NROM 10-Q Quarter ended June 30, 2025

United States

SECURITIES AND EXCHANGE COMMISSION

Washington , D.C.  20549

FORM 10-Q

Quarterly report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

For the quarterly period ended June 30, 2025

Commission file number: 0-11104

NOBLE ROMAN’S, INC.

(Exact name of registrant as specified in its charter)

Indiana		35-1281154
(State or other jurisdiction of organization)		(I.R.S. Employer Identification No.)
6612 E. 75th Street , Suite 450 Indianapolis , Indiana		46250
(Address of principal executive offices)		(Zip Code)

( 317 ) 634-3377

(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:

Title of each class	Trading symbol(s)	Name of each exchange on which registered
N/A	N/A	N/A

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 ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically, every Interactive Data File required to be submitted 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 such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company.  See definition of “large accelerated filer,”  “accelerated filer,”  “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large Accelerated Filer	☐	Accelerated Filer	☐
Non-Accelerated Filer	☒	Smaller Reporting Company	☒
Emerging Growth Company	☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

As of August 18, 2025, there were 22,215,512 shares of Common Stock, no par value, outstanding.

PART I  -  FINANCIAL INFORMATION

ITEM 1. Financial Statements

The following unaudited consolidated financial statements are included herein:

The following unaudited consolidated financial statements are included herein:

Consolidated balance sheets as of December 31, 2024 and June 30, 2025 (unaudited)		Page 3
Condensed consolidated statements of operations for the three-month and six-month periods ended June 30, 2024 and 2025 (unaudited)		Page 4
Condensed consolidated statements of changes in stockholders’ equity for the three-month periods ended June 30, 2024 and 2025 and six-month periods ended June 30, 2024 and 2025 (unaudited)		Page 5
Condensed consolidated statements of cash flows for the six-month periods ended June 30, 2024 and 2025 (unaudited)		Page 6
Notes to condensed consolidated financial statements (unaudited)		Page 7

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Noble Roman’s, Inc. and Subsidiaries

Condensed Consolidated Balance Sheets

(Unaudited and Not Reviewed)

Assets		December 31, 2024				June 30, 2025
Current assets:		(not reviewed)				(not reviewed)
Cash		$	710,227			$	635,629
Employee Retention Tax Credit Receivable			507,726				507,726
Accounts receivable - net			586,554				662,624
Inventories			986,975				1,003,365
Prepaid expenses			194,902				231,149
Total current assets			2,986,384				3,040,493
Property and equipment:
Equipment			4,349,205				4,398,834
Leasehold improvements			3,142,591				3,156,209
			7,491,796				7,555,043
Less accumulated depreciation and amortization			3,583,276				3,779,783
Net property and equipment			3,908,520				3,775,260
Deferred tax asset			3,532,199				3,371,410
Deferred contract cost			1,604,952				1,682,831
Goodwill			278,466				278,466
Operating lease right of use assets			4,154,804				3,746,195
Other assets including long-term portion of receivables - net			303,922				333,943
Total assets		$	16,769,247			$	16,228,598
Liabilities and Stockholders’ Equity
Current liabilities:
Accounts payable and accrued expenses		$	840,848			$	562,932
Current portion of operating lease liability			870,140				976,414
Current portion of Corbel loan payable			1,066,668				1,100,004
Warrant liability			538,822				538,822
Total current liabilities			3,316,478				3,178,172
Long-term obligations:
Term loan payable to Corbel net of current portion			5,551,738				5,084,293
Convertible notes payable			575,000				575,000
Operating lease liabilities - net of short-term portion			3,505,718				2,971,443
Deferred contract income			1,604,952				1,682,833
Total long-term liabilities			11,237,408				10,313,569
Total liabilities		$	14,553,886			$	13,491,741
See Note 9 regarding Contingencies
Stockholders’ equity:
Common stock – no par value ( 40,000,000 shares authorized, 22,215,512 issued and outstanding as of December 31, 2024 and as of June 30, 2025)			24,867,778				24,887,761
Accumulated deficit			( 22,652,417	)			( 22,150,904	)
Total stockholders’ equity			2,215,361				2,736,857
Total liabilities and stockholders’ equity		$	16,769,247			$	16,228,598

See accompanying notes to condensed consolidated financial statements (unaudited).

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Noble Roman’s, Inc. and Subsidiaries

Condensed Consolidated Statements of Operations

(Unaudited and Not Reviewed)

		Three months ended June 30,								Six months ended June 30,
		(not reviewed)								(not reviewed)
		2024				2025				2024				2025
Revenue:
Restaurant revenue – company-owned Craft Pizza & Pub		$	2,222,551			$	2,324,459			$	4,218,075			$	4,343,877
Restaurant revenue – company-owned non-traditional			236,705				295,025				474,852				589,598
Franchising revenue			1,435,748				1,454,251				2,861,039				2,900,159
Administrative fees and other			9,673				6,654				16,817				6,954
Total revenue			3,904,678				4,080,389				7,570,783				7,840,588
Operating expenses:
Restaurant expenses – company-owned Craft Pizza & Pub			1,978,273				2,009,183				3,809,717				3,899,870
Restaurant expenses – company-owned non-traditional			235,288				274,483				461,048				567,593
Franchising expenses			460,694				394,745				950,361				941,192
Total operating expenses			2,674,255				2,678,411				5,221,126				5,408,655
Depreciation and amortization			96,300				100,983				192,565				197,049
General and administrative expenses			570,129				386,260				1,147,416				810,665
Defense against activist shareholder			6,064				736				19,542				8,580
Total expenses			3,346,748				3,166,390				6,580,649				6,424,949
Operating income			557,930				913,999				990,134				1,415,639
Interest expense			435,184				423,582				829,365				753,336
Change in fair value of warrants			65,888				-				190,388				-
Income (loss) before income taxes			56,858				490,417				( 29,619	)			662,303
Income tax			-				119,537				-				160,789
Net income (loss)		$	56,858			$	370,880			$	( 29,619	)		$	501,514
Earnings (loss) per share – basic:
Net income (loss)		$	.00			$	.02			$	(.00	)		$	.02
Weighted average number of common shares outstanding			22,215,512				22,215,512				22,215,512				222,215,512
Diluted earnings (loss) per share:
Net income (loss)		$	.00			$	.02			$	(.00	)		$	.02
Weighted average number of common shares outstanding			23,713,531				25,008,223				22,215,512				25,008,223

See accompanying notes to condensed consolidated financial statements (unaudited).

