding-top:10px;text-align:justify;text-indent:33px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The aggregate intrinsic value of options outstanding at October 2, 2011 was $20,000. Intrinsic value represents the total pretax intrinsic value for all &#8220;in-the-money&#8221; options (i.e., the difference between the actuarially-determined fair market value of the Company&#8217;s common stock of $0.31 per share as of June 30, 2010 and the exercise price, multiplied by the number of shares of common stock underlying the stock options) that would have been received by the option holders had all option holders exercised their options on October 2, 2011. </font></div><div style="line-height:120%;padding-top:10px;text-align:justify;text-indent:33px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">No options were exercised in Six Months Fiscal 2011 or in Six Months Fiscal 2012. </font></div></div> 1936000 2020000 1000000 1000000 -0.20 -0.89 -0.28 -0.43 <div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Loss Per Common Share </font></div><div style="line-height:120%;padding-top:6px;text-align:justify;text-indent:33px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Basic loss per share is computed by dividing net loss by the weighted-average number of common shares outstanding during the period. Diluted loss per share is computed by dividing net loss by the sum of the weighted average number of common shares and the effect of dilutive common share equivalents, if any. </font></div><div style="line-height:120%;padding-top:12px;text-align:justify;text-indent:33px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Tully&#8217;s has granted options and warrants to purchase common stock, and has issued preferred stock that is convertible into common stock (collectively, the &#8220;common share equivalent instruments&#8221;). </font><font style="font-family:inherit;font-size:10pt;">Outstanding stock options, stock warrants, Series A Convertible Preferred shares and Series B Convertible Preferred shares are antidilutive because of net losses, and as such, their effect has not been included in the calculation of basic or diluted net loss per share. For the Second Quarter Fiscal 2012 and Second Quarter Fiscal 2011, respectively, potential gross common shares of 2.4&#160;million and 2.6&#160;million, respectively, were antidilutive and are not included in computing loss per share.</font></div><div style="line-height:120%;padding-top:12px;text-align:justify;text-indent:33px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></div> 16000 1000 6530000 6958000 3290000 3548000 17631000 18190000 9081000 8773000 14000 11000 -1594000 -748000 -3248000 -1132000 -89000 0 -4000 22000 351000 226000 -161000 612000 -44000 -361000 -33000 434000 -71000 -628000 -11000 32000 -185000 -225000 -3500000 0 2000 3000 557000 628000 16913000 16401000 7997000 8473000 13839000 13188000 62000 54000 1404000 1447000 -152000 -157000 2509000 -482000 235000 -3014000 -731000 -1537000 -3165000 -1000000 -43000 -53000 -17000 -105000 4000000 4000000 -1571000 -646000 -1094000 -3231000 <div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Basis of Presentation </font></div><div style="line-height:120%;padding-top:6px;text-align:justify;text-indent:33px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The condensed consolidated financial statements include the accounts of TC Global, Inc. and its consolidated subsidiaries and joint ventures controlled by the Company. In these condensed consolidated financial statements, references to &#8220;we,&#8221; &#8220;us,&#8221; &#8220;Tully&#8217;s&#8221; or the &#8220;Company&#8221; refer to TC Global, Inc. </font></div><div style="line-height:120%;padding-top:12px;text-align:justify;text-indent:33px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The accompanying condensed consolidated financial statements are unaudited; however, they include all adjustments, consisting only of normal recurring adjustments that, in the opinion of management, are necessary to fairly present the financial information set forth therein. Certain information and note disclosures normally included in financial statements prepared in accordance with generally accepted accounting principles have been condensed or omitted pursuant to the rules and regulations of the Securities and Exchange Commission (&#8220;SEC&#8221;). Results of operations for the thirteen and twenty-six week periods ended October 2, 2011 (&#8220;Second Quarter Fiscal 2012&#8221; and "Six Months Fiscal 2012," respectively) and the thirteen and twenty-six week periods ended September 26, 2010 (&#8220;Second Quarter Fiscal 2011&#8221; and "Six Months Fiscal 2011," respectively) are not necessarily indicative of future financial results. </font></div><div style="line-height:120%;padding-top:12px;text-align:justify;text-indent:33px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Investors should read these interim financial statements in conjunction with &#8220;Management&#8217;s Discussion and Analysis of Financial Condition and Results of Operations&#8221; and the financial statements and notes thereto included in our Annual Report on Form&#160;10-K for our fiscal year ended April&#160;3, 2011, filed with the SEC on July&#160;6, 2011 (the &#8220;Fiscal 2011 Form 10-K&#8221;). As discussed in Note 2 to the condensed consolidated financial statements, circumstances exist that raise substantial doubt about the Company's ability to continue as a going concern. The condensed consolidated financial statements as of and for the periods ended October 2, 2011 and September 26, 2010 and the consolidated financial statements as of April 3, 2011 have been prepared on a going concern basis, which contemplates the realization of assets and the satisfaction of liabilities in the normal course of business. </font></div><div style="line-height:120%;padding-top:12px;text-align:justify;text-indent:33px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">All amounts in the preceding financial statements and in the following notes to the condensed consolidated financial statements are assumed to be denominated in US dollars, unless otherwise indicated.</font></div><div style="line-height:120%;padding-top:18px;text-align:left;padding-left:16px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;font-weight:bold;">Recent Developments </font></div><div style="line-height:120%;padding-top:12px;text-align:justify;text-indent:33px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">During the Six Months Fiscal 2012, the Company added one Company-operated store location, but closed five Company-operated store locations, either because of poor operating performance or because of the natural end of the location's lease coupled with under-performance. During this period, the Company&#8217;s franchise and license partners added two new locations and closed one existing location. During First Quarter Fiscal 2012, the Company&#8217;s licensees in Asia closed one store in South Korea, leaving a total of seven international franchise locations as of October 2, 2011. </font></div><div style="line-height:120%;padding-top:18px;text-align:left;padding-left:16px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;font-weight:bold;">Recent Accounting Pronouncements </font></div><div style="line-height:120%;padding-top:12px;text-align:left;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In September 2011, the FASB issued </font><font style="font-family:inherit;font-size:10pt;font-style:italic;">ASU 2011-08, Intangibles-Goodwill and Other.</font><font style="font-family:inherit;font-size:10pt;"> The objective of this update is to simplify how entities test goodwill for impairment. The amendments in the update permit an entity to first assess qualitative factors to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying amount as a basis for determining whether it is necessary to perform the two-step goodwill impairment test described in Topic 350. The more-likely-than-not threshold is defined as having a likelihood of more than 50 percent. The amendments are effective for annual and interim goodwill impairment tests performed for fiscal years beginning after December&#160;15, 2011. The Company believes that the adoption of this update will not have a material impact on its financial statements. </font></div><div style="line-height:120%;padding-top:12px;text-align:justify;text-indent:33px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In June 2011, the FASB issued guidance regarding the presentation of comprehensive income</font><font style="font-family:inherit;font-size:10pt;">, </font><font style="font-family:inherit;font-size:10pt;font-style:italic;">ASU 2011-05, Presentation of Comprehensive Income</font><font style="font-family:inherit;font-size:10pt;">. The new standard requires the presentation of comprehensive income, the components of net income and the components of other comprehensive income either in a single continuous statement of comprehensive income or in two separate but consecutive statements. The new standard also requires presentation of adjustments for items that are reclassified from other comprehensive income to net income in the statement where the components of net income and the components of other comprehensive income are presented. The updated guidance is effective on a retrospective basis for financial statements issued for fiscal years, and interim periods within fiscal years, beginning after December 15, 2011. The adoption of this guidance is not expected to have a material impact on our financial statements. </font></div><div style="line-height:120%;padding-top:12px;text-align:justify;text-indent:33px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In May 2011, the FASB issued </font><font style="font-family:inherit;font-size:10pt;font-style:italic;">ASU 2011-04, Fair Value Measurement, </font><font style="font-family:inherit;font-size:10pt;">which provides </font><font style="font-family:inherit;font-size:10pt;">gui</font><font style="font-family:inherit;font-size:10pt;">dance on </font><font style="font-family:inherit;font-size:10pt;">fair value measurem</font><font style="font-family:inherit;font-size:10pt;">ents</font><font style="font-family:inherit;font-size:10pt;"> and</font><font style="font-family:inherit;font-size:10pt;"> clarifies the application of existing guidance and disclo</font><font style="font-family:inherit;font-size:10pt;">sure requirements, changes certain fair value measurement principles and requires additional disclosures about fair value measurements. The updated guidance is effective on a prospective basis for financial statements issued for fiscal years, and interim periods within fiscal years, beginning after December 15, 2011. The adoption of this guidance is not expected to have a material impact on our financial statements. </font></div><div style="line-height:120%;padding-top:18px;text-align:justify;padding-left:16px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;">Cash and Cash Equivalents </font></div><div style="line-height:120%;padding-top:6px;text-align:justify;text-indent:33px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Cash equivalents in excess of current operating requirements are invested in short-term, interest-bearing instruments with maturities of three months or less at the date of purchase and are stated at cost, which approximates market value. </font></div><div style="line-height:120%;padding-top:18px;text-align:justify;padding-left:16px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;">Escrow and Related Party Receivable </font></div><div style="line-height:120%;padding-top:18px;text-align:justify;text-indent:30px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In connection with the closing of the sale of the assets associated with Tully&#8217;s business names, trademarks, and wholesale business to Green Mountain Coffee Roasters, Inc. (&#8220;GMCR&#8221;), a Delaware Corporation, pursuant to the terms of an Asset Purchase Agreement (&#8220;Green Mountain transaction&#8221;), dated September&#160;15, 2008, as amended by Amendment No.&#160;1 thereto dated November&#160;12, 2008 and Amendment No.&#160;2 thereto dated February&#160;6, 2009 by and among the TC Global, Inc., GMCR and Tully&#8217;s Bellaccino, LLC (the &#8220;GMCR Agreement&#8221;), $3.5 million of the purchase price was placed in escrow for one year to satisfy Tully&#8217;s post-closing indemnification obligations to GMCR . The full amount of this escrow was released to Tully&#8217;s on March&#160;29, 2010. </font></div><div style="line-height:120%;text-align:justify;text-indent:30px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></div> 629000 330000 703000 1213000 362000 351000 -38000 -23000 -17000 -102000 1012000 576000 2.50 2.50 2.50 2.50 8000000 31000000 31000000 8000000 12790874 3590349 12790874 3590349 3590349 12790874 12790874 3590349 7958000 7958000 28473000 28473000 272000 186000 21000 94000 -1590000 -1043000 -3270000 -748000 2207000 2423000 -14000 -211000 51000 10000 103000 20000 158000 168000 -90585000 -89585000 18737000 9335000 18400000 9043000 9484000 18696000 19043000 9200000 <div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Segment Reporting </font></div><div style="line-height:120%;padding-top:6px;text-align:justify;text-indent:33px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Operating segments are defined as components of an enterprise for which separate financial information is available and regularly reviewed by senior management. The accounting policies of the operating segments are the same as those described in the summary of significant accounting policies in Note 1. The Company does not allocate its assets among its business units for purposes of making business decisions, and therefore does not present asset information by operating segment. Earnings before interest, taxes, depreciation and amortization (&#8220;EBITDA&#8221;) exclude the effects of financing costs, income taxes, and non-cash depreciation and amortization. EBITDA is not a measure determined in accordance with accounting principles generally accepted in the United States (&#8220;GAAP&#8221;), and should not be considered a substitute for operating income, net income or any other measure determined in accordance with GAAP. EBITDA is used as a measurement of operating efficiency and overall financial performance of operating segments and the Company believes it to be a helpful measure for those evaluating companies in the retail industry. 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rowspan="1" colspan="1"></td><td width="1%" rowspan="1" colspan="1"></td><td width="1%" rowspan="1" colspan="1"></td><td width="9%" rowspan="1" colspan="1"></td><td width="1%" rowspan="1" colspan="1"></td><td width="3%" rowspan="1" colspan="1"></td><td width="1%" rowspan="1" colspan="1"></td><td width="10%" rowspan="1" colspan="1"></td><td width="1%" rowspan="1" colspan="1"></td><td width="1%" rowspan="1" colspan="1"></td><td width="1%" rowspan="1" colspan="1"></td><td width="10%" rowspan="1" colspan="1"></td><td width="1%" rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font 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style="vertical-align:bottom;padding-left:9px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:4pt;"><font style="font-family:inherit;font-size:4pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">September 26, <br clear="none"/>2010</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">October 2, <br clear="none"/>2011</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">September 26, <br clear="none"/>2010</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">October 2, <br clear="none"/>2011</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:9px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:4pt;"><font style="font-family:inherit;font-size:4pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:9px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">(unaudited)</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:9px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">(unaudited)</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:9px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">(unaudited)</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:9px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">(unaudited)</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:9px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:4pt;"><font style="font-family:inherit;font-size:4pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="7" style="vertical-align:bottom;padding-left:9px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">(dollars in thousands)</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="7" style="vertical-align:bottom;padding-left:9px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">(dollars in thousands)</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:6px;padding-bottom:6px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Net sales</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:9px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:left;font-size:4pt;"><font style="font-family:inherit;font-size:4pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:9px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:left;font-size:4pt;"><font style="font-family:inherit;font-size:4pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:9px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:left;font-size:4pt;"><font style="font-family:inherit;font-size:4pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:9px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:left;font-size:4pt;"><font style="font-family:inherit;font-size:4pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:36px;padding-top:6px;padding-bottom:6px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Retail division&#160;&#160;&#160;&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">8,773</font></div></td><td style="vertical-align:bottom;" 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style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">18,190</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:36px;padding-top:6px;padding-bottom:6px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Specialty