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**UNITED STATES**                                                                                                                                                                                                                                                                                                                                              |
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| **SECURITIES AND EXCHANGE COMMISSION**                                                                                                                                                                                                                                                                                                                                                 |
| **WASHINGTON, D.C. 20549**                                                                                                                                                                                                                                                                                                                                                             |
|                                                                                                                                                                                                                                                                                                                                                                                        |
| FORM 10-K                                                                                                                                                                                                                                                                                                                                                                              |
|                                                                                                                                                                                                                                                                                                                                                                                        |
| [x]  Annual Report Pursuant to Section 13 or 15(d) Of the Securities Exchange Act  of 1934                                                                                                                                                                                                                                                                                             |
| For  the fiscal year ended September 30, 2010                                                                                                                                                                                                                                                                                                                                          |
|                                                                                                                                                                                                                                                                                                                                                                                        |
| [  ] Transition Report Pursuant to Section 13 or 15(d) of the Securities  Exchange Act of 1934.                                                                                                                                                                                                                                                                                        |
| For  the transition period from _______ to _______                                                                                                                                                                                                                                                                                                                                     |
|                                                                                                                                                                                                                                                                                                                                                                                        |
| Commission  file number 000-18590                                                                                                                                                                                                                                                                                                                                                      |
|                                                                                                                                                                                                                                                                                                                                                                                        |
| **GOOD TIMES RESTAURANTS INC.**                                                                                                                                                                                                                                                                                                                                                        |
| (Exact name of registrant as specified  in its charter)                                                                                                                                                                                                                                                                                                                                |
|                                                                                                                                                                                                                                                                                                                                                                                   |   |
| Nevada                                                                                                                                                                                                                                                                                                                                                                                 | 84-1133368 |
| (State or other jurisdiction of  incorporation or organization)                                                                                                                                                                                                                                                                                                                        | (I.R.S. Employer Identification  Number) |
|                                                                                                                                                                                                                                                                                                                                                                                        |
| 601 Corporate Circle, Golden, Colorado                                                                                                                                                                                                                                                                                                                                                 | 80401 |
| (Address of principal executive  offices)                                                                                                                                                                                                                                                                                                                                              | (Zip Code) |
|                                                                                                                                                                                                                                                                                                                                                                                        |
| Issuer's telephone number: (303)  384-1400                                                                                                                                                                                                                                                                                                                                             |
| Securities registered pursuant to  Section 12(b) of the Act:                                                                                                                                                                                                                                                                                                                           |
|                                                                                                                                                                                                                                                                                                                                                                                   |   |
| Title of each class                                                                                                                                                                                                                                                                                                                                                                    | Name of each exchange on which  registered |
| Common Stock $.001 par value,  Preferred Stock $.01 par                                                                                                                                                                                                                                                                                                                                | The NASDAQ Stock Market, LLC |
|                                                                                                                                                                                                                                                                                                                                                                                        |
| Securities registered pursuant to  Section 12(g) of the Act: None                                                                                                                                                                                                                                                                                                                      |
|                                                                                                                                                                                                                                                                                                                                                                                        |  |
| Indicate  by check mark if the registrant is a well-known seasoned issuer, as defined  in Rule 405 of the Securities Act.                                                                                                                                                                                                                                                              | Yes [ ]      No [x] |
|                                                                                                                                                                                                                                                                                                                                                                                        |  |
| Indicate  by check mark if the registrant is not required to file reports pursuant to  Section 13 or Section 15(d) of the Act.                                                                                                                                                                                                                                                         | Yes [ ]      No [x] |
|                                                                                                                                                                                                                                                                                                                                                                                        |  |
| Indicate  by check mark whether the registrant (1) has filed all reports required to be  filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during  the preceding 12 months and (2) has been subject to such filing requirements  for the past 90 days.                                                                                                               | Yes [x]     No [ ] |
|                                                                                                                                                                                                                                                                                                                                                                                        |  |
| Indicate  by check mark whether the registrant has submitted electronically and posted  on its corporate Web site, if any, every interactive Data File required to be  submitted and posted pursuant to Rule 405 of Regulation S-T during the  preceding 12 months (or for such shorter period that the registrant was  required to submit and post such files)                        | Yes [ ]      No [x] |
|                                                                                                                                                                                                                                                                                                                                                                                        |  |
| Indicate  by check mark if disclosure of delinquent filers pursuant to Item 405 or  Regulation S-K is not contained herein, and will not be contained, to the  best of registrant's knowledge, in definitive proxy of information statements  incorporated by reference in Part III of this Form 10-K or any amendment to  this Form 10-K.                                             | [x] |
|                                                                                                                                                                                                                                                                                                                                                                                        |
| Indicate  by check mark whether the registrant is a large accelerated filer, an  accelerated filer, a non-accelerated filer or a smaller reporting company.   See definition of "large accelerated filer", "accelerated filer",  "non-accelerated filer" and "smaller reporting company" in Rule 12b-2 of the  Exchange Act. (Check one): |
| Large  Accelerated Filer [ ]          Accelerated Filer [ ]       Non-Accelerated  Filer [ ]          Smaller Reporting Company[x]                                                                                                                             |
|                                                                                                                                                                                                                                                                                                                                                                                        |  |
| Indicate  by check mark whether the registration is a shell company (as defined in Rule  12b-2 of the Exchange Act).                                                                                                                                                                                                                                                                   | Yes [ ]     No [x] |
|                                                                                                                                                                                                                                                                                                                                                                                        |
| As  of December 15, 2010, the aggregate market value of the 2,639,441 shares of  common stock held by non affiliates of the issuer, based on the closing sales  price of the common stock on December 15, 2010 of $.60 per share as reported  on the Nasdaq Capital Market, was $1,583,665.                                                                                            |
|                                                                                                                                                                                                                                                                                                                                                                                        |
| As  of December 15, 2010, the issuer had 8,177,989 shares of common stock  outstanding.                                                                                                                                                                                                                                                                                                |
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**TABLE OF CONTENTS**
| DISCLOSURE  REGARDING FORWRAD-LOOKING STATEMENTS |
|--------------------------------------------------|
| ** ** |                                                                                                                | PAGE       |
|------------|----------------------------------------------------------------------------------------------------------------|------------|
|            | **PART I**                                                                                                     |            |
| Item  1    | Business                                                                                                       | 1 - 10     |
| Item  1A   | Risk  Factors                                                                                                  | 10 - 13    |
| Item  1B   | Unresolved  Staff Comments                                                                                     | 13         |
| Item  2    | Properties                                                                                                     | 14         |
| Item  3    | Legal  Proceedings                                                                                             | 14         |
| Item  4    | Removed  and Reserved                                                                                          | 14         |
|            |                                                                                                                |            |
| ** ** | **PART II**                                                                                                    |            |
|            |                                                                                                                |            |
| Item  5    | Market  for Registrant's Common Equity, Related Stockholder Matters and Issuer  Purchases of Equity Securities | 15 - 16    |
| Item  6    | Selected  Financial Data                                                                                       | 17         |
| Item  7    | Management's  Discussion and Analysis of Financial Condition and Results of Operations                         | 18 - 27    |
| Item  7A   | Quantitative  and Qualitative Disclosures About Market Risk                                                    | 27         |
| Item  8    | Financial  Statements and Supplementary Data                                                                   | F1 - F20   |
| Item  9    | Changes  in and Disagreements with Accountants on Accounting and Financial Disclosure                          | 28         |
| Item  9A   | Controls  and Procedures                                                                                       | 28         |
| Item  9B   | Other  Information                                                                                             | 28         |
|            |                                                                                                                |            |
| ** ** | **PART III**                                                                                                   | ** ** |
|            |                                                                                                                |            |
| Item  10   | Directors,  Executive Officers and Corporate Governance                                                        | 29 - 33    |
| Item  11   | Executive  Compensation                                                                                        | 34 - 36    |
| Item  12   | Security  Ownership of Certain Beneficial Owners and Management and Related Stockholder  Matters               | 37         |
| Item  13   | Certain  Relationships, Related Transactions, and Director Independence                                        | 38 - 39    |
| Item  14   | Principal  Accountant Fees and Services                                                                        | 39         |
|            |                                                                                                                |            |
| ** ** | **PART IV**                                                                                                    |            |
| ** ** | ** **                                                                                                     |            |
| Item  15   | Exhibits,  Financial Statement Schedules                                                                       | 40 - 42    |
|            |                                                                                                                |            |
|            | Signatures                                                                                                     | 43         |
|            |                                                                                                                |            |
| 23.1       | Consent  of HEIN & ASSOCIATES LLP                                                                          |            |
| 31.1       | Certification  of Chief Executive Officer pursuant to 18 U.S.C. Section 1350                                   |            |
| 31.2       | Certification  of Controller pursuant to 18 U.S.C. Section 1350                                                |            |
| 32.1       | Certification  of Chief Executive Officer and Controller pursuant to 18 U.S.C. Section 1350                    |            |

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**PART I**

**ITEM1.                BUSINESS**

**Overview:** Good TimesRestaurants Inc., a Nevada corporation (the "Company"), was organized in 1987. The Company is essentially a holding company for its wholly owned subsidiary,Good Times Drive Thru Inc. ("GTDT"), which is engaged in the business ofdeveloping, owning, operating and franchising hamburger-oriented drive-throughrestaurants under the name Good Times Burgers & Frozen Custard.  Most ofour restaurants are located in the front-range communities of Colorado but wealso have franchised restaurants in Idaho, North Dakota and Wyoming.  The terms"Good Times", "we", "us" and "our" where used herein refer to the operations ofGTDT and of the Company.

**RecentDevelopments:** We experienced fairly dramatic same store sales declines immediately after thebeginning of the recession in the spring of 2008 that continued through latespring of 2010 after several years of same store sales increases.  Beginning inJune 2010 our sales trends began to flatten out and have increased since August2010.  Beginning in August 2010 and continuing through November 2010 we haveexperienced monthly same store sales increases of 0.4%, 7.4%, 20.3% and 5.4%.** **While a portion of the sales increases have been due to very favorableweather in 2010 compared to 2009, we have experienced increases in bothcustomer traffic and our average transaction amount as a result of theimplementation of more price choice across our menu and several productinitiatives.  Those initiatives included the implementation of Fresh Cut Friesand Wild Fries in a new cooked-to-order platform, five $2.89 Craver Combos,hand spun custard shakes with seasonal flavors, the introduction of SweetPotato Fries as a limited time offer and other product promotions.  Asdiscussed below in Concept and Business Strategy, we are focusing on sustainingour same store sales momentum through improving our core value proposition forthe consumer and evolving the brand away from mainstream hamburger quickservice restaurants' standard fare.  While we are and will remain all aboutburgers, fries and frozen custard, we are elevating each category's fresh, handcraftedand unique offerings.

InAugust 2009, the Company began exploring and evaluating strategic alternativesaimed at enhancing shareholder value.  Our Board of Directors formed a SpecialCommittee comprised of directors Geoff Bailey, Richard Stark and Alan Teran tolead these efforts.  In addition, the Company hired Mastodon Ventures, Inc. toprovide strategic advisory services and explore strategic alternatives that mayfurther the long-term business prospects of the Company and provideincremental value to its shareholders.

Aspreviously disclosed in the Company's current report on Form 8-K filed onNovember 3, 2010, the Company entered into a Securities Purchase Agreement (the"Purchase Agreement"), dated October 29, 2010, with Small Island InvestmentsLimited, a Bermuda corporation ("SII"), under which the Company agreed to sell,and SII agreed to purchase, 4,200,000 shares (the "Shares") of the Company'scommon stock, par value $0.001 per share (the "Common Stock"), at a purchaseprice of $0.50 per share, or an aggregate of $2,100,000 (the "SII InvestmentTransaction").  The Purchase Agreement was amended on December 13, 2010 toclarify the scope of SII's director designation rights following the Closing.

OnDecember 13, 2010, following approval of the SII Investment Transaction andrelated matters by the Company's stockholders at a special meeting called forsuch purposes (the "Special Meeting"), the Company and SII completed theissuance and sale of the Shares to SII.  On December 13, 2010, the Company andSII also entered into a Registration Rights Agreement, pursuant to which theCompany granted SII certain registration rights with respect to resale of theShares.

Thecompletion of the SII Investment Transaction resulted in a change of control ofthe Company, with SII becoming the beneficial owner of approximately 51.4percent of the Company's outstanding Common Stock.  In addition, pursuant tothe Purchase Agreement, SII designated four new members of the Company's Boardof Directors to replace Richard J. Stark, Alan A. Teran, Ron Goodson and DavidGrissen, all of whom resigned as directors effective upon the closing of theSII Investment Transaction.

Atthe Special Meeting, the Company's stockholders also approved a proposal togive our Board discretion to effect a one-for-three reverse stock split of theCompany's issued and outstanding Common Stock following the closing of the SII InvestmentTransaction.  The Board subsequently adopted resolutions approving aone-for-three reverse stock split to be effective as of December 31, 2010.

On February 1,2010, the Company and GTDT entered into a loan agreement with W Capital, Inc.("W Capital"), John T. McDonald ("McDonald") and Golden Bridge, LLC ("Golden Bridge"),pursuant to which the lenders made loans totaling $400,000 to be used forrestaurant marketing and other working capital uses of GTDT.   The loanagreement was 

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subsequentlyamended as of April 1, 2010 to remove Golden Bridge as a lender, replacing itwith additional loans from W Capital and McDonald.  The aggregate principalamount owing to W Capital and McDonald was paid out of the proceeds of the SIIInvestment Transaction.  In addition, the accrued interest on such loansthrough December 13, 2010 of $39,715 was converted into an aggregate of 79,430shares of our Common Stock.

Inconnection with the loans, the Company issued warrants to W Capital andMcDonald which entitle them at any time prior to December 13, 2013 to purchaseup to an aggregate of 100,000 shares of our Common Stock at an exercise priceof 25% less than the average price of our Common Stock during the 20 days priorto exercise, but at not less than $0.75 per share nor more than $1.08 pershare.  These warrants remain outstanding and exercisable in accordance withtheir terms.

Proceedsof the SII transaction were also used to repay the outstanding principal amountof $185,000 due to Golden Bridge on a loan Golden Bridge made to the Company in2009, to reduce our accounts payable and accrued liabilities, to pay theexpenses related to the SII Investment Transaction, and to increase our workingcapital.  The SII Investment Transaction also allowed us to renegotiate theterms and covenants of our loan with Wells Fargo Bank, N.A. ("Wells Fargo") andto regain compliance with certain financial loan covenants that had been indefault.  We had never been in any payment default under the loan and WellsFargo agreed to accept additional building and equipment collateral in exchangefor modifying the covenants of the loan without affecting our interest rate orrepayment term.   As a condition to the closing of the SII InvestmentTransaction, we entered into a new Credit Agreement and Promissory Note withWells Fargo effective as of December 13, 2010.  The prior financial defaultshad caused us to show the entire balance of the loan as a short term liability;however, as of September 30, 2010, it is again largely classified as a longterm note payable.