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Noble Roman’s, Inc. and Subsidiaries

Condensed Consolidated Statements of Changes in

Stockholders’ Equity

(Unaudited and Not Reviewed)

		Common Stock								Accumulated
		Shares				Amount				Deficit				Total
Six Months Ended June 30, 2025:
Balance at December 31, 2024			22,215,512			$	24,867,778			$	( 22,652,417	)		$	2,215,361
Net income for six months ended June 30, 2025											501,514				501,514
Amortization of value of employee stock options			-				19,983				-				19,983
Balance at June 30, 2025			22,215,512			$	24,887,760			$	( 22,150,904	)		$	2,736,857

Three Months Ended June 30, 2025:

		Common Stock								Accumulated
		Shares				Amount				Deficit				Total
Balance at March 31, 2025			22,215,512			$	24,877,769			$	( 22,521,784	)		$	2,355,985
Net income for three months ended June 30, 2025											370,880				370,880
Amortization of value of employee stock options			-				9,991				-				9,991
Balance at June 30, 2025			22,215,512			$	24,887,760			$	( 22,150,904	)		$	2,736,857

		Common Stock								Accumulated
		Shares				Amount				Deficit				Total
Six Months Ended June 30, 2024:
Balance at December 31, 2023			22,215,512			$	24,840,126			$	( 22,649,243	)		$	2,190,883
Net loss for the six months ended June 30, 2024											( 29,619	)			( 29,619	)
Amortization of value of employee stock options			-				5,983				-				5,983
Balance at June 30, 2024			22,215,512			$	24,846,109			$	( 22,678,862	)		$	2,167,247

Three Months Ended June 30, 2024:

		Common Stock								Accumulated
		Shares				Amount				Deficit				Total
Balance at March 31, 2024			22,215,512			$	24,843,117			$	( 22,735,720	)		$	2,107,397
Net income for three months ended June 30, 2024											56,858				56,858
Amortization of value of employee stock options			-				2,992				-				2,992
Balance at June 30, 2024			22,215,512			$	24,846,109			$	( 22,678,862	)		$	2,167,247

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Noble Roman’s, Inc. and Subsidiaries

Condensed Consolidated Statements of Cash Flows

(Unaudited and Not Reviewed)

		Six months ended
		June 30,
		(not reviewed)				(not reviewed)
OPERATING ACTIVITIES		2024				2025
Net income (loss)		$	( 29,619	)		$	501,514
Adjustments to reconcile net income (loss) to net cash
Provided by operating activities:
Change in fair value of warrants			190,388				-
Depreciation and amortization			428,649				323,469
Amortization of lease costs in excess of cash paid			9,761				2,527
Deferred income taxes			-				160,789
Changes in operating assets and liabilities:
(Increase) decrease in:
Accounts receivable			472,755				( 75,190	)
Inventories			( 21,967	)			( 16,390	)
Prepaid expenses			118,011				( 36,247	)
Other assets			( 14,729	)			( 30,021	)
Decrease in deferred contact cost			( 15,305	)			77,881
Increase (decrease) in:
Accounts payable and accrued expenses			( 668,707	)			( 277,916	)
Decrease (increase) in deferred contract income			3,627				( 74,879	)
NET CASH PROVIDED BY OPERATING ACTIVITIES			472,864				555,537
INVESTING ACTIVITIES
Purchase of property and equipment			( 44,128	)			( 63,247	)
NET CASH (USED) IN INVESTING ACTIVITIES			( 44,128	)			( 63,247	)
FINANCING ACTIVITIES
Payment of principal on Corbel loan			( 500,000	)			( 566,888	)
NET CASH (USED) IN FINANCING ACTIVITIES			( 500,000	)			( 566,888	)
Decrease in cash			( 71,264	)			( 74,598	)
Cash at beginning of period			872,335				710,227
Cash at end of period		$	801,071			$	635,629
Supplemental schedule of investing and financing activities
Cash paid for interest		$	599,265			$	453,158

See accompanying notes to condensed consolidated financial statements (unaudited).

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Notes to Condensed Consolidated Financial Statements (Unaudited)

Note 1 - The accompanying unaudited interim condensed consolidated financial statements, included herein have been prepared by the Company pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”).  Certain information and footnote disclosures normally included in financial statements prepared in accordance with generally accepted accounting principles have been condensed or omitted pursuant to such rules and regulations. These condensed consolidated statements have been prepared in accordance with the Company’s accounting policies described in the Company’s Annual Report on Form 10-K for the year ended December 31, 2024 (the “2024 Form 10-K”) and should be read in conjunction with the audited consolidated financial statements and the notes thereto included in that report.  Unless the context indicates otherwise, references to the “Company” mean Noble Roman’s, Inc. and its subsidiaries.

In the opinion of the management of the Company, the information contained herein reflects all adjustments necessary for a fair presentation of the results of operations and cash flows for the interim periods presented and the financial condition as of the dates indicated, which adjustments are of a normal recurring nature.  The results for the three-month and six-month periods ended June 30, 2025 are not necessarily indicative of the results to be expected for the full year ending December 31, 2025.

Effective June 18, 2025, Sassetti LLC resigned as the Company’s principal accountant. The Board of Directors of the Company is evaluating alternative independent accountants to serve as the Company’s auditor for 2025. Accordingly, this Quarterly Report on Form 10-Q for the quarterly period ended June 30, 2025 has not been reviewed by an independent registered public accounting firm in accordance with the rules and regulations of the SEC.  As a result, this report is deemed deficient and may not fully comply with all applicable requirements of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), and the rules and regulations promulgated thereunder.

The Company expects that once the Board of Directors has retained a new auditor for 2025 and its review is completed, the Company will file with the SEC an amendment to this Form 10-Q to include the reviewed financial statements and any additional disclosures if necessary.

Significant Accounting Policies

During the first quarter of 2023, the Company determined that it is entitled to an Employee Retention Tax Credit (“ERTC”) of $ 1.718 million and has submitted amended Federal Form 941 returns claiming that refund.  The ERTC refund is treated as a government grant reducing appropriate expenses for the $ 1.718 million less expenses for applying for the refund of $ 258,000 , or a net of $ 1.46 million, which primarily affected the franchising venue as other operating expenses, a much smaller amount affected general and administrative expenses and approximately $ 83,000 of the affected the Company’s subsidiary, RH Roanoke. This refund applied both to Noble Roman’s, Inc. and its subsidiary, RH Roanoke, Inc.  Although the refund was recorded in the first quarter of 2023, it effectively reimbursed for expenses and lost revenue that occurred over several prior quarters. To date the Company has received all five quarterly refunds for Roanoke, Inc. and three refunds for 2020 and one of the two quarterly refunds for 2021 for Noble Roman’s, Inc. In recent communications, the Internal Revenue Service (the “IRS”), indicated the final refund claim had been received and was in process.

