Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares |
Jan. 05, 2025 |
Dec. 17, 2024 |
Apr. 28, 2024 |
Dec. 29, 2023 |
Dec. 28, 2023 |
Apr. 30, 2023 |
|---|---|---|---|---|---|---|
| Statement of Financial Position [Abstract] | ||||||
| Common stock, par value (in dollars per share) | $ 0.0001 | $ 0.0001 | $ 0.0001 | $ 0.0001 | ||
| Common stock, shares authorized (in shares) | 430,000,000 | 430,000,000 | ||||
| Common stock, shares issued (in shares) | 41,039,549 | 40,087,785 | 17,422,009 | |||
| Common stock, shares outstanding (in shares) | 41,039,549 | 40,087,785 | 39,918,036 | 17,422,009 |
Unaudited Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands |
8 Months Ended | |
|---|---|---|
Jan. 05, 2025 |
Jan. 07, 2024 |
|
| Cash flows from operating activities | ||
| Net loss | $ (27,395) | $ 1,919 |
| Adjustments to reconcile net loss to net cash used in operating activities | ||
| Gain on modification of operating leases | 0 | (3,281) |
| Depreciation expense | 7,802 | 5,417 |
| Non-cash operating lease expense | 4,404 | 4,048 |
| Paid-in-kind interest | 8,078 | 0 |
| Operating lease tenant allowances | 339 | 3,789 |
| Stock-based compensation | 2,230 | 615 |
| Gain on change in fair value of warrant liabilities and other | (6,955) | (19,305) |
| Warrant expense | 28 | 0 |
| Interest on finance lease obligation | 39 | 0 |
| Amortization of debt issuance costs | 1,992 | 1,425 |
| Franchise tax expense | (150) | 0 |
| Impairment loss | 634 | 0 |
| Accounts receivable | (172) | (741) |
| Inventories | (58) | (126) |
| Prepaid expenses and other current assets | (1,178) | (1,265) |
| Operating right-of-use asset | (2,825) | 0 |
| Other long-term assets | 616 | (5,808) |
| Accrued occupancy costs | 6,415 | (3,954) |
| Other accrued liabilities | 6,837 | 1,867 |
| Operating lease liabilities | (12,025) | (6,808) |
| Net cash (used in) operating activities | (2,488) | (15,818) |
| Cash flows from investing activities | ||
| Purchase of property and equipment | (11,074) | (14,771) |
| Net cash (used in) investing activities | (11,074) | (14,771) |
| Cash flows from financing activities | ||
| Proceeds from warrant exercises | 0 | 1 |
| Proceeds from warrant issuances | 67 | 24,592 |
| Proceeds from issuance of redeemable convertible preferred stock, net | 0 | 19,843 |
| Payment of transaction costs incurred in connection with the registration statements | (25) | (23,437) |
| Principal payments on finance lease obligation | (128) | 0 |
| Principal payments on long-term notes payable | (2,132) | (466) |
| Debt issuance costs | 76 | (773) |
| Proceeds from long-term notes payable, net | 4,823 | 40,440 |
| Proceeds from short-term borrowings | 95 | 0 |
| Net cash provided by financing activities | 2,776 | 61,790 |
| Net change in cash and cash equivalents | (10,786) | 31,201 |
| Cash and cash equivalents, beginning of period | 13,171 | 8,436 |
| Cash and cash equivalents, end of period | 2,385 | 39,637 |
| Supplemental disclosures of cash flow information | ||
| Cash paid for interest | 5,106 | 5,241 |
| Cash paid for income taxes | 61 | 0 |
| Supplemental disclosures of non-cash operating, investing and financing activities | ||
| Forfeiture of accrued interest in connection with the conversion of long-term notes payable | 0 | 890 |
| Reclassification of liability-classified warrants | 1,864 | 940 |
| Transaction costs incurred in connection with the registration statements but not yet paid | 50 | 388 |
| Transfer of warrants related to business combination | 0 | 29,824 |
| Operating lease rent abatement | 0 | 3,214 |
| Right-of-use assets obtained in exchange for lease liabilities | 11,660 | 5,963 |
| Non-cash finance obligation | 911 | 1,270 |
| Issuance of contingently issuable warrants | 401 | 0 |
| Non-cash capital expenditures included in accounts payable | 7,864 | 2,198 |
| Change in the redemption amount of the redeemable convertible preferred stock | 0 | 1,423 |
| Accretion of cumulative dividends on Series I redeemable convertible preferred stock | 0 | 878 |
| Preferred Stock (as converted to common stock) | ||
| Supplemental disclosures of non-cash operating, investing and financing activities | ||
| Conversion of stock | 0 | 75,501 |
| Legacy Pinstripes Common Stock | ||
| Supplemental disclosures of non-cash operating, investing and financing activities | ||
| Conversion of stock | 0 | 180 |
| Common Stock | ||
| Supplemental disclosures of non-cash operating, investing and financing activities | ||
| Debt converted | 0 | 5,137 |
| Nonrelated Party | ||
| Adjustments to reconcile net loss to net cash used in operating activities | ||
| Accounts payable | 9,430 | 6,400 |
| Related Party | ||
| Adjustments to reconcile net loss to net cash used in operating activities | ||
| Accounts payable | $ (574) | $ (10) |
Nature of Business and Basis of Presentation |
8 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jan. 05, 2025 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Accounting Policies [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Nature of Business and Basis of Presentation | Nature of Business and Basis of Presentation Pinstripes Holdings, Inc. (“Pinstripes”, “New Pinstripes”, the “Company”, “we”, “us”, or “our”) was formed for the purpose of operating and expanding a unique entertainment and dining concept. As of January 5, 2025, the Company has 18 locations in ten states and Washington D.C. and generates revenue primarily from the sale of food, beverages, bowling, bocce and hosting private events. The Company operates its business as one operating and one reportable segment. On December 29, 2023, Pinstripes, Inc. (the “Predecessor” or “Legacy Pinstripes”) consummated the previously announced business combination pursuant to the Business Combination Agreement, dated as of June 22, 2023 (as amended and restated as of September 26, 2023 and November 22, 2023, the “BCA” or “Business Combination”), by and among Legacy Pinstripes, Banyan Acquisition Corporation, a Delaware corporation (“Banyan”), and Panther Merger Sub Inc., a Delaware corporation and a wholly owned subsidiary of Banyan. The financial statements included in this report reflect (i) the historical operating results of Legacy Pinstripes prior to the Business Combination and (ii) the combined results of Legacy Pinstripes and New Pinstripes following the closing of the Business Combination (collectively, Legacy Pinstripes and New Pinstripes are referred to as the “Company”). In connection with the closing of the Business Combination, Banyan changed its name to Pinstripes Holdings, Inc. (see Note 2). The closing of the Business Combination is accounted for as a reverse recapitalization. The prior period share and per share amounts presented in the unaudited condensed consolidated financial statements and related notes have been retroactively adjusted to give effect to the reverse recapitalization treatment of the transactions completed by the Business Combination. Principles of Consolidation The accompanying unaudited condensed consolidated financial statements include the accounts of the Company and its directly and indirectly wholly owned subsidiaries: Pinstripes, Inc., Pinstripes at Prairiefire, Inc., Pinstripes Illinois, LLC, and Pinstripes, Hillsdale, LLC. All intercompany accounts and transactions have been eliminated in consolidation. Fiscal Years The Company’s fiscal year consists of 52/53-weeks ending on the last Sunday in April. The fiscal year ended April 28, 2024 contained 52 weeks. In a 52-week fiscal year, the first, second and third fiscal quarters each contain twelve weeks and the fourth fiscal quarter contains sixteen weeks. In a 53-week fiscal year, the first, second and third fiscal quarters each contain twelve weeks and the fourth fiscal quarter contains seventeen weeks. Interim Financial Statements The Company’s financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) in the United States for interim financial information as prescribed by the Securities and Exchange Commission (“SEC”). Accordingly, they do not include all the information and notes required by GAAP for complete financial statements. In the opinion of management, these financial statements contain all adjustments, consisting of normal recurring accruals, necessary to present fairly the financial position, results of operations and cash flows for the periods indicated. Certain information and footnote disclosures normally included in annual financial statements presented in accordance with GAAP have been omitted pursuant to rules and regulations of the SEC. Due to the seasonality of the Company’s business, results for any interim financial period are not necessarily indicative of the results that may be achieved for a full fiscal year. In addition, quarterly results of operations may be impacted by the timing and amount of sales and costs associated with opening new locations. These interim unaudited condensed consolidated financial statements do not represent complete financial statements and should be read in conjunction with the audited consolidated financial statements and notes thereto for the fiscal year ended April 28, 2024, included in the 2024 Annual Report, which was filed with the SEC on June 28, 2024. Use of Estimates The preparation of the unaudited condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the unaudited condensed consolidated financial statements and accompanying notes. Actual results could differ from those estimates. Cash and cash equivalents Management considers transaction settlements in process from credit card companies and all highly-liquid investments with original maturities of three months or less to be cash equivalents. Amounts due from credit card transactions with settlement terms of less than five days are included in cash and cash equivalents. Credit and debit card receivables included within cash were $858 and $1,624 as of January 5, 2025 and April 28, 2024, respectively. Revenue Food and beverage revenues and recreation revenues are recognized when payment is tendered at the point of sale as the performance obligation has been satisfied. Food and beverage revenues include the sale of food and beverage products. Recreation revenues include bowling and bocce sales. Revenues are recognized net of discounts and taxes. Event deposits received from guests are deferred and recognized as revenue when the event is held. Event deposits received from customers in advance are included in amounts due to customers in the condensed consolidated balance sheets in the amounts of $5,443 as of January 5, 2025 and $6,640 as of April 28, 2024. The Company sells gift cards, which do not have expiration dates, and does not deduct non-usage fees from outstanding gift card balances. Gift card sales are initially recorded by the Company as a liability and subsequently recognized as revenue upon redemption by the customer. For unredeemed gift cards that the Company expects to be entitled to breakage and for which there is no legal obligation to remit the unredeemed gift card balances to the relevant jurisdictions, the Company recognizes expected breakage as revenue in proportion to the pattern of redemption by the customers. The determination of the gift card breakage is based on the Company’s specific historical redemption patterns. The contract liability related to our gift cards is included in amounts due to customers in the condensed consolidated balance sheets in the amounts of $2,616 as of January 5, 2025 and $1,993 as of April 28, 2024. The components of gift card revenue were as follows:
Revenues are reported net of sales tax collected from customers. Sales tax collected is included in other accrued liabilities on the condensed consolidated balance sheets until the taxes are remitted to the appropriate taxing authorities. Pre-opening costs Pre-opening costs, which are expensed as incurred, consist of expenses prior to opening a new store location and are made up primarily of manager salaries, relocation costs, recruiting expenses, payroll and training costs, marketing and travel costs. These costs also include occupancy costs recorded during the period between the date of possession and the date we begin operations at a location. Pre-opening costs were $1,450 and $4,024 for the twelve and thirty-six weeks ended January 5, 2025, respectively, compared to $1,934 and $7,238 for the twelve and thirty-six weeks ended January 7, 2024, respectively. The decrease was due to fewer locations under construction during the period. Common and preferred stock In connection with the Reverse Recapitalization (see Note 2), the following classes of common (collectively, the Class A Common Stock, Series B-1 Common Stock, Series B-2 Common Stock and Series B-3 Common Stock, are referred to as “Common Stock”) and preferred stock were authorized: •400,000,000 shares of Class A Common Stock at a par value of $0.0001 per share, of which 41,039,549 shares were issued and outstanding as of January 5, 2025 •10,000,000 shares of Series B-1 Common Stock at a par value of $0.0001 per share, of which no shares were issued and outstanding as of January 5, 2025 •10,000,000 shares of Series B-2 Common Stock at a par value of $0.0001 per share, of which no shares were issued and outstanding as of January 5, 2025 •10,000,000 shares of Series B-3 Common Stock at a par value of $0.0001 per share, of which no shares were issued and outstanding as of January 5, 2025 •10,000,000 shares of preferred stock at a par value of $0.0001 per share, of which no shares were issued and outstanding as of January 5, 2025 Recently adopted and issued accounting standards In November 2023, the FASB issued Update 2023-07, "Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures." This Update applies to all public entities that are required to report segment information in accordance with Topic 280. The amendments in this Update improve reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses. The amendments in this Update do not change how a public entity identifies its operating segments, aggregates those operating segments, or applies the quantitative thresholds to determine its reportable segments. The new standard is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. Early adoption is permitted. The standard should be applied retrospectively to all prior periods presented in the financial statements. The Company is currently evaluating the impact of adopting this new standard. In December 2023, the FASB issued Update 2023-09, "Income Taxes (Topic 740): Improvements to Income Tax Disclosures." This Update applies to all entities that are subject to Topic 740. The amendments in this Update improve income tax disclosures primarily related to the rate reconciliation and income taxes paid information as well as the effectiveness of certain other income tax disclosures. The new standard is effective for annual periods beginning after December 15, 2024. Early adoption is permitted. The standard should be applied on a prospective basis, but retrospective application is permitted. The Company is currently evaluating the impact of adopting this new standard. In November 2024, the FASB issued Update 2024-03, “Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40), Disaggregation of Income Statement Expenses.” The amendments in this Update require public business entities disclose in the notes to the financial statements specified information about certain costs and expenses. The amendments in this Update do not change or remove current expense disclosure requirements. The new standard is effective for annual periods beginning after December 15, 2026 and interim periods beginning after December 15, 2027. Early adoption is permitted. The Company is currently evaluating the impact of adopting this new standard. In November 2024, the FASB issued Update 2024-04, Debt-Debt with Conversions and Other Option. This Update is intended to clarify requirements for determining whether certain settlements of convertible debt instruments, including convertible debt instruments with cash conversion features or convertible debt instruments that are not currently convertible, should be accounted for as an induced conversion. This Update is effective for all entities for annual reporting periods beginning after December 15, 2025, and interim reporting periods within those annual reporting periods. Early adoption is permitted. The Company is currently evaluating the potential impact of adopting this new standard. Management reviewed the accounting pronouncements that became effective for the third quarter of fiscal year 2025 and determined that either they were not applicable, or they did not have a material impact on the condensed consolidated financial statements. Management also reviewed the recently issued accounting pronouncements to be adopted in future periods and determined that they are not expected to have a material impact on the condensed consolidated financial statements.