division&#160;&#160;&#160;&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">427</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;" rowspan="1" colspan="1"><div 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style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">1,065</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">853</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:9px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:4pt;"><font style="font-family:inherit;font-size:4pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">9,200</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">9,484</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">18,696</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">19,043</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:6px;padding-bottom:6px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Earnings before interest, taxes, depreciation and amortization (&#8220;EBITDA&#8221;)</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:4pt;"><font style="font-family:inherit;font-size:4pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:4pt;"><font style="font-family:inherit;font-size:4pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:4pt;"><font style="font-family:inherit;font-size:4pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:4pt;"><font style="font-family:inherit;font-size:4pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:36px;padding-top:6px;padding-bottom:6px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Retail division&#160;&#160;&#160;&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">615</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">488</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">1,284</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">1,228</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:36px;padding-top:6px;padding-bottom:6px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Specialty division&#160;&#160;&#160;&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(328</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-right:9px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">17</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(568</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-right:9px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">58</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:36px;padding-top:6px;padding-bottom:6px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Corporate and other expenses&#160;&#160;&#160;&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(1,613</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-right:9px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(981</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-right:9px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(3,465</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-right:9px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(2,026</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-right:9px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:6px;padding-bottom:6px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Loss before interest, taxes, depreciation and amortization&#160;&#160;&#160;&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(1,326</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-right:9px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(476</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-right:9px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(2,749</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-right:9px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(740</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-right:9px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:6px;padding-bottom:6px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Depreciation and amortization&#160;&#160;&#160;&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(245</font></div></td><td style="vertical-align:bottom;padding-right:9px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(170</font></div></td><td style="vertical-align:bottom;padding-right:9px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(482</font></div></td><td style="vertical-align:bottom;padding-right:9px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(354</font></div></td><td style="vertical-align:bottom;padding-right:9px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:6px;padding-bottom:6px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Interest income, interest expense, and loan guarantee fees&#160;&#160;&#160;&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(23</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-right:9px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(102</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-right:9px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(17</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-right:9px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(38</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-right:9px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:6px;padding-bottom:6px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Non-controlling interest&#160;&#160;&#160;&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">53</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">17</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">105</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">43</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:6px;padding-bottom:6px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Income taxes&#160;&#160;&#160;&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">4</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#8212;</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(22</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-right:9px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">89</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:20px;padding-top:6px;padding-bottom:6px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Net loss attributable to TC Global, Inc.&#160;&#160;&#160;&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(1,537</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-right:9px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(731</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-right:9px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(3,165</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-right:9px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(1,000</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-right:9px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:6px;padding-bottom:6px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Depreciation and amortization</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:4pt;"><font style="font-family:inherit;font-size:4pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:4pt;"><font style="font-family:inherit;font-size:4pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:4pt;"><font style="font-family:inherit;font-size:4pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:4pt;"><font style="font-family:inherit;font-size:4pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:36px;padding-top:6px;padding-bottom:6px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Retail division&#160;&#160;&#160;&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">223</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div 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style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">422</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">297</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:36px;padding-top:6px;padding-bottom:6px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Specialty division&#160;&#160;&#160;&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" 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style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">6</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">7</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:36px;padding-top:6px;padding-bottom:6px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Corporate and other expenses&#160;&#160;&#160;&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">19</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">25</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">54</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">50</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:20px;padding-top:6px;padding-bottom:6px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Total depreciation and amortization&#160;&#160;&#160;&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double 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style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">170</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">482</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">354</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr></table></div></div></div> 2026000 3465000 981000 1613000 40000 38000 -10320000 -9375000 -7928000 -8916000 <div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Stockholders&#8217; Equity </font></div><div style="line-height:120%;padding-top:6px;text-align:justify;padding-left:16px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;font-weight:bold;">Preferred stock </font></div><div style="line-height:120%;padding-top:6px;text-align:justify;text-indent:33px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Each outstanding share of the Company&#8217;s Series A Preferred Stock is convertible at any time by the holder thereof into shares of common stock at the then-effective conversion price. In addition, each outstanding share of Series A Preferred Stock is automatically convertible into shares of common stock if Tully&#8217;s completes an underwritten public offering of its shares of common stock with gross proceeds to the Company in excess of $15&#160;million (&#8220;Qualified Offering&#8221;). The Series A Preferred Stock contains an anti-dilution protection right that provides for a weighted average adjustment of the conversion price in the event the Company issues shares of capital stock at an effective price less than the Series A Preferred conversion price then in effect, subject to certain limitations and exclusions. At October 2, 2011, each eight shares of the Company&#8217;s outstanding Series A Convertible Preferred were convertible into approximately 1.12 shares of common stock (giving effect to the one-for-eight reverse split of its common stock). </font></div><div style="line-height:120%;padding-top:10px;text-align:justify;text-indent:33px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Voting rights of the Series A Preferred Stock are subject to adjustment for the anti-dilution adjustment. Series A Preferred shareholders may exercise cumulative voting rights with respect to the election of Directors. </font></div><div style="line-height:120%;padding-top:10px;text-align:justify;text-indent:33px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In the event of any liquidation or winding up of Tully&#8217;s, each share of Series A Preferred Stock is entitled to receive, prior and in preference to all other payments to the holders of Series B Preferred Stock and the shares of common stock, an amount equal to $2.50, plus any and all declared but unpaid dividends with respect to such share of Series A Preferred Stock (the &#8220;Series A Liquidation Preference&#8221;). Assuming distribution of the full Series A Liquidation Preference, common stock liquidation preference (described below), and the Series B&#160;Liquidation Preference (described below), and subject to the rights of any additional preferred stock that may in the future be designated and issued by Tully&#8217;s, the Company&#8217;s remaining assets available for distribution to shareholders would be distributed pro rata among the holders of the Series A Preferred Stock, Series B Preferred Stock and shares of common stock, treating the shares of Series A Preferred Stock and Series B Preferred Stock on an as-converted basis. </font></div><div style="line-height:120%;text-align:justify;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">&#160;</font></div><div style="line-height:120%;text-align:justify;text-indent:33px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Certain holders of Series A Preferred Stock have certain rights to require the Company to register the shares of common stock issued upon conversion of the Series A Preferred Stock. These rights generally allow persons holding the underlying shares of common stock to require Tully&#8217;s to use its best efforts to register the shares for resale under the Securities Act of 1933, as amended, and under such state securities laws as may be necessary. These rights include the right to demand that the Company file a registration statement for the underlying shares of common stock at the shareholders&#8217; option no more than one time following an initial public offering, if any, and thereafter, unlimited rights once Tully&#8217;s is eligible to use Form S-3. </font></div><div style="line-height:120%;padding-top:12px;text-align:justify;text-indent:33px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Each outstanding share of Series B Preferred Stock is convertible at any time by the holder thereof into shares of common stock at the then-effective conversion price. In addition, each outstanding share of Series B Preferred Stock is automatically convertible into shares of common stock at the then-effective conversion price when and if the Company makes a Qualified Offering. The conversion price for the Series B Preferred shares is subject to an anti-dilution adjustment, but no adjustment has been required. Giving effect to the one-for-eight reverse split of the Company&#8217;s common stock, each eight Series B Preferred shares could be converted at the option of the shareholder into one share of common stock as of October 2, 2011. Each eight shares of Series B Preferred Stock also are entitled to cast one vote on all matters submitted to a vote of the shareholders of Tully&#8217;s (giving effect to the one-for-eight reverse split of its common stock). </font></div><div style="line-height:120%;padding-top:12px;text-align:justify;text-indent:33px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In the event of any liquidation or winding up of Tully&#8217;s, each share of Series B Preferred Stock is entitled to receive, after full satisfaction of the Series A Liquidation Preference and the common stock liquidation preference (described below), and prior and in preference to all other payments to the holders of shares of common stock, an amount equal to $2.50, plus any and all declared but unpaid dividends with respect to such share of Series B Preferred Stock (the &#8220;Series B Liquidation Preference&#8221;). Assuming distribution of the full Series A Liquidation Preference, common stock liquidation preference and the Series B Liquidation Preference, and subject to the rights of any additional series or classes of preferred stock that may in the future be designated and issued by Tully&#8217;s, the remaining assets of Tully&#8217;s available for distribution to shareholders would be distributed pro rata among the holders of the Series A Preferred Stock, Series B Preferred Stock and shares of common stock, treating the shares of Series A Preferred Stock and Series B Preferred Stock on an as-converted basis. </font></div><div style="line-height:120%;padding-top:18px;text-align:justify;padding-left:16px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;font-weight:bold;">Common stock </font></div><div style="line-height:120%;padding-top:6px;text-align:justify;text-indent:33px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In the event of any liquidation or winding up of the Company, after distribution of the full Series A Liquidation Preference, each common share is entitled to receive an amount per share equal to $18.00 (giving effect to the one-for-eight reverse split of the Company&#8217;s common stock), plus any and all declared but unpaid dividends with respect to such share of common stock (the &#8220;common stock liquidation preference&#8221;). Assuming distribution of the full Series A Liquidation Preference, common stock liquidation preference and the Series B Liquidation Preference (described above), and subject to the rights of any additional preferred stock that may in the future be designated and issued by the Company, its remaining assets available for distribution to shareholders would be distributed pro rata among the holders of the Series A Preferred Stock, Series B Preferred Stock and shares of common stock, treating the shares of Series A Preferred Stock and Series B Preferred Stock on an as-converted basis. </font></div></div> <div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Subsequent Events</font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;padding-top:10px;text-align:justify;text-indent:33px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">On October 17, 2011, a complaint was filed against the Company and GMCR, jointly, by Spinelli Pte. Ltd., a Singapore company. The lawsuit claims breach of contract, declaratory relief and fraudulent procurement related to the Spinelli brand and marks. We intend to vigorously defend these claims but cannot predict the outcome or financial impact to the Company at this time.</font></div><div style="line-height:120%;padding-top:10px;text-align:justify;text-indent:33px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">On November 4, 2011, The Irvine Company, LLC (the &#8220;plaintiff&#8221;), a landlord for one of the Company's stores, filed suit against the Company and JH Development, LLC, a franchise area developer.&#160; The plaintiff alleges that the Company entered a lease with the plaintiff in May 2000, then assigned the lease to JH Development, LLC in October 2008.&#160; The plaintiff alleges that the Company and JH Development, LLC then breached the lease by vacating prior to termination and failing to make payments.