There have been no significant changes in the Company's accounting policies from those disclosed in the 2024 Form 10-K.

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Note 2 – Inventory.

Inventory consists of ingredient inventory used to make products in the Company-owned restaurants, marketing materials to sell to franchisees and equipment inventory to be used in future locations.  At June 30, 2025 and December 31, 2024, inventory consisted of the following:

		As of 12/31/24				As of 6/30/25
Ingredient inventory used to make products in company locations		$	171,793			$	179,962
Marketing materials			31,239				31,551
Equipment inventory			783,943				791,852
Total		$	986,975			$	1,003,365

Note 3 – Royalties and fees included initial franchise fees of $ 52,409 ( after deferral of initial fees of $135,000 and amortization of $123,721 of previously deferred fees and receipt of $ 4,000 in transfer fees) for the six-month period ended June 30, 2025 and $ 122,846 ( after deferral of initial fees of $127,500 and amortization of $94,846 of previously deferred fees and receiving $ 28,000 in transfer fees) for the six-month period ended June 30, 2024.  Royalties and fees included equipment commissions of $ 17,605 for the six-month period ended June 30, 2025, and $ 92,104 for the six-month period ended June 30, 2024.  Royalties and fees, including amortized initial franchise fees and equipment commissions, were $ 2,900,159 for the six-month period ended June 30, 2025 and $ 2,861,039 for the six-month period ended June 30, 2024. Most of the cost for the services required to be performed by the Company are incurred prior to the franchise fee income being recorded, which is based on a contractual liability of the franchisee.

Deferred contract income and deferred costs were $ 1,682,831 as of June 30, 2025.

At December 31, 2024 and June 30, 2025, the carrying values of the Company’s franchise receivables have been reduced to anticipated realizable value.  After considering this reduction of carrying value, the Company anticipates that substantially all of its accounts receivable reflected on the consolidated balance sheet as of June 30, 2025, will be collected.

During the three-month and six-month periods ended June 30, 2025 there were no Company-operated or franchised Craft Pizza & Pub restaurants opened or closed.  There were 21 new non-traditional outlets opened and three non-traditional outlets closed during the six-month periods ended June 30, 2025, respectively.

Note 4 – As the Company reported previously, it is pursuing plans for new financing to repay the loan from Corbel Capital Partners SBIC, L.P. (“Corbel”) and to repay the subordinated notes. There can be no assurance that the Company will be able to obtain the financing as planned on favorable terms or at all. However, based on its credit metrics, including its recent and forecasted earnings before interest, taxes and depreciation and amortization, the Company believes it will be able to complete the refinancing before the Corbel loans are due.

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Note 5 - The following table sets forth the calculation of basic and diluted earnings per share for the three-month periods ended June 30, 2025 and June 30, 2024:

		Three Months Ended June 30, 2025
		Income (Numerator)				Shares (Denominator)				Per-Share Amount
Net income		$	378,535				22,215,512			$	0.02
Effect of dilutive securities
Stock option and warrant dilution							1,642,711
Convertible notes			14,375				1,150,000				-
Diluted earnings per share
Net income		$	392,910				25,008,223			$	0.02

		Three Months Ended June 30, 2024
		Income (Numerator)				Shares (Denominator)				Per-Share Amount
Net income		$	56,858				22,215,512			$	0.00
Effect of dilutive securities
Stock option and warrant dilution							248,019
Convertible notes			15,000				1,250,000				-
Diluted earnings per share
Net income		$	71,858				23,713,531			$	0.00

The following table sets forth the calculation of basic and diluted earnings (loss) per share for the six-month periods ended June 30, 2025 and June 30, 2024:

		Six Months Ended June 30, 2025
		Loss (Numerator)				Shares (Denominator)				Per-Share Amount
Net income		$	501,514				22,215,512			$	0.02
Effect of dilutive securities
Stock and warrant dilution							1,642,711
Convertible notes			28,750				1,150,000				-
Diluted earnings per share
Net income		$	530,264				25,008,223			$	0.02

		Six Months Ended June 30, 2024
		Income (Numerator)				Shares (Denominator)				Per-Share Amount
Net loss		$	( 29,619	)			22,215,512			$	( 0.00	)
Effect of dilutive securities
Stock option and warrant dilution							248,019
Convertible notes			28,750				1,250,000				-
Diluted earnings (loss) per share
Net loss		$	( 869	)			22,215,512			$	( 0.00	)

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Note 6 – On February 7, 2020, the Company entered into a Senior Secured Promissory Note and Warrant Purchase Agreement (as amended, the “Agreement”) with Corbel pursuant to which, among other things, the Company issued to Corbel a senior secured promissory note (as amended, the “Senior Note”) in the initial principal amount of $ 8.0 million. The Company used the net proceeds of the Agreement as follows: (i) $ 4.2 million was used to repay the Company’s then-existing bank debt which was in the original amount of $ 6.1 million; (ii) $ 1,275,000 was used to repay the portion of the Company’s existing subordinated convertible debt the maturity date of which most had not previously been extended; (iii) payment of debt issuance costs; and (iv) the remaining net proceeds were used for working capital or other general corporate purposes, including development of new Company-owned Craft Pizza & Pub locations .

The Senior Note bears cash interest of SOFR, as defined in the Agreement, plus 9.0% with no PIK interest.  Interest is payable in arrears on the last calendar day of each month.  The Senior Note matures on June 30, 2026. The Senior Note requires principal payments of $ 91,667 per month.

In conjunction with the borrowing under the Senior Note, the Company issued to Corbel a warrant (as amended the “Original Corbel Warrant”) to purchase up to 2,250,000 shares of Common Stock. The Original Corbel Warrant entitles Corbel to purchase from the Company, at any time or from time to time: (i) 1,200,000 shares of Common Stock at an exercise price of $ 0.10 per share (“Tranche 1”), (ii) 900,000 shares of Common Stock at an exercise price of $ 0.10 per share (“Tranche 2”), and (iii) 150,000 shares of Common Stock at an exercise price of $ 0.10 per share (“Tranche 3”).  Upon extension of the Senior Note in April 2025, the Company issued an additional Warrant (the “New Corbel Warrant”) to Corbel to purchase up to 750,000 additional shares at an exercise price of $ 0.10 per share and agreed to issue additional warrants at an exercise price of $.10 per share prior to the repayment of the Senior Note. Cashless exercise is only permitted with respect to Tranche 3 of the Original Corbel Warrant and the New Corbel Warrant. Corbel has the right, within eight months after the issuance of any shares under the Original Corbel Warrant or the New Corbel Warrant, to require the Company to repurchase such shares for cash or for put notes, at the Company's discretion. The Original Corbel Warrant expires on the tenth anniversary of the date of its issuance.  The New Corbel Warrant expires on the fifth anniversary of the date of its issuance.  The Company was in compliance with the Agreement as of June 30, 2025.