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Reverse Recapitalization |
8 Months Ended | ||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jan. 05, 2025 | |||||||||||||||||||||||||||||||||||||||||||
| Reverse Recapitalization [Abstract] | |||||||||||||||||||||||||||||||||||||||||||
| Reverse Recapitalization | Reverse Recapitalization The consummation of the Business Combination was accounted for as a reverse recapitalization in accordance with GAAP (“Reverse Recapitalization”). Under this method of accounting, Banyan is treated as the “acquired” company. Accordingly, for accounting and financial reporting purposes, the financial statements of the combined entity, New Pinstripes, represent a continuation of the condensed consolidated financial statements of Legacy Pinstripes, with the transaction treated as the equivalent of Legacy Pinstripes issuing stock for the net assets of Banyan, accompanied by a recapitalization. The net assets of Banyan are stated at historical cost, which approximates fair value, with no goodwill or other intangible assets recorded. Legacy Pinstripes was determined to be the accounting acquirer due to (i) Legacy Pinstripes’ stockholders comprising the relative majority of the voting power of the combined entity and having the ability to nominate the substantial majority of the board of directors of New Pinstripes, (ii) Legacy Pinstripes’ operations prior to the Reverse Recapitalization comprising the only ongoing operations of the combined entity, and (iii) Legacy Pinstripes’ senior management comprising the senior management of the combined company. In connection with the closing of the Business Combination: •Immediately prior to the consummation of the Reverse Recapitalization (i) each of the issued and outstanding 11,089,695 shares of Legacy Pinstripes Redeemable Convertible Preferred Stock (including the 850,648 shares of Legacy Pinstripes Series I Redeemable Convertible Preferred Stock and the 35,102 shares payable for the settlement of the cumulative unpaid dividends thereon) were converted into 11,089,695 shares of Legacy Pinstripes Common Stock; (ii) each of the issued and outstanding 354,436 Legacy Pinstripes warrants were converted into 354,436 shares of Legacy Pinstripes Common Stock; and (iii) each of Legacy Pinstripes outstanding principal convertible note obligations were converted into 500,000 shares of Legacy Pinstripes Common Stock (collectively, the “Conversion Shares”); •Each of the issued and outstanding 17,422,009 shares of Legacy Pinstripes Common Stock held by the Legacy Pinstripes stockholders, including the Conversion Shares, with the exception of the 885,750 shares of Legacy Pinstripes Common Stock issued upon conversion of Legacy Pinstripes Series I Redeemable Convertible Preferred Stock (the “Series I Investors”), were cancelled and converted into 32,206,458 shares of New Pinstripes Class A Common Stock, after giving effect to an exchange ratio of approximately 1.8486 shares of New Pinstripes Class A Common Stock for each share of Legacy Pinstripes as set forth in the BCA (the “Exchange Ratio”); •Each of the issued and outstanding 885,750 shares of Legacy Pinstripes Common Stock held by the Series I Investors were cancelled and converted into 2,214,375 shares of New Pinstripes Class A Common Stock after giving effect to an exchange ratio of approximately 2.5 shares of New Pinstripes Class A Common Stock for each share of Legacy Pinstripes as set forth in the BCA (the “Series I Exchange Ratio”) (collectively, the Exchange Ratio and the Series I Exchange Ratios are referred to as the “Exchange Ratios”); •All 32,203 of the issued and outstanding shares of Banyan Redeemable Class A Common Stock held by Banyan stockholders were re-issued as 32,203 shares of New Pinstripes Class A Common Stock; •Banyan stockholders forfeited an aggregate of 2,768,750 shares of the issued and outstanding Banyan Class A Common Stock which were re-issued as (i) 1,242,975 shares of New Pinstripes Class A Common Stock to the Legacy Pinstripes stockholders (other than the Series I Investors), (ii) 507,025 shares of New Pinstripes Class A Common Stock to the Series I Investors and (iii) 1,018,750 shares of Class A Common Stock to the certain investors in Banyan who agreed not to redeem their respective shares of Banyan Class A Common Stock in connection with Banyan’s extension meeting held on April 21, 2023; •Each of the remaining issued and outstanding 3,665,000 shares of Banyan Class A Common Stock held by the Banyan stockholders were re-issued as 3,665,000 shares of New Pinstripes Common Stock; •All of the 2,722,593 issued and outstanding vested and unvested Legacy Pinstripes options held by the Legacy Pinstripes stockholders were converted into New Pinstripes options exercisable for 5,032,434 shares of New Pinstripes Common Stock, after giving effect to the Exchange Ratio, at an exercise price per share equal to the Legacy Pinstripes option exercise price divided by the Exchange Ratio; and •50,000 shares of New Pinstripes Class A Common Stock were issued to a third party as payment for $500 of transaction costs incurred by Legacy Pinstripes in connection with the closing of the business combination. Pursuant to the BCA, an aggregate of (i) 1,485,000 of the issued and outstanding shares of Banyan Class A Common Stock and 345,000 of the issued and outstanding shares of Banyan Class B Common Stock held by the Banyan stockholders were re-issued as 1,830,000 shares of New Pinstripes Class B Common Stock, subject to vesting based upon satisfaction of stock trading price conditions (“Sponsor Earnout Shares”), (ii) 5,000,000 shares of New Pinstripes Class B Common Stock were issued to Legacy Pinstripes stockholders, subject to vesting based upon satisfaction of stock trading price conditions (“Target Earnout Shares”), and (iii) 4,000,000 shares of New Pinstripes Class B Common Stock were issued to Legacy Pinstripes stockholders, subject to vesting based upon financial performance in calendar 2024 (“EBITDA Earnout Shares” and together with the Sponsor Earnout Shares and the Target Earnout Shares, the “Earnout Shares”). The Earnout Shares, which will convert into New Pinstripes Class A Common Stock if the conditions described herein are met, are subject to forfeiture if the respective achievement of the specified targets are not met, are classified in stockholders’ equity as the Earnout Shares were determined to be indexed to New Pinstripes Class A Common Stock and meet the requirements for equity classification. As the specific targets required for the vesting of the EBITDA Earnout Shares will not have been met, on the day immediately following the date of issuance of these financial statements, all EBITDA Earnout Shares will, automatically, without any further action on the part of any holder thereof, the Company or any other person, be forfeited, cancelled and transferred to the Company, without consideration. In connection with the Reverse Recapitalization, Pinstripes entered into a loan agreement with Oaktree Fund Administration, LLC (“Oaktree”) under which Pinstripes obtained a senior secured term loan in the principal amount of $50,000 (see Note 5) and issued warrants to purchase 2,500,000 shares of New Pinstripes Class A Common Stock at an exercise price of $0.01 per share (“ Oaktree Tranche 1 Warrants”). Management evaluated the warrants and concluded the meet the criteria for equity classification (see Note 10). The number of shares of New Pinstripes Class A Common Stock issued immediately following the consummation of the Reverse Capitalization was as follows:
(1) Excludes the 5,000,000 Target Earnout Shares and the 4,000,000 EBITDA Earnout shares subject to forfeiture if the achievement of certain targets is not met. (2) Includes the 1,018,750 shares of New Pinstripes Class A Common Stock to certain investors in Banyan who agreed not to redeem their respective shares of Banyan Class A Common Stock in connection with Banyan’s extension meeting held on April 21, 2023 and excludes the 1,830,000 Sponsor Earnout Shares subject to forfeiture if the achievement of certain targets is not met. Transaction Costs During the twelve and thirty-six weeks ended January 5, 2025, the Company incurred $0 and $76, respectively, for transaction costs incurred in connection with the S-1 registration statement. During the twelve and thirty-six weeks ended January 7, 2024, the Company incurred $20,191 and $24,317, respectively, for transaction costs incurred in connection with the Reverse Recapitalization. The transaction costs primarily represent fees incurred for financial advisory, legal and other professional services. Of the total transaction costs incurred during the thirty-six weeks ended January 5, 2025, $25 have been paid and reflected as a cash outflow from financing activities. Of the total transaction costs incurred during the thirty-six weeks ended January 7, 2024, $23,437 have been paid and reflected as a cash outflow from financing activities for the thirty-six weeks ended January 7, 2024. During the fiscal year ended April 28, 2024, the Company incurred $24,317 for transaction costs incurred in connection with the Reverse Recapitalization, inclusive of Banyan incurred transaction costs, and $635 for transaction costs incurred with the S-1 and S-8 registration statements. Transaction costs are reported as a reduction of additional paid-in capital on the condensed consolidated balance sheets as of January 5, 2025 and April 28, 2024, excluding $940 reported as prepaid and other current assets related to director and officer insurance for the Company and Banyan as well as $53 of taxes payable related to the consummation of the Business Combination. Retroactive Application of Reverse Recapitalization The Business Combination is accounted for as a reverse recapitalization of equity. Accordingly, the prior period share and per share amounts presented in the condensed consolidated financial statements and related notes have been retroactively adjusted to give effect to the Reverse Recapitalization. Retroactive Application of Reverse Recapitalization to the Unaudited Condensed Consolidated Statements of Operations The weighted average shares during the twelve and thirty-six weeks ended January 7, 2024 have been recalculated to give effect to the retroactive application of the Reverse Recapitalization on the outstanding shares. Accordingly, the basic and diluted weighted-average Legacy Pinstripes Common Stock were retroactively converted to New Pinstripes Common Stock. Retroactive Application of Reverse Recapitalization to the Unaudited Condensed Consolidated Statements of Redeemable Convertible Preferred Stock and Stockholders’ Deficit The unaudited condensed consolidated statements of redeemable convertible preferred stock and stockholders’ deficit for the twelve and thirty-six weeks ended January 7, 2024 have been recast to reflect the number of New Pinstripes Common Stock issued to Legacy Pinstripes stockholders in connection with the Reverse Recapitalization at the New Pinstripes Common Stock par value of $0.0001. The number of Legacy Pinstripes’ Redeemable Convertible Preferred Stock and Legacy Pinstripes’ Common Stock have been recast after giving effect to the Exchange Ratio in connection with the Reverse Recapitalization, and the related impacts to common stock and additional paid-in-capital for the change in par value.
|
||||||||||||||||||||||||||||||||||||||||||
Inventory |
8 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jan. 05, 2025 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Inventory Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Inventory | Inventory Inventories consist of the following:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Property and Equipment |
8 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jan. 05, 2025 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Property, Plant and Equipment [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Property and Equipment | Property and Equipment Property and equipment, net is summarized as follows:
During the twelve and thirty-six weeks ended January 5, 2025, the Company capitalized interest expense of $128 and $339, respectively, into construction in progress. During the twelve and thirty-six weeks ended January 5, 2025, the Company recorded an impairment loss of $634 on construction in progress due to the termination of a lease that had not yet commenced. The impairment loss was recorded at cost as the assets are no longer usable with the termination of the lease. Construction in progress relates to new locations under construction.
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt |
8 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jan. 05, 2025 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Debt | Debt Long-term notes payable consists of the following:
PPP & SBA Loans In April 2020, the Company executed a loan pursuant to the Paycheck Protection Program (“PPP”) loans, which was administered by the Small Business Association (“SBA”) under the CARES Act and the PPP Flexibility Act of 2020, for $7,725. During the fiscal year ended April 25, 2021, the Company executed three PPP loans totaling $3,265. Each PPP loan matures two years after issuance. The interest rate on each PPP loan is 1.0% annually. As authorized by the provisions of the CARES Act, the Company applied for and received forgiveness of a portion of the PPP loans during the fiscal year ended April 30, 2023. As such, the Company recorded a gain on the extinguishment of debt for $8,458, which includes accrued interest during the fiscal year ended April 30, 2023. As of January 5, 2025 and April 28, 2024, the principal outstanding related to these loans was approximately $500. Term Loans On March 7, 2023, the Company entered into a term loan facility (the “Silverview Facility”), consisting of two tranches and detachable warrants (see Note 10), with Silverview Credit Partners LP (“Silverview”) for $35,000 (the “Silverview Tranche 1 Loan”) that matures on June 7, 2027. As part of the transaction, the Company repaid $5,598 of term loans with Live Oak Banking Company. The interest rate on the term loan is 15%, which is payable monthly, and is collateralized by a first lien security interest in the assets of the business. At each six-month interval beginning in March of fiscal year 2024, the Company began repaying the principal amount. In March 2024 and September 2024, the Company made principal payments of $700 and $740, respectively. The Silverview Facility provides for a second tranche (the “Silverview Tranche 2 Loan”) that allows the Company to draw an additional $12,500 solely during the Silverview Tranche 2 Loan availability period which ends on the earlier of September 7, 2024, or the date on which obligations shall become due and payable in full per the loan agreement. Under the Silverview Tranche 2 Loan, the Company can borrow $2,500 per draw for each of five new store openings ($12,500 in aggregate). On August 1, 2023, the Company and Silverview entered into an agreement whereby the Company agreed to grant Silverview warrants to purchase shares of the Company’s Common Stock issuable and exercisable by Silverview if the Company obtains additional funding under the Silverview Tranche 2 Loan. Simultaneously, the Company amended and restated its existing warrant agreement (see Note 10). The Company determined that the amendment was treated as a debt modification and accordingly, no gain or loss was recognized. On July 27, 2023, September 29, 2023, October 20, 2023 and December 29, 2023 the Company received $1,000, $1,500, $5,000 and $5,000 respectively, in additional debt proceeds from Silverview under the Silverview Tranche 2 Loan to fund expansion, which bear interest at 15% and will be payable in full on June 7, 2027. Upon the issuance of each Silverview Tranche 2 Loan, the Company reduced the Silverview Tranche 2 Loan commitment asset for the proportional amount received and presents the amounts as a debt issuance costs and a reduction of the borrowing proceeds (i.e., a debt discount). As of April 28, 2024, the Company had drawn the total $12,500 available under the Silverview Tranche 2 Loan. As such, all of the remaining loan commitment asset of $1,203 has been reclassified to debt discount of $559 and debt issuance costs of $644. On September 3, 2024, the Company and Silverview entered into the Sixth Amendment (the “Silverview Sixth Amendment”) to the Silverview Facility dated March 7, 2023. The Sixth Amendment provides for a third tranche loan (the “Silverview Tranche 3 Loan”) of $2,000, made on September 3, 2024 and matures on June 7, 2027. The Silverview Tranche 3 Loan bears an interest rate per annum equal to 15%. Additionally, the Company agreed to grant Silverview warrants to purchase 29,292 shares of the Company’s Class A Common Stock (see Note 10). The Company determined that the amendment was treated as a debt modification and accordingly, no gain or loss was recognized. The Company recorded a debt discount of $177. As of April 28, 2024, the Company incurred debt issuance costs and discounts, net of amortization, of $4,400, of which $1,510 was debt issuance costs, $2,890 was debt discount on the consolidated balance sheets. As of January 5, 2025, the Company has recorded debt issuance costs and discounts, net of amortization, of $3,380, of which $1,154 was debt issuance costs and $2,226 was debt discount on the condensed consolidated balance sheets. Subsequent to period end, on January 17, 2025, the Company and Silverview entered into the Seventh Amendment (the “Silverview Seventh Amendment”) to the Silverview Facility (see Note 14). Equipment Loan On April 19, 2023, the Company entered into a subordinated equipment loan (the “Granite Creek Facility”) of $11,500 and detachable warrants (see Note 10) with Granite Creek Capital Partners LLC (“Granite Creek”) that matures on April 19, 2028. The interest rate on the loan is 12% and is payable monthly. The Granite Creek Facility is collateralized by the specific furniture, fixture and equipment assets of the business. The outstanding principal is repayable in quarterly installments equal to $431 on the last day of each calendar quarter commencing on September 30, 2024. On July 27, 2023, the Company restated the term loan agreement with Granite Creek, to provide for $5,000 in additional debt financing and the issuance of additional detachable warrants (see Note 10) for development of new locations that matures on April 19, 2028, bears interest at 12%, and is repayable in quarterly installments of $188 beginning September 30, 2024. The Company determined that the amendment was treated as a debt modification and accordingly, no gain or loss was recognized. On September 30, 2024 and subsequent to period end, on January 7, 2025, the Company made a principal payment of $619, respectively. As of April 28, 2024, the Company incurred debt issuance costs and discounts, net of amortization, of $3,285, of which $60 was recorded as debt issuance costs and $3,225 was recorded as a debt discount on the consolidated balance sheets. As of January 5, 2025, the Company has recorded debt issuance costs and discounts, net of amortization, of $2,705, of which $49 was debt issuance costs and $2,656 was debt discount on the condensed consolidated balance sheets. Subsequent to period end, on January 17, 2025, the Company and Granite Creek entered into Amendment No. 3 (the “Granite Creek Amendment No. 3”) to the Granite Creek Facility (see Note 14). Senior Notes On December 29, 2023, in connection with the Reverse Recapitalization (see Note 2), the Company entered into a definitive loan agreement (the “Oaktree Loan Agreement”) with Oaktree Fund Administration, LLC, as agent, (“Oaktree”) under which the Company issued Senior Secured Notes (“Senior Notes”) to Oaktree, which mature in five years on December 29, 2028, and detachable warrants (see Note 10). The principal payment is due at maturity. The loan agreement provides for Senior Notes of up to $90,000 in the aggregate to be funded in two tranches as follows (a) an initial loan of $50,000 (“Oaktree Tranche 1 Loan”), which closed on December 29, 2023 in connection with the closing of the Business Combination, and (b) an additional $40,000 of Senior Notes is to be funded at the sole discretion of Oaktree no earlier than nine months and no later than 12 months after the Business Combination closing date (“Oaktree Tranche 2 Loan”). The Company will use the proceeds from the Oaktree Tranche 1 Loan for general business purposes, including the settlement of Business Combination related transaction costs and to fund expansion efforts. A condition to the funding of the Oaktree Tranche 2 Term Loan is that the Company shall use the proceeds to repay all outstanding amounts under the Silverview Facility. Interest on the Oaktree Tranche 1 Loan accrues on a daily basis calculated based on a 360-day year at a rate per annum equal to (i) 12.5% payable in arrears, at Pinstripes’ option either in cash or in kind (subject to certain procedures and conditions); provided that the interest payable in respect of any period following December 31, 2024, interest under this clause (i) will be required to be paid solely in cash, plus (ii) 7.5% payable quarterly in arrears, at Pinstripes’ option, either in cash or in kind (subject to certain procedures and conditions). On each payment interest date, the Company will increase the principal amount based upon the contractual rate and assume the value of the payment in kind is equal to the amount accrued. The effective interest rate of the original debt will incorporate the paid-in-kind (PIK) interest in the computation of the effective interest rate as an assumed cash flow on each payment date. As of January 5, 2025 and April 28, 2024, the Company recorded $11,478 and $3,430, respectively, of accrued PIK interest in long-term notes payable in the condensed consolidated balance sheets. The obligations of the Company under the Oaktree Tranche 1 Loan are unconditionally guaranteed (the “Guarantees”) by Pinstripes and certain other subsidiaries of Pinstripes (collectively, the “Guarantors”). The obligations under the Oaktree Tranche 1 Loan and the Guarantees are secured by a second lien security interest in substantially all assets of the Guarantors, subordinate to the first lien security interests of the other senior secured lenders (Silverview and Granite Creek) of Pinstripes, and including a pledge of the equity of the Company. Any prepayment of the Oaktree Tranche 1 Loan prior to its maturity date will be subject to a customary “make-whole” premium calculated using a discount rate equal to the yield on comparable Treasury securities plus 50 basis points. The Oaktree Tranche 2 Loan presents a written option to Oaktree to issue an additional $40,000 of funding at Oaktree’s sole discretion. The Company determined the written option for the Oaktree Tranche 2 Loan requires recognition as a liability and to be remeasured at fair value at the end of each reporting period. On December 29, 2023, the written option was initially recognized at its issuance date fair value of $1,773. During the fiscal year ended April 28, 2024, the Company recorded a gain for the change in fair value of the written option in the amount of $761, which was presented within the change in fair value of warrant liabilities and other in the consolidated financial statements of operations. As of April 28, 2024, the fair value of the written option was $1,012. During the twelve and thirty-six weeks ended January 5, 2025, the Company recorded a gain for the change in fair value of the written option in the amount of $566 and a loss for the change in fair value of the written option in the amount of $154, respectively, which is presented within the change in fair value of warrant liabilities and other on the unaudited condensed consolidated financial statements of operations. As of January 5, 2025, the fair value of the written option was $1,166. On September 3, 2024, the Company and Oaktree entered into the First Amendment (the “Oaktree First Amendment”) to the Senior Notes. The Oaktree First Amendment provides, among things, that: (i) the Oaktree Lenders have the option, in their discretion to fund additional loans under the Oaktree Tranche 2 Loan of up to $50,000 in any number of separate drawings (rather than $40,000 in a single tranche), (ii) the Company is obligated to grant additional Oaktree Tranche 2 Warrants on any closing of a Oaktree Tranche 2 Loan (see Note 10) and (iii) the proceeds received under Tranche 2 Loan no longer have to be used to repay all outstanding amounts under the Silverview Facility. In connection with the closing of the Oaktree First Amendment, Oaktree funded an Oaktree Tranche 2 Loan in the amount of $3,000 and agreed to grant an Oaktree Tranche 2 Warrant exercisable for 174,750 shares of the Company’s Class A Common Stock (see Note 10). The principal payment of the Oaktree Tranche 2 Loan is due at maturity on December 29, 2028. Interest on the Oaktree Tranche 2 Loan accrues on a daily basis calculated based on a 360-day year at a rate per annum equal to (i) 12.5% payable quarterly in arrears, at the Company’s option either in cash or in kind (subject to certain procedures and conditions) prior to December 31, 2024, and thereafter solely in cash, plus (ii) 7.5% payable quarterly in arrears, at the Company’s option, either in cash or in kind (subject to certain procedures and conditions) at all times. The Company determined that the amendment was treated as a debt modification and accordingly, no gain or loss was recognized. As a result of the debt modification, the Company recorded debt discount of $831. As of April 28, 2024, the Company has recorded debt issuance costs and discounts, net of amortization, of $27,747, of which $496 was debt issuance costs and $27,251 was debt discount on the consolidated balance sheets. As of January 5, 2025, the Company has recorded debt issuance costs and discounts, net of amortization, of $28,337, of which $465 was debt issuance costs and $27,872 was debt discount on the condensed consolidated balance sheets. Subsequent to period end, on January 17, 2025, the Company and Oaktree entered into the Second Amendment (the “Oaktree Second Amendment”) to the Oaktree Loan Agreement (see Note 14). Convertible Notes On June 4, 2021, the Company entered into two convertible note agreements for $5,000 in the aggregate. The convertible notes accrue interest at 1.07% annually and mature on June 4, 2025. Holders of the convertible notes had the right, at their option, to convert all of the outstanding principal and accrued interest to shares of Legacy Pinstripes Common Stock equal to the quotient of (i) the outstanding principal on the convertible note divided by (ii) the conversion price of $10 per share. In connection with the closing of the Business Combination, the convertible note holders elected to convert all of the outstanding $5,000 principal balance and the $137 of accrued unpaid interest to approximately 5,000 shares of Legacy Pinstripes Common Stock. With the election to convert all of the outstanding principal and accrued interest at 1.07%, the holder of the note forfeited additional interest of $890. Finance Obligations In 2011, the Company entered into a failed sale leaseback at its Northbrook, Illinois location. The Company sold the building, fixtures and certain personal property and assigned the ground lease to a new lessor. The Company received $7,000 from the transaction, which was accounted for as a financing obligation with repayment terms of 15 years. The obligation is repaid in monthly installment payments, which includes principal and interest at an 8.15% annual rate. As of January 5, 2025 and April 28, 2024, the principal outstanding was $3,029 and $3,460, respectively. During fiscal year 2024 and 2025, the Company entered into agreements to pay for its bowling equipment for five locations through a long-term payment plan. The Company will pay approximately $3,356 for the equipment, which was accounted for as a financing obligation with a repayment term of five years. The obligation is repaid in monthly installment payments, which includes principal and interest at a 10% annual rate. As of January 5, 2025 and April 28, 2024, the principal outstanding was $2,891 and $2,664, respectively. Debt Covenants On December 29, 2023, the Silverview and Granite Creek Facilities were amended in connection with the entry into the Oaktree loan and Oaktree’s entry into intercreditor agreements with each of Silverview and Granite Creek. The Silverview Facility and Granite Creek Facility were amended to align the measurement periods for the financial covenants of all three loan agreements, inclusive of Oaktree, and to provide for the Company’s guarantee of their obligations under each of the Silverview Facility and Granite Creek Facility. The Senior Notes, along with the amended Silverview Facility and Granite Creek Facility, require the Company to maintain a minimum specified total net leverage ratio. The Company’s loan agreements contain events of default with respect to, among other things, default in the payment of principal when due or the payment of interest, fees and other amounts due thereunder after a specific grace period, material misrepresentations and failure to comply with covenants. The Guarantors are subject to negative covenants restricting the activities of the Guarantors, including, without limitation, limitations on: dispositions, mergers or acquisitions, incurring indebtedness or liens, paying dividends or redeeming stock or making other distributions, making certain investments and engaging in certain other business transactions. The first covenant measurement period is ending on January 6, 2025. As of January 5, 2025, the Guarantors did not expect to be in compliance with the debt covenants as of the first measurement date based on their current obligations and liquidity. Subsequent to period end, as of January 6, 2025, the Company was not in compliance with the covenant to maintain a minimum specified total net leverage ratio and entered into a forbearance agreement with its lenders (see Note 14). Liquidity and Going Concern Under ASC 205, Presentation of Financial Statements, the Company is required to consider and evaluate whether there is substantial doubt that it has the ability to meet its obligations within one year from the financial statement issuance date. This assessment also includes the Company’s consideration of any management plans to alleviate such doubts. The Company has reported negative working capital as of January 5, 2025 and April 28, 2024, and had losses from operations and cash used in operating activities for the thirty-six weeks ended January 5, 2025 and for the fiscal year ended April 28, 2024. The Company’s ability to continue as a going concern is dependent upon it generating sufficient cash from operations over the next year from the date of the issuance of these financial statements. The Company believes that its current earnings projections, which include full year results for the stores that opened during the fiscal year ended April 28, 2024 and new store openings, raise substantial doubt on the Company’s ability to continue as a going concern and the Company’s ability to meet its current obligations, including for capital expenditures, lease obligations and continued operations as they become due within one year from the financial statement issuance date. To alleviate the conditions that raise substantial doubt about the Company’s ability to continue as a going concern, management is exploring several strategic alternatives set forth in the Oaktree Loan Agreement, as amended by the Oaktree Second Amendment. While the Company has historically been successful in raising outside capital, there can be no assurance the Company will be able to continue to obtain outside capital in the future or do so on terms that are acceptable to the Company. The Company continues to implement meaningful cost reductions, receive committed lessor tenant allowances and renegotiate leases and other agreements with favorable terms. Due to these uncertainties, management concluded that substantial doubt exists with respect to the Company’s ability to continue as a going concern within one year from the financial statement issuance date. The accompanying unaudited condensed consolidated financial statements have been prepared on the basis that the Company will continue to operate as a going concern, which contemplates that the Company will be able to realize assets and settle liabilities and commitments in the normal course of business for the foreseeable future. Accordingly, the accompanying unaudited condensed consolidated financial statements do not include any adjustments that may result from the outcome of these uncertainties. Fair Value The fair value of long-term notes payable, including current maturities, as of January 5, 2025 and April 28, 2024 is approximately $84,955 and $71,061, respectively, and estimated using Level 3 inputs.