&#160; The only cause of action is a cause of action for breach of lease.&#160; The plaintiff seeks compensatory damages in the amount of $250,000, as well as attorney's fees and costs.&#160; We are investigating the claim and plan to vigorously defend against it, although we have not yet been officially served with such complaint at the time of this filing.</font></div></div> 92000 126000 420000 56000 169000 169000 344000 356000 253000 151000 <div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Liquidity </font></div><div style="line-height:120%;padding-top:12px;text-align:justify;text-indent:33px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">As of October 2, 2011 we had cash and cash equivalents of $2.4 million, of which $299,000 was held in our Asian joint venture, Tully&#8217;s Coffee Asia Pacific Partners, LP (&#8220;TCAPPLP&#8221;) and limited in use, and a working capital deficit of $9.6 million, which includes a $4.0 million obligation of Tully&#8217;s Coffee Asia Pacific, Inc. (&#8220;TCAP&#8221;), our wholly-owned subsidiary, to Asia Food Culture Management Pte. Ltd. (&#8220;AFCM&#8221;), a Singapore company and the limited partner in TCAPPLP; such obligation is not expected to be satisfied by funds held by TC Global, Inc. </font></div><div style="line-height:120%;padding-top:6px;text-align:justify;text-indent:33px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The Company has realized improvements during its most recent periods in sales volumes as compared to previous periods and has made certain reductions in staffing and other expenses. Until the four most recent quarters, the Company had consistently incurred negative cash flows from operations. If sales volumes do not meet expectations during Fiscal 2012 or if the Company incurs increased costs result from pending litigation or contingent obligations, the Company does not believe it will be able to offset such negative events through additional overhead cost reductions. As a result, if operating results do not meet expectations, the Company may not have sufficient resources to cover its working capital and capital expenditure requirements and, without additional sources of capital made available to the Company during Fiscal 2012, there will be substantial doubt that the Company will be able to continue as a going concern. In order to maintain an appropriate level of liquidity, the Company believes it will need to either effectively implement its operational plans and objectives or obtain additional capital in the next six to nine months in order to fund its working capital requirements for the remainder of Fiscal 2012 and beyond and is evaluating a variety of alternatives, including the reorganization of existing operations and/or the sale or closure of some of its stores or the sale of other selected assets. Certain financing alternatives could result in significant interest and other costs, be highly dilutive to existing shareholders or require the divestiture or sale of some or all of the Company&#8217;s assets. There can be no assurance that any debt or equity financing arrangement will be available to the Company on acceptable terms, if at all. In addition, there can be no assurance that these financing alternatives would provide the Company with sufficient funds to meet its current or long term capital requirements. </font></div><div style="line-height:120%;padding-top:12px;text-align:justify;text-indent:33px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">If sources of capital are unavailable, or are available only on a limited basis or under unacceptable terms, then the Company could be required to substantially reduce or discontinue its investments in store improvements, new customers and new products; reduce operating, marketing, general and administrative costs related to its continuing operations; or limit the scope of its continuing operations. Due to various contractual obligations of the Company, including store operating leases, supply agreements and franchise agreements, the Company may not have the discretion to reduce operations in an orderly manner to a more sustainable level. The potential sale of stores or other income-producing assets could adversely affect future operating results and cash flows. </font></div></div> 84000 85000 45000 123000 2048000 832000 1001000 1886000 147000 98000 276000 203000 270000 254000 547000 769000 4281000 7746000 3852000 8186000 3566000 3566000 3565000 3565000 false --04-01 Q2 2012 2011-10-02 10-Q 0000944136 3565664 Smaller Reporting Company TC Global, Inc. 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Recognition of deferred licensing revenue Recognition of Deferred Revenue Net sales Revenue, Net Cost of goods sold and operating expenses Costs and Expenses [Abstract] Retail cost of goods sold Food and Beverage, Cost of Sales Retail occupancy expenses Retail Occupancy Costs Retail Occupancy Costs Total retail cost of goods sold and related occupancy expenses Cost of Merchandise Sales, Buying and Occupancy Costs Specialty cost of goods sold Cost of Goods Sold, Specialty Product Sales Cost of Goods Sold, Specialty Product Sales Cost of goods sold and related occupancy expenses Cost of Goods and Services Sold Store operating expenses Store Expenses, Operating The total amount of store operating expense items that are associated with the entity's normal revenue producing operation. Other operating expenses Other Cost and Expense, Operating Marketing, general and administrative costs Selling, General and Administrative Expense Depreciation and amortization Depreciation, Depletion and Amortization Store closure and lease termination costs (gain) Business Exit Costs Total cost of goods sold and operating expenses Costs and Expenses Operating loss Operating Income (Loss) Other income (expense) Other Nonoperating Income (Expense) Loss before income taxes Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Extraordinary Items, Noncontrolling Interest Income tax benefit (expense) Income Tax Expense (Benefit) Net loss Net Income (Loss), Including Portion Attributable to Noncontrolling Interest Non-controlling interest Net Income (Loss) Attributable to Noncontrolling Interest Net loss attributable to TC Global, Inc. Net Income (Loss) Attributable to Parent Loss per share - basic and diluted (in dollars per share) Earnings Per Share, Basic and Diluted Weighted average shares used in computing basic and diluted loss per share (in shares) Weighted Average of Shares Outstanding, Basic and Diluted, Number The average number of shares or units issued and outstanding that are used in calculating basic and diluted EPS. Statement of Cash Flows [Abstract] CASH FLOWS FROM OPERATING ACTIVITIES: Net Cash Provided by (Used in) Operating Activities [Abstract] Net loss Adjustments to reconcile net loss to net cash provided by (used in) operating activities: Adjustments to Reconcile Net Income (Loss) to Cash Provided by (Used in) Operating Activities [Abstract] Store closure and lease termination costs Stock compensation expense Share-based Compensation Provision for doubtful accounts Provision for Doubtful Accounts Gain on sale of fixed assets Gain (Loss) on Sale of Property Plant Equipment Recognition of deferred gain on sale of wholesale segment Recognition of Deferred Gain (Loss) on Disposal The amount of previously reported deferred gain that was recognized as revenue during the period. Recognition of deferred license revenues Recognition of Deferred License Revenue The amount of previously reported deferred or unearned revenue that was recognized as revenue during the period. Changes in assets and liabilities: Increase (Decrease) in Operating Capital [Abstract] Accounts receivable Increase (Decrease) in Accounts Receivable Inventories Increase (Decrease) in Inventories Prepaid expenses and other assets Increase (Decrease) in Prepaid Expense and Other Assets Accounts payable Increase (Decrease) in Accounts Payable Accrued liabilities Increase (Decrease) in Accrued Liabilities Deferred revenue Increase (Decrease) in Deferred Revenue Deferred lease costs Increase (Decrease) in Other Noncurrent Liabilities Net cash provided by (used in) operating activities Net Cash Provided by (Used in) Operating Activities CASH FLOWS FROM INVESTING ACTIVITIES: Net Cash Provided by (Used in) Investing Activities [Abstract] Restricted Cash (Escrow Receivable) Increase (Decrease) in Restricted Cash Purchases of property and equipment Payments to Acquire Property, Plant, and Equipment Proceeds from sale of property and equipment Proceeds from Sale of Property, Plant, and Equipment Net cash provided by (used in) investing activities Net Cash Provided by (Used in) Investing Activities CASH FLOWS FROM FINANCING ACTIVITIES: Net Cash Provided by (Used in) Financing Activities [Abstract] Payments on long-term debt and capital leases Repayments of Long-term Debt, Long-term Capital Lease Obligations, and Capital Securities Foreign currency translation adjustment Effect of Exchange Rate on Cash and Cash Equivalents Net cash used in financing activities Net Cash Provided by (Used in) Financing Activities Net decrease in cash and cash equivalents Cash and Cash Equivalents, Period Increase (Decrease) Cash and cash equivalents at beginning of period Cash and Cash Equivalents, at Carrying Value Cash and cash equivalents at end of period SUPPLEMENTAL CASH FLOW INFORMATION: Supplemental Cash Flow Information [Abstract] Cash paid during the period for interest Interest Paid Non-cash investing and financing activities: Cash Flow, Noncash Investing and Financing Activities Disclosure [Abstract] Insurance premiums financed through note payable Insurance Premiums Insurance premiums financed through note payable. Equipment purchased through capital lease Capital Lease Obligations Incurred Statement of Financial Position [Abstract] Class of Stock [Axis] Class of Stock [Axis] Class of Stock [Domain] Class of Stock [Domain] Series A Convertible Preferred Stock Series A Convertible Preferred Stock [Member] Series A Convertible Preferred Stock [Member] Series B Convertible Preferred Stock Series B Convertible Preferred Stock [Member] Series B Convertible Preferred Stock [Member] Assets Assets [Abstract] Current assets Assets, Current [Abstract] Cash and cash equivalents Accounts receivable, net of allowance for doubtful accounts of $994 and $1,007 at April 3, 2011 and October 2, 2011, respectively Accounts Receivable, Net, Current Inventories Inventory, Net Prepaid expenses and other current assets Prepaid Expense and Other Assets, Current Total current assets Assets, Current Property and equipment, net Property, Plant and Equipment, Net Related party receivable, net of current portion Due from Related Parties, Noncurrent Goodwill and other assets Goodwill and Other Noncurrent Assets Goodwill and Other Noncurrent Assets Total assets Assets Liabilities and Stockholders’ Equity (Deficit) Liabilities and Equity [Abstract] Current liabilities Liabilities, Current [Abstract] Accounts payable Accounts Payable, Current Accrued liabilities Accrued Liabilities, Current Current portion of long-term debt and capital lease obligation Long-term Debt and Capital Lease Obligations, Current Deferred revenue Deferred Revenue, Current Current portion of deferred gain on sale of wholesale segment Disposal Group, Deferred Gain on Disposal, Current The excess amount received or due over net assets in a transaction accounted for as a divestiture where a subsidiary, business or operating assets are "sold" by the entity to a newly formed, thinly capitalized, highly leveraged buyer. The current portion of this gain is not yet recognized and is disclosed on the balance sheet as an offset against the carrying amount of the securities received. Obligation to minority shareholder in TCAPPLP Notes Payable, Current Total current liabilities Liabilities, Current Deferred lease costs Other Liabilities, Noncurrent Deferred revenue, net of current portion Deferred Revenue, Noncurrent Long-term portion of capital lease obligation Capital Lease Obligations, Noncurrent Deferred gain on sale of wholesale segment, net of current portion Disposal Group, Deferred Gain on Disposal Total liabilities Liabilities Commitments and contingencies (Note 4) Commitments and Contingencies Stockholders’ deficit Stockholders' Equity Attributable to Parent [Abstract] Preferred stock, no par value Preferred Stock, Value, Issued Common stock, no par value; 120,000,000 shares authorized; 3,563,867 and 3,565,664 shares issued and outstanding at April 3, 2011 and October 2, 2011, respectively; stated value of $18.00 per share and a liquidation preference Common Stock, Value, Issued Additional paid-in capital Additional Paid in Capital Accumulated other comprehensive loss Accumulated Other Comprehensive Income (Loss), Net of Tax Accumulated deficit Retained Earnings (Accumulated Deficit) Total stockholders’ deficit attributable to TC Global, Inc. Stockholders' Equity Attributable to Parent Non-controlling interest Stockholders' Equity Attributable to Noncontrolling Interest Total stockholders’ deficit Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest Total liabilities and stockholders’ deficit Liabilities and Equity Organization, Consolidation and Presentation of Financial Statements [Abstract] Organization, Consolidation and Presentation of Financial Statements Disclosure and Significant Accounting Policies Organization, Consolidation and Presentation of Financial Statements Disclosure and Significant Accounting Policies [Text Block] Stockholders' Equity Note [Abstract] Stockholders' Equity Note Disclosure Stockholders' Equity Note Disclosure [Text Block] Debt Disclosure [Abstract] Debt Disclosure Debt Disclosure [Text Block] Disclosure of Compensation Related Costs, Share-based Payments [Abstract] Disclosure of Compensation Related Costs, Share-based Payments Disclosure of Compensation Related Costs, Share-based Payments [Text Block] Liquidity [Abstract] Liquidity [Abstract] Liquidity Disclosure and Going Concern Note Liquidity Disclosure and Going Concern Note [Text Block] Disclosure of substantial doubt about an entity's ability to continue as a going concern for a reasonable period of time (generally a year from the balance sheet date). Disclose: (a) pertinent conditions and events giving rise to the assessment of substantial doubt about the entity's ability to continue as a going concern for a reasonable period of time, (b) the possible effects of such conditions and events, (c) management's evaluation of the significance of those conditions and events and any mitigating factors, (d) possible discontinuance of operations, (e) management's plans (including relevant prospective financial information), and (f) information about the recoverability or classification of recorded asset amounts or the amounts or classification of liabilities. If management's plans alleviate the substantial doubt about the entity's ability to continue as a going concern, disclosure of the principal conditions and events that initially raised the substantial doubt about the entity's ability to continue as a going concern would be expected to be considered. Disclose whether operations for the current or prior years generated sufficient cash to cover current obligations, whether waivers were obtained from creditors relating to the company's default under the provisions of debt agreements and possible effects of such conditions and events, such as: whether there is a possible need to obtain additional financing (debt or equity) or to liquidate certain holdings to offset future cash flow deficiencies. Disclose appropriate parent company information when parent is dependent upon remittances from subsidiaries to satisfy its obligations. Earnings Per Share [Abstract] Earnings Per Share Earnings Per Share [Text Block] Commitments and Contingencies Disclosure [Abstract] Commitments and Contingencies Disclosure Commitments and Contingencies Disclosure [Text Block] Segment Reporting [Abstract] Segment Reporting Disclosure Segment Reporting Disclosure [Text Block] Document and Entity Information [Abstract] Document and Entity Information [Abstract] Document Information [Table] Document Information [Table] Document Information, Document [Axis] Document Information, Document [Axis] Document [Domain] Document [Domain] Document Information [Line Items] Document Information [Line Items] Entity Registrant Name Entity Registrant Name Entity Central Index Key Entity Central Index Key Current Fiscal Year End Date Current Fiscal Year End Date Entity Filer Category Entity Filer Category Document Type Document Type Document Period End Date Document Period End Date Document Fiscal Year Focus Document Fiscal Year Focus Document Fiscal Period Focus Document Fiscal Period Focus Amendment Flag Amendment Flag Entity Common Stock, Shares Outstanding Entity Common Stock, Shares Outstanding Allowance for doubtful accounts Allowance for Doubtful Accounts Receivable, Current Common stock, par value Common Stock, No Par Value Common stock, stated value Common Stock, Par or Stated Value Per Share Common stock, shares authorized Common Stock, Shares Authorized Common stock, shares issued Common Stock, Shares, Issued Common stock, shares outstanding Common Stock, Shares, Outstanding Preferred stock, par value Preferred Stock, No Par Value Preferred stock, stated value Preferred Stock, Par or Stated Value Per Share Preferred stock, shares authorized Preferred Stock, Shares Authorized Preferred stock, shares issued Preferred Stock, Shares Issued Preferred stock, shares outstanding Preferred Stock, Shares Outstanding EX-101.PRE 11 tuly-20110703_pre.xml XBRL TAXONOMY EXTENSION PRESENTATION LINKBASE DOCUMENT XML 12 R3.htm IDEA: XBRL DOCUMENT v2.3.0.15
Condensed Consolidated Balance Sheets (Parenthetical) (USD $)
In Thousands, except Share data
Oct. 02, 2011
Apr. 03, 2011
Current assets  
Allowance for doubtful accounts$ 1,007$ 994
Stockholders’ deficit  
Common stock, par value  
Common stock, stated value$ 18.00$ 18.00
Common stock, shares authorized120,000,000120,000,000
Common stock, shares issued3,565,6643,563,867
Common stock, shares outstanding3,565,6643,563,867
Series A Convertible Preferred Stock
  