According to the information provided to the Company in a Schedule 13GA, filed with the SEC on July 25, 2025 by Corbel.  Corbel and its affiliates hold warrants to purchase up to 3,000,000 shares.  However, Corbel agreed that only warrants for 9.99 999% of the outstanding shares of common stock are exercisable (the “Warrant Blocker”).  Taking into account the Warrant Blocked, at the current time only warrants for up to 2,468,362 shares are exercisable.

At June 30, 2025, the balance of the Senior Note was comprised of:

Principal		$	6,403,182
Unamortized Warrant Discount and Loan Closing Cost			218,885
Carrying Value		$	6,184,297

Note 7 – The Company, from time to time, is or may become involved in litigation or regulatory proceedings arising out of its normal business operations.

Currently, there are no such pending proceedings which the Company considers to be material.

There are no commitments to any key executives or officers beyond an employment agreement with each of the Executive Chairman and Chief Financial Officer and the President and Chief Executive Officer.

Note 8 - The Company evaluated subsequent events through the date of issuing this report and the Company did issue an additional Corbel warrant for the purchase of an additional 500,000 shares an exercise price of $.10 per share in August 2025.

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ITEM 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

Noble Roman’s, Inc., an Indiana corporation incorporated in 1972, sells and services franchises, operates Company-owned stand-alone restaurants and non-traditional foodservice operations under the trade names “Noble Roman’s Craft Pizza & Pub,” “Noble Roman’s Pizza,” “Noble Roman’s Take-N-Bake,” and “Tuscano’s Italian Style Subs.”  References in this report to the “Company” are to Noble Roman’s, Inc. and its wholly-owned subsidiaries, unless the context requires otherwise.  The Company’s only operating subsidiary is RH Roanoke, Inc., which operates a Company-owned non-traditional location.

The Company has been operating and franchising Noble Roman’s Pizza operations in a variety of stand-alone and non-traditional locations across the country since 1972.  Its first Craft Pizza & Pub location opened in January 2017 as a Company-operated restaurant in a northern suburb of Indianapolis, Indiana.  Since then, the Company opened a total of eight more Company-operated Craft Pizza & Pub locations in 2017, 2018, 2020 and 2021.  The Company-operated locations serve as the base for what it sees as a significant potential future growth driver by franchising its full-service restaurant format to experienced, multi-unit restaurant operators with a track record of success.  In addition to the nine Company-operated Craft Pizza & Pub locations, third-party franchisees opened three franchised locations during 2019 and 2020.  Today, in total, there are 12 Craft Pizza & Pub locations in operation.

Noble Roman’s Pizza for Non-Traditional Locations

In 1997, the Company started franchising non-traditional locations (a Noble Roman’s pizza operation within some other host business or activity with existing traffic) such as entertainment facilities, hospitals, convenience stores and other types of facilities.  Today the Company is focusing primarily on convenience stores and travel plazas for rapid expansion of its non-traditional franchises.  These locations offer traditional Noble Roman’s style pizzas, along with its great tasting, high quality ingredients and menu extensions.

The hallmark of Noble Roman’s Pizza for non-traditional locations is “Superior quality that our customers can taste.”  Every ingredient and process has been designed with a view to produce superior results.

·

A fully-prepared pizza crust that captures the made-from-scratch pizzeria flavor which gets delivered to non-traditional locations in a shelf-stable condition so that dough handling is no longer an impediment to a consistent product, which otherwise is a challenge in non-traditional locations.

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	·	Fresh packed, uncondensed and never cooked sauce made with secret spices and vine-ripened tomatoes in all venues.
	·	100% real cheese blended from mozzarella and Muenster, with no additives or extenders.
	·	100% real meat toppings, with no soy additives or extenders, a distinction compared to many pizza concepts.
	·	Vegetables (like onions and green peppers) and mushrooms for pizzas are sliced and delivered fresh, never canned.
	·	An extended product line that includes breadsticks and cheesy stix with dip, pasta, baked sandwiches, salads, wings and a line of breakfast products.
	·	The fully-prepared crust also forms the basis for the Company’s Take-N-Bake pizza for use as an add-on component for its non-traditional franchise and licensing base.

Revenue from the franchising venue declined in 2021 and early 2022 due to the number of government-forced closures in an attempt to prevent the spread of COVID.  The franchising venue was made up of a number of franchises located in all types of entertainment facilities such as bowling centers and family entertainment centers.  The regulations varied in different states but for the most part closing orders were in effect for two years after which most of those franchisees did not have the financial means of reopening.

The Company refocused its development plans toward selling more non-traditional franchises as a result of the pandemic coming to an end and the owners of non-traditional locations becoming more willing to look at expansion options and to invest in their growth.  The Company continues to focus on selling more non-traditional franchise locations, including several locations with higher-than-average potential volumes.  The Company has sold many units yet to be opened and still has a significant pipeline of prospects to expand the number of non-traditional franchise locations in operation.

Noble Roman’s Craft Pizza & Pub

The Noble Roman’s Craft Pizza & Pub format incorporates many of the basic elements first introduced in 1972 but in a modern atmosphere with up-to-date baking technology and equipment to maximize speed, enhance quality and perpetuate the taste customers love and expect from a Noble Roman’s.

The Noble Roman’s Craft Pizza & Pub provides for a selection of approximately 40 different toppings, cheeses and sauces from which to choose.  Beer and wine also are featured, with 16 different beers on tap including both national and local craft selections.  Wines include 16 affordably priced options by the bottle or glass in a range of varietals.  Beer and wine service is provided at the bar and throughout the dining room.

The Company designed the system to enable fast cook times, with oven speeds running approximately three minutes for traditional pizzas and 5.75 minutes for Sicilian pizzas. Popular pizza favorites such as pepperoni are options on the menu but also offered is a selection of Craft Pizza & Pub original pizza creations.  The menu also features a selection of contemporary and fresh, made-to-order salads and fresh-cooked pasta.  The menu also incorporates baked sub sandwiches, hand-sauced boneless wings and a selection of desserts, as well as Noble Roman’s famous Breadsticks with Delicious Cheese Sauce, most of which have been offered in its locations since 1972.  In 2022, new salad bars were rolled out over time across all Company-operated restaurants.