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income Taxes |
8 Months Ended |
|---|---|
Jan. 05, 2025 | |
| Income Tax Disclosure [Abstract] | |
| Income Taxes | Income Taxes The Company’s full pretax loss for the twelve and thirty-six weeks ended January 5, 2025 and January 7, 2024 was from U.S. domestic operations. The Company’s effective tax rate (“ETR”) from continuing operations was 0.7% and 0.0% for the twelve and thirty-six weeks ended January 5, 2025, respectively, and 0.0% for the twelve and thirty-six weeks ended January 7, 2024, and consists of state income taxes. There were no significant discrete items recorded for the twelve and thirty-six weeks ended January 5, 2025 and January 7, 2024, respectively.
|
Leases |
8 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jan. 05, 2025 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Leases [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Leases | Leases The Company leases various assets, including real estate, retail buildings, restaurant equipment and office equipment. The Company has non-cancelable operating leases expiring at various times through 2036. In June 2023, the Company entered into a lease amendment for one location that resulted in a lease modification in accordance with Accounting Standards Codification 842, Leases (ASC 842), under which the Company received an abatement of $4,673 and deferral of previously unpaid rent of $4,500. The modification of the lease increased the lease liability by $2,678, decreased accrued occupancy costs by $9,173, and decreased the right-of-use asset, which resulted in a gain of $3,281 that is included as a reduction in the Company’s store occupancy costs, excluding depreciation, on the unaudited condensed consolidated statements of operations for the thirty-six weeks ended January 7, 2024. As of January 5, 2025, the Company has entered into additional operating leases with $49,279 in aggregate future fixed lease payments related to new locations, which have not yet commenced. As of January 5, 2025, the Company did not have control of the underlying properties. The components of lease expense are as follows:
The operating lease costs, except pre-opening costs of $147 and $736 for the twelve and thirty-six weeks ended January 5, 2025, respectively, and $303 and $1,306 for the twelve and thirty-six weeks ended January 7, 2024, respectively, are included within store occupancy costs on the unaudited condensed consolidated statements of operations.
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Redeemable Convertible Preferred Stock |
8 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jan. 05, 2025 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Temporary Equity Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Redeemable Convertible Preferred Stock | Redeemable Convertible Preferred Stock As of October 15, 2023, Legacy Pinstripes had nine classes of preferred stock: Series A, B, C, D, E, F, G, H and I (collectively, the “Preferred Stock”) and a total of 11,054,593 issued and outstanding with a carrying value of $75,262 and a liquidation preference of $114,663. On December 29, 2023, upon the closing of the Business Combination, Series A through Series H converted into New Pinstripes shares of Class A Common Stock based on the Exchange Ratio of approximately 1.8486 and Series I converted into Class A Common Stock based on the Series I Exchange Ratio of approximately 2.5, inclusive of accrued Series I dividends (see Note 2). The changes in the balance of the Preferred Stock included in the mezzanine equity for the fiscal year ended April 28, 2024 as follows:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock-Based Compensation |
8 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jan. 05, 2025 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Share-Based Payment Arrangement [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Stock-Based Compensation | Stock-Based Compensation Legacy Pinstripes’s 2008 Equity Incentive Plan (the “Plan”) provided for the issuance of 2,900,000 shares of Legacy Pinstripes Common Stock in the form of an option award or restricted stock award to eligible employees and directors. On October 19, 2023, the Board of Directors of Legacy Pinstripes approved a new equity incentive plan, the 2023 Stock Option Plan (the “2023 Plan”), which provided for the issuance of 1,500,000 shares of Legacy Pinstripes Common Stock in the form of options awards to eligible employees and directors. On December 29, 2023, in connection with the closing of the Business Combination, the Board of Directors of the Company approved a 2023 Omnibus Equity Incentive Plan (the “2023 Omnibus Plan”), which provides for the issuances of up to 12,900,000 shares of Class A Common Stock in the form of option awards, stock appreciation rights, restricted stock awards (“RSAs”), restricted stock unit awards (“RSUs”) and performance awards to eligible employees and directors. The number of shares of Class A Common Stock available for issuance under the 2023 Omnibus Plan will be subject to an annual increase on the first day of each fiscal year of the Company beginning April 29, 2024, equal to the lesser of (i) 15% of the aggregate number of shares outstanding on the final day of the immediately preceding fiscal year on a fully diluted basis (inclusive of all outstanding awards granted pursuant to the 2023 Omnibus Plan as of such last day and, if applicable, all outstanding purchase rights pursuant to an employee stock purchase plan maintained by the Company as of such last day) and (ii) any such smaller number of shares as is determined by the Board. Option awards vest 20% at the end of each year over 5 years and expire 10 years from the date of grant, or generally within 90 days of employee termination. RSAs vest one third at the end of each year over three years and expire 10 years from the date of grant, or generally within 90 days of employee termination. On December 4, 2024, certain employees received a one-time restricted stock award, with the number of shares issued determined by the closing price of Pinstripes’ common stock on the grant date. The awards vested immediately on the grant date. There were no stock appreciation rights or performance awards outstanding as of January 5, 2025 and April 28, 2024. Stock Options We recorded compensation expense related to stock options of $268 and $860 for the twelve and thirty-six weeks ended January 5, 2025, respectively, and $254 and $615 for the twelve and thirty-six weeks ended January 7, 2024, respectively. A summary of equity classified option activity for the thirty-six weeks ended January 5, 2025 is as follows:
The unrecognized expense related to our stock option plan totaled approximately $3,965 as of January 5, 2025 and will be expensed over a weighted average period 1.77 years. Restricted Stock Awards We recorded compensation expense related to RSAs of $725 and $854 for the twelve and thirty-six weeks ended January 5, 2025, respectively. We did not grant RSAs prior to fiscal 2025. A summary of equity classified RSA activity for the thirty-six weeks ended January 5, 2025 is as follows:
The unrecognized expense related to our Restricted Stock Awards totaled approximately $2,560 as of January 5, 2025 and will be expensed over a weighted average period 1.86 years. Restricted Stock Unit Awards On January 19, 2024, non-employee directors received a restricted stock unit award, with the number of shares issued to the director determined by dividing $125,000 by the average of the high and low price of Pinstripes’ common stock on the grant date. The awards vest one year from the grant date. We recorded compensation expense related to RSUs of $172 and $516 for the twelve and thirty-six weeks ended January 5, 2025, respectively. We did not grant RSUs prior to the fourth quarter of fiscal 2024. As of January 5, 2025, 172,806 RSUs were outstanding with a weighted average grant date fair value of $4.34 per share. None were vested as of January 5, 2025. The unrecognized expense related to our RSUs totaled approximately $27 as of January 5, 2025 and will be expensed over a weighted average period 0.04 years.
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Warrants |
8 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jan. 05, 2025 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Equity [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Warrants | Warrants In fiscal year 2024, the Company issued 267,000 warrants to Silverview (the “Silverview Warrants”), recorded at fair value in additional paid-in capital within the condensed consolidated balance sheets of $1,712, net of issuance costs. Upon surrender of these warrants, the holder was entitled to purchase one share of Legacy Pinstripes Common Stock at an exercise price of $0.01. Furthermore, in fiscal year 2024, the Company issued 7,500 warrants to another service provider with an exercise price of $10 per share. On August 1, 2023, the Company and Silverview amended and restated the Silverview warrant agreement to correct the number of shares of common stock Silverview was entitled to subscribe and purchase from 258,303 to 162,946. A separate warrant agreement for 8,697 warrants of the 267,000 issued in fiscal year 2024 was not amended and the warrants remained issued. Under the term loan agreement, the Company was contractually obligated to issue a specified number of warrants to Silverview in the event the Company elected to exercise its right to obtain additional funding from Silverview under the term loan agreement. Therefore, the remaining warrants were considered contingently issuable and the contingency was satisfied when a draw on Silverview Tranche 2 Loan occurred. For accounting purposes, all 267,000 warrants were still considered issued and outstanding. As a result of the amended and restated warrant agreement with Silverview, the Company determined the contingently issuable warrants required recognition as a liability. The contingently issuable warrants were reclassified at their current fair value on August 1, 2023. When the contingently issuable warrants’ contingency was satisfied, the respective warrant shares were considered indexed to the Company’s common stock and qualified for equity classification under the derivative scope exception provided by Accounting Standards Codification, Derivatives and Hedging (ASC 815). Upon the satisfaction of the issuance contingency, the Company shall (i) reclassify the respective warrant shares to equity and (ii) recognize any previous gains or losses in fair value through earnings during the period the shares were classified as a liability. On August 1, 2023, the Company issued 7,629 warrant shares to Silverview in exchange for $1,000 in funding drawn under the Silverview Tranche 2 Loan (see Note 5). As of August 1, 2023, 179,272 shares were considered issued warrants and 87,728 shares were considered contingently issuable warrants. On September 29, 2023, the Company issued 11,443 warrants in exchange for $1,500 in funding drawn under the Silverview Tranche 2 Loan. As the contingency was satisfied for these warrants, $173 was reclassed from the warrant liability to additional paid-in-capital. On October 20, 2023, the Company issued 38,143 warrants in exchange for $5,000 in funding drawn under the Silverview Tranche 2 Loan. As the contingency was satisfied for these warrants, $524 was reclassed from the warrant liability to additional paid-in-capital. On December 29, 2023, the Company issued 38,142 warrants in exchange for $5,000 in funding drawn under the Silverview Tranche 2 Loan. As the contingency was satisfied for these warrants, $415 was reclassed from the warrant liability to additional paid-in-capital. In April 2023 and July 2023, the Company also issued 111,619 and 48,530 warrants, respectively, to Granite Creek in connection with its equipment loan agreement (the “Granite Creek Warrants”). Granite Creek had the right to require Legacy Pinstripes to pay cash to repurchase all or any portion of the warrants or the shares of Common Stock issued under the warrants. The Company determined these warrants required liability classification in accordance with Accounting Standards Codification 480, Distinguishing Liabilities from Equity (ASC 480), and as a result, recorded a warrant liability. On December 4, 2023, Granite Creek exercised their warrants at a par value of $0.01. The Company de-recognized the warrant liability of $2,202. In determining the fair value of the Granite Creek warrants and Silverview contingently issuable warrants as of the measurement date, the Company utilized the intrinsic value valuation method using level 3 inputs consisting of the fair value of common stock as of the measurement date less the exercise price of $0.01 for Silverview and less the exercise price of $0.001 for the Granite Creek warrants. In connection with the Reverse Recapitalization, the holders of Legacy Pinstripes’ warrants elected to convert all outstanding warrants to shares of New Pinstripes Common Stock on a cashless basis (see Note 2). As of April 28, 2024, there were no outstanding Legacy Pinstripes warrants. On September 3, 2024, the Company amended the Silverview Facility (see Note 5) and the Company agreed to grant Silverview warrants to purchase 29,292 shares of the Company’s Class A Common Stock (the “Silverview Tranche 3 Warrants”), at an exercise price of $0.01 per share. The Silverview Tranche 3 Warrants are indexed to the Company’s common stock and qualified for equity classification under the derivative scope exception provided by ASC 815. The Silverview Tranche 3 Warrants were recorded at fair value in additional paid-in-capital for $67. In connection with Banyan’s initial public offering, Banyan issued (i) 12,075,000 public warrants (“Public Warrants”) and 11,910,000 private placement warrants (“Private Warrants”). On December 29, 2023, in connection with the Reverse Capitalization, the Company effectively issued an aggregate of 23,985,000 warrants to purchase an equal number of shares of Class A Common Stock, representing the 12,075,000 Public Warrants and 11,910,000 Private Warrants. The Public Warrants and Private Warrants remained unexercised and were issued and outstanding as of January 5, 2025. The Public Warrants and Private Warrants meet the definition of a derivative instrument, requiring liability classification, and are measured at fair value on a recurring basis with the change in fair value recognized in the Company’s unaudited condensed consolidated statements of operations. The fair value of the Public Warrants is measured by the Company’s publicly traded warrant price. In determining the fair value of the Private Warrants, the Company utilizes the Cox-Rubenstein-Ross binomial lattice model using Level 3 inputs consisting of the fair value of the Public Warrants as of the measurement and implied equity volatility. On the December 29, 2023 issuance date, the Company recorded a warrant liability for the Public Warrants and Private Warrants in the fair value amounts of $4,456 and $25,368, respectively. During the twelve and thirty-six weeks ended January 5, 2025, the Company recognized a gain or (loss) for the change in fair value of the Public Warrants and Private Warrants in the amounts of $23 and $1,955, respectively, and $(61) and $3,143, respectively. The Public Warrants are exercisable 30 days after consummation of the Reverse Recapitalization if, and only if, there is a current registration statement in effect with respect to the shares of Common Stock underlying the Public Warrants, and expire five years from the consummation of the Reverse Recapitalization, or earlier upon redemption or liquidation. The redemption of the Public Warrants is as follows: Redemption of Public Warrants when the price per Common Stock equals or exceeds $18.00. Once the Public Warrants become exercisable, the Company may redeem the Public Warrants: •in whole and not in part; •at a price of $0.01 per warrant; •upon not less than 30 days prior written notice of redemption to each warrant holder; and •if, and only if, the closing price of the underlying Common Stock equals or exceeds $18.00 per share for any 20 trading days within a 30-trading day period ending trading days before the Company sends the notice of redemption to the warrant holders. If and when the Public Warrants become redeemable by the Company, it may exercise its redemption right even if the Company is unable to register or qualify the underlying securities for sale under all applicable state securities laws. Redemption of Public Warrants when the price per Common Stock equals or exceeds $10.00. Once the Public Warrants become exercisable, the Company may redeem the Public Warrants: •in whole and not in part; •at $0.10 per warrant; •upon a minimum of 30 days prior written notice of redemption provided that holders will be able to exercise the Public Warrants on a cashless basis prior to redemption and receive that number of shares based on the redemption date and the fair market value of the underlying Common Stock; •if, and only if, the last reported sale price of the underlying Common Stock equals or exceeds $10.00 per share (as adjusted per stock splits, stock dividends, reorganizations, reclassifications, recapitalizations and the like) for any 20 trading days within the 30-trading day period ending three trading days before the Company send the notice of redemption to the holders; and •if the closing price of the underlying Common Stock for any 20 trading days within a 30-trading day period ending on the third trading day prior to the date on which the Company sends the notice of redemption to the holders is less than $18.00 per share, the Private Warrants must also be concurrently called for redemption on the same terms as the outstanding Public Warrants, as described above. On December 17, 2024, the New York Stock Exchange (the “NYSE”) notified the Company that the NYSE determined to (a) commence proceedings to delist the Company’s Public Warrants which were previously issued in connection with Banyan Acquisition Corp.’s initial public offering (the “Public Warrants”), each warrant exercisable for one share of the Company’s Class A common stock, par value $0.0001 per share (the “Class A Common Stock”), at an exercise price of $11.50 per share, and listed to trade on the NYSE under the symbol “PNST.WS” and (b) immediately suspend trading of the Public Warrants due to “abnormally low” trading price levels pursuant to Section 802.01D of the NYSE Listed Company Manual. On January 6, 2025, the NYSE completed the delisting of the Public Warrants. The Public Warrants are still traded over-the-counter under the symbol “PNSTW.” As the Public Warrants have been delisted from the NYSE, the over-the-counter price was used to fair value the Public Warrants as of January 5, 2025. The Private Warrants are identical to the Public Warrants with the exception that the underlying shares of Common Stock issuable upon exercise of Private Warrants are not transferable, assignable or saleable, until 30 days after the consummation of the Reverse Recapitalization, subject to certain limited exceptions. Additionally, the holders have the right to exercise the Private Warrants on a cashless basis and are entitled certain registration rights. If the Private Warrants are held by someone other than the initial purchasers or their permitted transferees, the Private Warrants will be redeemable by the Company in all Public Warrant redemption scenarios described above, on the same basis as the Public Warrants. In connection with the Reverse Recapitalization, the Company entered into a loan agreement with Oaktree (see Note 5). In connection with the closing of the Oaktree Tranche 1 Loan, Oaktree