Stockholders’ deficit  
Preferred stock, par value  
Preferred stock, stated value$ 2.50$ 2.50
Preferred stock, shares authorized31,000,00031,000,000
Preferred stock, shares issued12,790,87412,790,874
Preferred stock, shares outstanding12,790,87412,790,874
Series B Convertible Preferred Stock
  
Stockholders’ deficit  
Preferred stock, par value  
Preferred stock, stated value$ 2.50$ 2.50
Preferred stock, shares authorized8,000,0008,000,000
Preferred stock, shares issued3,590,3493,590,349
Preferred stock, shares outstanding3,590,3493,590,349
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Condensed Consolidated Statements of Operations (USD $)
In Thousands, except Per Share data
3 Months Ended6 Months Ended
Oct. 02, 2011
Sep. 26, 2010
Oct. 02, 2011
Sep. 26, 2010
Net sales    
Retail store sales$ 9,081$ 8,773$ 18,190$ 17,631
Specialty sales of products254270547769
Total sales of products9,3359,04318,73718,400
Licenses, royalties, and fees98147203276
Recognition of deferred licensing revenue511010320
Net sales9,4849,20019,04318,696
Cost of goods sold and operating expenses    
Retail cost of goods sold3,5483,2906,9586,530
Retail occupancy expenses8321,0011,8862,048
Total retail cost of goods sold and related occupancy expenses4,3804,2918,8448,578
Specialty cost of goods sold5612692420
Cost of goods sold and related occupancy expenses4,4364,4178,9368,998
Store operating expenses4,2813,8528,1867,746
Other operating expenses3306297031,213
Marketing, general and administrative costs9811,6132,0263,465
Depreciation and amortization170245354482
Store closure and lease termination costs (gain)(68)15(68)23
Total cost of goods sold and operating expenses10,13010,77120,13721,927
Operating loss(646)(1,571)(1,094)(3,231)
Other income (expense)(102)(23)(38)(17)
Loss before income taxes(748)(1,594)(1,132)(3,248)
Income tax benefit (expense)0489(22)
Net loss(748)(1,590)(1,043)(3,270)
Non-controlling interest175343105
Net loss attributable to TC Global, Inc.$ (731)$ (1,537)$ (1,000)$ (3,165)
Loss per share - basic and diluted (in dollars per share)$ (0.20)$ (0.43)$ (0.28)$ (0.89)
Weighted average shares used in computing basic and diluted loss per share (in shares)3,5663,5653,5663,565
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Document and Entity Information
6 Months Ended
Oct. 02, 2011
Nov. 11, 2011
Document Information [Line Items]  
Entity Registrant NameTC Global, Inc. 
Entity Central Index Key0000944136 
Current Fiscal Year End Date--04-01 
Entity Filer CategorySmaller Reporting Company 
Document Type10-Q 
Document Period End DateOct. 02, 2011
Document Fiscal Year Focus2012 
Document Fiscal Period FocusQ2 
Amendment Flagfalse 
Entity Common Stock, Shares Outstanding 3,565,664
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Segment Reporting
6 Months Ended
Oct. 02, 2011
Segment Reporting [Abstract] 
Segment Reporting Disclosure
Segment Reporting
Operating segments are defined as components of an enterprise for which separate financial information is available and regularly reviewed by senior management. The accounting policies of the operating segments are the same as those described in the summary of significant accounting policies in Note 1. The Company does not allocate its assets among its business units for purposes of making business decisions, and therefore does not present asset information by operating segment. Earnings before interest, taxes, depreciation and amortization (“EBITDA”) exclude the effects of financing costs, income taxes, and non-cash depreciation and amortization. EBITDA is not a measure determined in accordance with accounting principles generally accepted in the United States (“GAAP”), and should not be considered a substitute for operating income, net income or any other measure determined in accordance with GAAP. EBITDA is used as a measurement of operating efficiency and overall financial performance of operating segments and the Company believes it to be a helpful measure for those evaluating companies in the retail industry. Conceptually, EBITDA measures the amount of income generated each period that could be used to service debt, pay taxes and fund capital expenditures. EBITDA should not be considered in isolation or as a substitute for measures of performance prepared in accordance with GAAP.
 