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Additional enhancements include a glass enclosed “Dough Room” where Noble Roman’s Dough Masters hand make all pizza and breadstick dough from scratch in customer view.  Kids and adults enjoy Noble Roman’s self-serve root beer tap, which is also part of a special menu for customers 12 and younger. Throughout the dining room and the bar area there are many giant screen television monitors for sports and the nostalgic black and white shorts featured in Noble Roman’s since 1972.

The Company designed its curbside service for carry-out customers, called “Pizza Valet Service,” to create added value and convenience.  With Pizza Valet Service, customers place orders ahead, drive into the restaurant’s reserved valet parking spaces and have their pizza run to their vehicle by specially uniformed pizza valets.  Customers who pay when they place their orders are able to drive up and leave with their order very quickly without stepping out of their vehicle.  With the fast baking times, the entire experience, from order to pick-up can take as little as 12 minutes.  The Company’s continued focus on quality service and speed in the Craft Pizza and Pub locations has resulted in May 2025 being the most profitable month of operations on a combined basis since August 2022.  In addition, same store sales during the second quarter 2025 increased by 4.6% over the corresponding quarter a year ago.

Business Strategy

The Company is focused on revenue expansion while carefully managing corporate-level overhead expenses.  The Company refocused its development plans toward selling more non-traditional franchises as a result of the pandemic coming to an end and the owners of non-traditional host facilities becoming more willing to look at expansion options and to invest in their growth.  The Company has a significant pipeline of leads and prospects for future non-traditional franchise sales as well as a significant number of franchised locations sold but not yet open. The tight control on administrative costs has led to general and administrative expenses of approximately $386,000 in the second quarter of 2025 versus $570,000 in the corresponding quarter in 2024.

The initial franchise fees for a Noble Roman’s Pizza non-traditional location or a Craft Pizza & Pub location are as follows:

		Non-Traditional Except Hospitals				Non-Traditional Hospitals				Traditional Stand-Alone
Either a Noble Roman’s Pizza or Craft Pizza & Pub		$	7,500			$	10,000			$	30,000

The franchise fees are paid upon signing the franchise agreement and recorded in deferred income which begins amortizing into income over the life of the contract from the time the location opens for business and, when paid, are non-refundable in consideration of the administration and other expenses incurred by the Company in granting the franchises.

Business Operations

Distribution

The Company’s proprietary ingredients are manufactured pursuant to the Company’s specifications or recipes by third-party manufacturers under contracts between the Company and its various manufacturers.  These contracts require the manufacturers to produce ingredients meeting the Company’s specifications and to sell them to Company-approved third-party distributors at prices negotiated between the Company and the manufacturer.

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The Company has third-party distributors strategically located throughout the United States.  The agreements require the distributors to maintain adequate inventories of all ingredients necessary to meet the needs of the Company’s franchisees in their distribution areas for weekly deliveries to the franchisee.  Each of the primary distributors purchases the ingredients from the manufacturers at prices negotiated between the Company and the manufacturers, but under payment terms agreed upon by the manufacturers and the distributor, and distributes the ingredients to the franchisee at a price determined by the distributor agreement.  Payment terms to the distributor are agreed upon between each franchisee and the respective distributor.

Financial Summary

The preparation of the consolidated financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes.  Actual results may differ from those estimates.  The Company periodically evaluates the carrying value of its assets, including property, equipment and related costs, accounts receivable and deferred tax assets, to assess whether any impairment indications are present.  If any impairment of an individual asset is evident, a charge will be provided to reduce the carrying value to its estimated fair value.

The following table sets forth the revenue, expense and margin contribution of the Company’s Craft Pizza & Pub venue and the percentage relationship to its revenue:

		Three Months Ended June 30,																Six Months Ended June 30,
Description		2024								2025								2024								2025
Revenue		$	2,222,551				100	%		$	2,324,459				100	%		$	4,218,075				100	%		$	4,343,877				100	%
Cost of sales			463,324				20.8				479,606				20.6				880,934				20.9				895,873				20.6
Salaries and wages			627,292				28.2				624,937				26.9				1,222,334				29.0				1,224,088				28.2
Facility cost including rent, common area and utilities			391,487				17.6				417,342				17.9				780,872				18.5				828,886				19.1
Packaging			66,563				3.0				76,518				3.3				129,073				3.1				144,219				3.3
Delivery fees			64,424				2.9				41,079				1.8				101,484				2.4				105,201				2.4
All other operating expenses			365,183				16.4				369,701				15.9				695,020				16.5				701,603				16.2
Total expenses			1,978,273				89.0				2,009,183				86.4				3,809,717				90.3				3,899,870				89.8
Margin contribution			244,278				11.0	%			315,276				13.6	%		$	408,358				9.7	%		$	444,007				10.2	%

The following table sets forth the revenue, expense and margin contribution of the Company’s franchising activities and the percentage relationship to its revenue:

		Three Months Ended June 30,																Six Months Ended June 30,
Description		2024								2025								2024								2025
Total royalties and fees revenue		$	1,435,748				100	%		$	1,454,251				100	%		$	2,861,039				100	%		$	2,900,159				100	%
Salaries and wages			228,518				15.9				174,860				12.0				462,411				16.2				385,966				13.3
Franchise promotion			60,576				4.2				29,221				2.0				120,576				4.2				89,221				3.1
Insurance			84,880				5.9				87,774				6.0				157,065				5.5				175,009				6.0
Travel and auto			35,156				2.4				22,296				1.5				82,366				2.9				55,681				1.9
All other operating expenses			51,564				3.7				80,594				5.6				127,943				4.5				235,315				8.2
Total expenses			460,694				32.1				394,745				27.1				950,361				33.2				941,192				32.5
Margin contribution		$	975,054				67.9	%		$	1,059,506				72.5			$	1,910,678				66.8	%		$	1,958,967				67.5	%

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The following table sets forth the revenue, expense and margin contribution of the Company-owned non-traditional venue and the percentage relationship to its revenue:

		Three Months Ended June 30,																Six Months Ended June 30,
Description		2024								2025								2024								2025
Revenue		$	236,705				100	%		$	295,025				100	%		$	474,852				100	%		$	589,598				100	%
Total expenses			235,288				9.4				274,483				93.0				461,048				97.1				567,593				96.3
Margin contribution		$	1,417				.6	%		$	20,542				7.0	%		$	13,803				2.9	%		$	22,005				3.7	%

Note: The significant increase in revenue was primarily the result of the host facility remodeling its food area and opening up another wing of the hospital late in 2024.