was granted fully detachable warrants exercisable for an aggregate 2,500,000 shares of Class A Common Stock, at an exercise price of $0.01 per share (“Oaktree Tranche 1 Warrants”). In the event that the volume-weighted average price (“VWAP”) per share of the Company’s Class A Common Stock during the period commencing on the 91st day after the closing of the Business Combination and ending 90 days thereafter is less than $8.00 per share, the Company shall grant to Oaktree a warrant to purchase Common Stock for 187,500 shares of Class A Common Stock, at an exercise price of $0.01 per share (“Additional Oaktree Tranche 1 Warrants”). If the VWAP is less than $6.00 during the same period, the Company shall instead grant to Oaktree a warrant to purchase common stock for 412,500 shares of Class A Common Stock, at an exercise price of $0.01 per share (“Additional Oaktree Tranche 1 Warrants”). Therefore, the Additional Oaktree Tranche 1 Warrants are considered contingently issuable and the contingency is satisfied when the Class A Common Stock meets the contingency requirements above. During the period commencing on the 91st day after the closing of the Business Combination and ending 90 days thereafter, the VWAP was less than $6.00 and as such, the Company legally issued the Additional Oaktree Tranche 1 Warrants for 412,500 shares of Class A Common Stock on June 27, 2024 at an exercise price of $0.01 per share. As the Additional Oaktree Tranche 1 Warrants were considered issued and outstanding for accounting purposes on December 29, 2023 when the Senior Notes were issued, there is no accounting recognition at the legal issuance date when the issuance contingency was resolved. In the event the Oaktree Tranche 2 Loan is funded, Oaktree will be granted additional warrants exercisable for an aggregate amount of 1,650,000 shares of Class A Common Stock, at an exercise price of $0.01 per share (“Oaktree Tranche 2 Warrants” (collectively, the Oaktree Tranche 1 Warrants, Additional Oaktree Tranche 1 Warrants and Tranche 2 Warrants are referred to as the “Oaktree Warrants”). In the event that the VWAP per share of Class A Common Stock during the period commencing the 91st day after the closing of the Oaktree Tranche 2 Loan and ending 90 days thereafter is less than $6.00 per share, Oaktree will instead be granted Oaktree Tranche 2 Warrants exercisable for an aggregate of 1,900,000 shares of Class A Common Stock, at an exercise price of $0.01 per share. The Oaktree Warrants will be exercisable on a cashless basis and the Company has agreed to register for the resale of the shares of Class A Common Stock underling the Oaktree Warrants. With the closing of the Oaktree First Amendment (see Note 5), the Company is obligated to grant Additional Oaktree Tranche 2 Warrants on any closing of a Oaktree Tranche 2 Loan equal to the product of 2,912,500 (1,012,500 warrants incremental to the original 1,900,000 warrants) multiplied by the quotient of (A) the total amount funded on such Tranche 2 Loan closing date by (B) $50,000 (rather than a single additional warrant exercisable for 1,900,000 shares), and the Company shall issue any Additional Oaktree Tranche 2 Warrant in a form consistent with the Oaktree Warrant Amendment described below. In connection with the Oaktree First Amendment (see Note 5), the Company and Oaktree entered into Amendment No. 1 to the Class A Common Stock Purchase Warrants (the “Oaktree Warrant Amendment”), which eliminates the one-year lock-up restriction (subject to limited exceptions) that had existed in respect of the 2,912,500 shares of the Company’s Class A Common Stock issuable upon exercise of warrants (Oaktree Tranche 1 Warrants) issued by the Company to Oaktree in connection with the funding of the original Oaktree Tranche 1 Loan under the Oaktree Loan Agreement (as well as the same restriction that had been applicable to the transfer of the warrants themselves). The Company determined the Oaktree Tranche 1 Warrants meet the equity classification guidance. Upon surrender of these equity-classified warrants, the holder is entitled to purchase one share of Class A Common Stock at $0.01 per share. The equity classified warrants expire on the 10-year anniversary of the Reverse Recapitalization. Under the Oaktree Loan Agreement, the Company is contractually obligated to issue a specified number of warrants to Oaktree based on the scenarios above. Therefore, the Oaktree Tranche 2 Warrants are considered contingently issuable and the contingency is satisfied when Oaktree exercises its written option on the Oaktree Tranche 2 Loan and the Class A Common Stock meets the contingency requirements above. When the contingently issuable warrants’ contingency is satisfied, the respective shares underlying these warrants will be considered indexed to the Class A Common Stock and qualify for equity classification under the derivative scope exception provided by ASC 815. Upon the satisfaction of the issuance contingency, the Company will (i) reclassify the respective warrant shares to equity and (ii) recognize any previous gains or losses in fair value through earnings during the period the shares were classified as a liability. As a result of the amended warrant agreement with Oaktree, the Company determined the contingently issuable warrants required recognition as a liability. The 1,900,000 of contingently issuable warrants were reclassified from additional paid-in capital to a liability at their current fair value of $1,864 on September 3, 2024, and will be measured at fair value on a recurring basis with the change in fair value recognized in the Company’s unaudited condensed consolidated statements of operations. The additional 1,012,500 warrants were liability-classified on September 3, 2024 at their fair value of $859. In connection with the closing of the Oaktree First Amendment, the Company issued 174,750 warrants in exchange for $3,000 in funding under the Oaktree Tranche 2 Loan. As the contingency was satisfied for these warrants, $401 was reclassed from warrant liabilities to additional paid-in-capital on the condensed consolidated balance sheets. During the twelve and thirty-six weeks ended January 5, 2025, the Company recognized a gain for the change in fair value of the contingently issuable Oaktree Tranche 2 Warrants in the amounts of $179 and $2,011, respectively. As of January 5, 2025, outstanding warrants were as follows:
The Company remeasures the liability-classified warrants to fair value at each reporting period. During the thirty-six weeks ended January 5, 2025, the change in the fair value was as follows:
The change in fair value of the liability-classified warrants are reported in the gain on change in fair value of warrant liabilities and other on the unaudited condensed consolidated statements of operations. Upon surrender of the Public and Private Warrants, the holder is entitled to purchase one share of Class A Common Stock at $11.50 per share. The outstanding Public and Private Warrants expire on the five-year anniversary of the closing of the Reverse Recapitalization. Upon surrender of the Oaktree Tranche 2 Warrants, the holder is entitled to purchase one share of Class A Common Stock at $0.01 per share. The outstanding Oaktree Tranche 2 Warrants expire ten years from the issuance date of the warrant. Subsequent to period end, on January 17, 2025, the Company and Oaktree entered into the Second Amendment (the “Oaktree Second Amendment”) to the Oaktree Loan Agreement that provided additional funding and as a result, the Company issued additional warrants (see Note 14).
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net Earnings (Loss) Per Share |
8 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jan. 05, 2025 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Net Earnings (Loss) Per Share | Net Earnings (Loss) Per Share Basic net earnings (loss) per share is calculated using the two-class method required for companies with participating securities. The two-class method is an earnings allocation formula under which the Company treats participating securities as having rights to earnings that otherwise would have been available to common shareholders. The Company considers the Redeemable Convertible Preferred Stock to be participating securities as the holders are entitled to receive dividends on an as-if converted basis equal to common stock. Basic net earnings (loss) per share is computed by dividing net income (loss) attributable to common stockholders by the weighted average number of common stock outstanding, including issued but unexercised pre-funded warrants outstanding, during the respective periods. As the contingently issuable warrants are contingent upon additional funding under the Oaktree Tranche 2 Loan being received, they have not been included in the calculation of basic net earnings (loss) per share. Diluted net earnings (loss) per share is calculated using the more dilutive of either the treasury stock, and if-converted method, as applicable, or the two-class method assuming the participating security is not converted. The Company did not declare any common stock dividends in the periods presented. The following tables provide the calculation of basic and diluted net earnings (loss) per share of common stock for the twelve and thirty-six weeks ended January 5, 2025 and January 7, 2024:
The following table conveys the number of shares that may be dilutive potential common shares in the future. The holders of these shares do not have a contractual obligation to share in the Company’s losses. The Company excluded the following potential common shares, presented based on amounts outstanding at each period end, from the computation of diluted loss per share (in thousands):
There were no potential common shares excluded from the computation of diluted earnings per share for the twelve and thirty-six weeks ended January 7, 2024.
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commitment and Contingencies |
8 Months Ended |
|---|---|
Jan. 05, 2025 | |
| Commitments and Contingencies Disclosure [Abstract] | |
| Commitments and Contingencies | Commitments and Contingencies The Company is subject to certain legal proceedings and claims that arise in the ordinary course of business, including claims alleging violations of federal and state law regarding workplace and employment matters, discrimination, slip-and-fall and other customer-related incidents, and similar matters. While it is not feasible to predict the outcome of all proceedings and exposures with certainty, management believes that, except as set forth below, their ultimate disposition should not have a material adverse effect on the Company’s consolidated financial position, results of operations or cash flows. On November 6, 2023, Riveron Consulting, LLC (“Riveron”) filed a lawsuit against the Company in the District Court of the 95th Judicial District of Dallas County, Texas for breach of contract and failure to receive compensation for services rendered. The complaint seeks monetary relief for services rendered and attorneys’ fees. As October 13, 2024 and April 28, 2024, the Company accrued a liability of $464, respectively, within accounts payable in the condensed consolidated balance sheets as this amount represents the probable and reasonably estimable cost to resolve this matter. On November 21, 2024, Riveron and the Company entered into a settlement agreement in which the Company agreed to pay Riveron $365.
|
Related Party Transactions |
8 Months Ended |
|---|---|
Jan. 05, 2025 | |
| Related Party Transactions [Abstract] | |
| Related Party Transactions | Related Party Transactions For the twelve and thirty-six weeks ended January 5, 2025 and January 7, 2024, a company owned by an individual with ownership in common shares of the Company, and who is a relative of an executive officer, performed design services and supplied furniture, fixtures and equipment for existing and new locations under construction of $300 and $976, and $921 and $942, respectively. As of January 5, 2025 and April 28, 2024, $1,619 and $1,918 due to this related party is included in accounts payable within the condensed consolidated balance sheets, respectively.
|
Subsequent Events |
8 Months Ended |
|---|---|
Jan. 05, 2025 | |
| Subsequent Events [Abstract] | |
| Subsequent Events | Subsequent Events The Company evaluated subsequent events through February 19, 2024, the date of issuance of these financial statements, and determined there were no additional items that required further disclosure or recognition, with the exception of amended debt agreements and additional financing. On January 17, 2025, the Company and Oaktree entered into the Second Amendment (the “Oaktree Second Amendment”). The Oaktree Second Amendment provides, among things, that: (i) interest on the Senior Notes will accrue on a daily basis calculated based on a 360-day year at a rate per annum equal to 20% (amended from 12.5% cash and 7.5% PIK interest), payable quarterly in arrears, at the Company’s option, either in cash or in kind (subject to certain procedures and conditions), (ii) the Company is required to deliver to the Oaktree Agent a monthly sales report, an unaudited balance sheet and a projected operating budget on a monthly basis and (iii) the Company will be required to achieve certain milestones in respect of various possible strategic alternatives, which are set forth in the Oaktree Loan Agreement, as amended by the Oaktree Second Amendment. On January 21, 2025, in connection with the closing of the Oaktree Second Amendment, Oaktree funded a Tranche 2 Loan in the amount of $6.0 million. With the additional funding, the Company issued Oaktree Tranche 2 Warrants exercisable for 349,500 shares of the Company’s Class A Common Stock, par value $0.0001 per share. The issuance of such Oaktree Tranche 2 Warrants was not registered under the Securities Act, with such Tranche 2 Warrants being issued in reliance on the exemption from registration requirements thereof provided by Section 4(a)(2) of the Securities Act as a transaction by an issuer not involving a public offering. On January 17, 2025, the Company entered into a seventh amendment of the Silverview Facility (the “Silverview Seventh Amendment”). The Silverview Seventh Amendment provides, among things, that: (i) interest on the Term Loans will be reduced for six months starting January 1, 2025 to 12.5% per annum from 15% per annum, (ii) a portion of the interest on the Term Loans may be payable at the Company’s option, either in cash or in kind (subject to certain procedures and conditions), (iii) amortized principal payments have been suspended in calendar year 2025, (iv) financial covenants and prepayment premiums have been eliminated and (v) Silverview will forbear from exercising their rights and remedies pursuant to the Silverview Facility, on terms consistent with the forbearance provided by Oaktree. On January 17, 2025, the Company entered into a Amendment No. 3 (the “Granite Creek Amendment No. 3”) to the Granite Facility. The Granite Creek Amendment No. 3 provides, among things, that: (i) 3.0% of the interest payable on the Equipment Loan will be payable at the Company’s option, either in cash or in kind (subject to certain procedures and conditions), during the period from January 1, 2025 through December 31, 2025 (as opposed to 100% of the interest payable on the Term Loan being payable in cash) and (ii) the principal installment amount schedule has been adjusted pursuant to Section 2(C), providing for decreased quarterly principal payments through December 31, 2025. In connection with the closing of the Oaktree Second Amendment, Silverview Seventh Amendment and Granite Creek Amendment No. 3, the Company, Oaktree, Silverview and Granite Creek, agreed to forbear from exercising any of their respective rights or remedies under the Oaktree Loan Agreement in respect of an Event of Default as a result of (i) the Company’s failure to maintain a Total Net Leverage Ratio of no greater than 6:00:1:00 for the Measurement Period ending on January 6, 2025, (ii) the Company's failure to observe or perform certain agreements or conditions under the Silverview Facility and (iii) the cross-defaults under the Granite Creek Facility, until the earlier of February 28, 2025 or the occurrence of any event terminating such forbearance.
|
Pay vs Performance Disclosure - USD ($) $ in Thousands |
3 Months Ended | 8 Months Ended | ||||||
|---|---|---|---|---|---|---|---|---|
Jan. 05, 2025 |
Oct. 13, 2024 |
Jul. 21, 2024 |
Jan. 07, 2024 |
Oct. 15, 2023 |
Jul. 23, 2023 |
Jan. 05, 2025 |
Jan. 07, 2024 |
|
| Pay vs Performance Disclosure | ||||||||
| Net (loss) income | $ (8,079) | $ (9,310) | $ (10,006) | $ 12,248 | $ (7,283) | $ (3,046) | $ (27,395) | $ 1,919 |
Insider Trading Arrangements |
3 Months Ended |
|---|---|
Jan. 05, 2025 | |
| Trading Arrangements, by Individual | |
| Rule 10b5-1 Arrangement Adopted | false |
| Non-Rule 10b5-1 Arrangement Adopted | false |
| Rule 10b5-1 Arrangement Terminated | false |
| Non-Rule 10b5-1 Arrangement Terminated | false |
Nature of Business and Basis of Presentation (Policies) |
8 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jan. 05, 2025 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Accounting Policies [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Principles of Consolidation | Principles of Consolidation The accompanying unaudited condensed consolidated financial statements include the accounts of the Company and its directly and indirectly wholly owned subsidiaries: Pinstripes, Inc., Pinstripes at Prairiefire, Inc., Pinstripes Illinois, LLC, and Pinstripes, Hillsdale, LLC. All intercompany accounts and transactions have been eliminated in consolidation.
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Fiscal Years | Fiscal Years The Company’s fiscal year consists of 52/53-weeks ending on the last Sunday in April. The fiscal year ended April 28, 2024 contained 52 weeks. In a 52-week fiscal year, the first, second and third fiscal quarters each contain twelve weeks and the fourth fiscal quarter contains sixteen weeks. In a 53-week fiscal year, the first, second and third fiscal quarters each contain twelve weeks and the fourth fiscal quarter contains seventeen weeks.
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Interim Financial Statements | Interim Financial Statements The Company’s financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) in the United States for interim financial information as prescribed by the Securities and Exchange Commission (“SEC”). Accordingly, they do not include all the information and notes required by GAAP for complete financial statements. In the opinion of management, these financial statements contain all adjustments, consisting of normal recurring accruals, necessary to present fairly the financial position, results of operations and cash flows for the periods indicated. Certain information and footnote disclosures normally included in annual financial statements presented in accordance with GAAP have been omitted pursuant to rules and regulations of the SEC. Due to the seasonality of the Company’s business, results for any interim financial period are not necessarily indicative of the results that may be achieved for a full fiscal year. In addition, quarterly results of operations may be impacted by the timing and amount of sales and costs associated with opening new locations. These interim unaudited condensed consolidated financial statements do not represent complete financial statements and should be read in conjunction with the audited consolidated financial statements and notes thereto for the fiscal year ended April 28, 2024, included in the 2024 Annual Report, which was filed with the SEC on June 28, 2024.