The tables below present information by operating segment:
 
 
Thirteen Week Periods Ended
 
Six Month Periods Ended
 
 
September 26,
2010
 
October 2,
2011
 
September 26,
2010
 
October 2,
2011
 
 
(unaudited)
 
(unaudited)
 
(unaudited)
 
(unaudited)
 
 
(dollars in thousands)
 
(dollars in thousands)
Net sales
 
 
 
 
 
 
 
 
Retail division    
 
$
8,773

 
$
9,081

 
$
17,631

 
$
18,190

Specialty division    
 
427

 
403

 
1,065

 
853

 
 
$
9,200

 
$
9,484

 
$
18,696

 
$
19,043

Earnings before interest, taxes, depreciation and amortization (“EBITDA”)
 
 

 
 

 
 

 
 

Retail division    
 
$
615

 
$
488

 
$
1,284

 
$
1,228

Specialty division    
 
(328
)
 
17

 
(568
)
 
58

Corporate and other expenses    
 
(1,613
)
 
(981
)
 
(3,465
)
 
(2,026
)
Loss before interest, taxes, depreciation and amortization    
 
(1,326
)
 
(476
)
 
(2,749
)
 
(740
)
Depreciation and amortization    
 
(245
)
 
(170
)
 
(482
)
 
(354
)
Interest income, interest expense, and loan guarantee fees    
 
(23
)
 
(102
)
 
(17
)
 
(38
)
Non-controlling interest    
 
53

 
17

 
105

 
43

Income taxes    
 
4

 
—

 
(22
)
 
89

Net loss attributable to TC Global, Inc.    
 
$
(1,537
)
 
$
(731
)
 
$
(3,165
)
 
$
(1,000
)
Depreciation and amortization
 
 

 
 

 
 

 
 

Retail division    
 
$
223

 
$
141

 
$
422

 
$
297

Specialty division    
 
3

 
4

 
6

 
7

Corporate and other expenses    
 
19

 
25

 
54

 
50

Total depreciation and amortization    
 
$
245

 
$
170

 
$
482

 
$
354

 XML 17 R8.htm IDEA: XBRL DOCUMENT v2.3.0.15
Credit Lines and Long Term Debt
6 Months Ended
Oct. 02, 2011
Debt Disclosure [Abstract] 
Debt Disclosure
Credit lines and long term debt
Farnam Street Lease Facility
Currently, the Company has an available lease facility with Farnam Street Financial, Inc. which allows the Company to borrow up to $825,000. This lease facility is being utilized to support the purchase and implementation of new point of sale systems in the Company's retail locations, as well as the upgrade of back-end accounting systems. As of October 2, 2011, there was $219,000 outstanding under this facility. The lease has a term of 24 months, which commences upon acceptance of equipment on any given lease schedule associated with the lease agreement. This lease fails to meet the conditions of capital lease accounting and is therefore accounted for as an operating lease within the accompanying consolidated financial statements.
CIT Technology Financing Services Lease
In June, 2011, the Company entered into a lease agreement with CIT Technology Financing Services, Inc. ("CIT") in order to finance the purchase of hardware and software to update the Company's corporate computer network. As of October 2, 2011, there was approximately $70,000 outstanding under this facility. The lease has a term of 36 months, which commenced on July 29, 2011. This lease is being accounted for as capital lease within the accompanying consolidated financial statements.
Tully’s Coffee Asia Pacific – Limited Partnership Loan
On December 31, 2008, pursuant to the Limited Partnership Agreement dated December 21, 2007 between TCAP and AFCM, TCAP issued a promissory note in the principal amount of $1,120,000 (the “GP Loan”) to TCAPPLP. The GP Loan accrues interest at an annualized rate of 15%.
Also on December 31, 2008, as subsequently amended by Amendment No. 1 dated March 6, 2009, and Amendment No. 2 dated March 17, 2009, TCAPPLP issued a convertible promissory note to AFCM in the principal amount of $1,120,000 (the “LP Loan”). The LP Loan bears interest of an annualized rate of 0.44%. The LP Loan is due and payable five business days after the date that TCAPPLP has made distributions to AFCM in an amount equal to all principal and accrued interest on the LP Loan or in the event the partners clear certain security interests in partnership obligations. In connection with this loan, Tully’s has granted AFCM a preferential right to receive from TCAPPLP, prior to any future distribution to TCAP, cash distributions equal to $500,000 out of TCAPPLP’s profits available for distribution, and that, after receipt by AFCM of the full preference amount, all subsequent cash distributions of profits shall be shared equally between TCAP and AFCM. Any subsequent cash distributions to AFCM would first be applied to retire the LP Loan.
Tully’s Coffee Asia Pacific – Limited Partnership Interest Obligation
On March 27, 2009, TCAP agreed to purchase, or cause a third party to purchase, one-half of AFCM’s partnership interest in TCAPPLP, equal to twenty-five percent (25%) of the total partnership interests outstanding, at a purchase price of $4.0 million, by March 27, 2010. As of October 2, 2011, TCAP had not met its obligation. TCAP and AFCM continue to work on a settlement and to seek a buyer for AFCM’s partnership interest. If TCAP is unsuccessful in either finding a buyer for AFCM’s interest or in its settlement negotiations, it could have an adverse impact on TCAP’s financial position or results of operations, or cause renegotiation of the partnership agreement.
Obligations under notes payable and capital leases as of October 2, 2011 consist of the following:
 
 
 
April 3,
2011
 
October 2,
2011 

 
 
(dollars in thousands)
Note payable for purchase of insurance, payable in variable monthly installments of approximately $16,000 - $43,000, including interest at 4.31%, through September 2011, and collateralized by unearned or return insurance premiums, accrued dividends and loss payments    
 
$
54

 
$
40

Capital lease obligation
 
—

 
70

Note payable due to Limited Partner in TCAPPLP    
 
4,000

 
4,000

 Total long-term debt
 
4,054

 
4,110

Less: Current portion    
 
(4,054
)
 
(4,062
)
Long-term debt, net of current portion    
 
$
—

 
$
48

 XML 18 R14.htm IDEA: XBRL DOCUMENT v2.3.0.15
Subsequent Events
6 Months Ended
Oct. 02, 2011
Subsequent Events [Abstract] 
Subsequent Events
Subsequent Events

