Overview
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- TickerBABB on OTC1
- IndustryRetail-Eating Places1
- HeadquartersDeerfield, Illinois1
- Incorporated inDE3
- Business address500 Lake Cook Road, Suite 475, Deerfield, Il 600153
- Filer categoryNon-accelerated filer, Smaller reporting company3
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BAB, Inc. (“the Company”) has three wholly owned subsidiaries: BAB Systems, Inc. (“Systems”), BAB Operations, Inc. (“Operations”) and BAB Investments, Inc. (“Investments”). Systems was incorporated on December 2, 1992, and was primarily established to franchise Big Apple Bagels® (“BAB”) specialty bagel retail stores. My Favorite Muffin (“MFM”) was acquired in 1997 and is included as a part of Systems. Brewster’s (“Brewster’s”) was established in 1996 and the coffee is sold in BAB and MFM locations. SweetDuet® (“SD”) frozen yogurt can be added as an additional brand in a BAB or MFM location. Operations was formed in 1995, primarily to operate Company-owned stores of which there are currently none. The assets of Jacobs Bros. Bagels (“Jacobs Bros.”) were acquired in 1999, and any branded wholesale business uses this trademark. Investments was incorporated in 2009 to be used for the purpose …4 From its latest annual report
Financials
From the company’s reports to the SEC. Every number links to the filing it came from.
Key numbers, fiscal 2025
What sells
Revenue by product, business segment and region, as the company reports it to the SEC.
Products and services
Royalty brought in 58% of the revenue BAB, INC. broke down this way in fiscal 2025.
Products and services by year
| Products and services | 2024 | 2025 |
|---|---|---|
| Royalty | $2.0M | $2.0M |
| Marketing Fund | $1.2M | $1.1M |
| Licensing Fees and Other Income | $318.0K | $289.3K |
| Franchise | $55.7K | $23.3K |
Where the money goes
Where each dollar of revenue went, fiscal 2025
- Other costs77¢$2.7M
- Income tax6¢$221.0K
- Profit16¢$559.0K
Out of $3.4M in revenue.5
Where each dollar of operating cash went, fiscal 2025
- Dividends paid100¢$435.8K
Out of $414.4K of cash from operations. Spending exceeded cash from operations; the rest came from savings or borrowing.5
Financial statements
Every line of the income statement as filed: the last 3 fiscal years, latest first.5
| Period ending | 2025-11-30 | 2024-11-30 | 2023-11-30 |
|---|---|---|---|
| Revenues | $3.4M | $3.5M | |
| Payroll and payroll-related expenses | $1.1M | $1.1M | |
| Occupancy | $116.8K | $126.4K | |
| Advertising and promotion | $4.0K | $1.9K | |
| Professional service fees | $107.7K | $127.5K | |
| Travel | $16.9K | $16.5K | |
| Employee benefit expenses | $74.6K | $154.4K | |
| Depreciation and amortization | $4.5K | $4.1K | |
| Marketing fund expenses | $1.1M | $1.2M | |
| Loss on sales-type lease termination | $0 | $11.7K | |
| Other | $183.4K | $199.5K | |
| Total Operating Expenses | $2.7M | $2.9M | |
| Income from operations | $721.6K | $665.3K | |
| Interest income | $58.4K | $66.1K | |
| Income before provision for income taxes | $780.0K | $731.4K | |
| Current tax expense | $206.4K | $198.4K | |
| Deferred tax | $14.6K | $7.8K | |
| Total Tax Provision | $221.0K | $206.2K | |
| Net Income | $559.0K | $525.2K | $525.2K |
| Net Income per share - Basic and Diluted (in dollars per share) | $0.08 | $0.07 | |
| Weighted average shares outstanding - Basic and diluted (in shares) | 7.3M shares | 7.3M shares | |
| Cash distributions declared per share (in dollars per share) | $0.06 | $0.05 |
No quarter-by-quarter statement was filed.