SII'saffiliates have ownership interests in other full service restaurant chainsthat generate approximately $75 million in annual revenues.   The SIIInvestment Transaction may successfully position the Company to pursue a largerplatform in the restaurant business through acquisitions, new investment andimproved economies of scale.  However, there can be no assurance that anyacquisitions or additional investment will occur.

Theshorter term objective for the Good Times brand will be to focus on maximizingits profitability and development in our core market of Colorado.  In fiscal2010, we closed two Company-operated restaurants and a franchisee closed onerestaurant.  We continue to evaluate the near term realizable asset value ofeach restaurant compared to its longer term cash flow value and we may chooseto sell, sublease or close additional lower performing restaurants in fiscal2011as we position the company for growth in new store development.  We willrequire additional capital sources to develop additional company ownedrestaurants.

SeeFinancing Activities under the Liquidity and Capital Resources section Part II,Item 7. Management's Discussion and Analysis of Financial Condition and Resultsof Operations below for further details of the transactions described above.

**Conceptand Business Strategy**:We operate with two different formats that have evolved over the course of ourhistory: a smaller, 880 to 1000 square foot building without indoor seatingthat is focused on drive thru service and limited walk up service; and a 2,400square foot, 70 seat dining room format that has been the model for the lastthirteen restaurants developed in Colorado.  We are currently further refiningthe prototype design to reduce development costs and improve the return oninvestment model for future company-owned and franchised restaurant expansionwith a 1,900 to 2,000 square foot, 40 seat dining room design that will carryforward all of the core design elements of our prior prototype design.

Inlight of the last two years' sales declines that began at the start of thecurrent economic recession, we are primarily focused on maintaining the recentmomentum in positive growth in our existing stores' sales.  In addition to theupgrades in the quality and portions of our core hamburger and chicken productsin 2009, in fiscal 2010 we introduced our Fresh Cut Fries that are hand cutevery day in each restaurant in addition to our Wild Fries and converted oursystems so that we now cook all fries to order.  We have sacrificed some speedof service but we believe the quality improvements outweigh the additional 20to 30 seconds the customer waits.  We also upgraded our shakes to hand spuncustard shakes, more than doubling our shake sales in the summer of 2010.  InJune 2010, we introduced our first lower priced menu category with our new $2.89Craver Combos, which now represents over 15% of customer transactions.

Whileour primary value proposition for the consumer is derived from the quality andtaste of our products, the current competitive and consumer spendingenvironment continues to redefine value expectations within the quick servicerestaurant segment and a larger number of transactions are being driven by theavailability of menu items at lower price points.  Our lower priced options areconsistent with our brand strategy to offer fresh, real, handcrafted food withunique flavor profiles in our core menu categories of burgers, chicken, fries,frozen custard and fountain products.

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Wewill continue to focus on elevating the attributes of our menu items that webelieve give us a unique position in hamburger quick service restaurants -Fresh All Natural Angus beef that is free from hormones, antibiotics and animalbyproducts in the feed; Fresh Frozen Custard made fresh every few hours inevery restaurant; Fresh Grilled Honey Cured Bacon; Fresh Squeezed Lemonade;Fresh Cut Fries; 100% Breast of Chicken; and other proprietary recipes andflavors.  We are working on the preparation system and packaging design for ourburgers with the goal of achieving a more hot off the grill, cooked to orderflavor that is more common in fast casual and casual theme concepts than inquick service restaurants.

Ourcore strategies have not changed and we continue to focus on the followinginitiatives to maintain positive sales growth and improve our profitability:

•        Focus on our most importantdrivers of success:

o    Values.  We strive to build and develop behaviors andexpectations around what we value most throughout the company: integrity,continued improvement, customer loyalty and respect for each other.

o    People.  Beginning with our Operating Partner Program,people are our strongest asset.  We seek to hire high quality people throughoutand provide them with comprehensive training programs to ensure that we deliverconsistently superior products and service.

o    Distinctive quality.  We strive to offer unique,highly distinctive tastes with the highest quality ingredients available in thequick service restaurant category.

o    Excellent systems.  We strive to provide the bestsystems and processes in every area to free our management to focus on leadingtheir people.

•        Offer high quality, unique menuitems that provide exceptional value.  Our restaurants feature menu items thatare unique in the quick service segment, and flavor profiles that areassociated more with casual theme restaurants than with fast food.  Wheneverpossible, products support the brand umbrella of "fresh, high qualityingredients" such as fresh frozen custard made fresh throughout the day inevery restaurant, 100% all natural beef, fresh squeezed lemonade, grilled honeycured bacon, sliced Bermuda onions and toppings such as real guacamole, grilled pineapple and sautéed mushrooms.  Each menu category has signaturerecipes with fun, irreverent names that build Good Times' non-traditionalpersonality such as Wild Fries with Wild Dippin Sauce, Big Daddy BaconCheeseburger, Mighty Deluxe, Burnin' Buffalo Chicken and Cappuccino Mocha Joe,Raspberry Torte and Strawberry Cheesecake Addiction Custard Spoonbenders.  We continueto make significant changes to our entire menu to leverage our heritage ofquality products and to position the Good Times brand for a more unique andhighly differentiated consumer experience. Those product and system changesinclude the following:

a.         Theintroduction of fresh, never frozen, all natural, purebred Angus beef for allof our burgers.  The beef is Certified Humanely Raised, has never hadantibiotics or growth hormones, and is vegetarian fed.

b.         Introduceda line of five Craver Combos available at $2.89 for a double cheeseburger orchicken sandwich, fresh cut or Wild fries and a 16 oz soft drink.

c.         Introducedfresh, hand spun custard shakes with rotating seasonal flavors.

d.         IntroducedSweet Potato Fries, Red Head Strawberry Lemonade, the Pawbender and otherproprietary items as limited time offerings.

e.         Reworkedour chicken category with 100% breast meat sandwiches and tenders with revisedflavor profiles that are unique to fast food.

f.         IntroducedFresh Hand Cut Fries, made daily from whole Idaho russet potatoes &seasoned with sea salt.

g.         Refiningand elevating our custard flavor of the day program and iconic Spoonbenderflavors.

•        Establish a unique brand positionin quick service restaurants.  We aspire to have Good Times stand for"providing food the way it used to be.  Good Times is bringing real food backto fast food with pure, wholesome food that tastes the way food used totaste."  Key brand support for that will include attributes such as "Fresh", "AllNatural", "Fresh Grilled", "Authentic", "Homemade", and "Fresh Squeezed" with atheme of fresh ingredients and hand crafted food.

•        Continually improve our fast,friendly, personal customer service. We strive to optimize and personalize theinteraction between our employees and customers, particularly at the points oforder and payment, to build a reputation as having the friendliest service.  Wemanage the face to face interaction with our customers through extensiveemployee screening and hospitality training to ensure their experience ispunctuated by attentive, friendly service.  During fiscal 2009 and 2010 weintroduced a new online screening and hiring system to reduce

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our hourly employee turnover and hire team members that exhibit goodservice attitudes.  Additionally, we introduced video training tools for thefirst time that we believe will enhance consistent execution of our qualitystandards. Speed of service through our drive thru lanes is important to theconsumers' need for convenience, but is always secondary to delivering thehighest quality product possible.  We monitor each car's service time and havedeveloped incentive programs for management and employees to maintain our quickservice standards.

•        Build customer loyalty through aunique brand experience.  In addition to fast friendly service and greattasting products, we strive to maintain clean, safe and appealing facilitieswith a particular emphasis on well groomed landscaping, freshly paintedexteriors and merchandising that highlights the unique product attributes andflavors of our products.  We believe that everything the customer sees, smells,hears and feels influences their overall impression and the reputation of GoodTimes and that Good Times' target customer is seeking more out of even a quick servicerestaurant experience.

•        Build awareness of the Good TimesBurgers & Frozen Custard brand. We believe that Good Times has builtsubstantial brand equity among our customers and has become known for our quality,service and signature tastes, particularly within the hamburger category.  Webelieve there is significant opportunity to continue to build that reputationwithin the hamburger category by continuing to build a stronger overall valueproposition and increase awareness of our frozen custard and fountain category.As capital becomes available to us to build out the Colorado market, we plan tosustain our media advertising and increase our store level communications, raisingour overall awareness and building a highly differentiated brand personality.

•        Continually improve our employees'knowledge and proficiency of our core processes. Our customers' experience isdriven by the ability of our management and employees to consistently executeclearly defined processes in every area of our business.  We believe that ouremployees' abilities and attitudes are directly related to our ability toprovide well designed service, production and operating processes and effectivetraining that allows them to continually learn, improve and succeed.  We train,test, certify and re-train all employees and management on all of our coreoperating and management processes to continually improve levels ofproficiency.

**Current Fiscal Year Initiatives****:**

1.             ConsistentlyGrow Same Store Sales: We will continue to focus on comparable restaurant salesdriven by increases in guest counts and increases in the average guest check. Same store sales decreased 6.2% in fiscal 2010 compared to fiscal 2009, however,we experienced a flattening of those trends in June and July and began to seeconsecutive monthly same store sales increases in August through November of2010.  As of the date of this filing, we anticipate that December, 2010 samestore sales will maintain that increase in consecutive monthly sales.  We hopeto increase guest counts throughout fiscal 2011 through a multi-facetedapproach to continually improve the Good Times brand experience for ourcustomers by:

•        Continuing to communicate our corevalue proposition that is centered on the availability of high quality at lowerprice choices and smaller portions.

•        Shifting our marketingcommunications from broadcast media to more store level and trade area focus.

•        Introducing both permanent andlimited time products that are only available at Good Times.

•        Improving our execution oncustomer service and the delivery of our brand experience through continual re-trainingof all of our employees on our standards and heightened expectations.

•        Continuing to reinvest in ourexisting facilities with a reinvestment in our menu board systems, exteriorsignage and selective interior cosmetic improvements.

2.             Reduceour Cost of Sales: In fiscal 2010 our food and packaging costs increased to35.2% of restaurant sales from 33.6% in fiscal 2009. The increase was primarilydue to an increase in commodity costs as we experienced an 11% increase in ourweighted average food and packaging costs in fiscal 2010 due mainly toincreases in beef, bacon and dairy products.  We implemented a cumulative totalmenu price increase of 6.2% during fiscal 2010; however, the menu priceincreases were not implemented until the last four months of the fiscal year. We expect to make modest price increases in fiscal 2010.

3.             Improveour Income from Operations by managing the profitability of incremental salesgrowth:  In addition to reducing our cost of sales, the highest near termreturn on our capital investment and opportunity for profit improvement is fromincreasing sales in our existing restaurants.  Historically, depending on thesales volume of

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each restaurant,we have experienced a 35% to 50% profit contribution on incremental sales.  Bymanaging the profitability of compounding sales increases, we believe we canimprove our Income from Operations through the operating leverage on existingassets.

4.             PursueStrategic Alternatives:  As described above, the closing of the SII InvestmentTransaction enables us to continue to pursue possible additional strategicalternatives to enhance shareholder value and leverage the costs related to ouroperation as a publicly traded entity.

Expansionstrategy and site selection: Our longer term strategy of becoming a superregional brand in select contiguous markets depends on our ability to continue oursame store sales trends, on the consumer spending environment and on theavailability of capital, which is currently limited.

Anynew development would involve our new prototype restaurant design on sites thatare on or adjacent to big box or grocery store anchored shopping centers inhigh activity and employment areas.  Our site selection for new restaurants isoriented toward slightly higher income demographic areas than many of our urbanlocations and most of our targeted trade areas are in relatively high growthareas of the Denver and northern Colorado markets.

Welease most of our sites.  When we do purchase and develop a site, we intend tosell the developed site into the sale-leaseback market under a long termlease.  Our primary site objective is to secure a suitable site, with thedecision to buy or lease as a secondary objective.  Our site criteria includesa mix of substantial daily traffic, density of at least 30,000 people within athree mile radius, strong daytime population and employment base, retail andentertainment traffic generators, good visibility and easy access.

Restaurantlocations: We currently operate and franchise a total of forty-nine Good Timesrestaurants, of which forty-five are in Colorado, with forty in the Denvergreater metropolitan area, three in Colorado Springs, one in Grand Junction andone in Silverthorne.
|                                   | **Total** | **Denver, CO Greater Metro** | **Colorado, Other** | **Idaho** | **Wyoming** | **North Dakota** |
|-----------------------------------|-----------|------------------------------|---------------------|-----------|-------------|------------------|
| Company-owned  & Co-developed | 25        | 23                           | 2                   |           |             |                  |
| Franchised                        | 17        | 14                           | 2                   | 1         |             |                  |
| Dual  brand company-owned         | 2         | 1                            | 1                   |           |             |                  |
| Dual  brand franchised            | 5         | 2                            |                     |           | 2           | 1                |
|                                   | **49**    | **40**                       | **5**               | **1**     | **2**       | **1**            |
| **December:**                   | ** ** | **2009** | ** ** | **2010** |
|---------------------------------|------------|----------|------------|----------|
| Company-owned  restaurants      |            | 21       |            | 20       |
| Co-developed                    |            | 9        |            | 7        |
| Franchise  operated restaurants |            | 21       |            | 22       |
| Total restaurants:              |            | 52       |            | 49       |

InOctober 2009 a franchisee operating a Good Times restaurant in Thornton,Colorado terminated its franchise agreement and closed the restaurant. In March2010 we closed and sub-leased one company-owned dual branded restaurant inCommerce City, Colorado. In June 2010 we closed one co-developed restaurant inDenver, Colorado. Also in June 2010 we sold our general partnership interest inone co-developed restaurant in Denver, Colorado to the limited partner who isoperating the restaurant under a franchise agreement. We anticipate that we mayclose up to three low volume franchised restaurants during fiscal 2011.

**Menu:**  The menu of aGood Times Burgers & Frozen Custard restaurant is limited to hamburgers,cheeseburgers, chicken sandwiches, French fries, onion rings, fresh squeezedand frozen lemonades, soft drinks and frozen custard products.  Each menu itemis made to order at the time the customer places the order and is notpre-prepared.

Thehamburger patty is made with Meyer All Natural, All Angus beef, served on a 4"bun.  Hamburgers and cheeseburgers are garnished with fresh iceberg lettuce,fresh sliced sweet red onions, mayonnaise, guacamole, fresh grilled honey curedbacon, and proprietary sauces.  The chicken products include a spiced, batteredwhole muscle breast patty and a grilled seasoned breast patty, both served withmayonnaise, lettuce and tomatoes, and Chicken Dunkers, whole breast meat

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breadedTenders.  Signature chicken products include the Burnin' Buffalo, GuacamoleBacon Chicken, and 100% whole muscle breast meat Dunkers.  Equipment has beenautomated and equipped with compensating computers to deliver a consistentproduct and minimize variability in operating systems.