On October 17, 2011, a complaint was filed against the Company and GMCR, jointly, by Spinelli Pte. Ltd., a Singapore company. The lawsuit claims breach of contract, declaratory relief and fraudulent procurement related to the Spinelli brand and marks. We intend to vigorously defend these claims but cannot predict the outcome or financial impact to the Company at this time.
On November 4, 2011, The Irvine Company, LLC (the “plaintiff”), a landlord for one of the Company's stores, filed suit against the Company and JH Development, LLC, a franchise area developer.  The plaintiff alleges that the Company entered a lease with the plaintiff in May 2000, then assigned the lease to JH Development, LLC in October 2008.  The plaintiff alleges that the Company and JH Development, LLC then breached the lease by vacating prior to termination and failing to make payments.  The only cause of action is a cause of action for breach of lease.  The plaintiff seeks compensatory damages in the amount of $250,000, as well as attorney's fees and costs.  We are investigating the claim and plan to vigorously defend against it, although we have not yet been officially served with such complaint at the time of this filing.
 XML 19 R13.htm IDEA: XBRL DOCUMENT v2.3.0.15
Loss Per Common Share
6 Months Ended
Oct. 02, 2011
Earnings Per Share [Abstract] 
Earnings Per Share
Loss Per Common Share
Basic loss per share is computed by dividing net loss by the weighted-average number of common shares outstanding during the period. Diluted loss per share is computed by dividing net loss by the sum of the weighted average number of common shares and the effect of dilutive common share equivalents, if any.
Tully’s has granted options and warrants to purchase common stock, and has issued preferred stock that is convertible into common stock (collectively, the “common share equivalent instruments”). Outstanding stock options, stock warrants, Series A Convertible Preferred shares and Series B Convertible Preferred shares are antidilutive because of net losses, and as such, their effect has not been included in the calculation of basic or diluted net loss per share. For the Second Quarter Fiscal 2012 and Second Quarter Fiscal 2011, respectively, potential gross common shares of 2.4 million and 2.6 million, respectively, were antidilutive and are not included in computing loss per share.

 XML 20 R6.htm IDEA: XBRL DOCUMENT v2.3.0.15
Basis of Presentation
6 Months Ended
Oct. 02, 2011
Organization, Consolidation and Presentation of Financial Statements [Abstract] 
Organization, Consolidation and Presentation of Financial Statements Disclosure and Significant Accounting Policies
Basis of Presentation
The condensed consolidated financial statements include the accounts of TC Global, Inc. and its consolidated subsidiaries and joint ventures controlled by the Company. In these condensed consolidated financial statements, references to “we,” “us,” “Tully’s” or the “Company” refer to TC Global, Inc.
The accompanying condensed consolidated financial statements are unaudited; however, they include all adjustments, consisting only of normal recurring adjustments that, in the opinion of management, are necessary to fairly present the financial information set forth therein. Certain information and note disclosures normally included in financial statements prepared in accordance with generally accepted accounting principles have been condensed or omitted pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”). Results of operations for the thirteen and twenty-six week periods ended October 2, 2011 (“Second Quarter Fiscal 2012” and "Six Months Fiscal 2012," respectively) and the thirteen and twenty-six week periods ended September 26, 2010 (“Second Quarter Fiscal 2011” and "Six Months Fiscal 2011," respectively) are not necessarily indicative of future financial results.
Investors should read these interim financial statements in conjunction with “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and the financial statements and notes thereto included in our Annual Report on Form 10-K for our fiscal year ended April 3, 2011, filed with the SEC on July 6, 2011 (the “Fiscal 2011 Form 10-K”). As discussed in Note 2 to the condensed consolidated financial statements, circumstances exist that raise substantial doubt about the Company's ability to continue as a going concern. The condensed consolidated financial statements as of and for the periods ended October 2, 2011 and September 26, 2010 and the consolidated financial statements as of April 3, 2011 have been prepared on a going concern basis, which contemplates the realization of assets and the satisfaction of liabilities in the normal course of business.
All amounts in the preceding financial statements and in the following notes to the condensed consolidated financial statements are assumed to be denominated in US dollars, unless otherwise indicated.
Recent Developments
During the Six Months Fiscal 2012, the Company added one Company-operated store location, but closed five Company-operated store locations, either because of poor operating performance or because of the natural end of the location's lease coupled with under-performance. During this period, the Company’s franchise and license partners added two new locations and closed one existing location. During First Quarter Fiscal 2012, the Company’s licensees in Asia closed one store in South Korea, leaving a total of seven international franchise locations as of October 2, 2011.
Recent Accounting Pronouncements
In September 2011, the FASB issued ASU 2011-08, Intangibles-Goodwill and Other. The objective of this update is to simplify how entities test goodwill for impairment. The amendments in the update permit an entity to first assess qualitative factors to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying amount as a basis for determining whether it is necessary to perform the two-step goodwill impairment test described in Topic 350. The more-likely-than-not threshold is defined as having a likelihood of more than 50 percent. The amendments are effective for annual and interim goodwill impairment tests performed for fiscal years beginning after December 15, 2011. The Company believes that the adoption of this update will not have a material impact on its financial statements.
In June 2011, the FASB issued guidance regarding the presentation of comprehensive income, ASU 2011-05, Presentation of Comprehensive Income. The new standard requires the presentation of comprehensive income, the components of net income and the components of other comprehensive income either in a single continuous statement of comprehensive income or in two separate but consecutive statements. The new standard also requires presentation of adjustments for items that are reclassified from other comprehensive income to net income in the statement where the components of net income and the components of other comprehensive income are presented. The updated guidance is effective on a retrospective basis for financial statements issued for fiscal years, and interim periods within fiscal years, beginning after December 15, 2011. The adoption of this guidance is not expected to have a material impact on our financial statements.
In May 2011, the FASB issued ASU 2011-04, Fair Value Measurement, which provides guidance on fair value measurements and clarifies the application of existing guidance and disclosure requirements, changes certain fair value measurement principles and requires additional disclosures about fair value measurements. The updated guidance is effective on a prospective basis for financial statements issued for fiscal years, and interim periods within fiscal years, beginning after December 15, 2011. The adoption of this guidance is not expected to have a material impact on our financial statements.
Cash and Cash Equivalents
Cash equivalents in excess of current operating requirements are invested in short-term, interest-bearing instruments with maturities of three months or less at the date of purchase and are stated at cost, which approximates market value.
Escrow and Related Party Receivable
In connection with the closing of the sale of the assets associated with Tully’s business names, trademarks, and wholesale business to Green Mountain Coffee Roasters, Inc. (“GMCR”), a Delaware Corporation, pursuant to the terms of an Asset Purchase Agreement (“Green Mountain transaction”), dated September 15, 2008, as amended by Amendment No. 1 thereto dated November 12, 2008 and Amendment No. 2 thereto dated February 6, 2009 by and among the TC Global, Inc., GMCR and Tully’s Bellaccino, LLC (the “GMCR Agreement”), $3.5 million of the purchase price was placed in escrow for one year to satisfy Tully’s post-closing indemnification obligations to GMCR . The full amount of this escrow was released to Tully’s on March 29, 2010.

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Commitments and Contingencies
6 Months Ended
Oct. 02, 2011
Commitments and Contingencies Disclosure [Abstract] 
Commitments and Contingencies Disclosure
Commitments and contingencies
Real estate lease commitments
The Company leases all of its retail and office space under operating leases, which have expiration dates through 2020. The leases provide for minimum annual payments, and (in certain cases) contingent rentals based upon gross sales, escalation clauses and/or options to renew. Rental expense is recorded on a straight-line basis over the respective terms of the leases.
In connection with certain leases, lessors have granted tenant improvement allowances. These amounts, included in liabilities under the caption “deferred lease costs,” are amortized into income on a straight-line basis over the life of the related lease. Also recorded in deferred lease costs is the “stepped rent” excess of rental expense computed on a straight-line basis over the actual rent payments required by the terms of these leases.
Minimum future rental payments under non-cancelable operating leases as of October 2, 2011 are summarized as follows:
 
Fiscal year 
 
 
(dollars in thousands)
 
 
Remainder of Fiscal 2012    
 
1,578

2013
 
2,653

2014
 
2,020

2015
 
1,499

2016
 
865

2017
 
499

Thereafter    
 
1,139

Total    
 
$
10,253

The Company has subleased some of its leased premises to third parties under agreements with varying terms through 2013. Expected future sublease receipts under such sub-lease agreements are summarized as follows:
 
Fiscal year 
 
 
(dollars in thousands)
 
 
Remainder of Fiscal 2012    
 
$
13

2013
 
15

Total    
 
$
28

 
Capital lease commitments
As discussed in Note 3 above, the Company leases certain hardware and software under a capital lease arrangement with CIT. Minimum future lease payments as per the lease agreement are summarized as follows:
Fiscal year 
 
 
(dollars in thousands)
 