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Use of Estimates | Use of Estimates The preparation of the unaudited condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the unaudited condensed consolidated financial statements and accompanying notes. Actual results could differ from those estimates.
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Cash and cash equivalents | Cash and cash equivalents Management considers transaction settlements in process from credit card companies and all highly-liquid investments with original maturities of three months or less to be cash equivalents. Amounts due from credit card transactions with settlement terms of less than five days are included in cash and cash equivalents.
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Revenue | Food and beverage revenues and recreation revenues are recognized when payment is tendered at the point of sale as the performance obligation has been satisfied. Food and beverage revenues include the sale of food and beverage products. Recreation revenues include bowling and bocce sales. Revenues are recognized net of discounts and taxes. Event deposits received from guests are deferred and recognized as revenue when the event is held. Event deposits received from customers in advance are included in amounts due to customers in the condensed consolidated balance sheets in the amounts of $5,443 as of January 5, 2025 and $6,640 as of April 28, 2024. The Company sells gift cards, which do not have expiration dates, and does not deduct non-usage fees from outstanding gift card balances. Gift card sales are initially recorded by the Company as a liability and subsequently recognized as revenue upon redemption by the customer. For unredeemed gift cards that the Company expects to be entitled to breakage and for which there is no legal obligation to remit the unredeemed gift card balances to the relevant jurisdictions, the Company recognizes expected breakage as revenue in proportion to the pattern of redemption by the customers. The determination of the gift card breakage is based on the Company’s specific historical redemption patterns. The contract liability related to our gift cards is included in amounts due to customers in the condensed consolidated balance sheets in the amounts of $2,616 as of January 5, 2025 and $1,993 as of April 28, 2024. The components of gift card revenue were as follows:
Revenues are reported net of sales tax collected from customers. Sales tax collected is included in other accrued liabilities on the condensed consolidated balance sheets until the taxes are remitted to the appropriate taxing authorities.
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Pre-opening costs | Pre-opening costs Pre-opening costs, which are expensed as incurred, consist of expenses prior to opening a new store location and are made up primarily of manager salaries, relocation costs, recruiting expenses, payroll and training costs, marketing and travel costs. These costs also include occupancy costs recorded during the period between the date of possession and the date we begin operations at a location.
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Recently adopted and issued accounting standards | Recently adopted and issued accounting standards In November 2023, the FASB issued Update 2023-07, "Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures." This Update applies to all public entities that are required to report segment information in accordance with Topic 280. The amendments in this Update improve reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses. The amendments in this Update do not change how a public entity identifies its operating segments, aggregates those operating segments, or applies the quantitative thresholds to determine its reportable segments. The new standard is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. Early adoption is permitted. The standard should be applied retrospectively to all prior periods presented in the financial statements. The Company is currently evaluating the impact of adopting this new standard. In December 2023, the FASB issued Update 2023-09, "Income Taxes (Topic 740): Improvements to Income Tax Disclosures." This Update applies to all entities that are subject to Topic 740. The amendments in this Update improve income tax disclosures primarily related to the rate reconciliation and income taxes paid information as well as the effectiveness of certain other income tax disclosures. The new standard is effective for annual periods beginning after December 15, 2024. Early adoption is permitted. The standard should be applied on a prospective basis, but retrospective application is permitted. The Company is currently evaluating the impact of adopting this new standard. In November 2024, the FASB issued Update 2024-03, “Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40), Disaggregation of Income Statement Expenses.” The amendments in this Update require public business entities disclose in the notes to the financial statements specified information about certain costs and expenses. The amendments in this Update do not change or remove current expense disclosure requirements. The new standard is effective for annual periods beginning after December 15, 2026 and interim periods beginning after December 15, 2027. Early adoption is permitted. The Company is currently evaluating the impact of adopting this new standard. In November 2024, the FASB issued Update 2024-04, Debt-Debt with Conversions and Other Option. This Update is intended to clarify requirements for determining whether certain settlements of convertible debt instruments, including convertible debt instruments with cash conversion features or convertible debt instruments that are not currently convertible, should be accounted for as an induced conversion. This Update is effective for all entities for annual reporting periods beginning after December 15, 2025, and interim reporting periods within those annual reporting periods. Early adoption is permitted. The Company is currently evaluating the potential impact of adopting this new standard. Management reviewed the accounting pronouncements that became effective for the third quarter of fiscal year 2025 and determined that either they were not applicable, or they did not have a material impact on the condensed consolidated financial statements. Management also reviewed the recently issued accounting pronouncements to be adopted in future periods and determined that they are not expected to have a material impact on the condensed consolidated financial statements.
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Nature of Business and Basis of Presentation (Tables) |
8 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jan. 05, 2025 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Accounting Policies [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Components of Revenue | The components of gift card revenue were as follows:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Reverse Recapitalization (Tables) |
8 Months Ended | ||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jan. 05, 2025 | |||||||||||||||||||||||||||||||||||||||||||
| Reverse Recapitalization [Abstract] | |||||||||||||||||||||||||||||||||||||||||||
| Schedule Of Reverse Recapitalization | The number of shares of New Pinstripes Class A Common Stock issued immediately following the consummation of the Reverse Capitalization was as follows:
(1) Excludes the 5,000,000 Target Earnout Shares and the 4,000,000 EBITDA Earnout shares subject to forfeiture if the achievement of certain targets is not met. (2) Includes the 1,018,750 shares of New Pinstripes Class A Common Stock to certain investors in Banyan who agreed not to redeem their respective shares of Banyan Class A Common Stock in connection with Banyan’s extension meeting held on April 21, 2023 and excludes the 1,830,000 Sponsor Earnout Shares subject to forfeiture if the achievement of certain targets is not met.
|
||||||||||||||||||||||||||||||||||||||||||
Inventory (Tables) |
8 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jan. 05, 2025 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Inventory Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Inventory | Inventories consist of the following:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Property and Equipment (Tables) |
8 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jan. 05, 2025 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Property, Plant and Equipment [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Property and Equipment | Property and equipment, net is summarized as follows:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt (Tables) |
8 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jan. 05, 2025 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Long-Term Debt Instruments | Long-term notes payable consists of the following:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Leases (Tables) |
8 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jan. 05, 2025 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Leases [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Components of Lease Expense | The components of lease expense are as follows:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Redeemable Convertible Preferred Stock (Tables) |
8 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jan. 05, 2025 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Temporary Equity Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Temporary Equity | The changes in the balance of the Preferred Stock included in the mezzanine equity for the fiscal year ended April 28, 2024 as follows:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock-Based Compensation (Tables) |
8 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jan. 05, 2025 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Share-Based Payment Arrangement [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Option Activity | A summary of equity classified option activity for the thirty-six weeks ended January 5, 2025 is as follows:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Nonvested Restricted Stock Shares Activity | A summary of equity classified RSA activity for the thirty-six weeks ended January 5, 2025 is as follows:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Warrants (Tables) |
8 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jan. 05, 2025 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Equity [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Warrants | As of January 5, 2025, outstanding warrants were as follows:
The Company remeasures the liability-classified warrants to fair value at each reporting period. During the thirty-six weeks ended January 5, 2025, the change in the fair value was as follows:
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net Earnings (Loss) Per Share (Tables) |
8 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jan. 05, 2025 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Calculation of Basic and Diluted Net Loss Per Share of Common Stock | The following tables provide the calculation of basic and diluted net earnings (loss) per share of common stock for the twelve and thirty-six weeks ended January 5, 2025 and January 7, 2024:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Antidilutive Securities | The following table conveys the number of shares that may be dilutive potential common shares in the future. The holders of these shares do not have a contractual obligation to share in the Company’s losses. The Company excluded the following potential common shares, presented based on amounts outstanding at each period end, from the computation of diluted loss per share (in thousands):
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Nature of Business and Basis of Presentation - Narrative (Details) $ in Thousands |
3 Months Ended | 8 Months Ended | |||
|---|---|---|---|---|---|
|
Jan. 05, 2025
USD ($)
state
location
|
Jan. 07, 2024
USD ($)
|
Jan. 05, 2025
USD ($)
state
location
segment
|
Jan. 07, 2024
USD ($)
|
Apr. 28, 2024
USD ($)
|
|
| Accounting Policies [Abstract] | |||||
| Number of locations | location | 18 | 18 | |||
| Number of states | state | 10 | 10 | |||
| Number of operating segments | segment | 1 | ||||
| Number of reportable segments | segment | 1 | ||||
| Credit and debit card receivables | $ 858 | $ 858 | $ 1,624 | ||
| Deposits | 5,443 | 5,443 | $ 6,640 | ||
| Pre-opening expenses | $ 1,450 | $ 1,934 | $ 4,024 | $ 7,238 | |
Nature of Business and Basis of Presentation - Revenue (Details) - USD ($) $ in Thousands |
3 Months Ended | 8 Months Ended | |||
|---|---|---|---|---|---|
Jan. 05, 2025 |
Jan. 07, 2024 |
Jan. 05, 2025 |
Jan. 07, 2024 |
Apr. 28, 2024 |
|
| Disaggregation of Revenue [Line Items] | |||||
| Total revenue | $ 35,516 | $ 32,162 | $ 92,593 | $ 82,526 | |
| Gift card revenue, net | |||||
| Disaggregation of Revenue [Line Items] | |||||
| Contract liability | 2,616 | 2,616 | $ 1,993 | ||
| Total revenue | 1,256 | 811 | 2,531 | 1,939 | |
| Redemptions, net of discounts | |||||
| Disaggregation of Revenue [Line Items] | |||||
| Total revenue | 978 | 472 | 2,013 | 1,355 | |
| Breakage | |||||
| Disaggregation of Revenue [Line Items] | |||||
| Total revenue | $ 278 | $ 339 | $ 518 | $ 584 | |
Nature of Business and Basis of Presentation - Common and Preferred Stock (Details) - $ / shares |
Jan. 05, 2025 |
Dec. 17, 2024 |
Apr. 28, 2024 |
Dec. 29, 2023 |
Dec. 28, 2023 |
Apr. 30, 2023 |
|---|---|---|---|---|---|---|
| Class of Stock [Line Items] | ||||||
| Common stock, shares authorized | 430,000,000 | 430,000,000 | ||||
| Common stock, par value (in dollars per share) | $ 0.0001 | $ 0.0001 | $ 0.0001 | $ 0.0001 | ||
| Common stock, shares issued (in shares) | 41,039,549 | 40,087,785 | 17,422,009 | |||
| Common stock, shares outstanding (in shares) | 41,039,549 | 40,087,785 | 39,918,036 | 17,422,009 | ||
| Preferred stock, shares authorized | 10,000,000 | |||||
| Preferred stock, par value, (in dollars per share) | $ 0.0001 | |||||
| Preferred stock, shares issued (in shares) | 0 | 11,089,695 | ||||
| Preferred stock, shares outstanding (in shares) | 0 | 11,089,695 | ||||
| Class A Common Stock | ||||||
| Class of Stock [Line Items] | ||||||
| Common stock, shares authorized | 400,000,000 | |||||
| Common stock, par value (in dollars per share) | $ 0.0001 | |||||
| Class B-1 Common Stock | ||||||
| Class of Stock [Line Items] | ||||||
| Common stock, shares authorized | 10,000,000 | |||||
| Common stock, par value (in dollars per share) | $ 0.0001 | |||||
| Common stock, shares issued (in shares) | 0 | |||||
| Common stock, shares outstanding (in shares) | 0 | |||||
| Class B-2 Common Stock | ||||||
| Class of Stock [Line Items] | ||||||
| Common stock, shares authorized | 10,000,000 | |||||
| Common stock, par value (in dollars per share) | $ 0.0001 | |||||
| Common stock, shares issued (in shares) | 0 | |||||
| Common stock, shares outstanding (in shares) | 0 | |||||
| Class B-3 Common Stock | ||||||
| Class of Stock [Line Items] | ||||||
| Common stock, shares authorized | 10,000,000 | |||||
| Common stock, par value (in dollars per share) | $ 0.0001 | |||||
| Common stock, shares issued (in shares) | 0 | |||||
| Common stock, shares outstanding (in shares) | 0 |
Reverse Recapitalization - Narrative (Details) - USD ($) |
3 Months Ended | 8 Months Ended | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|
Dec. 29, 2023 |
Dec. 28, 2023 |
Jan. 05, 2025 |
Jul. 21, 2024 |
Jan. 07, 2024 |
Jan. 05, 2025 |
Jan. 07, 2024 |
Dec. 17, 2024 |
Apr. 28, 2024 |
Apr. 30, 2023 |
|
| Schedule of Reverse Recapitalization [Line Items] | ||||||||||
| Preferred stock, shares issued (in shares) | 11,089,695 | 0 | 0 | |||||||
| Preferred stock, shares outstanding (in shares) | 11,089,695 | 0 | 0 | |||||||
| Warrants outstanding (in shares) | 354,436 | 29,839,292 | 29,839,292 | 28,797,500 | ||||||
| Sale of private placement warrants (in shares) | 354,436 | |||||||||
| Shares issued upon conversion (in shares) | 5,000 | |||||||||
| Common stock, shares issued (in shares) | 17,422,009 | 41,039,549 | 41,039,549 | 40,087,785 | ||||||
| Common stock, shares outstanding (in shares) | 39,918,036 | 17,422,009 | 41,039,549 | 41,039,549 | 40,087,785 | |||||
| Exercise price of warrant (in dollars per share) | $ 9.25 | $ 9.25 | $ 11.50 | $ 9.58 | ||||||
| Transaction costs for registration statements | $ 0 | $ 635,000 | $ 76,000 | |||||||
| Transaction costs, reverse capitalization | $ 24,317,000 | $ 20,191,000 | $ 24,317,000 | |||||||