Results of Operations

Company-Owned Craft Pizza & Pub

The revenue from this venue increased from $2.22 million to $2.32 million and from $4.22 million to $4.34 million for the respective three-month and six-month periods ended June 30, 2025, compared to the corresponding periods in 2024.  Sales for both periods were somewhat negatively affected by general economic uncertainty affecting consumer spending which the Company sought to offset by promotional efforts and continued positive guest satisfaction ratings.

Cost of sales as a percentage of revenue from this venue decreased to 20.6% for both the three-month and six-month periods ended June 30, 2025 from 20.8% and 20.9% for the three-month and six-month periods ended June 30, 2024, respectively.  The Company has experienced some significant increases in product costs, particularly in pizza cheese, the market price of which has averaged 9% higher in the second quarter of 2025 versus the same period in 2024.  However, the Company has been carefully modulating its promotional activity to help margins and has focused extensively on operational controls with relatively stable management staffing. Other than rebalancing beer and wine pricing, the Company has not implemented a menu price increase in 2025.

Salaries and wages as a percentage of revenue decreased to 26.9% and 28.2% from 28.2% and 29.0% for the respective three-month and six-month periods ended June 30, 2025, compared to the corresponding periods in 2024. The cost of management salaries has continued to increase significantly due to the shortage of qualified candidates and general competition for those employees.  The Company was able to offset these increases with efficiencies gained and implemented in scheduling and supervision and with the transferal of some management tasks to lower priced hourly employees.

Margin contribution as a percentage of revenue for this venue increased to 13.6% and 10.2% from 11.0% and 9.7% for the respective three-month and six-month periods ended June 30, 2025 compared to the corresponding periods in 2024.  This margin increase was partially the result of the sales increase, as explained above, and partially the result of efficiencies gained in the cost of operations.

Franchising

Total revenue was $1.45 million and $2.90 million for the three-month and six-month periods ended June 30, 2025 compared to $1.44 million and $2.86 million for the corresponding periods in 2024, respectively.  This was primarily the result of the Company determining to redirect additional staff efforts to the sale of non-traditional franchises while still carefully managing corporate-level overhead expenses.  The Company refocused its development plans toward selling more non-traditional franchises as a result of the pandemic and its after-effects coming to an end and the determination that owners of non-traditional locations would be more willing to look at expansion options and to invest in their growth.  The Company has a significant pipeline of leads and prospects for future non-traditional franchise sales and that number further expanded during the first six months of 2025 as the Company sold seven more units than it has opened.  The Company believes this growth points to an attractive opportunity for the coming months due to anticipated opening of new units already sold and the number of interested prospects that the Company has identified.

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Salaries, wages and all other operating expenses of this venue were all kept in line with past results and the Company continues to maintain tight control over such expenses.

The margin contribution was 72.5% and 67.5% for the three-month and six-month periods ended June 30, 2025, compared to 67.9% and 66.8% for the comparable periods in 2024, respectively.

Company-Owned Non-Traditional Location

Gross revenue from this venue was $295,000 and $590,000 during the three-month and six-month periods ended June 30, 2025, compared to $237,000 and $475,000 for the comparable periods in 2024, respectively.   The primary reason for the increase in revenue during both periods was the withdrawal of certain prior restrictions placed on the host hospital facility.

Total expenses were $274,000 and $568,000 for the three-month and six-month periods ended June 30, 2025, compared to $235,000 and $461,000 for the comparable periods in 2024, respectively.  The increase in expenses resulted from the increase in revenue.

Other Expenses

Depreciation and amortization expense was relatively unchanged for the three-month and six-month periods ended June 30, 2025, compared to comparable periods in 2024, respectively.  The depreciation expense has remained mostly constant as a result of not opening any new corporate-owned locations in both years.

General and administrative expenses were $386,000 and $811,000 for the three-month and six-month periods ended June 30, 2025, compared to $570,000 and $1,147,000 for the comparable periods in 2024, respectively.  This reflects the Company’s focus on managing costs while growing revenue through franchising.

Operating income was $913,999 and $1,415,639 for the three-month and six-month periods ended June 30, 2025, compared to $557,930 and $990,134 for the comparable periods in 2024, respectively.

Interest expense was $424,000 and $753,000 for the three-month and six-month periods ended June 30, 2025, compared to $435,000 and $829,000 for the comparable periods in 2024, respectively.  The primary reason for the decrease in both periods was a continued amortization of principal amount each month against the outstanding loan.  Interest is currently being reduced by the Company making a payment on principal each month of $83,333 until May 2025 when the monthly principal payment was increased to $91,667 per month.  The PIK interest which was being added to the principal each month is no longer being charged since April 2025.

Since the Company will not be paying any income tax, as a result of its deferred tax credit, for a number of years, net income before taxes is highly informative and that was $490,417 for the quarter ended June 30, 2025 and $662,303 for the six months ended June 30, 2025.

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Liquidity and Capital Resources

The Company’s current ratio was 1.1-to-1 as of June 30, 2025 compared to .9-to-1 as of December 31, 2024.  As a result of the Corbel amendment, including the extension of the maturity of the Senior Note to June 30, 2026, both the Senior Note and the subordinated convertible notes were carried as long-term liabilities as of December 31, 2024 and June 30, 2025, except for the required principal payments due in the next 12 months.

In January 2017, the Company completed the offering of $2.4 million principal amount of the promissory notes (the “Notes”) convertible at $0.50 per share and warrants (the “Warrants”) to purchase up to 2.4 million shares of the Company’s Common Stock at an exercise price of $1.00 per share, subject to adjustment which brings the exercise price to $.10 per share as a result of the Senior Note extension. In 2018, $400,000 principal amount of Notes was converted into 800,000 shares of the Company’s Common Stock, in January 2019 another Note in the principal amount of $50,000 was converted into 100,000 shares of the Company’s Common Stock, and in August 2019 another Note in the principal amount of $50,000 was converted into 100,000 shares of the Company’s Common Stock, leaving principal amounts of Notes of $1.9 million outstanding as of December 31, 2019.  Holders of Notes in the principal amount of $775,000 extended their maturity date to January 31, 2023.  In February 2020, $1,275,000 principal amount of the Notes were repaid in conjunction with a new financing leaving a principal balance of $625,000 of subordinated convertible notes outstanding due January 31, 2023. In April 2023, the holder of $50,000 principal amount of the subordinated convertible notes were repaid by the Company leaving $575,000 outstanding.  These Notes bear interest at 10% per annum, including the Notes which have not been extended, paid quarterly and are convertible to Common Stock any time prior to maturity at the option of the holder at the current exercise price of $0.50 per share.