Allnatural Angus beef is raised without the use of any hormones, antibiotics oranimal byproducts that are normally used in the open beef market.  We believethat all natural beef delivers a better tasting product and, because of therigorous protocols and testing that are a part of the Meyer processes, also mayminimize the risk of any food-borne bacteria-related illnesses.

Freshfrozen custard is a premium ice cream (requiring in excess of 10% butterfatcontent and .4% egg yolks) with a proprietary vanilla blend that is preparedfrom highly specialized equipment that minimizes the amount of air that isadded to the mix and that creates smaller ice crystals than other frozen dairydesserts.  The custard is scooped similarly to hard-packed ice cream but isserved at a lightly warmer temperature.  The resulting product is smoother,creamier and thicker than typical soft serve or hard-packed ice creamproducts.  Good Times serves the frozen custard as vanilla and a flavor of theday in cups and cones, specialty sundaes and "Spoonbenders", a mix of custardand toppings, and we anticipate it will continue to become a larger percentageof sales as we continue to develop custard products and awareness.

**Marketing& Advertising:** Our marketing strategy focuses on: 1) driving comparable restaurant salesthrough attracting new customers and increasing the frequency of visits bycurrent customers; 2) communicating specific product news and attributes tobuild strong points of difference from competitors; and 3) communicating aunique, strong and consistent brand.

Mediais an important component of building Good Times' brand awareness anddistinctiveness.  We spent our advertising dollars on both television and radiomedia during fiscal 2010.  The Colorado market is an expensive media market, somost of our advertising placement is not in prime time but in early and latefringe, prime access and late news time slots.  As we continue to develop moreand more distinctiveness to Good Times' brand and increase penetration of theColorado market, we anticipate we will continue to use media advertising toincrease overall awareness.  However, during fiscal 2011, we anticipate we willreduce our overall advertising expenditures and focus more of our marketingfunds on store level and trade area level communication and activities.

Anotherimportant component of our marketing efforts is point-of-sale and on-sitemerchandising.  We rotate new four color product point-of-purchase displaysevery other month and support new product introductions with extensivemerchandising.  Our restaurants with dining rooms have back-lit and front-litproduct displays and product messaging throughout.  Menu boards are kept freshwith new food photography and graphics several times throughout the year.

Weplan to continue to be active in digital media in order to create more customerengagement with the Good Times brand.  We anticipate leveraging our customeremail database and website to create cost effective channels to target existingcustomers and increase their frequency.

**Operations:**

**RestaurantManagement:** We have developed Operating Partners in several of our restaurants as we areable to recruit qualified candidates.  We believe that this is a distinct competitiveadvantage that provides a higher level of service, quality control andstability over time.  The objective of the Operating Partner Program is to haveeach partner develop a relationship with the employees, the customers and thecommunity at their restaurant and develop an ownership mentality withcommensurate rewards as sales increase over a longer period of time.  Theprogram allows an Operating Partner to earn 25% of a restaurant's improvementin cash flow over an established baseline.  Each Good Times restaurant employsan operating partner or a general manager, one to two assistant managers andapproximately 15 to 25 employees, most of whom work part-time during threeshifts.  An eight to ten week training program is utilized to train restaurantmanagers on all phases of the operation.  Ongoing training is provided asnecessary.  We believe that incentive compensation of our restaurant managersis essential to the success of our business.  Accordingly, in addition to asalary, managerial employees may be paid a bonus based upon proficiency inmeeting financial, customer service and quality performance objectives tied toa monthly scorecard of measures.  Due to our decline in sales in 2009 and 2010,we have shifted most of our Operating Partners into a more traditional bonusplan based on their performance against the monthly scorecard metrics.

**OperationalSystems and Processes:**  We believe that we have some of the best operatingsystems and processes in the industry.  Detailed processes have been developedfor hourly, daily, weekly and monthly responsibilities that drive

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consistencyacross our system of restaurants and performance against our standards withindifferent day parts.  We utilize a labor program to determine optimal staffingneeds of each restaurant based on its actual customer flow and demand.  We alsoemploy several additional operational tools to continuously monitor and improvespeed of service, food waste, food quality, sanitation, financial managementand employee development.  We are moving toward automating and computerizing asmany of these systems as possible into an integrated, digital managementsystem.

Theorder system at each Good Times restaurant is equipped with an internal timingdevice that displays and records the time each order takes to prepare anddeliver.  The total transaction time for the delivery of food at the window isapproximately 30 to 60 seconds during peak times.

Weuse several sources of customer feedback to evaluate each restaurant's serviceand quality performance, including an extensive, computerized secret shopperprogram, customer comment phone line, telephone surveys and website comments. Additionally, management uses both its own primary consumer research forproduct development and to determine customer usage and attitude patterns aswell as third party market research that evaluates Good Times' performanceratings on several different operating attributes against key competitors.

**Training:**  We strive tomaintain quality and consistency in each of our restaurants through the carefultraining and supervision of all our employees at all levels and theestablishment of, and adherence to, high standards relating to personnelperformance, food and beverage preparation and maintenance of our restaurants. Each manager must complete an eight to ten week training program, be certifiedon several core processes and is then closely supervised to show both comprehensionand capability before they allowed to manage autonomously.  All of our trainingand development is based upon a "train, test, certify, re-train" cycle aroundstandards and operating processes at all levels.  We conduct a semi-annualperformance review with each manager to discuss prior performance and futureperformance goals.  We have a defined weekly and monthly goal setting processaround future performance goals.  We have a defined weekly and monthly goalsetting process around service, employee development, financial management andstore maintenance goals for every restaurant.  During fiscal 2009 and 2010, weimplemented video training tools to drive training efficiencies andconsistency.

**Recruitingand Retention:** We seek to hire experienced restaurant managers and Operating Partners.  Wesupport employees by offering competitive wages and benefits, including a401(k) plan, medical insurance, stock options for regional managers andincentive plans at every level that are tied to performance against key goalsand objectives.  We motivate and prepare our employees by providing them withopportunities for increased responsibilities and advancement.  We also providevarious other incentives, including vacations, car allowances, monthlyperformance bonuses and monetary rewards for managers who develop futuremanagers for our restaurants.  In fiscal 2009 and 2010, we implemented anonline screening and hiring tool that has proven to reduce hourly employeeturnover.

**Franchising:**  Good Times hasprepared prototype area rights and franchise agreements, a Uniform FranchiseDisclosure Document ("UFDD") and advertising material to be utilized insoliciting prospective franchisees.  We seek to attract franchisees that areexperienced restaurant operators, well capitalized and have demonstrated theability to develop one to five restaurants.  We review sites selected forfranchises and monitor performance of franchise units.  We are not currentlysoliciting new franchisees and will not do so until capital becomes moreavailable and we have regained positive same store sales momentum.

Weestimate that it will cost a franchisee on average approximately $750,000 to$1,100,000 to open a restaurant with dining room seating, including pre-openingcosts and working capital, assuming the land is leased.  A franchisee typicallywill pay a royalty of 4% of net sales, an advertising materials fee of at least1.5% of net sales, plus participation in regional advertising up to anadditional 4% of net sales, or a higher amount approved by the advertisingcooperative, and initial development and franchise fees totaling $25,000 perrestaurant.  Among the services and materials which we provide to franchiseesare site selection assistance, plans and specifications for construction of theGood Times Burgers and Frozen Custard restaurants, an operating manual whichincludes product specifications and quality control procedures, training,on-site opening supervision and advice from time to time relating to operationof the franchised restaurants.

Aftera franchise agreement is signed, we actively work with and monitor ourfranchisees to ensure successful franchise operations as well as compliancewith Good Times systems and procedures.  During the development phase, weassist in the selection of sites and the development of prototype and buildingplans, including all required changes by local municipalities and developers. We provide an opening team of trainers to assist in the opening of therestaurant and training of the employees.  We advise the franchisee on menu,management training, marketing, and employee development.  On an ongoing basiswe conduct standards reviews of all franchise restaurants in key areasincluding product quality, service standards, restaurant cleanliness andsanitation, food safety and people development.

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Wehave entered into thirteen franchise agreements in the greater Denvermetropolitan area.  Fourteen franchise restaurants and seven joint-venturerestaurants are operating in the Denver metropolitan area media market.  GoodTimes franchise restaurants also operate in Colorado Springs and GrandJunction, Colorado and in Boise, Idaho.  Dual branded franchised restaurantsoperate in Gillette and Sheridan, Wyoming, Ft. Collins and Windsor, Colorado,and Bismarck, North Dakota.

**ManagementInformation Systems:** Financial and management control is maintained through the use of automateddata processing and centralized accounting and management information systemsthat we provide.  Sales, labor and cash data is collected daily via arestaurant back office system which gathers data from the restaurantpoint-of-sale system.  Management receives daily, weekly and monthly reportsidentifying food, labor and operating expenses and other significant indicatorsof restaurant performance.  We believe that these reporting systems aresophisticated and enhance our ability to control and manage operations.

**FoodPreparation, Quality Control & Purchasing: **We believe thatwe have some of the highest food quality standards in the quick servicerestaurant industry.  Our systems are designed to protect our food supplythroughout the preparation process.  We inspect specific qualifiedmanufacturers and work together with those manufacturers to providespecifications and quality controls.  Our operations management teams are trainedin a comprehensive safety and sanitation course provided by the NationalRestaurant Association.  Minimum cook temperature requirements and line checksthroughout the day ensure the safety and quality of both burgers and otheritems we use in our restaurants.

Wecurrently purchase 100% of our restaurant food and paper supplies from Yancey'sFood Service.  We do not believe that the current reliance on this sole vendorwill have any long-term material adverse effect since we believe that there area sufficient number of other suppliers from which food and paper supplies couldbe purchased.  We do not anticipate any difficulty in continuing to obtain anadequate quantity of food and paper supplies of acceptable quality and atacceptable prices.

**Employees:**  At December15, 2010, we had approximately 509 employees of which 435 are part time hourlyemployees and 64 are salaried employees working full time.  We consider ouremployee relations to be good.  None of our employees are covered by acollective bargaining agreement.

**Competition:**  The restaurantindustry, including the fast food segment, is highly competitive.  Good Timescompetes with a large number of other hamburger-oriented fast food restaurantsin the areas in which it operates.  Many of these restaurants are owned andoperated by regional and national restaurant chains, many of which have greaterfinancial resources and experience than we do.  Restaurant companies thatcurrently compete with Good Times in the Denver market include McDonald's, BurgerKing, Wendy's, Carl's Jr., Sonic and Jack in the Box.  Double drive-throughrestaurant chains such as Rally's Hamburgers and Checker's Drive-InRestaurants, which currently operate a total of over 800 double drive-throughrestaurants in various markets in the United States, are not currentlyoperating in Colorado.  Culver's and Freddy's are the only significantcompetitors offering frozen custard as a primary menu item operating in theDenver and Colorado Springs markets and both have a significant presence in thetargeted Midwestern markets for expansion.  Additional "fast casual" hamburgerrestaurants are being developed in the Colorado market, such as Smashburger andFive Guys; however, they do not have drive-through service and generate anaverage per person check that is approximately 50% higher than Good Times.

Ourmanagement believes that we may have a competitive advantage in terms ofquality of product compared to traditional fast food hamburger chains.  Earlydevelopment of our double drive-through concept in Colorado has given us anadvantage over other double drive-through chains that may seek to expand intoColorado because of our brand awareness and present restaurant locations. Nevertheless, we may be at a competitive disadvantage to other restaurantchains with greater name recognition and marketing capability.  Furthermore,most of our competitors in the fast-food business operate more restaurants,have been established longer, and have greater financial resources and namerecognition than we do.  There is also active competition for managementpersonnel, as well as for attractive commercial real estate sites suitable forrestaurants.

**Trademarks:**  Good Times hasregistered its mark "Good Times! Drive Thru Burgers"(SM) with theState of Colorado.  We have also registered our mark "Good Times Burgers &Frozen Custard" federally and with the State of Colorado.

GoodTimes received approval of its federal registration of "Good Times"in 2003.  In addition we own trademarks or service marks that have beenregistered, or for which applications are pending, with the United StatesPatent and Trademark Office including but not limited to: "Mighty Deluxe","Wild Fries", "Spoonbender", "Chicken Dunkers", "Big Daddy BaconCheeseburger", and "Wild Dippin' Sauce". Our trademarks expire between 2010 and2015.

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**GovernmentRegulation:** Each Good Times restaurant is subject to the regulations of various health,sanitation, safety and fire agencies in the jurisdiction in which therestaurant is located.  Difficulties or failures in obtaining the requiredlicenses or approvals could delay or prevent the opening of a new Good Timesrestaurant.  Federal and state environmental regulations have not had amaterial effect on our operations. More stringent and varied requirements oflocal governmental bodies with respect to zoning, land use and environmentalfactors could delay or prevent development of new restaurants in particularlocations.  We are subject to the Fair Labor Standards Act, which governs suchmatters as minimum wages, overtime, and other working conditions.  In addition,we are subject to the Americans With Disabilities Act, which requiresrestaurants and other facilities open to the public to provide for access anduse of facilities by the handicapped.  Management believes that we are incompliance with the Americans With Disabilities Act.

Weare also subject to federal and state laws regulating franchise operations,which vary from registration and disclosure requirements in the offer and saleof franchises to the application of statutory standards regulating franchiserelationships.

**AvailableInformation:**Our Internet website address is www.goodtimesburgers.com.  We make availablefree of charge through our website's investor relations information section ourannual reports on Form 10-K, quarterly reports on Form 10-Q, current reports onForm 8-K, and any amendments to those reports filed with or furnished to theSEC under applicable securities laws as soon as reasonably practical after weelectronically file such material with, or furnish it to, the SEC.  Our websiteinformation is not part of or incorporated by reference into this Annual Reporton Form 10-K.

**SpecialNote About Forward-Looking Statements:**  From time to time the Company makesoral and written statements that reflect the Company's current expectationsregarding future results of operations, economic performance, financialcondition and achievements of the Company.  We try, whenever possible, toidentify these forward-looking statements by using words such as"anticipate," "assume," "believe,""estimate," "expect," "intend," "plan,""project," "may," "will," "would," andsimilar expressions  Certain forward-looking statements are included in thisForm 10-K, principally in the sections captioned "Description ofBusiness," and "Management's Discussion and Analysis of FinancialCondition and Results of Operations."  Forward-looking statements arerelated to, among other things:

•        business objectives and strategicplans;

•        operating strategies;

•        our ability to open and operateadditional restaurants profitably and the timing of such openings;

•        restaurant and franchiseacquisitions;

•        anticipated price increases;

•        expected future revenues andearnings, comparable and non-comparable restaurant sales, results ofoperations, and future restaurant growth (both company-owned and franchised);

•        estimated costs of opening andoperating new restaurants, including general and administrative, marketing,franchise development and restaurant operating costs;

•        anticipated selling, general andadministrative expenses and restaurant operating costs, including commodityprices, labor and energy costs; 

•        future capital expenditures;

o    our expectation that we will have adequate cash fromoperations and credit facility borrowings to meet all future debt service,capital expenditure and working capital requirements in fiscal year 2011;

o    the sufficiency of the supply of commodities and laborpool to carry on our business;

o    success of advertising and marketing activities;

o    the absence of any material adverse impact arising outof any current litigation in which we are involved;

o    impact of the adoption of new accounting standards andour financial and accounting systems and analysis programs;

o    expectations regarding competition and our competitiveadvantages;

o    impact of our trademarks, service marks, and otherproprietary rights; and

o    effectiveness of our internal control over financialreporting.