Every line of the balance sheet as filed: the last 4 fiscal years (annual) or 4 quarters (quarterly), latest first.5
| Period ending | 2025-11-30 | 2024-11-30 | 2023-11-30 | 2022-11-30 |
|---|---|---|---|---|
| Cash | $2.2M | $2.2M | ||
| Restricted cash | $156.6K | $159.7K | ||
| Trade accounts and notes receivable (net of allowance for credit losses of $49,350 in 2025 and $51,103 in 2024 ) | $57.5K | $70.1K | ||
| Marketing fund contributions receivable from franchisees and stores | $19.9K | $17.4K | ||
| Prepaid expenses and other current assets | $112.5K | $84.8K | ||
| Total Current Assets | $2.5M | $2.5M | ||
| Property, plant and equipment (net of accumulated depreciation of $159,814 in 2025 and $159,414 in 2024) | $3.2K | $0 | ||
| Trademarks | $461.4K | $461.4K | ||
| Goodwill | $1.5M | $1.5M | ||
| Definite lived intangible assets (net of accumulated amortization of $146,745 in 2025 and $142,664 in 2024 | $13.2K | $13.3K | ||
| Operating lease right of use | $308.8K | $365.7K | ||
| Total Noncurrent Assets | $2.3M | $2.3M | ||
| Total Assets | $4.8M | $4.8M | ||
| Accrued expenses and other current liabilities | $328.6K | $409.2K | ||
| Accounts payable | $8.5K | $1.3K | ||
| Income tax payable | $0 | $80.7K | ||
| Current portion operating lease liability | $55.3K | $47.8K | ||
| Total Current Liabilities | $586.3K | $725.1K | ||
| Deferred tax liability | $331.7K | $317.1K | ||
| Operating lease liability | $274.9K | $330.2K | ||
| Deferred franchise revenue | $123.2K | $130.1K | ||
| Total Long-term Liabilities | $729.8K | $777.4K | ||
| Total Liabilities | $1.3M | $1.5M | ||
| Additional paid-in capital | $987.0K | $987.0K | ||
| Preferred shares - value | $0 | $0 | ||
| Common stock -$.001 par value; 15,000,000 shares authorized; 8,466,953 shares issued and 7,263,508 shares outstanding as of November 30, 2025 and November 30, 2024 | $13.5M | $13.5M | ||
| Treasury stock | -$222.8K | -$222.8K | ||
| Accumulated deficit | -$10.8M | -$10.9M | ||
| Total Stockholders' Equity | $3.5M | $3.3M | $3.3M | $3.2M |
| Total Liabilities and Stockholders' Equity | $4.8M | $4.8M | ||
| Trade accounts and notes receivable, allowance for doubtful accounts | $49.4K | $51.1K | ||
| Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment | $159.8K | $159.4K | ||
| Definite lived intangible assets, accumulated amortization | $146.7K | $142.7K | ||
| Preferred Stock, Par or Stated Value Per Share (in dollars per share) | $0.00 | $0.00 | ||
| Preferred shares, authorized (in shares) | 4.0M shares | 4.0M shares | ||
| Preferred Stock, Shares Outstanding (in shares) | 0 shares | 0 shares | ||
| Common stock, par value (in dollars per share) | $0.00 | $0.00 | ||
| Common stock, authorized (in shares) | 15.0M shares | 15.0M shares | ||
| Common stock, issued (in shares) | 8.5M shares | 8.5M shares | ||
| Common stock, outstanding (in shares) | 7.3M shares | 7.3M shares |
| Period ending | 2025-11-30 | 2024-11-30 | 2023-11-30 | 2022-11-30 |
|---|---|---|---|---|
| Cash | $2.2M | $2.2M | ||
| Restricted cash | $156.6K | $159.7K | ||
| Trade accounts and notes receivable (net of allowance for credit losses of $49,350 in 2025 and $51,103 in 2024 ) | $57.5K | $70.1K | ||
| Marketing fund contributions receivable from franchisees and stores | $19.9K | $17.4K | ||
| Prepaid expenses and other current assets | $112.5K | $84.8K | ||
| Total Current Assets | $2.5M | $2.5M | ||
| Property, plant and equipment (net of accumulated depreciation of $159,814 in 2025 and $159,414 in 2024) | $3.2K | $0 | ||
| Trademarks | $461.4K | $461.4K | ||
| Goodwill | $1.5M | $1.5M | ||
| Definite lived intangible assets (net of accumulated amortization of $146,745 in 2025 and $142,664 in 2024 | $13.2K | $13.3K | ||
| Operating lease right of use | $308.8K | $365.7K | ||
| Total Noncurrent Assets | $2.3M | $2.3M | ||
| Total Assets | $4.8M | $4.8M | ||
| Accrued expenses and other current liabilities | $328.6K | $409.2K | ||
| Accounts payable | $8.5K | $1.3K | ||
| Income tax payable | $0 | $80.7K | ||
| Current portion operating lease liability | $55.3K | $47.8K | ||