In February 2020, the Company entered into the Agreement with Corbel, pursuant to which the Company issued to Corbel the Senior Note in the initial principal amount of $8.0 million. The Company used the net proceeds of the Senior Note as follows: (i) $4.2 million to repay the Company’s then-existing bank debt which were in the original amount of $6.1 million; (ii) $1,275,000 to repay the portion of the Company’s existing subordinated convertible debt the maturity date of which most had not previously been extended; (iii) payment of debt issuance costs; and (iv) for working capital and other general corporate purposes, including development of new Company-owned Craft Pizza & Pub locations.

The Senior Note bears cash interest of SOFR, as defined in the Agreement, plus 9.0% with no PIK interest, which prior to April 2025 was added to the principal amount of the Senior Note.  Interest is payable in arrears on the last calendar day of each month. The original maturity date of the Senior Note was February 7, 2025, however the maturity has now been extended by mutual agreement to June 30, 2026. The Senior Note requires principal payments of $91,667 per month starting in May 2025.

In view of the extension of the Senior Note as well as the Company’s cash flow projections, the Company believes it will have sufficient cash flow to meet its obligations and to carry out its current business plan for the foreseeable future.  The Company’s cash flow projections for the next two years are primarily based on the Company’s strategy of growing the non-traditional franchising venue, operating its existing Craft Pizza & Pub locations and pursuing a franchising program for Craft Pizza & Pub restaurants as market conditions allow.

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The Company does not anticipate that any of the recently issued pronouncements relating to the Statement of Financial Accounting Standards will have a material impact on its Consolidated Statement of Operations or its Consolidated Balance Sheet.

Forward-Looking Statements

The statements contained above in Management’s Discussion and Analysis concerning the Company’s future revenues, profitability, financial resources, financing efforts, market demand and product development are forward-looking statements (as such term is defined in the Private Securities Litigation Reform Act of 1995) relating to the Company that are based on the beliefs of the management of the Company, as well as assumptions and estimates made by and information currently available to the Company’s management.  The Company’s actual results in the future may differ materially from those indicated by the forward-looking statements due to risks and uncertainties that exist in the Company’s operations and business environment, including, but not limited to competitive factors and pricing and cost pressures, the Company’s ability to service its loan and refinance the Senior Note before its maturity in 2026, the emergence or spread of human or animal pandemics (such as COVID-19 or the Avian Bird Flu), non-renewal of franchise agreements or the openings contemplated by the Development Agreement not occurring, shifts in market demand, the success of franchise programs, general economic conditions, changes in demand for the Company’s products or franchises, the impact of franchise regulation, the success or failure of individual franchisees, inflation and other changes in prices or supplies of food ingredients and labor and as well as the factors discussed under “Risk Factors” contained in the 2024 Form 10-K.  Should one or more of these risks or uncertainties materialize, or should underlying assumptions or estimates prove incorrect, actual results may vary materially from those described herein as anticipated, believed, estimated, expected or intended.  In addition, if activist stockholder activities ensue, or if certain parties (acting individually or as a group) seek to continue or initiate interference in the Company’s business relationships, the Company’s business could be adversely impacted.

ITEM 3.  Quantitative and Qualitative Disclosures about Market Risk

The Company’s exposure to interest rate risk relates primarily to its variable-rate debt and the rate that will be required for the new financing. As of June 30, 2025, the Company had outstanding variable interest-bearing debt in the aggregate principal amount of approximately $6.4 million.  The Company’s current borrowings are at a variable rate tied to SOFR plus 9.0% per annum adjusted on a monthly basis. Based on its current debt structure, for each 1% increase in SOFR the Company would incur increased interest expense of approximately $59,000 over the succeeding 12-month period.

ITEM 4.  Controls and Procedures

In connection with the preparation of this quarterly report, management, under the supervision and with the participation of the Company’s Chief Executive Officer and Chief Financial Officer, have evaluated the effectiveness of the Company’s disclosure controls and procedures, as defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act, as of the end of the period covered by this quarterly report. In designing and evaluating the disclosure controls and procedures, our management recognizes that any controls and procedures are designed only to provide reasonable assurance, and no matter how well designed and operated, there can be no assurance that disclosure controls and procedures will operate effectively in all circumstances. Based on this evaluation, our Chief Executive Officer and our Chief Financial Officer concluded that as of June 30, 2025, the Company’s disclosure controls and procedures were effective based on the criteria in Internal Control – Integrated Framework issued by the COSO, version 2013, as discussed below.

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Management’s Report on Internal Control Over Financial Reporting

The Company’s management is responsible for establishing and maintaining adequate internal control over financial reporting, as such term is defined in Exchange Act Rule 13a-15(f). The Company carried out an evaluation under the supervision and with the participation of the Company’s management, including the Company’s Chief Executive Officer and Chief Financial Officer, of the effectiveness of the Company’s internal control over financial reporting. The Company’s management used the framework in Internal Control-Integrated Framework (2013) issued by the Committee of Sponsoring Organizations (COSO) to perform this evaluation and previously identified in connection with the preparation of the December 31, 2024 financial reports, as described in the 2024 Form 10-K.  Management is implementing remediation efforts to address these alleged weaknesses.  Management is committed to remediating them as quickly and efficiently as possible, validating those efforts will require time, operating over a sustained period and validation during the next audit.

The alleged weakness in controls consisted of inadequate receipts for certain expenses and identified that the Company’s financial close process allegedly did not include adequate controls to ensure timely and accurate reconciliation of certain account balances in the reconciliation process.  In addition, the Company found that it lacked sufficient written documentation of internal control policies and procedures over some financial reporting processes.  The absence of documented internal controls may impair the Company’s ability to ensure that controls are performed as intended increasing the risk of undetected errors or misstatements.

Except for ongoing remediation activities described above, there have been no changes in internal controls over financial reporting during the quarter ended June 30, 2025 that have materially affected, or are reasonably likely to materially affect, our internal controls over financial reporting.

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PART II - OTHER INFORMATION

ITEM 1. Legal Proceedings .

The Company is not involved in material litigation against it.

ITEM 2. Unregistered Sales of Equity Securities and Use of Proceeds.

None.

ITEM 5. Other Information.

Mr. Bill Wildman, a director of the Company, died in July of 2025. Upon his passing, the Board of Directors elected to reduce the authorized number of directors from five members to four members.

ITEM 6. Exhibits.

