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BAB, Inc. filings document public-company governance and material events for an OTCQB franchisor and licensor of foodservice brands. Proxy materials cover annual meeting voting matters, including director elections and ratification of the independent registered public accounting firm.
Form 8-K disclosures address changes in the company’s certifying accountant, officer and director transitions, corporate secretary and operating leadership appointments, and amendments to the preferred shares rights agreement affecting security-holder rights.
BAB, Inc. reported a leadership change in its finance function. Effective June 29, 2026, Chief Financial Officer Geraldine Conn will move to a part-time schedule while continuing as CFO and principal financial officer, including responsibility for reviewing and approving the company’s 10-Q and 10-K filings.
Her salary will be adjusted to match the reduced schedule. To support day-to-day accounting, BAB, Inc. engaged Sassetti, LLC, its former independent registered public accounting firm, to provide outsourced accounting support under Ms. Conn’s supervision. The company states there are no related party transactions with Ms. Conn or Sassetti, LLC requiring disclosure.
BAB, Inc. reported results of its annual shareholder meeting held on June 3, 2026. Shareholders voted on four director nominees and one additional proposal.
For directors, Michael Evans received 2,968,915 votes for and 668,582 withheld, while the other three nominees each received 2,941,000+ votes for and about 695,000–696,000 withheld, with 993,743 broker non-votes on each director item.
On the separate proposal, shareholders cast 4,404,741 votes for, 98,332 against, and 128,167 abstentions. The filing is signed by Chief Executive Officer Michael W. Evans.
BAB, Inc. has called its Annual Meeting for June 3, 2026 to elect four directors and ratify a new auditor. Shareholders of record on April 6, 2026, when 7,263,508 common shares were outstanding, may vote by internet, phone or mail.
The board is nominating Michael W. Evans, Geraldine Conn, Steven G. Feldman and James A. Lentz for one‑year terms. Longtime auditor Sassetti LLC will resign after the 2025 Form 10‑K, and the board seeks approval of CBIZ CPAs P.C. as independent registered public accounting firm for fiscal 2026.
Chairman and CEO Evans beneficially owns about 19.72% of shares, while former executive Michael K. Murtaugh holds 13.33% and Camelot Event‑Driven Fund holds 6.6%. Executive pay remains relatively modest, with CEO total compensation of $274,625 in 2025 and small cash retainers for non‑employee directors.
The company highlights corporate governance measures including an independent two‑member audit committee, an insider trading policy with blackout periods, and a clawback policy allowing recovery of performance‑based compensation if financials are materially misstated and executives contributed to a restatement.
BAB, Inc. reported steady profitability for the quarter ended February 28, 2026, with net income of $119,168, up slightly from $116,267 a year earlier. Earnings per share remained at $0.02 basic and diluted.
Total revenue was $723,663, down from $757,201, as lower licensing, nontraditional and marketing fund revenues offset a modest increase in royalty fees to $465,888. System-wide franchise revenues were $9.6 million versus $9.4 million last year, while the network stood at 59 franchised and 3 licensed units.
Operating expenses declined to $570,918, driven mainly by lower payroll and marketing fund costs, supporting income from operations of $152,745. Cash and restricted cash totaled $2,347,192, including unrestricted cash of $2,109,433, and working capital was $1,865,000. Operating activities generated $182,241 of cash.
The company continued returning cash to shareholders, declaring a $0.02 per-share distribution for the first quarter and a subsequent $0.01 distribution payable in April 2026. Management reported no goodwill impairment and affirmed effective disclosure controls.
BAB, Inc. reported a planned change in its independent auditor. Sassetti LLC, its current independent registered public accounting firm, notified the company that it will resign effective upon the filing of BAB’s Form 10-K for the year ended November 30, 2025, as Sassetti is discontinuing audit services for public company clients.
The company’s Audit Committee and Board appointed CBIZ CPAs P.C. as the new independent registered public accounting firm for the fiscal year ending November 30, 2026, with the engagement becoming effective immediately after Sassetti’s resignation.
BAB, Inc. reported modestly higher profit for the year ended November 30, 2025. Total revenue was $3.44 million, down 3.0% from $3.55 million in 2024, mainly from lower franchise, licensing and marketing fund revenues. System-wide sales across all franchised and licensed stores were $41.1 million versus $41.4 million a year earlier.
Net income rose to $559,000 from $525,000, with operating income improving to $722,000, or 21.0% of revenue, helped by lower marketing, employee benefit and professional fees. Earnings per share were $0.08, up from $0.07. The company ended the year with $2.15 million in cash, working capital of $1.91 million and no debt disclosed on the balance sheet.
BAB operates 60 franchised and 3 licensed bagel, muffin and coffee units in 18 states, with 4 more under development. The board declared total cash distributions/dividends of $0.06 per share during 2025 and continued a shareholder rights plan, extending its expiration to the sixteenth anniversary of the original 2013 agreement.
BAB, INC. filed an initial insider ownership report for its Chief Operating Officer as of 12/30/2025. The filing shows the officer beneficially owns 430 shares of BAB common stock, held directly. No derivative securities, such as options or warrants, are listed in the tables, indicating only direct common stock ownership is reported in this statement.
BAB, Inc. executive Brian Evans, who serves as Chief Operating Officer, filed an initial ownership report covering his holdings in the company. As of the event date of 12/30/2025, he reported beneficial ownership of 430 shares of BAB, Inc. common stock, held directly. The filing also includes a table for derivative securities such as options or warrants, but no derivative positions are listed, indicating only common stock ownership is being reported here.
BAB, Inc. reported leadership and board changes driven by the planned retirement of a key executive. On November 19, 2025, Michael K. Murtaugh, Vice President and General Counsel, Corporate Secretary, and a director, notified the company he will retire and resign from all positions effective November 27, 2025 due to personal health reasons, and the company states this is not due to any disagreement over operations, policies, or practices.
The Board appointed Brian J. Evans, age 34, as Chief Operating Officer and Corporate Secretary effective January 1, 2025 or earlier, with employment on an at-will basis and no separate employment agreement. He has been with the company since 2016 and is the son of President and CEO Michael W. Evans, with no related-party transactions requiring disclosure beyond his compensation. To bridge the transition, the Board appointed Chief Financial Officer Geraldine Conn, age 74, as Corporate Secretary effective November 27, 2025 and as a director on the same date, filling the vacated board seat, without additional board compensation.
BAB, Inc. reported that its Board of Directors approved Amendment No. 7 to the company’s Preferred Shares Rights Agreement dated May 6, 2013. The amendment changes the definition of the agreement’s “Final Expiration Date” so that the rights will now expire on the sixteenth anniversary of the original agreement. This effectively extends the duration of the shareholder rights plan, which is designed to govern how rights tied to the company’s preferred shares behave over time.