Althoughwe believe that the expectations reflected in our forward-looking statements arebased on reasonable assumptions, such expectations may prove to be materiallyincorrect due to known and unknown risks and uncertainties.

Insome cases, information regarding certain important factors that could causeactual results to differ materially from any forward-looking statements appearstogether with such statement.  In addition, the factors described underCritical Accounting Policies and Estimates in Part II, Item 7, and Risk Factorsin Part I, Item 1A, as well as other possible factors not listed, could causeactual results to differ materially from those expressed in forward-lookingstatements, including,

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withoutlimitation, the following: concentration of restaurants in certain markets andlack of market awareness in new markets; changes in disposable income; consumerspending trends and habits; increased competition in the quick servicerestaurant market; costs and availability of food and beverage inventory; ourability to attract qualified managers, employees, and franchisees; changes inthe availability of capital or credit facility borrowings; costs and othereffects of legal claims by employees, franchisees, customers, vendors,stockholders and others, including settlement of those claims; effectiveness ofmanagement strategies and decisions; weather conditions and related events inregions where our restaurants are operated; and changes in accounting standardspolicies and practices or related interpretations by auditors or regulatoryentities.

Allforward-looking statements speak only as of the date made.  All subsequentwritten and oral forward-looking statements attributable to us, or personsacting on our behalf, are expressly qualified in their entirety by thecautionary statements.  Except as required by law, we undertake no obligationto update any forward-looking statement to reflect events or circumstancesafter the date on which it is made or to reflect the occurrence of anticipatedor unanticipated events or circumstances.

**ITEM1A.             RISK FACTORS**

Youshould consider carefully the following risk factors before making aninvestment decision with respect to Good Times Restaurants' securities. You arecautioned that the risk factors discussed below are not exhaustive.

**Wehave accumulated losses.** We have incurred losses in every fiscal year sinceinception except 1999, 2002, 2006 and 2007.  As of September 30, 2010 we had anaccumulated deficit of $16,737,000.  We cannot assure you that we will not havea loss for the current fiscal year ending September 30, 2011.  As of September30, 2010, we had a working capital deficit of $1,869,000.

**Wemust sustain same store sales increases.**  We must sustain same store salesincreases in existing restaurants to sustain profitability and we experienceddeclines in our same store sales in fiscal 2008, fiscal 2009 and the first tenmonths of fiscal 2010.  Sales increases will depend in part on the success ofour advertising and promotion of new and existing menu items and consumeracceptance.  We cannot assure that our advertising and promotional efforts willin fact be successful.

**Newrestaurants, when and if opened, may not be profitable, if at all, for severalmonths.** We anticipate that our new restaurants, when and if opened, will generally takeseveral months to reach normalized operating levels due to inefficienciestypically associated with new restaurants, including lack of market awareness,the need to hire and train a sufficient number of employees, operating costs,which are often materially greater during the first several months of operationthan thereafter, pre-opening costs and other factors.  In addition, restaurantsopened in new markets may open at lower average weekly sales volumes thanrestaurants opened in existing markets, and may have higher restaurant-leveloperating expense ratios than in existing markets.  Sales at restaurants openedin new markets may take longer to reach average annual company-owned restaurantsales, if at all, thereby affecting the profitability of these restaurants.

**Ouroperations are susceptible to the cost of and changes in food availabilitywhich could adversely affect our operating results.**  Our profitabilitydepends in part on our ability to anticipate and react to changes in foodcosts.  Various factors beyond our control, including adverse weatherconditions, governmental regulation, production, availability, recalls of foodproducts and seasonality may affect our food costs or cause a disruption in oursupply chain.  We enter into annual contracts with our beef and chickensuppliers.  Our contracts for chicken are fixed price contracts.  Our contractsfor beef are generally based on current market prices plus a processing fee. Changes in the price or availability of chicken or beef could materiallyadversely affect our profitability.  We cannot predict whether we will be ableto anticipate and react to changing food costs by adjusting our purchasingpractices and menu prices, and a failure to do so could adversely affect ouroperating results.  In addition, because we provide a "value-priced"product, we may not be able to pass along price increases to our guests.

**Themacroeconomic recession could affect our operating results.**  The currentstate of the economy and decreased consumer spending have adversely affectedour sales over the last eighteen months and may continue to cause material negativesales trends.  A continued shift in consumer purchases toward $1 value menus inour competitive segment and a proliferation of heavy discounting by our majorcompetitors may also continue to negatively affect our sales and operatingresults.

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**Priceincreases may impact guest visits.**  We may make price increases onselected menu items in order to offset increased operating expenses we believewill be recurring.  Although we have not experienced significant consumerresistance to our past price increases, we cannot provide assurance that thisor other future price increases will not deter guests from visiting ourrestaurants or affect their purchasing decisions.

**Thehamburger restaurant market is highly competitive.** The hamburgerrestaurant market is highly competitive.  Our competitors include manyrecognized national and regional fast-food hamburger restaurant chains such asMcDonald's, Burger King, Wendy's, Carl's Jr., Sonic, Jack in the Box andCulver's.  We also compete with small regional and local hamburger and otherfast-food restaurants, many of which feature drive-through service.  Most ofour competitors have greater financial resources, marketing programs and namerecognition.  All of the major hamburger chains have increasingly offeredselected food items and combination meals at discounted prices and haverecently intensified their promotions of value priced meals.  Continueddiscounting by competitors may adversely affect the revenues and profitabilityof our restaurants.

**Sitesmay be difficult to acquire.** Location of our restaurants inhigh-traffic and readily accessible areas is an important factor for oursuccess.  Drive-through restaurants require sites with specific characteristicsand there are a limited number of suitable sites available in our geographicmarkets.  Since suitable locations are in great demand, in the future we maynot be able to obtain optimal sites at a reasonable cost.  In addition, wecannot assure you that the sites we do obtain will be successful.

**Wewill require additional financing.** In order to fully develop the Denverand Colorado Springs/Pueblo markets and to expand into markets outside ofColorado, we will require additional financing.  We cannot assure you that wewill be able to access sufficient capital to adequately finance our operationsand our planned developments or that additional financing will be available onreasonable terms.  The current economic recession and status of the capitalmarkets may adversely affect our ability to acquire additional debt or equityfinancing for working capital, new restaurant development, or refinancing ofexisting funding agreements.

**Ifour franchisees cannot develop or finance new restaurants, build them onsuitable sites or open them on schedule, our growth and success may be impeded.**  Under ourcurrent form of area development agreement, some franchisees must develop apredetermined number of restaurants according to a schedule that lasts for theterm of their development agreement.  Franchisees may not have access to thefinancial or management resources that they need to open the restaurantsrequired by their development schedules, or may be unable to find suitablesites on which to develop them.  Franchisees may not be able to negotiateacceptable lease or purchase terms for the sites, obtain the necessary permitsand government approvals or meet construction schedules.  From time to time inthe past, we have agreed to extend or modify development schedules and we maydo so in the future.  Any of these problems could slow our growth and reduceour franchise revenues.

Additionally,our franchisees depend upon financing from banks and other financialinstitutions in order to construct and open new restaurants.  Difficulty inobtaining adequate financing would adversely affect the number and rate of newrestaurant openings by our franchisees and adversely affect our futurefranchise revenues.

**Ourfranchisees could take actions that could harm our business.**  Franchiseesare independent contractors and are not our employees.  We provide training andsupport to franchisees; however, franchisees operate their restaurants asindependent businesses.  Consequently, the quality of franchised restaurantoperations may be diminished by any number of factors beyond our control. Moreover, franchisees may not successfully operate restaurants in a mannerconsistent with our standards and requirements, or may not hire and trainqualified managers and other restaurant personnel.  Our image and reputation,and the image and reputation of other franchisees, may suffer materially, andsystem-wide sales could significantly decline, if our franchisees do notoperate successfully.

**Wedepend on key management employees.** We believe our current operations andfuture success depend largely on the continued services of our managementemployees, in particular Boyd E. Hoback, our president and chief executiveofficer, and Scott Lefever, our vice president of operations.  Although we haveentered into an employment agreement with Mr. Hoback, he may voluntarilyterminate his employment with us at any time.  In addition, we do not maintainkey-person insurance on Messrs. Hoback's or Lefever's life.  The loss ofMessrs. Hoback's or Lefever's services, or other key management personnel,could have a material adverse effect on our financial condition and results ofoperations.

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**Laborshortages could slow our growth or harm our business.** Our successdepends in part upon our ability to attract, motivate and retain a sufficientnumber of qualified, high-energy employees.  Qualified individuals needed tofill these positions are in short supply in some areas.  The inability torecruit and retain these individuals may delay the planned openings of newrestaurants or result in high employee turnover in existing restaurants, whichcould harm our business.  Additionally, competition for qualified employeescould require us to pay higher wages to attract sufficient employees, whichcould result in higher labor costs.  Most of our employees are paid on anhourly basis.  The employees are paid in accordance with applicable minimumwage regulations.  Accordingly, any increase in the minimum wage, whether stateor federal, could have a material adverse impact on our business.

**Nevadalaw and our articles of incorporation and bylaws have provisions thatdiscourage corporate takeovers and could prevent stockholders from realizing apremium on their investment.** We are subject to anti-takeover lawsfor Nevada corporations.  These anti-takeover laws prevent a Nevada corporationfrom engaging in a business combination with any stockholder, including allaffiliates and associates of the stockholder, who owns 10% or more of thecorporation's outstanding voting stock, for three years following the date thatthe stockholder acquired 10% or more of the corporation's voting stock, unlessspecified conditions are met.

Ourarticles of incorporation and our bylaws contain a number of provisions thatmay deter or impede takeovers or changes of control or management.  Theseprovisions:

•        authorize our Board of Directorsto establish one or more series of preferred stock, the terms of which can bedetermined by the Board of Directors at the time of issuance;

•        do not allow for cumulative votingin the election of directors unless required by applicable law.  Undercumulative voting, a minority stockholder holding a sufficient percentage of aclass of shares may be able to ensure the election of one or more directors;

•        state that special meetings of ourstockholders may be called only by the chairman of the board, the president orany two directors, and must be called by the president upon the written requestof the holders of ten percent of the outstanding shares of capital stockentitled to vote at such special meeting; and

•        provide that the authorized numberof directors is currently set at seven.

Theseprovisions, alone or in combination with each other, may discouragetransactions involving actual or potential changes of control, includingtransactions that otherwise could involve payment of a premium over prevailingmarket prices to stockholders for their common stock.

**Wehave a controlling stockholder.**  As a result of the SII InvestmentTransaction, SII beneficially owns approximately 51.4% of our outstandingcommon stock.  In addition, SII has the right, for so long as it owns more than50% of our outstanding common stock, to designate a majority of our Board ofDirectors.  SII therefore has the ability to alter the strategic directionand/or capital structure of the Company.

**Futurechanges in financial accounting standards may cause adverse unexpectedoperating results and affect our reported results of operations.**  Changes inaccounting standards can have a significant effect on our reported results andmay affect our reporting of transactions completed before the change iseffective.  As an example, in 2006, we adopted the change that requires us to recordcompensation expense in the statement of operations for employee stock optionsusing the fair value method.  See Note 1 to our Consolidated FinancialStatements for further discussion.  New pronouncements and varyinginterpretations of pronouncements have occurred and may occur in the future. Changes to existing rules or differing interpretations with respect to ourcurrent practices may adversely affect our reported financial results.

**OurNASDAQ Listing Is Important.**Our Common Stock is currently listed fortrading on the NASDAQ Capital Market.  The NASDAQ maintenance rules require,among other things, that our common stock price remains above $1.00 per shareand that we have minimum stockholders' equity of $2.5 million.  During fiscal2010, the Company received notices of non-compliance with both the minimum bidprice and minimum stockholders' equity continued listing requirements.  Thecompletion of the SII Investment Transaction has helped the Company to regaincompliance with the minimum stockholders' equity requirement.  In addition, ourBoard of Directors, with the prior approval of our stockholders, has approved aone-for-three reverse stock split to take effect on December 31, 2010, whichwill allow us to regain compliance with the minimum bid price requirement.  

**Weare subject to extensive government regulation that may adversely hinder orimpact our ability to govern various aspects of our business including ourability to expand and develop our restaurants.**  The restaurantindustry is subject to various federal, state and local government regulations,including those relating to the sale of food.  While in

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thepast we have been able to obtain and maintain the necessary governmentallicenses, permits and approvals, our failure to maintain these licenses,permits and approvals, including food licenses, could adversely affect ouroperating results.  Difficulties or failures in obtaining the required licensesand approvals could delay or result in our decision to cancel the opening ofnew restaurants.  Local authorities may suspend or deny renewal of our foodlicenses if they determine that our conduct does not meet applicable standardsor if there are changes in regulations.

Variousfederal and state labor laws govern our relationship with our employees andaffect operating costs.  These laws govern minimum wage requirements, such asthose to be imposed by recently enacted legislation in Colorado, overtime pay,meal and rest breaks, unemployment tax rates, workers' compensation rates,citizenship or residency requirements, child labor regulations and salestaxes.  Additional government-imposed increases in minimum wages, overtime pay,paid leaves of absence and mandated health benefits may increase our operatingcosts.

Thefederal Americans with Disabilities Act prohibits discrimination on the basisof disability in public accommodations and employment.  Although ourrestaurants are designed to be accessible to the disabled, we could be requiredto make modifications to our restaurants to provide service to, or makereasonable accommodations for, disabled persons.

Weare also subject to federal and state laws that regulate the offer and sale offranchises and aspects of the licensor-licensee relationship.  Many statefranchise laws impose restrictions on the franchise agreement, includinglimitations on non-competition provisions and the termination or non-renewal ofa franchise.  Some states require that franchise materials be registered beforefranchises can be offered or sold in the state.

**Compliancewith changing regulation of corporate governance and public disclosure mayresult in additional expenses.**  Keeping abreast of, and in compliancewith, changing laws, regulations and standards relating to corporate governanceand public disclosure, including the Sarbanes-Oxley Act of 2002, new SECregulations and The NASDAQ  Market rules, has required an increased amount ofmanagement attention and expense.  We remain committed to maintaining highstandards of corporate governance and public disclosure.  As a result, weintend to invest all reasonably necessary resources to comply with evolvingstandards, and this investment has resulted in and will continue to result inincreased general and administrative expenses and a diversion of management timeand attention from revenue-generating activities to compliance activities.  