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Index to Exhibits

Exhibit Number		Description
3.1		Amended Articles of Incorporation of the Registrant, filed as an exhibit to the Registrant’s Amendment No. 1 to the Post-Effective Amendment No. 2 to Registration Statement on Form S-1 filed July 1, 1985 (SEC File No.2-84150), is incorporated herein by reference.
3.2		Amended and Restated By-Laws of the Registrant, as currently in effect, filed as an exhibit to the Registrant’s Form 8-K filed December 23, 2009, is incorporated herein by reference.
3.3		Articles of Amendment of the Articles of Incorporation of the Registrant effective February 18, 1992 filed as an exhibit to the Registrant’s Registration Statement on Form SB-2 (SEC File No. 33-66850), ordered effective on October 26, 1993, is incorporated herein by reference.
3.4		Articles of Amendment of the Articles of Incorporation of the Registrant effective May 11, 2000, filed as Annex A and Annex B to the Registrant’s Proxy Statement on Schedule 14A filed March 28, 2000, is incorporated herein by reference.
3.5		Articles of Amendment of the Articles of Incorporation of the Registrant effective April 16, 2001 filed as Exhibit 3.4 to Registrant’s annual report on Form 10-K for the year ended December 31, 2005, is incorporated herein by reference.
3.6		Articles of Amendment of the Articles of Incorporation of the Registrant effective August 23, 2005, filed as Exhibit 3.1 to the Registrant’s current report on Form 8-K filed August 29, 2005, is incorporated herein by reference.
3.7		Articles of Amendment of the Articles of Incorporation of the Registrant effective February 7, 2017, filed as Exhibit 3.7 to the Registrant’s Registration Statement on Form S-1 (SEC File No. 33-217442) filed April 25, 2017, is incorporated herein by reference.
4.1		Description of Registered Securities, dated May 11, 2022, filed as Exhibit 4.1 to the Registrant’s Form 10-Q, is incorporated herein by reference.
4.2		Specimen Common Stock Certificates filed as an exhibit to the Registrant’s Registration Statement on Form S-18 filed October 22, 1982 and ordered effective on December 14, 1982 (SEC File No. 2-79963C), is incorporated herein by reference.
4.3		Warrant to purchase common stock, dated July 1, 2015, filed as Exhibit 10.11 to the Registrant’s Form 10-Q filed on August 11, 2015, is incorporated herein by reference.
4.4		Form of Senior Secured Promissory Note issued by Registrant to Corbel Capital Partners SBIC, L.P. dated February 7, 2020, filed as Exhibit 4.3 to Registrant’s annual report on Form 10-K for the year ended December 31, 2019, is incorporated herein by reference.
4.5		Form of Warrant issued to Corbel Capital Partners SBIC, L.P. dated February 7, 2020, filed as Exhibit 4.4 to Registrant’s annual report on Form 10-K for the year ended December 31, 2019, is incorporated herein by reference.
4.6		Form of Warrant issued to Corbel Capital Partners, SBIC, L.P. dated April 14, 2025.
10.1*		Employment Agreement with Paul W. Mobley dated January 2, 1999 filed as Exhibit 10.1 to Registrant’s annual report on Form 10-K for the year ended December 31, 2005, is incorporated herein by reference.
10.2*		Employment Agreement with A. Scott Mobley dated January 2, 1999 filed as Exhibit 10.2 to Registrant’s annual report on Form 10-K for the year ended December 31, 2005, is incorporated herein by reference.
10.3		Agreement dated April 8, 2015, by and among the Registrant and the shareholder parties, filed as Exhibit 10.1 to Registrant’s Form 8-K filed on April 8, 2015, is incorporated herein by reference.
10.4		Form of 10% Convertible Subordinated Unsecured note filed as Exhibit 10.16 to the Registrant’s Form 10-K filed on March 27, 2017, is incorporated herein by reference.
10.5		Form of Redeemable Common Stock Purchase Class A Warrant filed as Exhibit 10.21 to the Registrant’s Registration Statement on Form S-1 (SEC File No. 33-217442) on April 25, 2017, is incorporated herein by reference.
10.6		Registration Rights Agreement dated October 13, 2016 by and between the Registrant and the investors signatory thereto, filed as Exhibit 10.22 to the Registrant’s Registration Statement on Form S-1 (SEC File No. 33-217442) on April 25, 2017, is incorporated herein by reference.
10.7		First Amendment to the Registration Rights Agreement dated February 13, 2017 by and between the Registrant and the investors signatory thereto, filed as Exhibit 10.23 to the Registrant’s Registration Statement on Form S-1 (SEC File No. 33-217442) on April 25, 2017, is incorporated herein by reference.
10.8		Senior Secured Note and Warrant Purchase Agreement dated February 7, 2020 by and between the Registrant and Corbel Capital Partners SBIC, L.P. filed as Exhibit 10.11 to Registrant’s annual report on Form 10-K for the year ended December 31, 2019 is incorporated herein by reference.
10.9		Amendment to the Senior Secured Promissory Note and Warrant Purchase Agreement and Other Note Documents and Waiver, dated as of September 29, 2022, by and among Registrant and Corbel Capital Partners SBIC, L.P. dated September 29, 2022, filed as Exhibit 10.7 to the Registrant’s Form 10-Q filed May 10, 2023 is incorporated herein by reference.
10.10		Amendment Number Two dated as of January 28, 2025, to Senior Secured Note and Warrant Purchase Agreement by and between the Registrant and Corbel Capital Partners SBIC, L.P.
10.11		Amendment Number Three dated as of April 4, 2025, to Senior Secured Note and Warrant Purchase Agreement by and between the Registrant and Corbel Capital Partners SBIC, L.P.
10.12		Amendment Number Four dated as of April 14, 2025, to Senior Secured Note and Warrant Purchase Agreement by and between the Registrant and Corbel Capital Partners SBIC, L.P.
21.1		Subsidiaries of the Registrant filed in the Registrant’s Registration Statement on Form SB-2 (SEC File No. 33-66850) ordered effective on October 26, 1993, is incorporated herein by reference.
31.1		C.E.O. Certification under Rule 13a-14(a)/15d-14(a)
31.2		C.F.O. Certification under Rule 13a-14(a)/15d-14(a)
32.1		C.E.O. Certification under 18 U.S.C. Section 1350
32.2		C.F.O. Certification under 18 U.S.C. Section 1350
101		Interactive Financial Data

*Management contract or compensation plan.

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SIGNATURES

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.

	NOBLE ROMAN’S, INC.
Date: August 21, 2025	By:	/s/ Paul W. Mobley
		Paul W. Mobley, Executive Chairman, Chief Financial Officer and Principal
		Accounting Officer (Authorized Officer and
		Principal Financial Officer)

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