| Payments for transaction costs | 25,000 | $ 23,437 | ||||||||
| Prepaid transaction costs | 940,000 | 940,000 | $ 940,000 | |||||||
| Taxes payable | $ 53,000 | $ 53,000 | $ 53,000 | |||||||
| Common stock, par value (in dollars per share) | $ 0.0001 | $ 0.0001 | $ 0.0001 | $ 0.0001 | $ 0.0001 | |||||
| Oaktree Warrants | ||||||||||
| Schedule of Reverse Recapitalization [Line Items] | ||||||||||
| Sale of private placement warrants (in shares) | 2,500,000 | |||||||||
| Exercise price of warrant (in dollars per share) | $ 0.01 | |||||||||
| Senior notes | ||||||||||
| Schedule of Reverse Recapitalization [Line Items] | ||||||||||
| Face amount | $ 90,000,000 | |||||||||
| Tranche 1 Loan | Senior notes | ||||||||||
| Schedule of Reverse Recapitalization [Line Items] | ||||||||||
| Shares issued upon conversion (in shares) | 2,500,000 | |||||||||
| Face amount | $ 50,000,000 | |||||||||
| Exercise price of warrant (in dollars per share) | $ 0.01 | |||||||||
| Banyan Acquisition Corporation | ||||||||||
| Schedule of Reverse Recapitalization [Line Items] | ||||||||||
| Sale of private placement warrants (in shares) | 23,985,000 | |||||||||
| Series I Investors | ||||||||||
| Schedule of Reverse Recapitalization [Line Items] | ||||||||||
| Common stock, shares outstanding (in shares) | 2,721,400 | |||||||||
| Legacy Pinstripes Stockholders | ||||||||||
| Schedule of Reverse Recapitalization [Line Items] | ||||||||||
| Common stock, shares outstanding (in shares) | 33,449,433 | |||||||||
| Options vested and expected to vest (in shares) | 2,722,593 | |||||||||
| Options exercisable (in shares) | 5,032,434 | |||||||||
| Third Party | ||||||||||
| Schedule of Reverse Recapitalization [Line Items] | ||||||||||
| Transaction costs | $ 500,000 | |||||||||
| Banyan Stockholders | ||||||||||
| Schedule of Reverse Recapitalization [Line Items] | ||||||||||
| Common stock, shares outstanding (in shares) | 3,697,203 | |||||||||
| Series I Convertible Preferred Stock And Convertible Preferred Stock, Settled For Unpaid Dividends | Series I Investors | ||||||||||
| Schedule of Reverse Recapitalization [Line Items] | ||||||||||
| Shares issued (in shares) | 885,750 | |||||||||
| Series I Convertible Preferred Stock | ||||||||||
| Schedule of Reverse Recapitalization [Line Items] | ||||||||||
| Preferred stock, shares outstanding (in shares) | 850,648 | |||||||||
| Convertible Preferred Stock, Settled For Unpaid Dividends | ||||||||||
| Schedule of Reverse Recapitalization [Line Items] | ||||||||||
| Preferred stock, shares outstanding (in shares) | 35,102 | |||||||||
| Legacy Pinstripes Common Stock | ||||||||||
| Schedule of Reverse Recapitalization [Line Items] | ||||||||||
| Shares issued (in shares) | 11,089,695 | |||||||||
| Shares issued upon conversion (in shares) | 500,000 | |||||||||
| Class A Common Stock | ||||||||||
| Schedule of Reverse Recapitalization [Line Items] | ||||||||||
| Common stock, par value (in dollars per share) | $ 0.0001 | $ 0.0001 | ||||||||
| Class A Common Stock | Scenario 1 | ||||||||||
| Schedule of Reverse Recapitalization [Line Items] | ||||||||||
| Shares issued (in shares) | 32,206,458 | |||||||||
| Conversion ratio | 1.8486 | |||||||||
| Class A Common Stock | Scenario 2 | ||||||||||
| Schedule of Reverse Recapitalization [Line Items] | ||||||||||
| Shares issued (in shares) | 2,214,375 | |||||||||
| Conversion ratio | 2.5 | |||||||||
| Class A Common Stock | Banyan Acquisition Corporation | ||||||||||
| Schedule of Reverse Recapitalization [Line Items] | ||||||||||
| Common stock, shares issued (in shares) | 1,485,000 | 3,665,000 | ||||||||
| Common stock, shares outstanding (in shares) | 1,485,000 | 3,665,000 | ||||||||
| Shares forfeited (in shares) | 2,768,750 | |||||||||
| Class A Common Stock | Series I Investors | ||||||||||
| Schedule of Reverse Recapitalization [Line Items] | ||||||||||
| Common stock, shares issued (in shares) | 507,025 | |||||||||
| Class A Common Stock | Banyan Acquisition Corporation | ||||||||||
| Schedule of Reverse Recapitalization [Line Items] | ||||||||||
| Conversion ratio | 2.5 | |||||||||
| Class A Common Stock | Banyan Redeemable Class A Common Stock Stockholders | ||||||||||
| Schedule of Reverse Recapitalization [Line Items] | ||||||||||
| Common stock, shares issued (in shares) | 32,203 | |||||||||
| Class A Common Stock | Legacy Pinstripes Stockholders | ||||||||||
| Schedule of Reverse Recapitalization [Line Items] | ||||||||||
| Common stock, shares issued (in shares) | 1,242,975 | |||||||||
| Class A Common Stock | Certain Investors, Banyan | ||||||||||
| Schedule of Reverse Recapitalization [Line Items] | ||||||||||
| Common stock, shares issued (in shares) | 1,018,750 | |||||||||
| New Pinstripes Common Stock | Banyan Class A Common Stock Stockholders | ||||||||||
| Schedule of Reverse Recapitalization [Line Items] | ||||||||||
| Common stock, shares issued (in shares) | 3,665,000 | |||||||||
| New Pinstripes Common Stock | Third Party | ||||||||||
| Schedule of Reverse Recapitalization [Line Items] | ||||||||||
| Issuance of common stock as payment for legacy pinstripes transaction costs incurred in connection with the reverse recapitalization (in shares) | 50,000 | |||||||||
| Redeemable Class A Common Stock | Banyan Acquisition Corporation | ||||||||||
| Schedule of Reverse Recapitalization [Line Items] | ||||||||||
| Common stock, shares issued (in shares) | 32,203 | |||||||||
| Common stock, shares outstanding (in shares) | 32,203 | |||||||||
| Class B common stock | Banyan Acquisition Corporation | ||||||||||
| Schedule of Reverse Recapitalization [Line Items] | ||||||||||
| Common stock, shares issued (in shares) | 345,000 | |||||||||
| Common stock, shares outstanding (in shares) | 345,000 | |||||||||
| Sponsor Earnout Shares | Banyan Stockholders | ||||||||||
| Schedule of Reverse Recapitalization [Line Items] | ||||||||||
| Common stock, shares issued (in shares) | 1,830,000 | |||||||||
| Target Earnout Shares | Legacy Pinstripes Stockholders | ||||||||||
| Schedule of Reverse Recapitalization [Line Items] | ||||||||||
| Common stock, shares issued (in shares) | 5,000,000 | |||||||||
| EBITDA Earnout Shares | Legacy Pinstripes Stockholders | ||||||||||
| Schedule of Reverse Recapitalization [Line Items] | ||||||||||
| Common stock, shares issued (in shares) | 4,000,000 | |||||||||
Reverse Recapitalization - Schedule of Reverse Recapitalization (Details) - shares |
Jan. 05, 2025 |
Apr. 28, 2024 |
Dec. 29, 2023 |
Dec. 28, 2023 |
|---|---|---|---|---|
| Schedule of Reverse Recapitalization [Line Items] | ||||
| Common stock, shares outstanding (in shares) | 41,039,549 | 40,087,785 | 39,918,036 | 17,422,009 |
| Common stock, shares issued (in shares) | 41,039,549 | 40,087,785 | 17,422,009 | |
| Legacy Pinstripes Stockholders | ||||
| Schedule of Reverse Recapitalization [Line Items] | ||||
| Common stock, shares outstanding (in shares) | 33,449,433 | |||
| Legacy Pinstripes Stockholders | Target Earnout Shares | ||||
| Schedule of Reverse Recapitalization [Line Items] | ||||
| Common stock, shares issued (in shares) | 5,000,000 | |||
| Legacy Pinstripes Stockholders | EBITDA Earnout Shares | ||||
| Schedule of Reverse Recapitalization [Line Items] | ||||
| Common stock, shares issued (in shares) | 4,000,000 | |||
| Legacy Pinstripes Stockholders | Class A Common Stock | ||||
| Schedule of Reverse Recapitalization [Line Items] | ||||
| Common stock, shares issued (in shares) | 1,242,975 | |||
| Banyan Stockholders | ||||
| Schedule of Reverse Recapitalization [Line Items] | ||||
| Common stock, shares outstanding (in shares) | 3,697,203 | |||
| Banyan Stockholders | Sponsor Earnout Shares | ||||
| Schedule of Reverse Recapitalization [Line Items] | ||||
| Common stock, shares issued (in shares) | 1,830,000 | |||
| Series I Investors | ||||
| Schedule of Reverse Recapitalization [Line Items] | ||||
| Common stock, shares outstanding (in shares) | 2,721,400 | |||
| Series I Investors | Class A Common Stock | ||||
| Schedule of Reverse Recapitalization [Line Items] | ||||
| Common stock, shares issued (in shares) | 507,025 | |||
| Other | ||||
| Schedule of Reverse Recapitalization [Line Items] | ||||
| Common stock, shares outstanding (in shares) | 50,000 | |||
| Certain Investors, Banyan | Class A Common Stock | ||||
| Schedule of Reverse Recapitalization [Line Items] | ||||
| Common stock, shares issued (in shares) | 1,018,750 |
Inventory (Details) - USD ($) $ in Thousands |
Jan. 05, 2025 |
Apr. 28, 2024 |
|---|---|---|
| Inventory [Line Items] | ||
| Total | $ 1,007 | $ 949 |
| Beverage | ||
| Inventory [Line Items] | ||
| Total | 696 | 672 |
| Food | ||
| Inventory [Line Items] | ||
| Total | $ 311 | $ 277 |
Property and Equipment (Details) - USD ($) $ in Thousands |
3 Months Ended | 8 Months Ended | |||
|---|---|---|---|---|---|
Jan. 05, 2025 |
Jan. 07, 2024 |
Jan. 05, 2025 |
Jan. 07, 2024 |
Apr. 28, 2024 |
|
| Property, Plant and Equipment [Line Items] | |||||
| Total cost | $ 154,772 | $ 154,772 | $ 151,677 | ||
| Less: accumulated depreciation | (79,411) | (79,411) | (71,662) | ||
| Property and equipment, net | 75,361 | 75,361 | 80,015 | ||
| Capitalized cost | 128 | 339 | |||
| Impairment loss | 634 | $ 0 | 634 | $ 0 | |
| Leasehold improvements | |||||
| Property, Plant and Equipment [Line Items] | |||||
| Total cost | 87,902 | 87,902 | 84,747 | ||
| Furniture, fixtures, and equipment | |||||
| Property, Plant and Equipment [Line Items] | |||||
| Total cost | 54,616 | 54,616 | 50,355 | ||
| Building and building improvements | |||||
| Property, Plant and Equipment [Line Items] | |||||
| Total cost | 7,000 | 7,000 | 7,000 | ||
| Finance lease | |||||
| Property, Plant and Equipment [Line Items] | |||||
| Total cost | 255 | 255 | 0 | ||
| Software | |||||
| Property, Plant and Equipment [Line Items] | |||||
| Total cost | 99 | 99 | 18 | ||
| Construction in progress | |||||
| Property, Plant and Equipment [Line Items] | |||||
| Total cost | $ 4,900 | $ 4,900 | $ 9,557 | ||
Debt - Schedule of Debt (Details) - USD ($) $ in Thousands |
Jan. 05, 2025 |
Apr. 28, 2024 |
|---|---|---|
| Debt Instrument [Line Items] | ||
| Less: unamortized debt issuance costs and discounts | $ (34,422) | $ (35,433) |
| Total | 88,272 | 75,495 |
| Less: current portion of long-term notes payable | (3,304) | (4,818) |
| Long-term notes payable | 84,968 | 70,677 |
| PPP and SBA loans | ||
| Debt Instrument [Line Items] | ||
| Long-term debt | 500 | 500 |
| Term loans | ||
| Debt Instrument [Line Items] | ||
| Long-term debt | 35,582 | 34,300 |
| Equipment loan | ||
| Debt Instrument [Line Items] | ||
| Long-term debt | 15,888 | 16,500 |
| Less: unamortized debt issuance costs and discounts | (2,705) | (3,285) |
| Senior notes | ||
| Debt Instrument [Line Items] | ||
| Long-term debt | 64,478 | 53,430 |
| Less: unamortized debt issuance costs and discounts | (28,337) | (27,747) |
| Finance obligations | ||
| Debt Instrument [Line Items] | ||
| Long-term debt | 5,920 | 6,124 |
| Total | 2,891 | 2,664 |
| Other | ||
| Debt Instrument [Line Items] | ||
| Long-term debt | $ 326 | $ 74 |
Debt - PPP & SBA Loans (Narrative) (Details) $ in Thousands |
3 Months Ended | ||||||
|---|---|---|---|---|---|---|---|
|
Jul. 23, 2023
USD ($)
|
Jul. 18, 2021 |
Jan. 05, 2025
USD ($)
|
Apr. 28, 2024
USD ($)
|
Jun. 04, 2021 |
Apr. 25, 2021
USD ($)
debt_instrument
|
Apr. 20, 2020
USD ($)
|
|
| Debt Instrument [Line Items] | |||||||
| Interest rate | 1.07% | ||||||
| PPP and SBA loans | |||||||
| Debt Instrument [Line Items] | |||||||
| Long-term debt | $ 500 | $ 500 | |||||
| PPP and SBA loans | Paycheck Protection Program Loan | |||||||
| Debt Instrument [Line Items] | |||||||
| Face amount | $ 3,265 | $ 7,725 | |||||
| Number of debt instruments | debt_instrument | 3 | ||||||
| Debt term | 2 years | ||||||
| Interest rate | 1.00% | ||||||
| Gain on extinguishment of debt | $ 8,458 | ||||||
Debt - Term Loans (Narrative) (Details) $ in Thousands |
1 Months Ended | 3 Months Ended | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
|
Sep. 03, 2024
USD ($)
shares
|
Mar. 07, 2023
USD ($)
store
tranche
|
Sep. 30, 2024
USD ($)
|
Mar. 31, 2024
USD ($)
|
Jul. 21, 2024
USD ($)
|
Jan. 05, 2025
USD ($)
|
Apr. 28, 2024
USD ($)
|
Dec. 29, 2023
USD ($)
|
Oct. 20, 2023
USD ($)
|
Sep. 29, 2023
USD ($)
|
Jul. 27, 2023
USD ($)
|
Jun. 04, 2021 |
|
| Debt Instrument [Line Items] | ||||||||||||
| Number of tranches | tranche | 2 | |||||||||||
| Interest rate | 1.07% | |||||||||||
| Total | $ 88,272 | $ 75,495 | ||||||||||
| Unamortized debt issuance costs and discounts | 34,422 | 35,433 | ||||||||||
| Term loans | ||||||||||||
| Debt Instrument [Line Items] | ||||||||||||
| Maximum borrowing capacity | $ 35,000 | |||||||||||
| Interest rate | 15.00% | |||||||||||
| Periodic payment | $ 740 | $ 700 | ||||||||||
| Term loans | Term Loan Facility, Tranche 2 | ||||||||||||
| Debt Instrument [Line Items] | ||||||||||||
| Interest rate | 15.00% | |||||||||||
| Additional borrowing capacity | $ 12,500 | $ 5,000 | $ 5,000 | $ 1,500 | $ 1,000 | |||||||
| Additional borrowing capacity per draw | $ 2,500 | |||||||||||
| Number of store openings | store | 5 | |||||||||||
| Proceeds from lines of credit | $ 12,500 | |||||||||||
| Loan commitment asset | 1,203 | |||||||||||
| Debt discount | 559 | |||||||||||
| Debt issuance costs, net of amortization | 644 | |||||||||||
| Term loans | Silverview Tranche 3 Loan | ||||||||||||
| Debt Instrument [Line Items] | ||||||||||||
| Interest rate | 15.00% | 15.00% | ||||||||||
| Proceeds from lines of credit | $ 2,000 | |||||||||||
| Debt discount | $ 177 | |||||||||||
| Warrants issued (in shares) | shares | 29,292 | |||||||||||
| Term loans | March 2023 Term Loan Facility | ||||||||||||
| Debt Instrument [Line Items] | ||||||||||||
| Debt discount | 2,890 | |||||||||||
| Debt issuance costs, net of amortization | 1,510 | |||||||||||
| Unamortized debt issuance costs and discounts | $ 4,400 | |||||||||||
| Term loans | August 2023 Term Loan Facility | ||||||||||||
| Debt Instrument [Line Items] | ||||||||||||
| Debt discount | 2,226 | |||||||||||
| Debt issuance costs, net of amortization | 1,154 | |||||||||||
| Unamortized debt issuance costs and discounts | $ 3,380 | |||||||||||
| Term loans | Live Oak Banking Company | ||||||||||||
| Debt Instrument [Line Items] | ||||||||||||
| Debt repaid | $ 5,598 | |||||||||||
Debt - Equipment Loan (Narrative) (Details) - USD ($) $ in Thousands |
1 Months Ended | |||||
|---|---|---|---|---|---|---|
Jul. 27, 2023 |
Apr. 19, 2023 |
Sep. 30, 2024 |
Jan. 05, 2025 |
Apr. 28, 2024 |
Jun. 04, 2021 |
|
| Debt Instrument [Line Items] | ||||||
| Interest rate | 1.07% | |||||
| Unamortized debt issuance costs and discounts | $ 34,422 | $ 35,433 | ||||
| Equipment loan | ||||||
| Debt Instrument [Line Items] | ||||||
| Face amount | $ 5,000 | $ 11,500 | ||||
| Interest rate | 12.00% | 12.00% | ||||
| Periodic payment | $ 188 | $ 431 | ||||
| Periodic payment, principal | $ 619 | |||||
| Unamortized debt issuance costs and discounts | 2,705 | 3,285 | ||||
| Debt issuance costs, net of amortization | 49 | 60 | ||||
| Debt discount | $ 2,656 | $ 3,225 |
Debt - Senior Notes (Narrative) (Details) |
3 Months Ended | 8 Months Ended | ||||||
|---|---|---|---|---|---|---|---|---|
|
Sep. 03, 2024
USD ($)
shares
|
Dec. 29, 2023
USD ($)
tranche
|
Jan. 05, 2025
USD ($)
|
Jul. 21, 2024
USD ($)
|
Jan. 05, 2025
USD ($)
|
Apr. 28, 2024
USD ($)
|
Mar. 07, 2023
USD ($)
tranche
|
Jun. 04, 2021 |
|
| Debt Instrument [Line Items] | ||||||||
| Number of tranches | tranche | 2 | |||||||
| Interest rate | 1.07% | |||||||
| Unamortized debt issuance costs and discounts | $ 34,422,000 | $ 34,422,000 | $ 35,433,000 | |||||
| Senior notes | ||||||||
| Debt Instrument [Line Items] | ||||||||
| Debt term | 5 years | |||||||
| Face amount | $ 90,000,000 | |||||||
| Number of tranches | tranche | 2 | |||||||
| Interest rate | 12.50% | |||||||
| Accrued interest | 11,478,000 | 11,478,000 | 3,430,000 | |||||
| Unamortized debt issuance costs and discounts | 28,337,000 | 28,337,000 | 27,747,000 | |||||
| Debt issuance costs, net of amortization | 465,000 | 465,000 | 496,000 | |||||
| Debt discount | 27,872,000 | 27,872,000 | 27,251,000 | |||||
| Senior notes | Scenario 1 | ||||||||
| Debt Instrument [Line Items] | ||||||||
| Interest rate | 7.50% | |||||||
| Senior notes | Tranche 1 Loan | ||||||||
| Debt Instrument [Line Items] | ||||||||
| Face amount | $ 50,000,000 | |||||||
| Senior notes | Oaktree Tranche 2 Loan | ||||||||
| Debt Instrument [Line Items] | ||||||||
| Interest rate | 12.50% | |||||||
| Senior notes | Tranche 2 Loan | ||||||||
| Debt Instrument [Line Items] | ||||||||
| Face amount | $ 40,000,000 | |||||||