**Risksrelated to internal controls.**  Public companies in the United Statesare required to review their internal controls as set forth in theSarbanes-Oxley Act of 2002.  It should be noted that any system of controls,however well designed and operated, can provide only reasonable, and notabsolute, assurance that the objectives of the system are met.  In addition,the design of any control system is based in part upon certain assumptionsabout the likelihood of future events.  Because of these and other inherentlimitations of control systems, there can be no assurance that any design willsucceed in achieving its stated goals under all potential future conditions,regardless of how remote.  If the internal controls put in place by us are notadequate or in conformity with the requirements of the Sarbanes-Oxley Act of2002, and the rules and regulations promulgated by the Securities and ExchangeCommission, we may be forced to restate our financial statements and take otheractions which will take significant financial and managerial resources, as wellas be subject to fines and other government enforcement actions.

**Healthconcerns relating to the consumption of beef, chicken or other food productscould affect consumer preferences and could negatively impact our results ofoperations.** Like other restaurant chains, consumer preferences could be affected by healthconcerns about the avian influenza, also known as bird flu, or the consumptionof beef, the key ingredient in many of our menu items, or negative publicityconcerning food quality, illness and injury generally, such as negativepublicity concerning E. coli, "mad cow" or "foot-and-mouth"disease, publication of government or industry findings concerning foodproducts served by us, or other health concerns or operating issues stemmingfrom one restaurant or a limited number of restaurants.  This negativepublicity may adversely affect demand for our food and could result in adecrease in guest traffic to our restaurants.  If we react to the negativepublicity by changing our concept or our menu we may lose guests who do notprefer the new concept or menu, and may not be able to attract a sufficient newguest base to produce the revenue needed to make our restaurants profitable. In addition, we may have different or additional competitors for our intendedguests as a result of a concept change and may not be able to competesuccessfully against those competitors.  A decrease in guest traffic to ourrestaurants as a result of these health concerns or negative publicity or as aresult of a change in our menu or concept could materially harm our business.

**ITEM1B.             UNRESOLVED STAFF COMMENTS**

Notapplicable.

13

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**ITEM2.                PROPERTIES**

Wecurrently lease approximately 3,700 square feet of space for our executiveoffices in Golden, Colorado for approximately $55,000 per year under a leaseagreement which expired in September 2009. We are currently leasing the spaceon a month to month basis. The space is leased from The Bailey Company, asignificant stockholder in the Company, at their corporate headquarters.

Asof December 15, 2010, Good Times has an ownership interest in twenty-seven GoodTimes units, all of which are located in Colorado.  Seven of these restaurantsare held in a joint venture limited partnership of which Good Times is the generalpartner.  Good Times has a 50% interest in six of the partnership restaurantsand a 78% interest in one restaurant. In June 2010 we sold our 51% interest inone restaurant that was held in a joint venture limited partnership to ourlimited partner, and the restaurant is now operated under a franchiseagreement. There are twenty Good Times units that are wholly owned by GoodTimes.

Mostof our existing Good Times restaurants are a combination of free-standingstructures containing approximately 880 to 1,000 square feet for the doubledrive thru format and approximately 2,400 square feet for our prototypebuilding with a 70 seat dining room.  In addition, we have several restaurantsthat are conversions from other concepts in various sizes ranging from 1,700square feet to 3,500 square feet.  The buildings are situated on lots ofapproximately 18,000 to 50,000 square feet.  Certain restaurants serve ascollateral for the underlying debt financing arrangements as discussed in theNotes to Consolidated Financial Statements included in this report.  We intendto acquire new sites both through ground leases and purchase agreementssupported by mortgage and leasehold financing arrangements and throughsale-leaseback agreements.

Allof the restaurants are regularly maintained by our repair and maintenance staffas well as by outside contractors, when necessary.  We believe that all of ourproperties are in good condition and that there will be a need for periodiccapital expenditures to maintain the operational and aesthetic integrity of ourproperties for the foreseeable future, including recurring maintenance andperiodic capital improvements.  All of our properties are covered up toreplacement cost under our property and casualty insurance policies and in theopinion of management are adequately covered by insurance.

**ITEM3.                LEGAL PROCEEDINGS**

Weare not involved in any material legal proceedings.  We are subject, from timeto time, to various lawsuits in the normal course of business.  These lawsuitsare not expected to have a material impact.

**ITEM4.                (REMOVED AND RESERVED)**

14

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**PART II**

**ITEM 5.                MARKETFOR REGISTRANT'S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUERPURCHASES OF EQUITY SECURITIES.**

Sharesof our Common Stock are listed for trading on the NASDAQ Capital Market underthe symbol "GTIM".  The following table presents the quarterly high and low bidprices for our Common Stock as reported by the NASDAQ Capital Market for eachquarter within the last two fiscal years.  The quotations reflect interdealerprices, without retail mark-ups, mark-downs or commissions and may notrepresent actual transactions.
| ** **          | **2009** |         | ** ** | **2010**            |
|---------------------|----------|---------|------------|---------------------|
| **QUARTER  ENDED**  | **HIGH** | **LOW** | ** ** | **QUARTER  ENDED**  | **HIGH** | **LOW** |
|                     |          |         |            |                     |  |  |
| December  31, 2008  | $2.95    | $0.76   |            | December  31, 2009  | $1.37 | $1.05 |
| March  31, 2009     | $1.57    | $0.75   |            | March  31, 2010     | $1.32 | $1.03 |
| June  30, 2009      | $2.50    | $1.00   |            | June  30, 2010      | $1.25 | $0.92 |
| September  30, 2009 | $1.65    | $1.08   |            | September  30, 2010 | $1.01 | $0.30 |

Asof December 15, 2010 there were approximately 225 holders of record of CommonStock.  However, management estimates that there are not fewer than 1,390beneficial owners of our Common Stock.

**DividendPolicy**:We have never paid dividends on our Common Stock and do not anticipate payingdividends in the foreseeable future.  In addition, we have obtained financingunder loan agreements that restrict the payment of dividends.  Our ability topay future dividends will necessarily depend on our earnings and financialcondition.  However, since restaurant development is capital intensive, wecurrently intend to retain any earnings for that purpose.

**RecentSales of Unregistered Securities**:

BridgeFinancing Note and Warrant

Duringthe fiscal year the Company issued a Secured Convertible Promissory Note in theamount of up to $400,000 to certain lenders in a bridge financing transaction,together with warrants to purchase up to 100,000 shares of the Company's CommonStock.  The bridge lenders initially included Golden Bridge, W Capital andMcDonald; however, as of April 1, 2010, the bridge loan agreement was amendedto remove Golden Bridge as a lender, replacing it with additional loans from WCapital and McDonald on the same terms, and the note and warrants were adjustedaccordingly.  The note was convertible into shares of Common Stock at any timeprior to repayment at a conversion price of 25% less than the average price ofthe Company's common stock during the 20 days prior to the conversion date, butnot below $0.75 per share nor above $1.08 per share.  However, the aggregateprincipal amount owing to W Capital and McDonald was paid out of the proceedsof the SII Investment Transaction.  In addition, and with the agreement of thelenders, the accrued interest on such loans through December 13, 2010 of$39,715 was converted into an aggregate of 79,430 shares of our Common Stock ata conversion price of $0.50 per share.  The warrants remain outstanding andexercisable at any time prior to December 13, 2013 at an exercise price of 25%less than the average price of our Common Stock during the 20 days prior toexercise, but at not less than $0.75 per share nor more than $1.08 per share.

TheCompany relied on the exemption from registration requirements of theSecurities Act set forth in Section 4(2) thereof and the rules and regulationspromulgated there under for the issuance of the note and the warrants in thebridge financing and for the issuance of shares of Common Stock upon conversionof accrued interest under the note.

SIIInvestment Transaction

Aspreviously disclosed in the Company's current report on Form 8-K filed onNovember 3, 2010, the Company entered into the Purchase Agreement with SII onOctober 29, 2010, pursuant to which the Company agreed to sell, and SII agreedto purchase, 4,200,000 Shares at a purchase price of $0.50 per share, or anaggregate of $2,100,000.  The Purchase Agreement was amended on December 13,2010 to clarify the scope of SII's director designation rights following theClosing.  On December 13, 2010, the Company and SII completed the issuance andsale of the Shares to the SII.  The Company received gross proceeds of$2,100,000, which will be used to pay off the interim working capital loans,reduce the Company's current liabilities and provide working capital for fiscal2011 and beyond pursuant to its business strategy.

15

----

TheShares sold to SII were not registered under the Securities Act or statesecurities laws, and may not be resold in the United States in the absence ofan effective registration statement filed with the SEC or an availableexemption from the applicable federal and state registration requirements.  Inthe Purchase Agreement, SII represented to the Company that: (a) it is anaccredited investor, as such term is defined in Rule 501 of Regulation Dpromulgated under the Securities Act; (b) it acquired the Shares as principalfor its own account for investment purposes only and not with a view to or fordistributing or reselling the Shares or any part thereof; and (c) it isknowledgeable, sophisticated and experience in making, and qualified to make,decisions with respect to investments in securities representing an investmentdecision similar to that involved in the purchase of the Shares.  The Companyhas relied on the exemption from the registration requirements of theSecurities Act set forth in Section 4(2) thereof and the rules and regulationspromulgated there under for the purposes of the SII Investment Transaction.

**Disclosurewith Respect to the Company's Equity Compensation Plans**: We maintainthe 2008 Omnibus Equity Incentive Compensation Plan, pursuant to which we maygrant equity awards to eligible persons, and have outstanding stock optionsgranted under our 2001Good Times Restaurants Stock Option Plan, 1992 IncentiveStock Option Plan and 1992 Non-Statutory Stock Option Plan.  For additionalinformation, see Note 13, Stockholders' Equity, in the Notes to theConsolidated Financial Statements included in this report. The following tablegives information about equity awards under our plans as of September 30, 2010.

**EquityCompensation Plan Information**
|                                                                 | (a)                                                                                                | (b)                                                                                | (c)                                                                                                                                               |
|-----------------------------------------------------------------|----------------------------------------------------------------------------------------------------|------------------------------------------------------------------------------------|---------------------------------------------------------------------------------------------------------------------------------------------------|
| **Plan  category**                                              | **Number of securities to be issued upon  exercise of outstanding options, warrants & rights** | **Weighted-average exercise price of  outstanding options, warrants & rights** | **Number of securities remaining  available for future issuance under equity compensation plans (excluding  securities reflected in column (a))** |
| Equity  compensation plans approved by security holders-options | 390,086                                                                                            | $3.30                                                                              | 161,986                                                                                                                                           |
| Total                                                           | 390,086                                                                                            | $3.30                                                                              | 161,986                                                                                                                                           |

** **

16

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**ITEM 6.                SELECTEDFINANCIAL DATA.**

Theselected financial data on the following pages are derived from our historicalfinancial statements and is qualified in its entirety by such financialstatements which are included in Item 8 hereof.

Thefollowing presents certain historical financial information of the Company. This financial information includes the combined operations of the Company andits subsidiary for the fiscal years ended September 30, 2006 to 2010. Certain prioryear balances have been reclassified to conform to the current year'spresentation.  Such reclassifications had no effect on the net income or loss.
| ** ** | **_______________________________ September  30,________________________________** |  
**Operating  Data:**

**2010**

**2009**

**2008**

**2007**

**2006**

Restaurant  sales

 $

20,390,000 

 $

22,079,000 

 $

25,244,000 

 $

24,215,000 

 $

20,329,000 

Franchise  fees and royalties

473,000 

536,000 

638,000 

740,000 

606,000 

      Total  Net Revenues

20,863,000 

22,615,000 

25,882,000 

24,955,000 

20,935,000 

Restaurant  Operating Costs:

      Food  and packaging costs

7,181,000 

7,423,000 

8,002,000 

7,589,000 

6,338,000 

      Payroll  and other employee benefit costs

7,359,000 

7,663,000 

8,780,000 

8,063,000 

6,584,000 

      Occupancy  and other operating costs

4,331,000 

4,529,000 

4,881,000 

4,393,000 

3,797,000 

      New  store pre-opening costs

- 

15,000 

38,000 

118,000 

182,000 

      Depreciation  and amortization

943,000 

1,172,000 

1,283,000 

1,223,000 

997,000 

      Total  restaurant operating costs

19,814,000 

20,802,000 

22,984,000 

21,386,000 

17,898,000 

      Selling,  General & Administrative costs

2,638,000 

2,814,000 

3,567,000 

3,226,000 

2,752,000 

      Franchise  costs

124,000 

161,000 

312,000 

160,000 

166,000 

      Loss  (Gain) on restaurant assets

199,000 

(28,000)

(35,000)

(17,000)

(57,000)

Income   (Loss) from Operations

($1,912,000)

($1,134,000)

($946,000)

 $

200,000 

 $

176,000 

Other  Income and (expenses)

      Unrealized  gain (loss) on interest rate swap

3,000 

(87,000)

- 

- 

- 

      Interest  income (expense), net

(598,000)

(261,000)

(13,000)

40,000 

87,000 

      Total  other income (expense)

(595,000)

(348,000)

(13,000)

40,000 

87,000 

Net  Income (Loss) from continuing operations

($2,507,000)

($1,482,000)

($959,000)

 $

240,000 

 $

263,000 

      Loss  from discontinued operations

590,000 

218,000 

- 

- 

- 

Net  Income  (Loss)

($3,097,000)

($1,700,000)

($959,000)

 $

240,000 

 $

263,000 

      Income  (Expense) from non-controlling interest

165,000 

54,000 

(113,000)

(211,000)

(246,000)

      Income  tax expense

- 

- 

4,000 

- 

- 

Net  Income (Loss) available to Common Shareholders

($2,932,000)

($1,646,000)

($1,076,000)

 $

29,000 

 $

17,000 

Basic  and Diluted Earnings (Loss) Per Share

($ .75)

($ .42)

($.28)

 $

.01 

 $

.01 

**Balance  Sheet Data:**

Working  Capital (Deficit)

($1,869,000)

($1,200,000)

($2,082,000)

 $

532,000 

 $

1,547,000 

Total  assets

8,318,000 

10,254,000 

11,920,000 

11,544,000 

10,693,000 

Non-controlling  interest in partnerships

274,000 

428,000 

584,000 

751,000 

795,000 

Long-term  debt

3,005,000 

2,478,000 

846,000 

970,000 

1,293,000 

Stockholders'  equity

 $

1,694,000 

 $

4,378,000 

 $

5,993,000 

 $

7,084,000 

 $

6,877,000 

17

** **

**ITEM 7.                MANAGEMENT'SDISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS**

**Results of Operations**

NetRevenues: Net revenues for fiscal 2010 decreased $1,752,000 (7.7%) to $20,863,000from $22,615,000 for fiscal 2009.  Same store restaurant sales decreased $1,146,000(6.1%) during fiscal 2010. Restaurants are included in same store sales afterthey have been open a full fifteen months and only Good Times restaurants areincluded while dual branded restaurants are excluded.  Restaurant salesdecreased $77,000 due to one non-traditional company-owned restaurant notincluded in same store sales and decreased $94,000 due to two dual branded company-ownedrestaurants. Restaurant sales decreased $372,000 due to one co-developedrestaurant sold to a franchisee in June 2010. Net revenues decreased $63,000 infiscal 2010 due to a decrease in franchise royalties of $66,000 offset by an increasein franchise fees of $3,000.