| Total Current Liabilities | $586.3K | $725.1K | ||
| Deferred tax liability | $331.7K | $317.1K | ||
| Operating lease liability | $274.9K | $330.2K | ||
| Deferred franchise revenue | $123.2K | $130.1K | ||
| Total Long-term Liabilities | $729.8K | $777.4K | ||
| Total Liabilities | $1.3M | $1.5M | ||
| Additional paid-in capital | $987.0K | $987.0K | ||
| Preferred shares - value | $0 | $0 | ||
| Common stock -$.001 par value; 15,000,000 shares authorized; 8,466,953 shares issued and 7,263,508 shares outstanding as of November 30, 2025 and November 30, 2024 | $13.5M | $13.5M | ||
| Treasury stock | -$222.8K | -$222.8K | ||
| Accumulated deficit | -$10.8M | -$10.9M | ||
| Total Stockholders' Equity | $3.5M | $3.3M | $3.3M | $3.2M |
| Total Liabilities and Stockholders' Equity | $4.8M | $4.8M | ||
| Trade accounts and notes receivable, allowance for doubtful accounts | $49.4K | $51.1K | ||
| Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment | $159.8K | $159.4K | ||
| Definite lived intangible assets, accumulated amortization | $146.7K | $142.7K | ||
| Preferred Stock, Par or Stated Value Per Share (in dollars per share) | $0.00 | $0.00 | ||
| Preferred shares, authorized (in shares) | 4.0M shares | 4.0M shares | ||
| Preferred Stock, Shares Outstanding (in shares) | 0 shares | 0 shares | ||
| Common stock, par value (in dollars per share) | $0.00 | $0.00 | ||
| Common stock, authorized (in shares) | 15.0M shares | 15.0M shares | ||
| Common stock, issued (in shares) | 8.5M shares | 8.5M shares | ||
| Common stock, outstanding (in shares) | 7.3M shares | 7.3M shares |
Cash flow is reported year to date, not quarter by quarter, so there are no separate quarterly figures.
Every line of the cash flow as filed: the last 3 fiscal years, latest first.5
| Period ending | 2025-11-30 | 2024-11-30 | 2023-11-30 |
|---|---|---|---|
| Net Income | $559.0K | $525.2K | $525.2K |
| Depreciation and amortization | $4.5K | $4.1K | |
| Deferred tax | $14.6K | $7.8K | |
| Provision for credit losses, net of recoveries | -$1.8K | $27.6K | |
| Noncash lease expense | $86.8K | $91.0K | |
| Loss on sales-type lease termination | $0 | $11.7K | |
| Trade accounts receivable and notes receivable | $16.8K | $5.0K | |
| Marketing fund contributions receivable | -$2.5K | -$2.4K | |
| Prepaid expenses and other | -$32.1K | $16.2K | |
| Accounts payable | $7.2K | -$1.7K | |
| Accrued liabilities | -$161.3K | $116.7K | |
| Unexpended marketing fund contributions | $4.3K | -$37.1K | |
| Deferred revenue | -$3.3K | -$40.7K | |
| Operating lease liability | -$77.7K | -$85.7K | |
| Net Cash Provided by Operating Activities | $414.4K | $637.8K | |
| Capitalized trademark costs | -$4.0K | -$1.1K | -$1.1K |
| Asset purchase | -$3.6K | ||
| Proceeds from sale of asset | $4.5K | $16.7K | |
| Issuance of note receivable | -$2.5K | -$25.6K | |
| Net Cash Used In Investing Activities | -$5.6K | -$10.0K | |
| Cash distributions/dividends | -$435.8K | -$363.2K | |
| Net Cash Used In Financing Activities | -$435.8K | -$363.2K | |
| Net Increase in Cash and Restricted Cash | -$27.1K | $264.6K | |
| Interest paid | $0 | $0 | |
| Income taxes paid | $307.0K | $165.0K | |
| Asset held for resale offsetting lease termination loss | $0 | $4.5K | |
| Right-of-use operating asset obtained in exchange for operating lease liability | $0 | $401.4K |
No quarter-by-quarter statement was filed.
Corporate structure
BAB, INC. sits at the top of its group. 1 entity, 1 country on record. Switch between the flow chart and the network, and select any entity to see its details.
Major holders of BAB, INC.
- Camelot Event-Driven Advisors LLC Filed SCHEDULE 13G on BAB, INC., latest Jul 9, 2025 (2 filings since Jul 9, 2025)
- BAB, INC. Deerfield, Illinois
Built from major holders from Schedules 13D and 13G. Each entity in the chart links to its source.
What it owns
What BAB, INC. reports owning in its annual reports to the SEC: buildings, land and equipment, real estate and locations, investments, intangible assets and inventory, at the end of its latest fiscal year and a year before.