 
Remainder of Fiscal 2012
 
$
15

2013
 
30

2014
 
30

2015
 
10

Total
 
$
85


Contingencies
On May 17, 2011, a lawsuit was filed against the Company in California state court by JH Development, LLC, a franchise area developer, alleging that (i) at the time the Company entered into agreements with the plaintiff, the Company concealed its financial strength and the fact that it was contemplating a sale of its wholesale division and rights to the “Tully's” trademark; (ii) the Company breached the franchise agreements with the plaintiff; (iii) the Company made false promises to the plaintiff; and (iv) the Company violated certain provisions of the California Corporations Code governing the sale of franchises. In its complaint, the plaintiff sought damages, rescission, and attorneys' fees and costs. After the lawsuit was removed to federal court, the court dismissed plaintiff's causes of action for concealment, breach of contract, and false promise. We have filed counterclaims against the plaintiff, and the plaintiff has asserted additional claims against us for intentional misrepresentation and breach of the implied covenant of good faith and fair dealing. The parties have agreed to suspend the court proceeding until after mediation, which is scheduled to be completed by January 9, 2012.  We intend to vigorously defend these claims but cannot predict the outcome or financial impact to the Company at this time.
On October 17, 2011, a complaint was filed against the Company and GMCR, jointly, by Spinelli Pte. Ltd., a Singapore company. The lawsuit claims breach of contract, declaratory relief and fraudulent procurement related to the Spinelli brand and marks. We intend to vigorously defend these claims but cannot predict the outcome or financial impact to the Company at this time.
On November 4, 2011, The Irvine Company, LLC (the “plaintiff”), a landlord for one of the Company's stores, filed suit against the Company and JH Development, LLC ("JHD"), a franchise area developer.  The plaintiff alleges that the Company entered a lease with the plaintiff in May 2000, then assigned the lease to JHD in October 2008.  The plaintiff alleges that the Company and JHD then breached the lease by vacating prior to termination and failing to make payments.  The only cause of action is a cause of action for breach of lease.  The plaintiff seeks compensatory damages in the amount of $250,000, as well as attorney's fees and costs.  We are investigating the claim and plan to vigorously defend against it.
The Company has provided real estate lease payment guarantees for several other locations on behalf of JHD, who has operated them as franchise locations since their purchase of these Southern California locations from Tully's in 2008. There are not currently any defaults on these other locations, so the Company does not believe any accrual for costs is appropriate at this time.
We are a party to various other legal proceedings arising in the ordinary course of our business, but are not currently a party to any other legal proceeding that we believe could have a material adverse effect on our financial position or results of operations.
Tully’s Coffee Asia Pacific – Limited Partnership Interest
On March 27, 2009, TCAP agreed to purchase, or cause a third party to purchase, one-half of AFCM’s partnership interest in TCAPPLP, equal to twenty-five percent (25%) of the total partnership interests outstanding, at a purchase price of US $4.0 million by March 27, 2010. As of October 2, 2011, TCAP had not met its obligation. TCAP and AFCM continue to work on a settlement and to seek a buyer for AFCM’s partnership interest. If TCAP is unsuccessful in either finding a buyer for AFCM’s interest or in its settlement negotiations, the Company could face adverse economic consequences surrounding its wholly owned subsidiary TCAP.

XML 23 R10.htm IDEA: XBRL DOCUMENT v2.3.0.15
Stock Options
6 Months Ended
Oct. 02, 2011
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] 
Disclosure of Compensation Related Costs, Share-based Payments
Stock options
Company Stock Incentive Plan
In 1994, Tully’s shareholders approved a Stock Incentive Plan (the “1994 Plan”). In August 1999, the Company’s shareholders approved an amended plan, which established the maximum number of shares issuable under the 1994 Plan and the Employee Stock Purchase Plan at 525,000; and in June 2003, the Company’s Board of Directors further amended the 1994 Plan. By its terms, the 1994 Plan expired in October 2004 (this did not terminate outstanding options).
In December 2004, Tully’s shareholders approved the 2004 Stock Option Plan, which authorizes the issuance of up to 312,500 shares of common stock under the 2004 Stock Option Plan and Tully’s Employee Stock Purchase Plan.
In March 2010, Tully’s shareholders approved the 2010 Stock Option Plan, which authorizes the issuance of up to 312,500 shares of common stock under the 2010 Stock Option Plan and Tully’s Employee Stock Purchase Plan. As of October 2, 2011, no options had been granted under the 2010 Stock Option Plan. The provisions of the 2010 Stock Option Plan, 2004 Stock Option Plan (and the 1994 Plan prior to its expiration) are summarized as follows:
•
The Company may issue incentive or nonqualified stock options to its employees and directors. Stock options are granted solely at the discretion of the Company’s Board of Directors and are issued at a price determined by its Board of Directors.
•
The term of each option granted is for such period as determined by the Board of Directors, but not more than ten years from date of grant.
•
Options are nontransferable and may generally be exercised based on a vesting schedule determined by the Company’s Board of Directors.
•
The plan provides for acceleration of outstanding options under certain conditions, including but limited to certain changes in control of the Company.
Other Equity Instruments
The Company has granted warrants to purchase common stock. These warrants have up to one year vesting periods and generally have ten year lives. Issued, outstanding and exercisable warrants as of October 2, 2011 are summarized as follows:

 
 
Outstanding
warrants
 
Number
exercisable
 
Exercise
Price
Issued to guarantors of debt    
 
93,191

 
93,191

 
$
2.64

Issued with Series A Preferred Stock investment units    
 
783

 
783

 
$
0.08

Totals    
 
93,974

 
93,974

 
 

 
Stock Options
The Company issues new shares of common stock upon the exercise of stock options granted under the 1994 Plan, the 2004 Stock Option Plan and the 2010 Stock Option Plan, although it is no longer granting options from the 1994 Plan.
Determining Fair Value of Stock Awards Using Black Scholes
Valuation and Amortization Method.
The Company estimates the fair value of stock option awards granted using the Black-Scholes option valuation model. The fair value of each option grant is estimated on the date of grant. The Company amortizes the fair value of all awards on a straight-line basis over the requisite service periods, which are generally the vesting periods.
Expected Life.
The expected life of awards granted represents the period of time that they are expected to be outstanding. The Company determines the expected life based primarily on historical experience with similar awards, giving consideration to the contractual terms, vesting schedules, expected exercises and post-vesting forfeitures.
Expected Volatility.
The Company estimates the volatility of its common stock at the date of grant based on the historical volatility of its common stock. The volatility factor used in the Black-Scholes option valuation model is based on its historical stock prices over the most recent period commensurate with the estimated expected life of the award.
Risk-Free Interest Rate.
The risk-free interest rate used in the Black-Scholes option valuation model is the implied risk-free interest rate with an equivalent remaining term equal to the expected life of the award.
Expected Dividend Yield.
The Company uses an expected dividend yield of zero in the Black-Scholes option valuation model, consistent with historical experience on the date of grant.
The fair value of each option grant is estimated on the date of grant using the Black-Scholes option pricing model. A summary of the weighted average assumptions and resulting weighted average fair value results for options granted during the periods presented is as follows:

 
 
Twenty-Six Week Periods Ended
 
 
September 26,
2010
 
October 2,
2011
Weighted average risk free interest rate    
 
1.72
%
 
—
Expected dividend yield    
 
0%

 
—
Expected lives    
 
5 years

 
—
Weighted average expected volatility    
 
113
%
 
—
Weighted average fair value at date of grant    
 
$
1.32

 
—

No assumptions are presented for the first twenty-six weeks of Fiscal 2012 because no options were granted during this period.
Expected Forfeitures.
The Company primarily uses historical data to estimate pre-vesting option forfeitures. It records stock-based compensation only for those awards that are expected to vest. For Fiscal 2012 the Company estimates its pre-vesting option forfeiture rate at 18%.
 
Stock-based Compensation
Stock-based compensation expense related to stock-based awards was $20,000 and $14,000, respectively, for Second Quarter Fiscal 2011 and Second Quarter Fiscal 2012, respectively, and $40,000 and $38,000 for the Six Months Fiscal 2011 and Six Months Fiscal 2012, respectively. Stock-based compensation expense is included in marketing, general and administrative costs in our Condensed Consolidated Statements of Operations. This is a non-cash expense.
As of October 2, 2011, the Company had approximately $118,000 of total unrecognized compensation cost related to 62,500 non-vested stock-based awards granted under all equity compensation plans. The Company expects to recognize this cost over a period of approximately five years.
Stock Award Activity
As of October 2, 2011 options for 307,342 shares were outstanding under the 1994 Plan, the 2004 Stock Option Plan, and the 2010 Stock Option Plan, of which 282,342 were fully vested.
The following table summarizes activity under our stock option plans:
 
 
Number
of shares 
 
Weighted-
average
exercise
price per
share
 
Weighted-
average
remaining
contractual
term
Outstanding at April 3, 2011     
 
316,488

 
$
5.02

 
8.6 years
Granted    
 
—

 
—

 
 
Exercised    
 
—

 
—

 
 
Forfeited    
 
(7,498
)
 
$
10.73

 
 
Outstanding at July 3, 2011
 
308,990

 
$
4.25

 
8.4 years
     Granted
 
—

 
$
—

 
 
Exercised
 
—

 
$
—

 
 
Forfeited
 
(1,648
)
 
$
10.33

 
 
Outstanding at October 2, 2011
 
307,342

 
$
4.85

 
8.2 years
Exercisable or convertible at the end of the period    
 
282,342

 
$
4.22

 
8.4 years

The aggregate intrinsic value of options outstanding at October 2, 2011 was $20,000. Intrinsic value represents the total pretax intrinsic value for all “in-the-money” options (i.e., the difference between the actuarially-determined fair market value of the Company’s common stock of $0.31 per share as of June 30, 2010 and the exercise price, multiplied by the number of shares of common stock underlying the stock options) that would have been received by the option holders had all option holders exercised their options on October 2, 2011.
No options were exercised in Six Months Fiscal 2011 or in Six Months Fiscal 2012.
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Stockholders' Equity
6 Months Ended
Oct. 02, 2011
Stockholders' Equity Note [Abstract] 
Stockholders' Equity Note Disclosure
Stockholders’ Equity
Preferred stock
Each outstanding share of the Company’s Series A Preferred Stock is convertible at any time by the holder thereof into shares of common stock at the then-effective conversion price. In addition, each outstanding share of Series A Preferred Stock is automatically convertible into shares of common stock if Tully’s completes an underwritten public offering of its shares of common stock with gross proceeds to the Company in excess of $15 million (“Qualified Offering”). The Series A Preferred Stock contains an anti-dilution protection right that provides for a weighted average adjustment of the conversion price in the event the Company issues shares of capital stock at an effective price less than the Series A Preferred conversion price then in effect, subject to certain limitations and exclusions. At October 2, 2011, each eight shares of the Company’s outstanding Series A Convertible Preferred were convertible into approximately 1.12 shares of common stock (giving effect to the one-for-eight reverse split of its common stock).
Voting rights of the Series A Preferred Stock are subject to adjustment for the anti-dilution adjustment. Series A Preferred shareholders may exercise cumulative voting rights with respect to the election of Directors.
In the event of any liquidation or winding up of Tully’s, each share of Series A Preferred Stock is entitled to receive, prior and in preference to all other payments to the holders of Series B Preferred Stock and the shares of common stock, an amount equal to $2.50, plus any and all declared but unpaid dividends with respect to such share of Series A Preferred Stock (the “Series A Liquidation Preference”). Assuming distribution of the full Series A Liquidation Preference, common stock liquidation preference (described below), and the Series B Liquidation Preference (described below), and subject to the rights of any additional preferred stock that may in the future be designated and issued by Tully’s, the Company’s remaining assets available for distribution to shareholders would be distributed pro rata among the holders of the Series A Preferred Stock, Series B Preferred Stock and shares of common stock, treating the shares of Series A Preferred Stock and Series B Preferred Stock on an as-converted basis.
 