Oursame store restaurant sales decline of 6.1% reflects the adverse impact themacroeconomic environment has had on consumers' discretionary spending, theheavy promotion of $1 value menus and discounting by competitors and theproliferation of fast casual hamburger themed restaurants in Colorado.  We hadshown same store sales growth in sixteen consecutive quarters leading into thethird quarter of fiscal 2008 but then experienced declines through May of 2010,when the declines moderated significantly and then sales growth trends turnedpositive in August 2010 and have remained positive through the date of thisreport.  Our outlook for fiscal 2011 is more optimistic based on the last sixmonths' sales trends, however our sales trends are influenced by many factorsand the macroeconomic environment remains challenging for smaller restaurantchains.  Our average transaction has increased in August through November 2010compared to 2009 and we are continuing to manage our marketing communicationsto balance growth in customer traffic and their average expenditure.

Averagerestaurant sales for company-owned and co-developed restaurants (includingdouble drive thru restaurants and restaurants with dining rooms but excludingdual brand restaurants) for fiscal 2009 and 2010 were as follows:

**Fiscal  2010**

**Fiscal  2009**

Company  operated

$734,000

$783,000

Forfactors which may affect future results of operations, please refer to thesection entitled "Current Fiscal Year Initiatives" in Item 1 on pages 4 - 5 ofthis report and a related discussion of planned product and system changesdiscussed in the section entitled "Concept and Business Strategy" in Item 1 onpages 2 - 4 of this report.

**RestaurantOperating Costs:**Restaurant operating costs as a percent of restaurant sales were 97.2% for fiscal2010 compared to 94.2% in fiscal 2009.

Thechanges in restaurant-level costs are explained as follows:

Restaurant-level  costs for the period ended September 30, 2009

94.2%

Increase  in food and packaging costs

1.6%

Increase  in payroll and other employee benefit costs

1.4%

Increase  in occupancy and other operating costs

   .8%

Decrease  in pre-open costs

(.1%)

Decrease  in depreciation and amortization costs

(.7%)

Restaurant-level  costs for the period ended September 30, 2010

97.2%

**Foodand Packaging Costs:**Food and packaging costs for fiscal 2010 decreased $242,000 from $7,423,000 (33.6%of restaurant sales) in fiscal 2009 to $7,181,000 (35.2% of restaurant sales).In fiscal 2009 we saw a moderation in food and packaging cost increases. Weexperienced dramatic increases in commodity costs including beef, bacon, softdrinks and dairy costs in fiscal 2010.

Infiscal 2009 and 2010 our weighted food and packaging costs increasedapproximately 2% and 11%, respectively.  The cumulative weighted menu priceincreases taken during fiscal 2009 and fiscal 2010 were approximately 2.2% and1.7%, respectively.  Most of the 2010 menu price increases were taken in thelast four months of fiscal 2010 aggregating a 7.1% cumulative increase. Theintroduction of the $2.89 Craver combo meals in May 2010 negatively impactedour cost of sales by an estimated 1% of restaurant sales. We anticipate limitedprice increases in fiscal 2011 with continued cost pressure on several corecommodities, however we anticipate our food and packaging costs as a percentageof sales will decrease in fiscal 2011 from a combination of price increases,product sales mix changes and recipe modifications.

18

**Payrolland Other Employee Benefit Costs:** For fiscal 2010, payroll and otheremployee benefit costs decreased $304,000 from $7,663,000 (34.7% of restaurantsales) in fiscal 2009 to $7,359,000 (36.1% of restaurant sales).

The decrease in payrolland other employee benefit costs for fiscal 2010 is primarily due to a decreasein restaurant sales. Payroll and benefit costs are semi-variable and thereforeincrease or decrease as sales fluctuate and increased as a percentage of salesin fiscal 2010.   Additionally, in July 2010 we eliminated approximately$80,000 of annual payroll costs through salary reductions and salaryeliminations.   The three dual branded restaurants also have a higher laborcost as a percent of sales than Good Times single brand restaurants.   Weanticipate payroll and other employee benefit costs will decrease as apercentage of sales in fiscal 2011 due to the operating leverage on increasingsales.

**Occupancyand Other Costs:**For fiscal 2010, occupancy and other costs decreased $198,000 from $4,529,000 (20.5%of restaurant sales) in fiscal 2009 to $4,331,000 (21.3% of restaurant sales). The $198,000 decrease in occupancy and other costs is primarily attributableto:

•        Decrease in building rent of $40,000due to negotiated rent reductions at several locations.

•        Decrease in our accretion fordeferred rent of $168,000 due to negotiated rent reductions at severallocations.

•        Decrease of $89,000 in variousother restaurant operating costs due to decreased restaurant sales and plannedexpense reductions.

Thedecreases above were offset by the following cost increases:

•        Increase in property taxes of $12,000related to valuation increases at existing restaurants.

•        Increase in restaurant repairs of$36,000 primarily due to the aging of our restaurants.

•        Increase in utility costs of $62,000related to utility rate increases and increased usage related to theimplementation of our fresh cut fry product.

Occupancycosts may increase as a percent of sales as new company-owned restaurants aredeveloped due to higher rent associated with sale-leaseback operating leases,as well as increased property taxes on those locations, however occupancy costswill decrease as same store sales increase.   We are pursuing additional rentconcessions and lease restructuring with several of our landlords andanticipate additional reductions to our occupancy costs in fiscal 2011, howeverwe are unable to estimate the amount of those reductions.

**NewStore Pre-opening Costs:** For fiscal 2010, new store pre-opening costsdecreased $15,000 from $15,000 in fiscal 2009 to $0.  New store pre-openingcosts in fiscal 2009 were related to one new company-owned restaurant thatopened in October 2008. 

**Depreciationand Amortization Costs:** For fiscal 2010, depreciation and amortizationcosts decreased $229,000 from $1,172,000 in fiscal 2009 to $943,000. Depreciation costs decreased due to declining depreciation expense in our agingcompany-owned and joint-venture restaurants.

**Selling,General and Administrative Costs:** For fiscal 2010, selling, general andadministrative costs decreased $176,000 from $2,814,000 (12.7% of restaurantsales) in fiscal 2009 to $2,638,000 (12.9% of restaurant sales).  The decreasein selling, general and administrative costs are partially attributable todecreased advertising costs, which decreased to $1,156,000 (5.7% of restaurantsales) for fiscal 2010 from $1,246,000 (5.6% of restaurant sales) for fiscal2009, and a decrease in general and administrative costs, which decreased to$1,482,000 (7.3% of restaurant sales) for fiscal 2010 from $1,568,000 (7.1% of restaurantsales) for fiscal 2009 as explained below.

Thedecrease in advertising costs is due to the decrease in restaurant sales, ascontributions are made to the advertising materials fund and regionaladvertising cooperative based on a percentage of sales.

Weanticipate that fiscal 2011 advertising expense will decrease from fiscal 2010and will consist primarily of radio advertising and on-site andpoint-of-purchase merchandising totaling approximately 4% of restaurant sales. We anticipate that general and administrative expenses will be relativelystable, with the exception of reinstating certain salaries that were reduced infiscal 2009 and 2010.

19

The$86,000 decrease in general and administrative expenses in fiscal 2010 isprimarily attributable to:

•        Reductions in payroll and employeebenefit costs of $147,000.

•        Reductions in training andrecruiting expenses of $9,000.

•        Reduction in professional servicesof $47,000.

•        Net reductions in various otherfixed expenses of $8,000.

Thedecreases above were offset by the following cost increases and additionalcosts:

•        A decrease of $22,000 inmiscellaneous income related to the elimination by the state and local taxingauthorities of sales tax collection fees.

•        Expense of $85,000 to write off anuncollectable franchise note receivable.

•        Increase in vacant land costs of$18,000.

**FranchiseCosts:**For fiscal 2010 franchise costs decreased $37,000 from $161,000 (.7% of totalrevenues) in fiscal 2009 to $124,000 (.6% of total revenues).

Thedecrease in franchise costs is primarily attributable to a reduction in legalfees and reductions in various other costs compared to the prior year. Infiscal 2009 we wrote off $20,000 in legal costs related to the Good Times/TacoJohn's Dual Brand franchise agreement.

**Loss(Gain) on Restaurant Assets:** For fiscal 2010 the loss on restaurantassets increased $227,000 to a $199,000 loss from a $28,000 gain in fiscal 2009. The $227,000 loss on restaurant assets in fiscal 2010 is primarily related to a$163,000 write down to fair market value of a piece of  land that was sold onDecember 3, 2010.  Additionally we recognized a $64,000 loss related to aco-developed restaurant sold to a franchisee in June 2010.

**Income(Loss) from Operations:** The loss from operations was $1,912,000 in fiscal2010 compared to a loss from operations of $1,134,000 in fiscal 2009. Theincrease in loss from operations for the fiscal year is due primarily to thedecrease in net revenues offset by other matters discussed in the"Restaurant Operating Costs", "General and AdministrativeCosts", "Franchise Costs" and "Loss on Restaurant Assets" sections above.

**Lossfrom Continuing Operations:** The loss from continuing operations was $2,507,000for fiscal 2010 compared to a loss of $1,482,000 in fiscal 2009.  The changefrom fiscal 2009 to fiscal 2010 was primarily attributable to the mattersdiscussed in the "Net Revenues", "Food and PackagingCosts", "Selling, General and Administrative Costs" and"Franchise Costs" sections of Item 6, as well as 1) an increase innet interest expense of $337,000 compared to the same prior year period; and 2)a reduction in the unrealized loss related to our interest rate swap liabilityof $90,000 in fiscal 2010 compared to fiscal 2009.  Net interest expense for fiscal2010 includes non-cash amortization of debt issuance costs of $259,000 relatedto: 1) warrants related to the extension of the PFGI II loan in January, 2010;2) beneficial conversion rights and warrants related to the loan agreement withW Capital and John T. MacDonald entered into in February 2010; and 3) warrantsrelated to the loan agreement with Golden Bridge LLC entered into in April,2009. (See "Financing" below).   We anticipate that interest expense will bereduced significantly in fiscal 2011 due to the pay off of the W Capital,MacDonald and Golden Bridge loans and the reduction of the PFGI II loandiscussed below.

** **

**Lossfrom Discontinued Operations:**The loss from discontinued operationsfor fiscal 2010 and 2009 includes results attributable to our Commerce City,Colorado dual-branded restaurant that was closed in March 2010 and one Denver,Colorado co-developed restaurant that was closed in June 2010. The fiscal 2010 costsof $590,000 includes the results of operations of $153,000, the fair value ofall future lease obligations of $143,000 and impairment charges to write downthe fixed assets to book value and other costs of $294,000. The fiscal 2009costs of $218,000 represent the results of operations related to the two closedrestaurants.

** **

**Incomefrom Non-controlling Interests:**For fiscal 2010 the income from non-controllinginterests increased $111,000 to $165,000 from $54,000 in fiscal 2009. Thenon-controlling interests represents the limited partner's share of income orloss in the co-developed restaurants. The $111,000 increase was attributable tothe decreased profitability of the co-developed restaurants.   We anticipatethat income from non-controlling interests will decrease as the limitedpartner's share of income improves.

20

**Liquidity and Capital Resources**

**Cashand Working Capital:**As of September 30, 2010, we had $429,000 in cash and cash equivalents onhand.  We currently plan to use the cash balance, any cash generated fromoperations and net proceeds received in December 2010 from the SII InvestmentTransaction described below to reduce our accounts payable, accrued liabilitiesand short term notes payable and for our working capital needs.  We believethat we will have sufficient capital to meet our working capital, long termdebt obligations and recurring capital expenditure needs in fiscal 2011 andbeyond.  Additionally, we may sell or sublease select underperforming companyoperated restaurants if we believe the realizable asset value is greater thanthe long term cash flow value or if the asset does not fit our longer termdistribution and location of restaurants.

Asof September 30, 2010, we had a working capital deficit of $1,869,000 substantiallydue to notes payable of $585,000 which are due on December 31, 2010 and accruedproperty taxes for 2009 of approximately $200,000 which are currently due. Additionally, we have recorded an $84,000 current liability related to theunrealized loss on our interest rate swap, as described in Note 5 of the Notesto Consolidated Financial Statements in Item 8. Net proceeds of approximately$1,820,000 received on December, 13 2010 from the SII Investment Transactiondiscussed in Item 1 were used to reduce our accounts payable, accruedliabilities and short term notes payable and for our working capital needs infiscal 2011.After the completion of the SII Investment Transaction on December 13, 2010,our working capital deficit decreased to approximately $45,000.

InDecember, 2009 we entered into an agreement to extend the maturity of the PFGIII, LLC loan of $2,500,000 to December 31, 2012 and modified the terms of theloan to include a 25 year amortization period with a balloon payment for theremaining principal balance on December 31, 2012.  As a result, the majority ofthe PFGI II LLC loan is shown as a long term liability as of September 30, 2010. On December 3, 2010 we sold the vacant land that was partially collateralizingthe PFGI II loan and used the net proceeds of $812,000 to reduce the loan.   Weanticipate selling the land and building for an operating restaurant we ownthat collateralizes the remaining PFGI II loan in a sale leaseback transaction andusing the proceeds to reduce the loan.  If that transpires and the PFGI II loanis paid in full, the additional collateral under the PFGI II loan will bereleased.

**Financing:**

** **

*Wells Fargo Bank N.A.*

InMay 2007 we borrowed $1,100,000 from Wells Fargo Bank under a note payable withan eight year term with a floating interest rate at .50% below prime.  Wesimultaneously entered into an interest rate swap transaction with Wells FargoBank for the full $1,100,000 with a fixed interest rate of 7.77% for the fulleight year term coinciding with the note payable.  As previously reported, wewere in default of certain financial loan covenants and had been operatingunder a forbearance and reservation of rights agreement with Wells Fargo.   Aspreviously disclosed in the Company's current report on Form 8-K filed December17, 2010, we entered into a new Credit and Loan Agreement that modified theloan covenants and provided additional collateral to Wells Fargo.  The loancovenants were modified to require minimum Tangible Net Worth of $2,500,000,Total Liabilities Divided by Tangible Net Worth not greater than 3.0 to 1.0 andan EBITDA Coverage Ratio not less than 0.9 to 1.0 as of the end of the firstfiscal quarter of 2012, not less than 1.2 to 1.0 as of the end of the secondfiscal quarter of 2012 and not less than 1.5 to 1.0 thereafter.