Property and equipment
| Item | Latest | A year before | Change |
|---|---|---|---|
| Accumulated depreciation | $159.8K5 Nov 30, 2025 | $159.4K5 Nov 30, 2024 | +0.3% |
| Property and equipment, net | $3.2K5 Nov 30, 2025 | $05 Nov 30, 2024 | |
| Operating-lease assets (leased space) | $308.8K5 Nov 30, 2025 | $365.7K5 Nov 30, 2024 | −15.6% |
Real estate and locations
Investments
Intangibles and goodwill
| Item | Latest | A year before | Change |
|---|---|---|---|
| Trademarks and trade names (indefinite-lived) | $461.4K5 Nov 30, 2025 | $461.4K5 Nov 30, 2024 | 0% |
| Accumulated amortization | $146.7K5 Nov 30, 2025 | $142.7K5 Nov 30, 2024 | +2.9% |
| Finite-lived intangibles, net | $13.2K5 Nov 30, 2025 | $13.3K5 Nov 30, 2024 | −0.2% |
Properties, in its own words
The Company's principal executive office, consisting of approximately 5,300 square feet, is located in Deerfield, Illinois and is leased.
On February 15, 2024 the Company signed a lease for the same executive office space in Deerfield, Illinois, consisting of approximately 5,300 square feet. The lease is for a period of 6 years, beginning April 1, 2024 through March 31, 2030 with an option to renew for a 5-year period.
Item 2 of the 10-K filed Feb 24, 2026.4
Leadership
Who has led BAB, INC., and when. Pick a name to see everywhere that person has worked.
Chief financial officer
- Chief financial officerGeraldine Conn Apr 1, 2014 to May 4, 201514
- Chief financial officerJeffrey M. Gorden Nov 29, 2006 to Aug 9, 201115
Board members and other officers (6)
- Vice President General CounseMichael K. Murtaugh Aug 10, 2010 to Feb 15, 201316
- Board memberGeorge Michael Ristau Jr. Jul 8, 2026 to now17
- Board memberMichael K. Murtaugh Mar 29, 2006 to Feb 15, 201318
- Board memberJames Allen Lentz Nov 16, 2006 to Nov 16, 200619
- Board memberSteven G. Feldman Nov 16, 2006 to Nov 16, 200620
- General counselMichael K. Murtaugh Mar 29, 2006 to Aug 22, 201118
Former names
- BAB INCNov 6, 2000 to Dec 8, 20053
Timeline
- Jul 1, 20268-K Executive or director change21
- Jun 12, 20268-K Executive or director change22
- Jun 4, 20268-K Shareholder vote23
- Feb 25, 20268-K Change of auditor24
- Nov 20, 20258-K Executive or director change25
- Nov 19, 20258-K Entered a material agreement; Change to shareholders' rights26
- May 23, 20258-K Shareholder vote27
- Jun 24, 20248-K Shareholder vote28
- May 26, 20238-K Shareholder vote29
- Apr 4, 20238-K Entered a material agreement; Change to shareholders' rights30
- May 20, 20228-K Shareholder vote31
Filings
42 filings to the SEC since October 2021: 5 annual reports, 16 quarterly reports, 11 major events, 3 insider forms, 2 large holders, 5 other. The latest 20:
- Oct 13, 202610-Q EDGAR
- Jul 13, 202610-Q EDGAR
- Jul 8, 20263 EDGAR
- Jul 1, 20268-K EDGAR
- Jun 12, 20268-K EDGAR
- Jun 4, 20268-K EDGAR
- Apr 21, 2026DEF 14A EDGAR
- Apr 13, 202610-Q EDGAR
- Feb 25, 20268-K EDGAR
- Feb 24, 202610-K EDGAR
- Dec 31, 20253 EDGAR
- Dec 30, 20253 EDGAR
- Nov 20, 20258-K EDGAR
- Nov 19, 20258-K EDGAR
- Oct 10, 202510-Q EDGAR
- Jul 14, 202510-Q EDGAR
- Jul 9, 2025SCHEDULE 13G EDGAR
- Jul 9, 2025SCHEDULE 13D/A EDGAR
- May 23, 20258-K EDGAR
- Apr 11, 202510-Q EDGAR
The 42 filings since October 2021 can be filtered by form type and year here when JavaScript is on.
Every filing from the last five years, summarized. The full record is on SEC EDGAR.
Major holders
Investors who own more than 5% of the shares must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively.