| Variable spread | 0.50% | |||||||
| Fair value of debt | $ 1,773,000 | 1,166,000 | 1,166,000 | $ 1,012,000 | ||||
| Gain (loss) on change in fair value | $ (154,000) | $ 761,000 | $ (566,000) | |||||
| Term loans | ||||||||
| Debt Instrument [Line Items] | ||||||||
| Maximum borrowing capacity | $ 35,000,000 | |||||||
| Interest rate | 15.00% | |||||||
| Term loans | Oaktree Tranche 2 Loan | ||||||||
| Debt Instrument [Line Items] | ||||||||
| Interest rate | 12.50% | |||||||
| Proceeds from Lines of Credit | $ 3,000,000 | |||||||
| Warrants issued (in shares) | shares | 174,750 | |||||||
| Debt discount | $ 831,000 | |||||||
| Term loans | Oaktree Tranche 2 Loan | Scenario 1 | ||||||||
| Debt Instrument [Line Items] | ||||||||
| Interest rate | 7.50% | |||||||
Debt - Convertible Notes (Narrative) (Details) $ / shares in Units, $ in Thousands |
8 Months Ended | ||
|---|---|---|---|
|
Jan. 05, 2025
USD ($)
shares
|
Jan. 07, 2024
USD ($)
|
Jun. 04, 2021
USD ($)
debt_instrument
$ / shares
|
|
| Debt Instrument [Line Items] | |||
| Interest rate | 1.07% | ||
| Shares issued upon conversion (in shares) | shares | 5,000 | ||
| Forfeiture of accrued interest in connection with the conversion of long-term notes payable | $ 0 | $ 890 | |
| Convertible Debt | |||
| Debt Instrument [Line Items] | |||
| Number of debt instruments | debt_instrument | 2 | ||
| Face amount | $ 5,000 | ||
| Conversion price (in dollars per share) | $ / shares | $ 10 | ||
| Accrued interest | 137 | ||
| Forfeiture of accrued interest in connection with the conversion of long-term notes payable | $ 890 | ||
Debt - Finance Obligations (Narrative) (Details) - USD ($) $ in Thousands |
3 Months Ended | 12 Months Ended | |||
|---|---|---|---|---|---|
Jul. 21, 2024 |
Dec. 31, 2011 |
Jan. 05, 2025 |
Apr. 28, 2024 |
Jun. 04, 2021 |
|
| Debt Instrument [Line Items] | |||||
| Interest rate | 1.07% | ||||
| Debt outstanding | $ 88,272 | $ 75,495 | |||
| Finance obligations | |||||
| Debt Instrument [Line Items] | |||||
| Face amount | $ 3,356 | ||||
| Debt term | 5 years | ||||
| Interest rate | 10.00% | ||||
| Debt outstanding | 2,891 | $ 2,664 | |||
| Finance obligations | Northbrook, Illinois Financing Obligation | |||||
| Debt Instrument [Line Items] | |||||
| Face amount | $ 7,000 | ||||
| Debt term | 15 years | ||||
| Interest rate | 8.15% | ||||
| Debt outstanding | $ 3,029 | $ 3,460 |
Debt - Fair Value (Narrative) (Details) - USD ($) $ in Thousands |
Jan. 05, 2025 |
Apr. 28, 2024 |
|---|---|---|
| Level 3 | Finance obligations | ||
| Debt Instrument [Line Items] | ||
| Fair value of debt | $ 84,955 | $ 71,061 |
Income Taxes (Details) |
3 Months Ended | 8 Months Ended | |
|---|---|---|---|
Jan. 05, 2025 |
Jan. 07, 2024 |
Jan. 05, 2025 |
|
| Income Tax Disclosure [Abstract] | |||
| Effective tax rate (in percent) | 0.70% | 0.00% | 0.00% |
Leases (Narrative) (Details) - USD ($) $ in Thousands |
1 Months Ended | 3 Months Ended | 8 Months Ended | ||
|---|---|---|---|---|---|
Jun. 30, 2023 |
Jan. 05, 2025 |
Jan. 07, 2024 |
Jan. 05, 2025 |
Jan. 07, 2024 |
|
| Leases [Abstract] | |||||
| Lease abatement | $ 4,673 | ||||
| Deferred rent | 4,500 | ||||
| Increase in lease liability | 2,678 | $ (12,025) | $ (6,808) | ||
| Decrease in occupancy costs | 9,173 | (6,415) | 3,954 | ||
| Gain on lease modification | $ 3,281 | 0 | 3,281 | ||
| Leases which have not yet commenced | $ 49,279 | 49,279 | |||
| Operating lease expense | $ 147 | $ 303 | $ 736 | $ 1,306 | |
Leases - Lease Cost (Details) - USD ($) $ in Thousands |
3 Months Ended | 8 Months Ended | ||
|---|---|---|---|---|
Jan. 05, 2025 |
Jan. 07, 2024 |
Jan. 05, 2025 |
Jan. 07, 2024 |
|
| Leases [Abstract] | ||||
| Operating lease cost | $ 4,361 | $ 3,701 | $ 13,610 | $ 7,579 |
| Variable lease cost | 1,536 | 1,524 | 4,239 | 4,094 |
| Short term lease cost | 228 | 130 | 643 | 431 |
| Total lease cost | $ 6,125 | $ 5,355 | $ 18,492 | $ 12,104 |
Redeemable Convertible Preferred Stock - Narrative (Details) - USD ($) $ in Thousands |
Jan. 05, 2025 |
Oct. 13, 2024 |
Jul. 21, 2024 |
Apr. 28, 2024 |
Jan. 07, 2024 |
Dec. 29, 2023 |
Oct. 15, 2023 |
Jul. 23, 2023 |
Apr. 30, 2023 |
||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Temporary Equity [Line Items] | |||||||||||||||
| Temporary equity, shares outstanding (in shares) | 0 | 0 | 0 | 0 | 0 | [1] | 20,989,710 | [1] | 20,851,710 | [1] | 18,863,090 | [1] | |||
| Temporary equity, carrying amount | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 75,262 | $ 73,488 | $ 53,468 | |||||||
| Preferred Stock (as converted to common stock) | |||||||||||||||
| Temporary Equity [Line Items] | |||||||||||||||
| Temporary equity, shares issued (in shares) | 11,054,593 | ||||||||||||||
| Temporary equity, shares outstanding (in shares) | 11,054,593 | ||||||||||||||
| Temporary equity, carrying amount | $ 75,262 | ||||||||||||||
| Temporary equity, liquidation value | $ 114,663 | ||||||||||||||
| Class A Common Stock | Scenario 1 | |||||||||||||||
| Temporary Equity [Line Items] | |||||||||||||||
| Conversion ratio | 1.8486 | ||||||||||||||
| Class A Common Stock | Banyan Acquisition Corporation | |||||||||||||||
| Temporary Equity [Line Items] | |||||||||||||||
| Conversion ratio | 2.5 | ||||||||||||||
| |||||||||||||||
Redeemable Convertible Preferred Stock - Schedule of Preferred Stock (Details) - USD ($) $ in Thousands |
3 Months Ended | 12 Months Ended | ||
|---|---|---|---|---|
Jan. 07, 2024 |
Oct. 15, 2023 |
Jul. 23, 2023 |
Apr. 28, 2024 |
|
| Increase (Decrease) in Temporary Equity | ||||
| Beginning balance | $ 75,262 | $ 73,488 | $ 53,468 | $ 53,468 |
| Issuance of Redeemable Convertible Preferred Stock, net | 19,843 | |||
| Remeasurement to Redemption Amount | 1,423 | 1,423 | ||
| Accretion of Cumulative Dividends | 350 | 394 | 134 | 878 |
| Conversion in connection with the Reverse Recapitalization | (75,612) | |||
| Ending balance | $ 0 | 75,262 | 73,488 | 0 |
| Series A Preferred Stock | ||||
| Increase (Decrease) in Temporary Equity | ||||
| Beginning balance | 1,151 | 1,151 | ||
| Conversion in connection with the Reverse Recapitalization | (1,151) | |||
| Ending balance | 0 | |||
| Series B Preferred Stock | ||||
| Increase (Decrease) in Temporary Equity | ||||
| Beginning balance | 930 | 930 | ||
| Conversion in connection with the Reverse Recapitalization | (930) | |||
| Ending balance | 0 | |||
| Series C Preferred Stock | ||||
| Increase (Decrease) in Temporary Equity | ||||
| Beginning balance | 300 | 300 | ||
| Conversion in connection with the Reverse Recapitalization | (300) | |||
| Ending balance | 0 | |||
| Series D Preferred Stock | ||||
| Increase (Decrease) in Temporary Equity | ||||
| Beginning balance | 10,340 | 10,340 | ||
| Conversion in connection with the Reverse Recapitalization | (10,340) | |||
| Ending balance | 0 | |||
| Series E Preferred Stock | ||||
| Increase (Decrease) in Temporary Equity | ||||
| Beginning balance | 2,207 | 2,207 | ||
| Conversion in connection with the Reverse Recapitalization | (2,207) | |||
| Ending balance | 0 | |||
| Series F Preferred Stock | ||||
| Increase (Decrease) in Temporary Equity | ||||
| Beginning balance | 27,290 | 27,290 | ||
| Conversion in connection with the Reverse Recapitalization | (27,290) | |||
| Ending balance | 0 | |||
| Series G Preferred Stock | ||||
| Increase (Decrease) in Temporary Equity | ||||
| Beginning balance | 3,550 | 3,550 | ||
| Conversion in connection with the Reverse Recapitalization | (3,550) | |||
| Ending balance | 0 | |||
| Series H Preferred Stock | ||||
| Increase (Decrease) in Temporary Equity | ||||
| Beginning balance | 7,700 | 7,700 | ||
| Conversion in connection with the Reverse Recapitalization | (7,700) | |||
| Ending balance | 0 | |||
| Series I Preferred Stock | ||||
| Increase (Decrease) in Temporary Equity | ||||
| Beginning balance | 0 | 0 | ||
| Issuance of Redeemable Convertible Preferred Stock, net | $ 1,380 | $ 18,463 | 19,843 | |
| Remeasurement to Redemption Amount | 1,423 | |||
| Accretion of Cumulative Dividends | 878 | |||
| Conversion in connection with the Reverse Recapitalization | (22,144) | |||
| Ending balance | $ 0 | |||
Stock-Based Compensation - Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands |
3 Months Ended | 8 Months Ended | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|
Apr. 29, 2024 |
Jan. 19, 2024 |
Oct. 19, 2023 |
Jan. 05, 2025 |
Jan. 07, 2024 |
Jan. 05, 2025 |
Jan. 07, 2024 |
Apr. 28, 2024 |
Dec. 29, 2023 |
Dec. 31, 2008 |
|
| Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||||||||||
| Stock-based compensation | $ 2,230 | $ 615 | ||||||||
| Unrecognized expense | $ 3,965 | 3,965 | ||||||||
| Stock options | ||||||||||
| Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||||||||||
| Stock-based compensation | 268 | $ 254 | $ 860 | $ 615 | ||||||
| Unrecognized expense, period of recognition | 1 year 9 months 7 days | |||||||||
| Restricted stock | ||||||||||
| Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||||||||||
| Stock-based compensation | 725 | $ 854 | ||||||||
| Unrecognized expense, period of recognition | 1 year 10 months 9 days | |||||||||
| Unrecognized expense | $ 2,560 | $ 2,560 | ||||||||
| Instruments granted (in shares) | 4,520,779 | |||||||||
| Outstanding (in shares) | 3,332,145 | 3,332,145 | 0 | |||||||
| Weighted average grant date fair value (in dollars per share) | $ 0.84 | $ 0.84 | $ 0 | |||||||
| Vested (in shares) | 951,764 | |||||||||
| Performance Shares | ||||||||||
| Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||||||||||
| Awards outstanding (in shares) | 0 | 0 | 0 | |||||||
| Stock Appreciation Rights (SARs) | ||||||||||
| Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||||||||||
| Awards outstanding (in shares) | 0 | 0 | 0 | |||||||
| Restricted Stock Units (RSUs) | ||||||||||
| Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||||||||||
| Vesting period | 1 year | |||||||||
| Stock-based compensation | $ 172 | $ 516 | ||||||||
| Unrecognized expense, period of recognition | 14 days | |||||||||
| Unrecognized expense | $ 27 | $ 27 | ||||||||
| Value issued to non-employees | $ 125 | |||||||||
| Outstanding (in shares) | 172,806 | 172,806 | ||||||||
| Weighted average grant date fair value (in dollars per share) | $ 4.34 | $ 4.34 | ||||||||
| Vested (in shares) | 0 | |||||||||
| 2008 Equity Incentive Plan | ||||||||||
| Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||||||||||
| Shares authorized (in shares) | 2,900,000 | |||||||||
| 2023 Stock Option Plan | ||||||||||
| Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||||||||||
| Shares authorized (in shares) | 1,500,000 | |||||||||
| 2023 Omnibus Plan | ||||||||||
| Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||||||||||
| Shares authorized (in shares) | 12,900,000 | |||||||||
| Additional shares authorized, percent of shares outstanding | 15.00% | |||||||||
| 2023 Omnibus Plan | Stock options | ||||||||||
| Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||||||||||
| Vesting percentage | 20.00% | |||||||||
| Vesting period | 5 years | |||||||||
| Expiration period | 10 years | |||||||||
| Expiration period, employee termination | 90 days | |||||||||
| 2023 Omnibus Plan | Restricted stock | ||||||||||
| Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||||||||||
| Vesting percentage | 33.33% | |||||||||
| Vesting period | 3 years | |||||||||
| Expiration period | 10 years | |||||||||
| Expiration period, employee termination | 90 days | |||||||||
Stock-Based Compensation - Options Outstanding (Details) - USD ($) $ / shares in Units, $ in Thousands |
8 Months Ended | 12 Months Ended |
|---|---|---|
Jan. 05, 2025 |
Apr. 28, 2024 |
|
| Number of Options | ||
| Outstanding, beginning balance (in shares) | 4,691,701 | |
| Granted (in shares) | 52,424 | |
| Exercised (in shares) | 0 | |
| Cancelled or expired (in shares) | (732,418) | |
| Outstanding, ending balance (in shares) | 4,011,707 | 4,691,701 |
| Exercisable (in shares) | 2,560,660 | |
| Weighted-average Exercise Price | ||
| Outstanding, beginning balance (in dollars per share) | $ 6.76 | |
| Granted (in dollars per share) | 2.97 | |
| Exercised (in dollars per share) | 0 | |
| Cancelled or expired (in dollars per share) | 6.62 | |
| Outstanding, ending balance (in dollars per share) | 6.74 | $ 6.76 |
| Exercisable (in dollars per share) | $ 5.16 | |
| Weighted-average Remaining Contractual Term (in years) | 5 years 8 months 15 days | 6 years 5 months 4 days |
| Exercisable, Weighted-average Remaining Contractual Term (in years) | 4 years 4 months 24 days | |
| Aggregate Intrinsic Value (in thousands) | $ 0 | $ 0 |
| Aggregate Intrinsic Value (in thousands), Exercised | $ 0 |
Stock-Based Compensation - Restricted Stock Awards (Details) - Restricted stock |
8 Months Ended |
|---|---|
|
Jan. 05, 2025
$ / shares
shares
| |
| Shares | |
| Unvested, beginning balance (in shares) | shares | 0 |
| Granted (in shares) | shares | 4,520,779 |
| Forfeited (in shares) | shares | (236,870) |
| Vested (in shares) | shares | (951,764) |
| Unvested, ending balance (in shares) | shares | 3,332,145 |
| Weighted-Average Grant Date Fair Value Per Share | |
| Unvested, beginning balance (in dollars per share) | $ / shares | $ 0 |
| Granted (in dollars per share) | $ / shares | 0.80 |
| Forfeited (in dollars per share) | $ / shares | 0.91 |
| Vested (in dollars per share) | $ / shares | 0.63 |
| Unvested, ending balance (in dollars per share) | $ / shares | $ 0.84 |
Warrants - Narrative (Details) |
3 Months Ended | 8 Months Ended | ||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
|
Sep. 03, 2024
USD ($)
$ / shares
shares
|
Jun. 27, 2024
$ / shares
shares
|
Dec. 29, 2023
USD ($)
$ / shares
shares
|
Oct. 20, 2023
USD ($)
shares
|
Sep. 29, 2023
USD ($)
shares
|
Aug. 01, 2023
USD ($)
shares
|
Jan. 05, 2025
USD ($)
$ / shares
|
Oct. 13, 2024
USD ($)
|
Jul. 21, 2024
USD ($)
|
Jan. 07, 2024
USD ($)
|
Oct. 15, 2023
USD ($)
|
Jan. 05, 2025
USD ($)
d
$ / shares
shares
|
Jan. 07, 2024
USD ($)
|
Dec. 17, 2024
$ / shares
|
Apr. 28, 2024
USD ($)
$ / shares
|
Dec. 28, 2023
shares
|
Dec. 04, 2023
USD ($)
$ / shares
|
Jul. 31, 2023
$ / shares
shares
|
Apr. 30, 2023
USD ($)
$ / shares
shares
|
Jan. 24, 2022
shares
|
|
| Class of Warrant or Right [Line Items] | ||||||||||||||||||||
| Exercise price of warrant (in dollars per share) | $ / shares | $ 9.25 | $ 9.25 | $ 11.50 | $ 9.58 | ||||||||||||||||
| Sale of private placement warrants (in shares) | 354,436 | |||||||||||||||||||
| Issuance of warrants | $ | $ 67,000 | $ 0 | $ 173,000 | |||||||||||||||||
| Gain on change in fair value of warrant liabilities and other | $ | $ (707,000) | (17,790,000) | $ (6,955,000) | $ (19,140,000) | ||||||||||||||||
| Shares issued upon conversion (in shares) | 5,000 | |||||||||||||||||||
| Granted (in shares) | 1,041,792 | |||||||||||||||||||
| Reclassification of liability-classified warrants | $ | (1,864,000) | $ 940,000 | $ (1,834,000) | $ 1,864,000 | $ 940,000 | |||||||||||||||
| Warrants | ||||||||||||||||||||
| Class of Warrant or Right [Line Items] | ||||||||||||||||||||
| Exercise price of warrant (in dollars per share) | $ / shares | $ 11.50 | $ 11.50 | ||||||||||||||||||
| Issuance of warrants | $ | $ 401,000 | 401,000 | ||||||||||||||||||
| Warrants outstanding | $ | $ 625,000 | 766,000 | $ 3,373,000 | $ 625,000 | $ 5,411,000 | |||||||||||||||
| Gain on change in fair value of warrant liabilities and other | $ | $ (141,000) | (4,928,000) | $ (2,038,000) | |||||||||||||||||
| Expiration period | 5 years | 5 years | ||||||||||||||||||
| Reclassification of liability-classified warrants | $ | $ 1,864,000 | $ 1,864,000 | ||||||||||||||||||
| Banyan Acquisition Corporation | ||||||||||||||||||||
| Class of Warrant or Right [Line Items] | ||||||||||||||||||||
| Sale of private placement warrants (in shares) | 23,985,000 | |||||||||||||||||||
| Threshold period for not to transfer, assign or sell any of their shares or warrants after the completion of the initial business combination | 30 days | |||||||||||||||||||
| Senior notes | ||||||||||||||||||||
| Class of Warrant or Right [Line Items] | ||||||||||||||||||||
| Face amount | $ | $ 90,000,000 | |||||||||||||||||||
| Term Loan, Tranche 2 | Term loans | ||||||||||||||||||||
| Class of Warrant or Right [Line Items] | ||||||||||||||||||||
| Proceeds from Lines of Credit | $ | $ 5,000,000 | $ 5,000,000 | $ 1,500,000 | $ 1,000,000 | ||||||||||||||||
| Term Loan, Tranche 2 | Senior notes | ||||||||||||||||||||
| Class of Warrant or Right [Line Items] | ||||||||||||||||||||
| Exercise price of warrant (in dollars per share) | $ / shares | $ 0.01 | |||||||||||||||||||
| Shares issued upon conversion (in shares) | 1,650,000 | |||||||||||||||||||