*PFGI II, LLC*

InJuly 2008, we entered into a $2,500,000 promissory note with an unrelated thirdparty (PFGI II, LLC) and amended that note on April 20, 2009 extending thematurity to July 10, 2010. Effective January 2, 2010, the Company entered intoan agreement to amend its loan with PFGI II LLC.  The maturity date wasextended to December 31, 2012, the interest rate was increased to 8.65% andmonthly payments of principal and interest are payable beginning January 31,2010, based upon a 25 year amortization prior to maturity. In connection withthe agreement, the Company issued a three-year warrant dated January 2, 2010 toPFGI II, LLC which provides that PFGI II, LLC may at any time from January 2,2010 until December 31, 2012 purchase up to 112,612 shares of the Company'scommon stock at an exercise price of $1.11 per share. The number of shares purchasableupon exercise of the warrant and the exercise price are subject to customaryanti-dilution adjustments upon the occurrence of any stock dividends, stocksplits, reverse stock splits, recapitalizations, reclassifications, stockcombinations or similar events. The fair value of the warrant issued to PFGIII, LLC was determined to be $79,000 with the following assumptions; 1) riskfree interest rate of 1.7%, 2) an expected life of 3 years, and 3) an expecteddividend yield of zero. The fair value of $79,000 was charged to the notediscount and credited to Additional Paid in Capital. The note discount will be amortizedover the term of thirty six months and charged to interest expense.

21

Thepromissory note originally constituted a revolving line-of-credit for thedevelopment of new restaurants which was advanced and repaid on a monthly basisfrom time to time.  The promissory note now constitutes a term loan withmonthly payments of principal and interest.  The loan is secured by separateleasehold deeds of trust and security agreements related to six company-owned restaurantsand first deeds of trust on two real properties funded by the line of credit.The total outstanding balance on the promissory note was $2,481,000 at September30, 2010.  Of the $2,481,000 outstanding balance, $1,595,000 is related to theconstruction of one company-owned restaurant in Firestone, Colorado that openedin October 2008. The fully developed restaurant is currently being marketed inthe sale-leaseback market.  The remaining balance is related to the purchase,entitlement and other development fees on a parcel of land in Aurora, Coloradothat was sold on December 3, 2010 reducing the loan by $812,000 in net proceedsfrom the sale.

 

*Golden Bridge, LLC*

OnApril 20, 2009 as reported on Form 8-K, the Company entered into a loanagreement with Golden Bridge, LLC ("Golden Bridge"), pursuant to which GoldenBridge made a loan of $185,000 (the "Golden Bridge Loan") to GTDT to be usedfor restaurant marketing and other working capital costs.  Eric Reinhard, RonGoodson, David Grissen, Richard Stark, and Alan Teran, who were all members ofthe Company's Board of Directors at the time of the transaction andstockholders of the Company, are the sole members of Golden Bridge.  Subsequentto the fiscal year end, the loan was repaid in full on December 13, 2010 fromthe proceeds of the SII Investment Transaction (see "SII InvestmentTransaction" below).

TheGolden Bridge Loan was evidenced by a promissory note dated April 20, 2009 madeby the Company and GTDT, as co-makers, and bearing interest at a rate of 10%per annum on the unpaid principal balance.  The note provided for monthlyinterest payments and was to mature and be due and payable in full on December31, 2010.  The commitment fee for the Golden Bridge Loan was $3,700.

Inconnection with the Golden Bridge Loan, the Company issued a three-year warrantdated April 20, 2009 to Golden Bridge which provides that Golden Bridge may atany time from April 20, 2009 until April 20, 2012 purchase up to 92,500 sharesof the Company's common stock at an exercise price of $1.15 per share.  Thenumber of shares purchasable upon exercise of the warrant and the exerciseprice are subject to customary anti-dilution adjustments upon the occurrence ofany stock dividends, stock splits, reverse stock splits, recapitalizations,reclassifications, stock combinations or similar events. The fair value of thewarrant issued to Golden Bridge was determined to be $42,000 with the followingassumptions: 1) risk free interest rate of 1.27%, 2) an expected life of 3years, and 3) an expected dividend yield of zero. The fair value of $42,000 wascharged to the note discount and credited to Additional Paid in Capital. Thenote discount will be amortized over fourteen months and charged to interestexpense.

*W. Capital and John T. McDonald*

OnFebruary 1, 2010, the Company entered into a loan agreement with W Capital,Inc. ("W Capital"), John T. McDonald ("McDonald") and Golden Bridge, pursuantto which the lenders made loans totaling $200,000, with up to an additional$200,000 available through April 30, 2010, to be used for restaurant marketingand other working capital uses of GTDT.  As set forth below, the loan agreementwas subsequently amended as of April 1, 2010 to remove Golden Bridge as alender and to replace it with additional loans from W Capital and McDonald.  AtSeptember 30, 2010 the entire $400,000 had been advanced to the Companypursuant to the loan agreement (the "Bridge Loans").  On December 13, 2010, theoutstanding principal amount of the Bridge Loans was paid in full from theproceeds of the SII Investment Transaction, and accrued interest on the BridgeLoans was converted into 79,430 shares of Common Stock.

TheBridge Loans were evidenced by a Secured Convertible Promissory Note dated April1, 2010 made by the Company and bearing interest at a rate of 12% per annum onthe unpaid principal balance through August 1, 2010 and at a rate of 14% perannum from and after August 1, 2010 until the maturity date of December 31,2010.  The note provided that the outstanding principal balance and accruedinterest would be convertible into shares of Common Stock of the Company at anytime prior to repayment at a conversion price of 25% less than the averageprice of the Company's common stock during the 20 days prior to the conversiondate, but not below $0.75 per share nor above $1.08 per share.  However, inconnection with the SII Investment Transaction, W Capital and McDonald agreedto convert the accrued interest payable on the Bridge Loans into shares ofCommon Stock at a conversion price of $0.50 per share and entered into anagreement with the Company to amend the conversion provisions of the noteaccordingly.

Inconnection with the Bridge Loans, the Company issued warrants dated February 1,2010 to W Capital and McDonald which provide that the lenders may at any time fromFebruary 1, 2010 until two years from the date of repayment or conversion ofthe Bridge Loans purchase up to an aggregate of 50,000 shares of the Company's CommonStock at an exercise price of 25% less than the average price of the Company'scommon stock during the 20 days prior to the exercise

22

date,provided, however, that the exercise price shall not be below $0.75 per sharenor above $1.08 per share.  Pursuant to the terms of the loan agreement,because the Bridge Loans were not repaid prior to August 1, 2010, the Companyissued warrants to W Capital and McDonald for the purchase of 50,000 additionalshares of the Company's Common Stock upon the same terms as the initial warrants. The number of shares purchasable upon exercise of the warrants issued to WCapital and McDonald and the exercise price are subject to customaryanti-dilution adjustments upon the occurrence of any stock dividends, stocksplits, reverse stock splits, recapitalizations, reclassifications, stockcombinations or similar events.  Following the repayment and conversion of theBridge Loans on December 13, 2010, the warrants will expire on December 12,2012.

Thefair value of the warrants issued February 1, 2010 was determined to be $38,000with the following assumptions: 1) risk free interest rate of 1.41%, 2) anexpected life of 2.5 years, and 3) an expected dividend yield of zero. The fairvalue of $38,000 was charged to the note discount and credited to AdditionalPaid in Capital. The note discount was amortized over the term of seven monthsand charged to interest expense.

Theintrinsic value of the embedded beneficial conversion feature of the BridgeLoans was determined to be $161,000. The intrinsic value of $161,000 wascharged to the note discount and credited to Additional Paid in Capital. Thenote discount was amortized over the term of seven months and charged tointerest expense.

Thefair value of the warrants issued August 1, 2010 was determined to be $36,000with the following assumptions: 1) risk free interest rate of .70%, 2) anexpected life of 2.4 years, and 3) an expected dividend yield of zero. The fairvalue of $36,000 was charged to the note discount and credited to AdditionalPaid in Capital. The note discount will be amortized over the term of fivemonths and charged to interest expense.

Additionalcommitments for the development of new restaurants in fiscal 2011 will dependon the Company's sales trends, cash generated from operations and our access tocapital including in the sale-leaseback markets.

*SII Investment Transaction*

OnOctober 29, 2010, the Company and SII entered into the Purchase Agreement,pursuant to which the Company agreed to sell, and SII agreed to purchase,4,200,000 Shares of Common Stock at a purchase price of $0.50 per share, or anaggregate purchase price of $2,100,000.  The Purchase Agreement was amended onDecember 13, 2010.  On December 13, 2010, the Company and SII completed the SIIInvestment Transaction through the issuance and sale of the Shares to SII.  OnDecember 13, 2010, the Company and SII also entered into a Registration RightsAgreement, pursuant to which the Company granted SII certain registrationrights with respect to resale of the Shares.  As a result of the completion ofthe SII Investment Transaction, SII became the beneficial owner ofapproximately 51.4 percent of the Company's outstanding Common Stock.

ThePurchase Agreement provides for so long as SII holds more than 50 percent ofour outstanding common stock, (i) our Board of Directors shall consist of sevenmembers, and (ii) SII will have the right to designate four members of ourBoard.  In addition, the Purchase Agreement provides that for a period of threeyears following the Closing, as long as SII continues to own at least 80percent of the Shares, SII will have a right of first refusal to purchaseadditional securities which are offered and sold by the Company for the purposeof maintaining its percentage interest in the Company.

Theproceeds from the SII Investment Transaction were used to pay approximately$280,000 of expenses related to the transaction, repay $585,000 in short termloans, reduce accrued liabilities by $200,000,  reduce accounts payable byapproximately $150,000 and the balance going to increase the Company's workingcapital.

**CashFlows:**Net cash used in operating activities was $737,000 for fiscal 2010 compared tocash provided by operating activities of $595,000 in fiscal 2009.  The increasein net cash used in operating activities from continuing operations for fiscal2010 was the result of a net loss from continuing operations of $2,507,000 andnon-cash reconciling items totaling $1,910,000 (comprised principally ofdepreciation and amortization of $943,000, amortization of debt issuance costsof $259,000, $88,000 of stock option compensation expense, a $166,000 increasein accrued liabilities related to property taxes, a $361,000 increase in ourtrade accounts payable and net increases in operating assets and liabilitiestotaling $93,000). In addition, net cash used in operating activities fromdiscontinued operations for fiscal 2010 was $140,000 compared to $128,000 forfiscal 2009.

23

Netcash provided by investing activities in fiscal 2010 was $54,000 compared to netcash used of $284,000 in fiscal 2009.  The fiscal 2010 activity reflectspayments for the purchase of property and equipment of $61,000, paymentsreceived on loans to franchisees of $15,000 and proceeds from the sales offixed assets of $100,000.

Netcash provided by financing activities in fiscal 2010 was $297,000 compared to $280,000in fiscal 2009.  The fiscal 2010 activity includes principal payments on notespayable and long term debt of $144,000, borrowings on notes payable of $400,000and receivables from non-controlling interests in partnerships of $41,000.

**Contingenciesand Off-Balance Sheet Arrangements:** We remain contingently liable onvarious land leases underlying restaurants that were previously sold tofranchisees.  We have never experienced any losses related to these contingentlease liabilities, however if a franchisee defaults on the payments under theleases, we would be liable for the lease payments as the assignor or sublessorof the lease.  Currently we have not been notified nor are we aware of anyleases in default under which we are contingently liable, however there can beno assurance that there will not be in the future, which could have a materialadverse effect on our future operating results.

**CriticalAccounting Policies and Estimates: **We follow accounting standards set bythe Financial Accounting Standards Board, commonly referred to as the "FASB."The FASB sets generally accepted accounting principles (GAAP) that we follow toensure we consistently report our financial condition, results of operations,and cash flows. Over the years, the FASB and other designated GAAP-settingbodies, have issued standards in the form of FASB Statements, Interpretations,FASB Staff Positions, EITF consensuses, AICPA Statements of Position, etc.

TheFASB recognized the complexity of its standard-setting process and embarked ona revised process in 2004 that culminated in the release on July 1, 2009, ofthe FASB Accounting Standards Codification,TM sometimes referred to as theCodification or ASC. To the Company, this means instead of following the Statements,Interpretations, Staff Positions, etc., we will follow the guidance in Topicsas defined in the ASC. The Codification does not change how the Companyaccounts for its transactions or the nature of related disclosures made.However, when referring to guidance issued by the FASB, the Company refers totopics in the ASC rather than Statements, etc. The above change was madeeffective by the FASB for periods ending on or after September 15, 2009. Wehave updated references to GAAP in this Annual Report on Form 10-K to reflectthe guidance in the Codification.

**NotesReceivable:**We evaluate the collectability of our note receivables from franchiseesannually.  The aggregate notes receivable on the consolidated balance sheet atSeptember 30, 2010 were $19,000.

**DiscontinuedOperations:**Discontinuedoperations are presented in accordance with FASB ASC 205-20, Presentation ofFinancial Statements. During fiscal 2010 we closed two locations, onedual-branded restaurant in Commerce City, Colorado in March 2010 and oneco-developed restaurant in Denver, Colorado in June 2010. The loss fromdiscontinued operations includes both the current and historical results ofoperations, the fair value of all future lease obligations and an impairmentcharge to write down the fixed assets to book value. Fixed assets of $1,164,000and $1,164,000 of associated accumulated depreciation related to discontinuedoperations are included in the property and equipment of our condensedconsolidated balance sheet. Current and long-term liabilities related todiscontinued operations relate to the future estimated lease obligations.

Withrespect to the closed locations, we have continuing lease obligations of$786,000. We have subleased the Commerce City location for $618,000. We haveterminated the lease on the Denver location effective February 1, 2011. We haverecorded an estimated liability of $143,000 related to these locations.

**Non-controllingInterests:**The Company adopted the provisions of FASB ASC 810, Consolidation, effectiveOctober 1, 2009. FASB ASC 810 requires non-controlling interests, previouslycalled minority interests, to be presented as a separate item in the equitysection of the consolidated balance sheet. It also requires the amount ofconsolidated net income or loss attributable to non-controlling interests to beclearly presented on the face of the consolidated income statement.Additionally, Topic 810 clarifies that changes in a parent's ownership interestin a subsidiary that do not result in deconsolidation are equity transactions,and that deconsolidation of a subsidiary requires gain or loss recognition innet income based on the fair value on the deconsolidation date. Topic 810 wasapplied prospectively with the exception of presentation and disclosurerequirements, which were applied retrospectively for all periods presented, anddid not significantly change the presentation of our consolidated financialstatements.