- Camelot Event-Driven Advisors LLCSCHEDULE 13G, 2 filings Jul 9, 202532
Executive pay
What the company paid its top executives, from the summary compensation table in its proxy statement. Total pay includes salary, bonus, stock and option awards and other pay, as the company valued them.
| Year | Executive | Age | Salary | Total pay |
|---|---|---|---|---|
| 2025 | Michael W. Evans | $240.1K | $274.6K33 | |
| 2025 | Michael K. Murtaugh* | $170.3K | $191.8K33 | |
| 2025 | Geraldine Conn | $135.8K | $154.7K33 | |
| 2024 | President and CEO | $222.7K | $262.8K33 | |
| 2024 | Vice President and General Counsel | $160.3K | $186.2K33 | |
| 2024 | Chief Financial Officer | $124.5K | $143.0K33 |
SEC filer profile
How BAB, INC. is registered with the Securities and Exchange Commission, from its EDGAR record and the cover page of its latest annual report.
- Name on EDGARBAB, INC.1
- CIK0001123596
- Employer ID (EIN)36-43895474
- Filer statusNon-accelerated filer not an emerging growth company; a smaller reporting company; not a shell company4
- Incorporated inDelaware4
- Fiscal year endsNovember 301
- Industry code (SIC)5812 Retail-Eating Places1
- SEC reviewing officeOffice of Trade & Services, Division of Corporation Finance1
- Business address500 Lake Cook Road, Suite 475, Deerfield, IL 600151
- Phone847 948-75201
- Shares outstanding7,263,508 as of Oct 13, 202613
- Public float$3.9M as of May 31, 20254
- AuditorSassetti LLC, Oak Brook, Illinois PCAOB ID 29; it also attests to the company’s internal control over financial reporting4
- On EDGAR sinceSep 18, 20001
- Filings405 in all: 4 (155), 8-K (68), 10-Q (54), DEF 14A (26), 10QSB (24), 10-K (17), SC 13D/A (12), 10KSB (9)1
All 23 form types
3 (7), UPLOAD (7), 4/A (5), CORRESP (5), SC 13D (3), SC 13G (3), 10-K/A (2), 10KSB/A (1), 10QSB/A (1), 10SB12G (1), 10SB12G/A (1), DEFA14A (1), PRE 14A (1), SCHEDULE 13D/A (1), SCHEDULE 13G (1)
- Latest filingsAnnual report (10-K) Feb 24, 2026
Quarterly report (10-Q) Oct 13, 2026
Proxy statement (DEF 14A) Apr 21, 2026
Latest 8-K (8-K) Jul 1, 2026
Securities registered for trading
| Class | Symbol | Exchange |
|---|---|---|
| Common Stock | BABB | NASDAQ |
From the cover page of the 10-K filed Feb 24, 2026 (Section 12(b) of the Exchange Act).4
Risk factors and legal proceedings
Legal proceedings
We may be subject to various legal proceedings and claims, either asserted or unasserted, which arise in the ordinary course of business. While the outcome of such proceedings or claims cannot be predicted with certainty, management does not believe that the outcome of any such proceedings or claims will have a material effect on our financial position. We know of no pending or threatened proceeding or claim to which we are or will be a party.
The opening of Item 3, Legal Proceedings.4
Sources
The numbers on this page point here. Each one links to the record it came from.
- 1SEC EDGARBAB, INC. filings on SEC EDGAR
- 2Yahoo FinanceBABB quote
- 3SEC EDGARBAB, INC. filings on SEC EDGAR
- 4
- 5SEC EDGARBAB, INC. 10-K for fiscal 2025
- 6SEC EDGARBAB, INC. 10-K for fiscal 2019
- 7SEC EDGARBAB, INC. 10-K for fiscal 2020
- 8SEC EDGARBAB, INC. 10-K for fiscal 2021
- 9SEC EDGARBAB, INC. 10-K for fiscal 2022
- 10SEC EDGARBAB, INC. 10-K for fiscal 2023
- 11SEC EDGARBAB, INC. 10-Q for fiscal 2026
- 12SEC EDGARBAB, INC. 10-Q for fiscal 2026
- 13SEC EDGARBAB, INC. 10-Q for fiscal 2026
- 14
- 15
- 16
- 17
- 18SEC EDGARMichael K. Murtaugh, Board member
- 19SEC EDGARJames Allen Lentz, Board member
- 20SEC EDGARSteven G. Feldman, Board member
- 21SEC EDGARExecutive or director change
- 22SEC EDGARExecutive or director change
- 23SEC EDGARShareholder vote
- 24SEC EDGARChange of auditor
- 25SEC EDGARExecutive or director change
- 26
- 27SEC EDGARShareholder vote
- 28SEC EDGARShareholder vote
- 29SEC EDGARShareholder vote
- 30
- 31SEC EDGARShareholder vote
- 32
- 33