OTC Bulletin Board S & P Company Insight for SPICY PICKLE FRANCHS
Profile
	Business Summary: Spicy Pickle Franchising, Inc. franchises and operates Spicy Pickle and Bread Garden Urban Cafe restaurants primarily in the United States and Canada.   Address   90 Madison Street   Suite 700   Denver , CO 80206   Phone: 303-297-1902   Fax: 303-297-1903   Website: http://www.spicypickle.com Auditor   GORDON, HUGHES & BANKS   Greenwood Village , Colorado Transfer Agent   Computershare Trust Co., Inc. Employees:  102 ShareHolders:  70 Founded:  2003 Domicile:  Colorado
Background
	Spicy Pickle Franchising, Inc. franchises and operates Spicy Pickle and Bread Garden Urban Cafe restaurants primarily in the United States and Canada. The Spicy Pickle restaurant is a fast casual restaurant, which specializes in sandwiches, pizzetti, and salads; and Bread Garden Urban Cafe restaurants that specializes in fast casual dining offering specialty coffee, breakfast pastry and sandwiches, salads, soups, lunch and dinner oven baked entrees, sandwiches, wraps, and dessert items. As of December 31, 2008, it operated 32 franchised restaurants and 7 company-owned restaurants. The company was formerly known as Spicy Pickle Franchising, LLC. and changed its name to Spicy Pickle Franchising, Inc. in September 2006. Spicy Pickle Franchising, Inc. was founded in 1999 and is headquartered in Denver, Colorado. History:  FORMED in Colorado Jan. 14, 2003 as Spicy Pickle Franchising LLC, and on Sept. 1, 2006, converted from a Colorado Limited Liability company to a Colorado corporation, and changed its name to Spicy Pickle Franchising, Inc. Concurrent with the conversion, the company's 199,400 outstanding membership units were converted into 40,996,455 Common shares at a ratio of 205.55-to-1. The company's first restaurant was opened in 1999.
Management
	Management Officers Position  Marc N. Geman Chairman & Chief Executive Officer  Arnold  Tinter Chief Financial Officer, Investor Relations Contact & Chief Accounting Officer  Anthony S. Walker Chief Operating Officer Directors  Raymond  BonAnno  Marc N. Geman  Presley Orelle Reed, Jr.  Anthony S. Walker
Annual Report
	Annual Report   Income Statement   2008 2007 REVENUES Restaurant and Bakery Sales 3,110,351 30,730 Franchise Fees and Royalties 1,307,295 1,243,263 Total Revenues 4,417,646 1,273,993 EXPENSES Cost of Sales (1,090,129) (30,383) Restaurant Labor (1,434,518) (33,137) Restaurant Occupancy (436,889) (44,423) Franchise and General: General and Administrative (6,291,136) (4,735,854) Restaurant: Other Operating Cost (490,073) (38,675) Franchise and General: Depreciation (256,147) (3,876) Franchise and General: Depreciation (29,455) (22,744) Interest Expense (42,504) (18,037) Interest Income/expense 72,472 51,252 Loss on Sale of Assets (32,015) - Earnings before Taxes (5,612,749) (3,601,884) TAXES AND OTHER EXPENSES Net Income (Loss) (5,612,749) (3,601,884) CHARGES ON NET INCOME Dividends on Preferred Stock (295,185) - Net Income Available to Common Shareholders (5,907,934) (3,601,884) SUPPLEMENTARY INFO Operating Income (Loss) (5,610,701.00) (3,635,099.00) Basic and diluted Eps-continuing Operations (0.12) (0.08)   Balance Sheet   2008 2007 CURRENT ASSETS Cash and Cash Equivalents 287,482 5,405,069 Accounts Receivable Trade 251,173 60,489 Current Portion of Notes Receivable 35,000 40,000 Inventories 34,180 11,383 Prepaid Expenses and Other Current Assets 63,449 184,498 Total Current Assets 671,284 5,701,439 NON CURRENT ASSETS Property