| Silverview Tranche 3 Loan | Term loans | ||||||||||||||||||||
| Class of Warrant or Right [Line Items] | ||||||||||||||||||||
| Exercise price of warrant (in dollars per share) | $ / shares | $ 0.01 | |||||||||||||||||||
| Proceeds from Lines of Credit | $ | $ 2,000,000 | |||||||||||||||||||
| Issuance of warrants | $ | $ 67,000 | |||||||||||||||||||
| Warrants issued (in shares) | 29,292 | |||||||||||||||||||
| Tranche 1 Loan | Senior notes | ||||||||||||||||||||
| Class of Warrant or Right [Line Items] | ||||||||||||||||||||
| Exercise price of warrant (in dollars per share) | $ / shares | $ 0.01 | |||||||||||||||||||
| Shares issued upon conversion (in shares) | 2,500,000 | |||||||||||||||||||
| Face amount | $ | $ 50,000,000 | |||||||||||||||||||
| Oaktree Tranche 2 Loan | Term loans | ||||||||||||||||||||
| Class of Warrant or Right [Line Items] | ||||||||||||||||||||
| Proceeds from Lines of Credit | $ | $ 3,000,000 | |||||||||||||||||||
| Warrants issued (in shares) | 174,750 | |||||||||||||||||||
| Granted (in shares) | 174,750 | |||||||||||||||||||
| Tranche 2 Warrants | ||||||||||||||||||||
| Class of Warrant or Right [Line Items] | ||||||||||||||||||||
| Exercise price of warrant (in dollars per share) | $ / shares | $ 0.01 | |||||||||||||||||||
| Sale of private placement warrants (in shares) | 38,142 | 38,143 | 11,443 | |||||||||||||||||
| Issuance of warrants | $ | $ 415,000 | $ 524,000 | $ 173,000 | |||||||||||||||||
| Gain on change in fair value of warrant liabilities and other | $ | $ 179,000 | $ 2,011,000 | ||||||||||||||||||
| Trigger price (in dollars per share) | $ / shares | $ 6.00 | |||||||||||||||||||
| Granted (in shares) | 1,900,000 | 1,900,000 | ||||||||||||||||||
| Public Warrants | ||||||||||||||||||||
| Class of Warrant or Right [Line Items] | ||||||||||||||||||||
| Warrants outstanding | $ | $ 4,456,000 | |||||||||||||||||||
| Gain on change in fair value of warrant liabilities and other | $ | $ 23,000 | $ (61,000) | ||||||||||||||||||
| Exercisable term | 30 days | |||||||||||||||||||
| Expiration period | 5 years | 5 years | ||||||||||||||||||
| Public Warrants | Banyan Acquisition Corporation | ||||||||||||||||||||
| Class of Warrant or Right [Line Items] | ||||||||||||||||||||
| Sale of private placement warrants (in shares) | 12,075,000 | |||||||||||||||||||
| Private Placement Warrants | ||||||||||||||||||||
| Class of Warrant or Right [Line Items] | ||||||||||||||||||||
| Warrants outstanding | $ | $ 25,368,000 | |||||||||||||||||||
| Gain on change in fair value of warrant liabilities and other | $ | $ 1,955,000 | $ 3,143,000 | ||||||||||||||||||
| Private Placement Warrants | Banyan Acquisition Corporation | Private Placement | ||||||||||||||||||||
| Class of Warrant or Right [Line Items] | ||||||||||||||||||||
| Sale of private placement warrants (in shares) | 11,910,000 | |||||||||||||||||||
| Redemption Of Warrant Price Per Share Equals Or Exceeds 18.00 | Banyan Acquisition Corporation | Public Warrants | ||||||||||||||||||||
| Class of Warrant or Right [Line Items] | ||||||||||||||||||||
| Price per shares of common stock (in dollars per share) | $ / shares | $ 18.00 | $ 18.00 | ||||||||||||||||||
| Redemption price per public warrant (in dollars per share) | $ / shares | $ 0.01 | |||||||||||||||||||
| Minimum threshold written notice period for redemption of public warrants | 30 days | |||||||||||||||||||
| Threshold trading days for redemption of public warrants | 20 days | |||||||||||||||||||
| Class of warrant or right redemption of warrants or rights threshold trading days before sending notice of redemption of warrants | 3 days | |||||||||||||||||||
| Redemption Of Warrant Price Per Share Equals Or Exceeds 10.00 | Banyan Acquisition Corporation | Public Warrants | ||||||||||||||||||||
| Class of Warrant or Right [Line Items] | ||||||||||||||||||||
| Price per shares of common stock (in dollars per share) | $ / shares | $ 10.00 | $ 10.00 | ||||||||||||||||||
| Redemption price per public warrant (in dollars per share) | $ / shares | $ 0.10 | |||||||||||||||||||
| Minimum threshold written notice period for redemption of public warrants | 30 days | |||||||||||||||||||
| Threshold trading days for redemption of public warrants | 20 days | |||||||||||||||||||
| Threshold consecutive trading days for redemption of public warrants | d | 30 | |||||||||||||||||||
| Contingently Issuable Tranche 1 Warrants | Warrant, Scenario 1 | ||||||||||||||||||||
| Class of Warrant or Right [Line Items] | ||||||||||||||||||||
| Exercise price of warrant (in dollars per share) | $ / shares | $ 0.01 | |||||||||||||||||||
| Trigger price (in dollars per share) | $ / shares | $ 8.00 | |||||||||||||||||||
| Granted (in shares) | 187,500 | |||||||||||||||||||
| Contingently Issuable Tranche 1 Warrants | Warrant, Scenario 2 | ||||||||||||||||||||
| Class of Warrant or Right [Line Items] | ||||||||||||||||||||
| Exercise price of warrant (in dollars per share) | $ / shares | $ 0.01 | |||||||||||||||||||
| Trigger price (in dollars per share) | $ / shares | $ 6.00 | $ 6.00 | ||||||||||||||||||
| Granted (in shares) | 412,500 | 412,500 | ||||||||||||||||||
| Additional Oaktree Tranche 2 Warrants | ||||||||||||||||||||
| Class of Warrant or Right [Line Items] | ||||||||||||||||||||
| Granted (in shares) | 2,912,500 | |||||||||||||||||||
| Additional Oaktree Tranche 2 Warrants, Incremental | ||||||||||||||||||||
| Class of Warrant or Right [Line Items] | ||||||||||||||||||||
| Warrants outstanding | $ | $ 859,000 | |||||||||||||||||||
| Granted (in shares) | 1,012,500 | |||||||||||||||||||
| Tranche 1 Warrants | ||||||||||||||||||||
| Class of Warrant or Right [Line Items] | ||||||||||||||||||||
| Exercise price of warrant (in dollars per share) | $ / shares | $ 0.01 | |||||||||||||||||||
| Expiration period | 10 years | |||||||||||||||||||
| Silverview Credit Partners LP | ||||||||||||||||||||
| Class of Warrant or Right [Line Items] | ||||||||||||||||||||
| Exercise price of warrant (in dollars per share) | $ / shares | $ 0.01 | $ 0.01 | ||||||||||||||||||
| Sale of private placement warrants (in shares) | 7,629 | 258,303 | 267,000 | |||||||||||||||||
| Warrants outstanding | $ | $ 1,712,000 | |||||||||||||||||||
| Silverview Credit Partners LP | Amended Warrants | ||||||||||||||||||||
| Class of Warrant or Right [Line Items] | ||||||||||||||||||||
| Sale of private placement warrants (in shares) | 162,946 | |||||||||||||||||||
| Silverview Credit Partners LP | Warrants Not Amended | ||||||||||||||||||||
| Class of Warrant or Right [Line Items] | ||||||||||||||||||||
| Sale of private placement warrants (in shares) | 8,697 | |||||||||||||||||||
| Silverview Credit Partners LP | Issued Warrants | ||||||||||||||||||||
| Class of Warrant or Right [Line Items] | ||||||||||||||||||||
| Sale of private placement warrants (in shares) | 179,272 | |||||||||||||||||||
| Silverview Credit Partners LP | Contingently issuable warrants | ||||||||||||||||||||
| Class of Warrant or Right [Line Items] | ||||||||||||||||||||
| Sale of private placement warrants (in shares) | 87,728 | |||||||||||||||||||
| Service Provider | ||||||||||||||||||||
| Class of Warrant or Right [Line Items] | ||||||||||||||||||||
| Exercise price of warrant (in dollars per share) | $ / shares | $ 10 | |||||||||||||||||||
| Sale of private placement warrants (in shares) | 7,500 | |||||||||||||||||||
| Granite Creek Capital Partners LLC | ||||||||||||||||||||
| Class of Warrant or Right [Line Items] | ||||||||||||||||||||
| Exercise price of warrant (in dollars per share) | $ / shares | $ 0.001 | |||||||||||||||||||
| Sale of private placement warrants (in shares) | 48,530 | 111,619 | ||||||||||||||||||
| Warrants outstanding | $ | $ 2,202,000 | |||||||||||||||||||
Warrants - Rollforward (Details) - $ / shares |
8 Months Ended | |
|---|---|---|
Dec. 29, 2023 |
Jan. 05, 2025 |
|
| Class Of Warrant Or Right, Outstanding, Rollforward [Roll Forward] | ||
| Warrants outstanding, beginning (in shares) | 354,436 | 28,797,500 |
| Granted (in shares) | 1,041,792 | |
| Expired (in shares) | 0 | |
| Exercised (in shares) | 0 | |
| Warrants outstanding, ending (in shares) | 29,839,292 | |
| Class Of Warrant Or Right, Weighted-Average Exercise Price, Rollforward [Roll Forward] | ||
| Warrants, Weighted-Average Exercise Price, beginning (in dollars per share) | $ 9.58 | |
| Granted (in dollars per share) | 0.01 | |
| Expired (in dollars per share) | 0 | |
| Exercised (in dollars per share) | 0 | |
| Warrants, Weighted-Average Exercise Price, ending (in dollars per share) | $ 9.25 |
Warrants - Warrant Liability (Details) - USD ($) $ in Thousands |
3 Months Ended | 8 Months Ended | ||||||
|---|---|---|---|---|---|---|---|---|
Sep. 03, 2024 |
Jan. 05, 2025 |
Oct. 13, 2024 |
Jul. 21, 2024 |
Jan. 07, 2024 |
Oct. 15, 2023 |
Jan. 05, 2025 |
Jan. 07, 2024 |
|
| Warrants And Rights Outstanding Rollforward [Roll Forward] | ||||||||
| Reclassification of liability-classified warrants | $ (1,864) | $ 940 | $ (1,834) | $ 1,864 | $ 940 | |||
| Issuance of warrants | 67 | 0 | $ 173 | |||||
| Change in fair value | $ (707) | $ (17,790) | (6,955) | $ (19,140) | ||||
| Warrants | ||||||||
| Warrants And Rights Outstanding Rollforward [Roll Forward] | ||||||||
| Beginning balance | 766 | 3,373 | $ 5,411 | 5,411 | ||||
| Reclassification of liability-classified warrants | $ 1,864 | 1,864 | ||||||
| Issuance of warrants | $ 401 | 401 | ||||||
| Change in fair value | (141) | (4,928) | (2,038) | |||||
| Ending balance | $ 625 | 766 | $ 3,373 | $ 625 | ||||
| Warrants | Oaktree | ||||||||
| Warrants And Rights Outstanding Rollforward [Roll Forward] | ||||||||
| Issuance of warrants | $ 859 | |||||||
Net Earnings (Loss) Per Share - Basic and Diluted Net Loss Per Share of Common Stock (Details) - USD ($) $ / shares in Units, $ in Thousands |
3 Months Ended | 8 Months Ended | ||||||
|---|---|---|---|---|---|---|---|---|
Jan. 05, 2025 |
Oct. 13, 2024 |
Jul. 21, 2024 |
Jan. 07, 2024 |
Oct. 15, 2023 |
Jul. 23, 2023 |
Jan. 05, 2025 |
Jan. 07, 2024 |
|
| Numerator: | ||||||||
| Net loss | $ (8,079) | $ (9,310) | $ (10,006) | $ 12,248 | $ (7,283) | $ (3,046) | $ (27,395) | $ 1,919 |
| Cumulative unpaid dividends on Series I redeemable convertible preferred stock | 0 | (350) | 0 | (878) | ||||
| Change in redemption amount of redeemable convertible preferred stock | 0 | 0 | 0 | (1,423) | ||||
| Net income (loss) attributable to common stockholders | (8,079) | 11,898 | (27,395) | (382) | ||||
| Net income (loss) attributable to common stockholders | (8,079) | 11,898 | (27,395) | (382) | ||||
| Earnings allocated to participating securities | 0 | (6,419) | 0 | 0 | ||||
| Net loss available to common stockholders, basic | (8,079) | 5,479 | (27,395) | (382) | ||||
| Earnings allocated to participating securities | 0 | 6,419 | 0 | 0 | ||||
| Impact of assumed conversions | 0 | 361 | 0 | 0 | ||||
| Net loss available to common stockholders, diluted | $ (8,079) | $ 12,259 | $ (27,395) | $ (382) | ||||
| Denominator: | ||||||||
| Weighted average common shares outstanding, basic (in shares) | 43,578,234 | 15,784,141 | 43,129,555 | 13,324,330 | ||||
| Dilutive awards outstanding (in shares) | 0 | 21,276,865 | 0 | 0 | ||||
| Weighted average common shares outstanding, diluted (in shares) | 43,578,234 | 37,061,006 | 43,129,555 | 13,324,330 | ||||
| Loss per share: | ||||||||
| Basic (in dollars per share) | $ (0.19) | $ 0.35 | $ (0.64) | $ (0.03) | ||||
| Diluted (in dollars per share) | $ (0.19) | $ 0.33 | $ (0.64) | $ (0.03) | ||||
Net Earnings (Loss) Per Share - Antidilutive Securities Excluded from Computation of Earnings (Loss) Per Share (Details) - shares |
3 Months Ended | 8 Months Ended |
|---|---|---|
Jan. 05, 2025 |
Jan. 05, 2025 |
|
| Stock options | ||
| Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
| Antidilutive securities excluded from computation of loss per share (in shares) | 4,012,000 | 4,012,000 |
| Restricted stock units | ||
| Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
| Antidilutive securities excluded from computation of loss per share (in shares) | 173,000 | 173,000 |
| Restricted stock awards | ||
| Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
| Antidilutive securities excluded from computation of loss per share (in shares) | 3,332,000 | 3,332,000 |
| Warrants | ||
| Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
| Antidilutive securities excluded from computation of loss per share (in shares) | 23,985,000 | 23,985,000 |
| Contingently issuable warrants | ||
| Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
| Antidilutive securities excluded from computation of loss per share (in shares) | 2,738,000 | 2,738,000 |
Commitments and Contingencies (Details) - USD ($) $ in Thousands |
Oct. 13, 2024 |
Apr. 28, 2024 |
|---|---|---|
| Commitments and Contingencies Disclosure [Abstract] | ||
| Estimate of possible cost | $ 464 | $ 464 |
Related Party Transactions (Details) - Related Party - USD ($) $ in Thousands |
3 Months Ended | 8 Months Ended | |||
|---|---|---|---|---|---|
Jan. 05, 2025 |
Jan. 07, 2024 |
Jan. 05, 2025 |
Jan. 07, 2024 |
Apr. 28, 2024 |
|
| RELATED PARTY TRANSACTIONS | |||||
| Accounts payable | $ 8,059 | $ 8,059 | $ 8,633 | ||
| Design Services And Equipment Supply | |||||
| RELATED PARTY TRANSACTIONS | |||||
| Related party transaction | 300 | $ 921 | 976 | $ 942 | |
| Accounts payable | $ 1,619 | $ 1,619 | $ 1,918 | ||
Subsequent Events (Details) - USD ($) $ / shares in Units, $ in Thousands |
8 Months Ended | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jan. 21, 2025 |
Sep. 03, 2024 |
Dec. 29, 2023 |
Oct. 20, 2023 |
Sep. 29, 2023 |
Aug. 01, 2023 |
Jan. 05, 2025 |
Jan. 17, 2025 |
Dec. 17, 2024 |
Apr. 28, 2024 |
Jul. 27, 2023 |
Apr. 19, 2023 |
Mar. 07, 2023 |
Jun. 04, 2021 |
|
| Subsequent Event [Line Items] | ||||||||||||||
| Interest rate | 1.07% | |||||||||||||
| Shares issued upon conversion (in shares) | 5,000 | |||||||||||||
| Exercise price of warrant (in dollars per share) | $ 9.25 | $ 11.50 | $ 9.58 | |||||||||||
| Term loans | ||||||||||||||
| Subsequent Event [Line Items] | ||||||||||||||
| Interest rate | 15.00% | |||||||||||||
| Senior notes | ||||||||||||||
| Subsequent Event [Line Items] | ||||||||||||||
| Interest rate | 12.50% | |||||||||||||
| Equipment loan | ||||||||||||||
| Subsequent Event [Line Items] | ||||||||||||||
| Interest rate | 12.00% | 12.00% | ||||||||||||
| Oaktree Tranche 2 Loan | Term loans | ||||||||||||||
| Subsequent Event [Line Items] | ||||||||||||||
| Interest rate | 12.50% | |||||||||||||
| Proceeds from Lines of Credit | $ 3,000 | |||||||||||||
| Oaktree Tranche 2 Loan | Senior notes | ||||||||||||||
| Subsequent Event [Line Items] | ||||||||||||||
| Interest rate | 12.50% | |||||||||||||
| Debt Instrument, Interest Rate, Paid In Kind | 7.50% | |||||||||||||
| Silverview Tranche 3 Loan | Term loans | ||||||||||||||
| Subsequent Event [Line Items] | ||||||||||||||
| Interest rate | 15.00% | 15.00% | ||||||||||||
| Proceeds from Lines of Credit | $ 2,000 | |||||||||||||
| Exercise price of warrant (in dollars per share) | $ 0.01 | |||||||||||||
| Term Loan, Tranche 2 | Term loans | ||||||||||||||
| Subsequent Event [Line Items] | ||||||||||||||
| Proceeds from Lines of Credit | $ 5,000 | $ 5,000 | $ 1,500 | $ 1,000 | ||||||||||
| Term Loan, Tranche 2 | Senior notes | ||||||||||||||
| Subsequent Event [Line Items] | ||||||||||||||
| Shares issued upon conversion (in shares) | 1,650,000 | |||||||||||||
| Exercise price of warrant (in dollars per share) | $ 0.01 | |||||||||||||
| Subsequent Event | Equipment loan | ||||||||||||||
| Subsequent Event [Line Items] | ||||||||||||||
| Interest rate | 3.00% | |||||||||||||
| Subsequent Event | Oaktree Tranche 2 Loan | Senior notes | ||||||||||||||
| Subsequent Event [Line Items] | ||||||||||||||
| Interest rate | 20.00% | |||||||||||||
| Subsequent Event | Silverview Tranche 3 Loan | Term loans | ||||||||||||||
| Subsequent Event [Line Items] | ||||||||||||||
| Interest rate | 12.50% | |||||||||||||
| Subsequent Event | Granite Creek Term Loan, Payable In Cash | Equipment loan | ||||||||||||||
| Subsequent Event [Line Items] | ||||||||||||||
| Interest rate | 100.00% | |||||||||||||
| Subsequent Event | Term Loan, Tranche 2 | Term loans | ||||||||||||||
| Subsequent Event [Line Items] | ||||||||||||||
| Proceeds from Lines of Credit | $ 6,000 | |||||||||||||
| Subsequent Event | Term Loan, Tranche 2 | Senior notes | ||||||||||||||
| Subsequent Event [Line Items] | ||||||||||||||
| Shares issued upon conversion (in shares) | 349,500 | |||||||||||||
| Exercise price of warrant (in dollars per share) | $ 0.0001 |