Greetings, and welcome to the Ark Restaurants Second Quarter 2025 Results Conference Call. [Operator Instructions]. It is now my pleasure to introduce your host, Chris Love, Secretary. Thank you, and you may begin.

Thank you, operator. Good morning, and thank you for joining us on our conference call for the second quarter ended March 29, 2025. My name is Christopher Love, and I am the Secretary of Ark Restaurants. With me on the call today is Michael Weinstein, our Chairman and CEO; and Anthony Sirica, our CFO. For those of you who have not yet obtained a copy of our press release, it was issued over the newswires yesterday and is available on our website. To review the full text of that press release, along with the associated financial tables, please go to our homepage at www.arkrestaurants.com. Before we begin, however, I'd like to read the safe harbor statement. I need to remind everyone that part of our discussion this morning will include forward-looking statements and that these statements are not guarantees of future performance, and therefore, undue reliance should not be placed on them. We refer everyone to our filings with the Securities and Exchange Commission for a more detailed discussion of the risks that may have a direct bearing on our operating results, performance and financial condition. I'll now turn the call over to Michael.

Hi, everybody. I'm going to turn it over to Anthony to try to explain a little bit better the financial data that we've put forth in the press release, but I will uncomplicate for you.

Yes, sure. There's a couple of things in here that require explanation. At the end of the quarter, our cash balance was $11.1 million, that was up actually approximately $900,000 from year-end. Our debt was down to $4.3 million as a result of principal payments made during the quarter. As we discussed on previous calls, our credit agreement expires on June 1. We are working with the bank, and we're in the process of finalizing a new facility with our current lender, which will provide somewhere between $15 million to $20 million of total capacity. The current $4.3 million will be termed out over a 3-year period. As you saw in the press release, there are two significant noncash items in the current quarter, the first of which is a goodwill impairment. As you're aware, we look at our goodwill on an annual basis, but we're also required to see if there are any triggering events in an interim period based on a decline in our stock price at the end of the quarter. We went through the analysis, and we had to write off the balance of our goodwill in the amount of $3.4 million. Unfortunately, that is a point-in-time test. And if the stock goes up, you can't put it back on the books. It's a noncash item, but it's unfortunate as far as the timing. We also have the uncertainty surrounding the Bryant Park leases, which we'll discuss obviously, at length, which factored into the analysis. In booking that write-off, it then caused us to be in a cumulative loss position for purposes of analyzing our deferred tax assets. So based on that analysis, we then had to impair -- I'm sorry, put a full valuation allowance on our deferred tax assets of $4.8 million that will continue to be looked at every quarter as things improve. So it's possible that, that valuation allowance could be released in future quarters or years. But right now, we had to put a full valuation allowance on that. So that caused the massive tax rate that you see there in the P&L. With respect to the rest of the balance sheet, there really weren't any significant changes other than the goodwill write-off and the write-off of the valuation allowance on the deferred taxes. With that, I'll turn it over to Michael.

Thank you. So I want to save the discussion for Bryant Park and Meadowlands for the latter part of my discussion. Primarily, what you should know is the EBITDA this quarter, the March quarter was negatively affected by some $650,000 of consultancy fees and legal fees in conjunction with our fight to retain the Bryant Park lease. So if that had not been the case, the EBITDA would have shown an improvement over the comparable quarter last year. First, I'd like to go through the various venues. Alabama continues to be just very steady. We're doing well there. The New York restaurants, Robert is doing well. The Florida restaurants seem to have picked up from comparable periods last year in terms of revenue on a whole. The Washington, D.C. restaurant, we have new management. I see some improvement there. The big improvement is coming from Las Vegas. We're considerably more efficient than we've ever been there. While volumes are steady, we're -- the cash flows weekly are improving dramatically. We did a cash flow analysis for the bank in conjunction with our new credit facility, and we did that not on a fiscal or calendar year, but they wanted it as of April 1 through of this year through March 30 of next year because that coincided with the question of whether we would keep our Bryant Park facility or not. And we did that, I guess, in February and March. I would tell you that we're probably running $2 million ahead of that projection in terms of our operating cash flow. So things are improving. We're still looking at deals. We hope that we'll be able to close on a couple of things we're looking at in the next few months. But the important thing here is the Bryant…

Okay. Thank you, everybody. Speak to you next quarter.

Thank you.

Thank you. This does conclude today's conference, and you may disconnect your lines at this time. Thank you for your participation.