and Equipment, At Cost, Net 1,897,639 685,751 Notes Receivable-net of Current Portion - 40,000 Goodwill and Other Intangible Assets 2,914,461 - Deposits and Other Assets 81,806 12,869 Total Assets 5,565,190 6,440,059 CURRENT LIABILITIES Accounts Payable 440,190 441,096 Accrued Expenses and Compensation 247,340 89,827 Deferred Franchise Revenue 771,500 770,000 Others - 2,300 Accrued Dividend 137,889 - Total Current Liabilities 1,596,919 1,303,223 NON CURRENT LIABILITIES Long-term Debt 500,000 - Notes Payable to Related Parties 100,000 - Minority Interest 51,955 - Preferred Stock Convertible 4,418,941 4,801,124 Deferred Rent Expense 93,052 - SHAREHOLDERS' EQUITY Common Stock-par Value 53,535 47,634 Additional Paid in Capital 9,548,678 5,546,692 Retained Earnings (Deficit) (11,658,300) (5,562,772) Accumulated Comprehensive Income/(Loss) (13,415) - Fair Value of Common Stock Warrants 873,825 873,825 Deferred Compensation - (569,667) Total Shareholders Equity 3,223,264 5,136,836 Total Liabilities & Shareholders Equity 5,565,190 6,440,059
Interim Report
	Interim Report      Data Not Available
Pro Forma Report
	Pro Forma Report      Data Not Available
Quarterly Report
	Quarterly Report Information      Quarterly Revenue, US$ Year Quarter Revenue   2009   1 1,000,000   2009   2 1,220,000   2009   3 950,000   2008   1 630,000   2008   2 1,230,000   2008   3 1,370,000   2008   4 1,200,000   2008   Full Year 4,420,000   2007   1 220,000   2007   2 320,000   2007   3 260,000   2007   4 470,000   2007   Full Year 1,270,000   2006   1 190,000   2006   2 230,000   2006   3 270,000   2006   4 90,000   2006   Full Year 890,000   2005   1 210,000   2005   2 210,000   2005   3 230,000   2005   4 230,000   2005   Full Year 870,000   2004   Full Year 250,000     Quarterly Net Income, US$ Year Quarter Revenue   2009   1 (500,000)   2009   2 (250,000)   2009   3 (570,000)   2008   1 (1,500,000)   2008   2 (1,670,000)   2008   3 (1,360,000)   2008   4 (1,080,000)   2008   Full Year (5,610,000)   2007   2 (470,000)   2007   3 (1,330,000)   2007   4 (1,260,000)   2007   Full Year (3,600,000)   2006   Full Year (1,380,000)   2005   Full Year (430,000)   2004   Full Year (290,000)     Quarterly EPS, US$ Year Quarter Revenue   2009   1 (.01)   2009   2 (.01)   2009   3 (.01)   2008   1 (.03)   2008   2 (.04)   2008   3 (.03)   2008   4 (.02)   2008   Full Year (.12)   2007   1 (.01)   2007   2 (.01)   2007   3 (.03)   2007   4 (.03)   2007   Full Year (.08)   2006   1 Nil   2006   2 (.01)   2006   3 (.01)   2006   4 (.01)   2006   Full Year (.04)   2005   1 Nil   2005   2 Nil   2005   3 (.80)   2005   4 (.80)   2005   Full Year (2.81)   2004   Full Year (2.20)
Stock Data
	Capitalization as of 03/31/2009:     Authorized Shares Outstanding Shares Common $0.001 par 200,000,000 54,387,347 Preferred $0.001 par 20,000,000 None   LONG TERM DEBT: $470,000.   Common $0.001 par   COMMON OFFERED: March 26, 2007, the company offered 18,240,000 Common shares (including 8,240,000 for selling shareholders) at $0.40 per share in a self-underwritten offering. As of June 30, 2007, 4,352,780 Common shares had been sold by the Company, for net proceeds of $1,622,678.   Stockholders:  03/16/2009, 70. Transfer Agent:  Computershare Trust Co., Inc.   Golden , CO   OTC Bulletin Board( Primary): SPKL   Exchange Year High Low OTC Bulletin Board 2009 0.2600 0.0800 OTC Bulletin Board 2008 1.4000 0.1700 OTC Bulletin Board 2007 2.0200 0.4000   DIVIDENDS: Common $0.001 par: 2007, None; 2008, None; 2009, None.