Certain holders of Series A Preferred Stock have certain rights to require the Company to register the shares of common stock issued upon conversion of the Series A Preferred Stock. These rights generally allow persons holding the underlying shares of common stock to require Tully’s to use its best efforts to register the shares for resale under the Securities Act of 1933, as amended, and under such state securities laws as may be necessary. These rights include the right to demand that the Company file a registration statement for the underlying shares of common stock at the shareholders’ option no more than one time following an initial public offering, if any, and thereafter, unlimited rights once Tully’s is eligible to use Form S-3.
Each outstanding share of Series B Preferred Stock is convertible at any time by the holder thereof into shares of common stock at the then-effective conversion price. In addition, each outstanding share of Series B Preferred Stock is automatically convertible into shares of common stock at the then-effective conversion price when and if the Company makes a Qualified Offering. The conversion price for the Series B Preferred shares is subject to an anti-dilution adjustment, but no adjustment has been required. Giving effect to the one-for-eight reverse split of the Company’s common stock, each eight Series B Preferred shares could be converted at the option of the shareholder into one share of common stock as of October 2, 2011. Each eight shares of Series B Preferred Stock also are entitled to cast one vote on all matters submitted to a vote of the shareholders of Tully’s (giving effect to the one-for-eight reverse split of its common stock).
In the event of any liquidation or winding up of Tully’s, each share of Series B Preferred Stock is entitled to receive, after full satisfaction of the Series A Liquidation Preference and the common stock liquidation preference (described below), and prior and in preference to all other payments to the holders of shares of common stock, an amount equal to $2.50, plus any and all declared but unpaid dividends with respect to such share of Series B Preferred Stock (the “Series B Liquidation Preference”). Assuming distribution of the full Series A Liquidation Preference, common stock liquidation preference and the Series B Liquidation Preference, and subject to the rights of any additional series or classes of preferred stock that may in the future be designated and issued by Tully’s, the remaining assets of Tully’s available for distribution to shareholders would be distributed pro rata among the holders of the Series A Preferred Stock, Series B Preferred Stock and shares of common stock, treating the shares of Series A Preferred Stock and Series B Preferred Stock on an as-converted basis.
Common stock
In the event of any liquidation or winding up of the Company, after distribution of the full Series A Liquidation Preference, each common share is entitled to receive an amount per share equal to $18.00 (giving effect to the one-for-eight reverse split of the Company’s common stock), plus any and all declared but unpaid dividends with respect to such share of common stock (the “common stock liquidation preference”). Assuming distribution of the full Series A Liquidation Preference, common stock liquidation preference and the Series B Liquidation Preference (described above), and subject to the rights of any additional preferred stock that may in the future be designated and issued by the Company, its remaining assets available for distribution to shareholders would be distributed pro rata among the holders of the Series A Preferred Stock, Series B Preferred Stock and shares of common stock, treating the shares of Series A Preferred Stock and Series B Preferred Stock on an as-converted basis.
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Condensed Consolidated Statements of Cash Flows (USD $)
In Thousands
6 Months Ended
Oct. 02, 2011
Sep. 26, 2010
CASH FLOWS FROM OPERATING ACTIVITIES:  
Net loss$ (1,043)$ (3,270)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:  
Depreciation and amortization354482
Store closure and lease termination costs(68)23
Stock compensation expense3840
Provision for doubtful accounts(14)(211)
Gain on sale of fixed assets(11)(14)
Recognition of deferred gain on sale of wholesale segment(85)(84)
Recognition of deferred license revenues(123)(45)
Changes in assets and liabilities:  
Accounts receivable161(612)
Inventories71628
Prepaid expenses and other assets225185
Accounts payable351226
Accrued liabilities(44)(361)
Deferred revenue434(33)
Deferred lease costs(11)32
Net cash provided by (used in) operating activities235(3,014)
CASH FLOWS FROM INVESTING ACTIVITIES:  
Restricted Cash (Escrow Receivable)03,500
Purchases of property and equipment(576)(1,012)
Proceeds from sale of property and equipment9421
Net cash provided by (used in) investing activities(482)2,509
CASH FLOWS FROM FINANCING ACTIVITIES:  
Payments on long-term debt and capital leases(168)(158)
Foreign currency translation adjustment161
Net cash used in financing activities(152)(157)
Net decrease in cash and cash equivalents(399)(662)
Cash and cash equivalents at beginning of period2,8093,558
Cash and cash equivalents at end of period2,4102,896
SUPPLEMENTAL CASH FLOW INFORMATION:  
Cash paid during the period for interest32
Non-cash investing and financing activities:  
Insurance premiums financed through note payable151253
Equipment purchased through capital lease$ 74$ 0
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Liquidity
6 Months Ended
Oct. 02, 2011
Liquidity [Abstract] 
Liquidity Disclosure and Going Concern Note
Liquidity
As of October 2, 2011 we had cash and cash equivalents of $2.4 million, of which $299,000 was held in our Asian joint venture, Tully’s Coffee Asia Pacific Partners, LP (“TCAPPLP”) and limited in use, and a working capital deficit of $9.6 million, which includes a $4.0 million obligation of Tully’s Coffee Asia Pacific, Inc. (“TCAP”), our wholly-owned subsidiary, to Asia Food Culture Management Pte. Ltd. (“AFCM”), a Singapore company and the limited partner in TCAPPLP; such obligation is not expected to be satisfied by funds held by TC Global, Inc.
The Company has realized improvements during its most recent periods in sales volumes as compared to previous periods and has made certain reductions in staffing and other expenses. Until the four most recent quarters, the Company had consistently incurred negative cash flows from operations. If sales volumes do not meet expectations during Fiscal 2012 or if the Company incurs increased costs result from pending litigation or contingent obligations, the Company does not believe it will be able to offset such negative events through additional overhead cost reductions. As a result, if operating results do not meet expectations, the Company may not have sufficient resources to cover its working capital and capital expenditure requirements and, without additional sources of capital made available to the Company during Fiscal 2012, there will be substantial doubt that the Company will be able to continue as a going concern. In order to maintain an appropriate level of liquidity, the Company believes it will need to either effectively implement its operational plans and objectives or obtain additional capital in the next six to nine months in order to fund its working capital requirements for the remainder of Fiscal 2012 and beyond and is evaluating a variety of alternatives, including the reorganization of existing operations and/or the sale or closure of some of its stores or the sale of other selected assets. Certain financing alternatives could result in significant interest and other costs, be highly dilutive to existing shareholders or require the divestiture or sale of some or all of the Company’s assets. There can be no assurance that any debt or equity financing arrangement will be available to the Company on acceptable terms, if at all. In addition, there can be no assurance that these financing alternatives would provide the Company with sufficient funds to meet its current or long term capital requirements.
If sources of capital are unavailable, or are available only on a limited basis or under unacceptable terms, then the Company could be required to substantially reduce or discontinue its investments in store improvements, new customers and new products; reduce operating, marketing, general and administrative costs related to its continuing operations; or limit the scope of its continuing operations. Due to various contractual obligations of the Company, including store operating leases, supply agreements and franchise agreements, the Company may not have the discretion to reduce operations in an orderly manner to a more sustainable level. The potential sale of stores or other income-producing assets could adversely affect future operating results and cash flows.
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Condensed Consolidated Balance Sheets (USD $)
In Thousands
Oct. 02, 2011
Apr. 03, 2011
Current assets  
Cash and cash equivalents$ 2,410$ 2,809
Accounts receivable, net of allowance for doubtful accounts of $994 and $1,007 at April 3, 2011 and October 2, 2011, respectively1,0651,213
Inventories557628
Prepaid expenses and other current assets186272
Total current assets4,2184,922
Property and equipment, net2,4232,207
Related party receivable, net of current portion1,0001,000
Goodwill and other assets356344
Total assets7,9978,473
Current liabilities  
Accounts payable2,8932,542
Accrued liabilities1,7711,883
Current portion of long-term debt and capital lease obligation6254
Deferred revenue4,9444,540
Current portion of deferred gain on sale of wholesale segment169169
Obligation to minority shareholder in TCAPPLP4,0004,000
Total current liabilities13,83913,188
Deferred lease costs351362
Deferred revenue, net of current portion739831
Long-term portion of capital lease obligation480
Deferred gain on sale of wholesale segment, net of current portion1,9362,020
Total liabilities16,91316,401
Commitments and contingencies (Note 4)  
Stockholders’ deficit  
Common stock, no par value; 120,000,000 shares authorized; 3,563,867 and 3,565,664 shares issued and outstanding at April 3, 2011 and October 2, 2011, respectively; stated value of $18.00 per share and a liquidation preference19,70619,706
Additional paid-in capital24,20424,166
Accumulated other comprehensive loss(76)(93)
Accumulated deficit(90,585)(89,585)
Total stockholders’ deficit attributable to TC Global, Inc.(10,320)(9,375)
Non-controlling interest1,4041,447
Total stockholders’ deficit(8,916)(7,928)
Total liabilities and stockholders’ deficit7,9978,473
Series A Convertible Preferred Stock
  
Stockholders’ deficit  
Preferred stock, no par value28,47328,473
Series B Convertible Preferred Stock
  
Stockholders’ deficit  
Preferred stock, no par value$ 7,958$ 7,958
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