24

** **

**Impairmentof Long-Lived Assets:**We review our long-lived assets for impairment in accordance with the guidanceof FASB ASC 360-10, Property, Plant, and Equipment, including land, propertyand equipment whenever events or changes in circumstances indicate that thecarrying amount of an asset may not be recoverable. Recoverability of assets tobe held and used is measured by a comparison of the capitalized costs of theassets to the future undiscounted net cash flows expected to be generated bythe assets and the expected cash flows are based on recent historical cashflows at the restaurant level (the lowest level that cash flows can bedetermined).

Ananalysis was performed on a restaurant by restaurant basis at September 30, 2010. Assumptions used in preparing expected cash flows were as follows:
- Sales projections are as follows: Fiscal 2011     sales are projected to increase 3% to 5% with respect to fiscal 2010, for     fiscal years 2012 to 2024 we have used annual increases of 2% to 3%. We     believe the 2% to 3% increase in the years beyond 2011 is a reasonable     expectation of growth and that it would be unreasonable to expect no     growth in our sales. These increases include menu price increases in     addition to any real growth. Historically our weighted menu prices have     increased 1.5% to 6%.

•        Our variable and semi-variablerestaurant operating costs are projected to increase proportionately with thesales increases as well as increasing an additional 1.5% per year consistentwith inflation.

•        Our other fixed restaurantoperating costs are projected to increase 1.5% to 2% per year.

•        Food and packaging costs areprojected to remain flat in relation to our current fiscal 2010 food andpackaging costs as a percentage of sales.

•        Salvage value has been estimatedon a restaurant by restaurant basis considering each restaurant's particularequipment package and building size.

Giventhe results of our impairment analysis at September 30, 2010 there are norestaurants which have potential impairment as their projected undiscountedcash flows show recoverability of their asset values.

Ourimpairment analysis included a sensitivity analysis with regard to the cashflow projections that determine the recoverability of each restaurant's assets.The results indicate that even with a 20% decline in our projected cash flowswe would still not have any potential impairment issues.  We have experiencedhigher than normal food and packaging costs as a percentage of restaurant salesin recent years and we do not believe these costs will remain at these levelsin future years. However for purposes of our cash flow projections in the assetimpairment analysis we have assumed our food and packaging costs will remain atthese higher levels.

Eachtime we conduct an impairment analysis in the future we will compare actualresults to our projections and assumptions, and to the extent our actualresults do not meet expectations, we will revise our assumptions and this couldresult in impairment charges being recognized.

Allof the judgments and assumptions made in preparing the cash flow projectionsare consistent with our other financial statement calculations and disclosures.The assumptions used in the cash flow projections are consistent with otherforward-looking information prepared by the Company, such as those used forinternal budgets, discussions with third parties, and/or reporting tomanagement or the Board of Directors.

Infiscal 2010 we closed two company-operated restaurants resulting in totalcharges of $396,000.  Projecting the cash flows for the impairment analysisinvolves significant estimates with regard to the performance of eachrestaurant, and it is reasonably possible that the estimates of cash flows maychange in the near term resulting in the need to write down operating assets tofair value. If the assets are determined to be impaired, the amount of impairmentrecognized is the amount by which the carrying amount of the assets exceedstheir fair value. Fair value would be determined using forecasted cash flowsdiscounted using an estimated average cost of capital and the impairment chargewould be recognized in income from operations.

**IncomeTaxes:**We account for income taxes in accordance with FASB ASC 740, Income Taxes. FASBASC 740 prescribes the use of the liability method whereby deferred tax assetand liability account balances are determined based on differences between thefinancial reporting and tax bases of assets and liabilities and are measuredusing the enacted tax rates and laws that will be in effect when thedifferences are expected to reverse. The Company provides a valuationallowance, if necessary, to reduce deferred tax assets to their estimatedrealizable value. The deferred tax assets are reviewed periodically forrecoverability, and valuation allowances are adjusted as necessary.  We believeit is more likely than not that the recorded deferred tax assets will berealized.

25

**VariableInterest Entities:**We analyze any potential Variable Interest or Special-Purpose Entities inaccordance with the guidance of FASB ASC 810-10, Consolidation of VariableInterest and Special-Purpose Entities. Once an entity is determined to be aVariable Interest Entity (VIE), the party with the controlling financialinterest, the primary beneficiary, is required to consolidate it.  We have twofranchisees with notes payable to the Company and after analysis we havedetermined that, while these franchisees are VIE's as defined by FASB ASC810-10, we are not the primary beneficiary of the entities, and therefore theyare not required to be consolidated.

**FairValue of Financial Instruments:** We adopted the provisions of FASB ASC820, Fair Value Measurements and Disclosures, effective October 1, 2008. FASBASC 820 defines fair value, establishes a framework for measuring fair valueunder GAAP and enhances disclosure about fair value measurements. The adoptionof this guidance did not have a material impact on either our financial positionor results of operations.

**NewAccounting Pronouncements**: In January 2010, the FASB issued an updateregarding guidance over the disclosure requirements of fair valuemeasurements.  This update adds new requirements for disclosure abouttransfers into and out of Levels One and Two and also adds additionaldisclosure requirements about purchases, sales, issuances, and settlementsrelating to Level Three measurements.  The guidance is effective forreporting periods beginning after December 15, 2009 for the disclosurerequirements around Levels One and Two measurements, and is effective forreporting periods beginning after December 15, 2010 for the disclosurerequirements around Level Three.  This new guidance currently has noimpact on the fair value disclosures of the Company, as there have been notransfers out of Levels One or Two.

InJune 2009, the FASB issued FASB ASC 105, Generally Accepted AccountingPrinciples, which establishes the FASB Accounting Standards Codification as thesole source of authoritative generally accepted accounting principles. Pursuantto the provisions of FASB ASC 105, the Company has updated references to GAAPin its financial statements issued for the period ended September 30, 2010. Theadoption of FASB ASC 105 did not impact the Company's financial position orresults of operations.

InJune 2008, the FASB issued FASB ASC 815-40, Derivatives and Hedging, thatprovides guidance on how to determine if certain instruments (or embeddedfeatures) are considered indexed to a company's own stock, includinginstruments similar to warrants to purchase the company's stock. FASB ASC815-40 requires companies to use a two-step approach to evaluate aninstrument's contingent exercise provisions and settlement provisions in determiningwhether the instrument is considered to be indexed to its own stock andtherefore exempt from the application of FASB ASC 815. Although FASB ASC 815-40was effective for our fiscal year beginning October 1, 2009, any outstandinginstrument at the date of adoption requires a retrospective application of theaccounting through a cumulative effect adjustment to retained earnings uponadoption. The adoption of FASB ASC 815-40 did not impact the Company'sfinancial position or results of operations. The requirements of FASB ASC815-40 will only impact future derivative or hedging transactions into which wemay enter.

InDecember 2007, the FASB issued FASB ASC 805, Business Combinations, whichestablishes principles and requirements for how an acquiring entity in abusiness combination recognizes and measures the assets acquired andliabilities assumed in the transaction; establishes the acquisition-date fairvalue as the measurement objective for all assets acquired and liabilitiesassumed; and sets the disclosure requirements regarding the information neededto evaluate and understand the nature and financial effect of the businesscombination.  This accounting pronouncement was effective for our fiscal yearbeginning October 1, 2009.  The adoption of this guidance did not have anyimpact on the Company's financial position or results of operations. Therequirements of FASB ASC 805 will only impact future business combinationtransactions into which we may enter.

**SubsequentEvents:**

Subsequentevents have been evaluated through the date the consolidated financialstatements were available to be issued.

Pre-approvalof non-audit services: On October 25, 2010, the Audit Committee of the Board ofDirectors of Good Times Restaurants Inc. approved in advance certain non-auditservices to be performed by Hein & Associates, Good Times' independentauditor.  These non-audit services are to consist primarily of corporate incometax compliance services.

Completionof SII Investment Transaction and Related Events:  On December 13, 2010, theCompany completed the SII Investment Transaction pursuant to which the Companyissued 4,200,000 Shares to SII and received gross proceeds of $2,100,000, someof which were used to repay the Company's interim working capital loans from GoldenBridge, W Capital and McDonald, accompanied by the conversion of accruedinterest on the W Capital and McDonald loans into

26

79,430shares of Common Stock.  In addition, the SII Investment Transaction alsoallowed the Company to renegotiate the terms and covenants of its loan withWells Fargo and to regain compliance of certain financial loan covenants thathad previously been in default. See Financing Activities under the Liquidityand Capital Resources section above for further details regarding the SIIInvestment Transaction and related events.

Seethe "Financing" section above for discussion of the partial pay-down of thePFGI II loan in December 2010.

**ITEM7A.             QUANTITIATIVE AND QUALITIATIVE DISCLOSURES ABOUT MARKET RISK.**

Notapplicable.

27

**ITEM8         FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA**

** **

** **

**INDEX TO FINANCIAL STATEMENTS**

PAGE

Report  of Independent Registered Public Accounting Firm

F-2

Consolidated  Balance Sheets - September 30, 2010 and 2009

F-3

Consolidated  Statements of Operations - For the Years Ended September 30, 2010 and 2009

F-4

Consolidated  Statements of Stockholders' Equity and Comprehensive Loss - For the Period  from

 October  1, 2008 through September 30, 2010

F-5

Consolidated  Statements of Cash Flows - For the Years Ended September 30, 2010 and 2009

F-6

Notes  to Consolidated Financial Statements

F7  - F20

F-1

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTINGFIRM

Tothe Stockholders and

Boardof Directors

GoodTimes Restaurants, Inc.

Golden,Colorado

We have audited the accompanying consolidated balance sheets ofGood Times Restaurants, Inc. and subsidiary as of September 30, 2010 and 2009,and the related consolidated statements of operations, stockholders' equity andcomprehensive loss, and cash flows for the years then ended.  These financialstatements are the responsibility of the Company's management.  Ourresponsibility is to express an opinion on these financial statements based onour audits.

We conducted our audits in accordance with the standards of thePublic Company Accounting Oversight Board (United States).  Those standardsrequire that we plan and perform the audit to obtain reasonable assurance aboutwhether the financial statements are free of material misstatement.  TheCompany is not required to have, nor were we engaged to perform an audit of itsinternal control over financial reporting.  Our audit included consideration ofinternal control over financial reporting as a basis for designing auditprocedures that are appropriate in the circumstances, but not for the purposeof expressing an opinion on the effectiveness of the Company's internal controlover financial reporting.  Accordingly, we express no such opinion.  An auditalso includes examining, on a test basis, evidence supporting the amounts anddisclosures in the financial statements, assessing the accounting principlesused and significant estimates made by management, as well as evaluating theoverall financial statement presentation.  We believe that our audits provide areasonable basis for our opinion.

In our opinion, the consolidated financial statements referred toabove present fairly, in all material respects, the financial position of GoodTimes Restaurants, Inc. and subsidiary as of September 30, 2010 and 2009, andthe results of their operations and their cash flows for the years then endedin conformity with U.S. generally accepted accounting principles.

HEIN & ASSOCIATES LLP 

Denver,Colorado

December19, 2010

F-2

**GOOD TIMES RESTAURANTS INC. ANDSUBSIDIARY**

**CONSOLIDATED BALANCE SHEETS**

 
**September  30,**

**2010**

** **

**2009**

ASSETS

CURRENT ASSETS:

              Cash  and cash equivalents

 $

429,000 

 $

815,000 

              Receivables,  net of allowance for doubtful accounts of $0

157,000 

122,000 

              Prepaid  expenses and other

38,000 

32,000 

              Inventories

201,000 

220,000 

              Notes  receivable

9,000 

 

36,000 

              Total  current assets

834,000 

1,225,000 

PROPERTY AND EQUIPMENT

              Land  and building

5,653,000 

6,596,000 

              Leasehold  improvements

3,821,000 

4,107,000 

              Fixtures  and equipment

8,229,000 

 

8,438,000 

17,703,000 

19,141,000 

              Less  accumulated depreciation and amortization

(12,828,000)

(11,853,000)

4,875,000 

7,288,000 

              Assets  held for sale

2,445,000 

1,595,000 

OTHER ASSETS:

              Notes  receivable, net of current portion

10,000 

82,000 

              Deposits  and other assets

154,000 

64,000 

164,000 

146,000 

TOTAL ASSETS

 $

8,318,000 

 $

10,254,000 

LIABILITIES AND STOCKHOLDERS' EQUITY

 

CURRENT LIABILITIES:

              Current  maturities of long-term debt, net of discount of $48,000 and $27,000,  respectively

 $

702,000 

 $

1,027,000 

              Accounts  payable

716,000 

355,000 

              Deferred  income

89,000 

113,000 

              Liabilities  related to discontinued operations

20,000 

- 

              Other  accrued liabilities

1,176,000 

930,000 

              Total  current liabilities

2,703,000 

2,425,000 

LONG-TERM LIABILITIES:

              Debt,  net of current portion and net of discount of $33,000 and $0, respectively

3,005,000 

2,478,000 

              Liabilities  related to discontinued operations

123,000 

- 

              Deferred  liabilities

793,000 

973,000 

              Total  long-term liabilities

3,921,000 

3,451,000 

COMMITMENTS AND CONTINGENCIES (Notes 5 and 7)

STOCKHOLDERS' EQUITY:

Non-controlling  interest in Partnerships

274,000 

428,000 

Preferred  stock, $.01 par value;

              5,000,000  shares authorized, none issued

              and  outstanding as of September 30, 2009 and 2010

- 

- 

Common  stock, $.001 par value; 50,000,000 shares

              Authorized,  3,898,559 shares issued and

              outstanding  as of September 30, 2009 and 2010

4,000 

4,000 

              Capital  contributed in excess of par value

18,153,000 

17,751,000 

              Accumulated  deficit

(16,737,000)

(13,805,000)

              Total  stockholders' equity

1,694,000 

4,378,000 

TOTAL  LIABILITIES AND STOCKHOLDERS' EQUITY

 $

8,318,000 

 $

10,254,000 

F-3

***See accompanying notes to these consolidated financialstatements***

**GOOD TIMES RESTAURANTS INC. ANDSUBSIDIARY**

**CONSOLIDATED STATEMENTS OF OPERATIONS**

**For the Years Ended**

**September 30,**

**2010**

** **

**2009**

NET REVENUES:

Restaurant  sales

 $

20,390,000 

 $

22,079,000 

Area  development and franchise fees

16,000 

13,000 

Franchise  royalties 

457,000 

523,000 

Total  net revenues

20,863,000 

22,615,000 

RESTAURANT OPERATING COSTS:

Food  and packaging costs

7,181,000 

7,423,000 

Payroll  and other employee benefit costs

7,359,000 

7,663,000 

Restaurant  occupancy costs

3,528,000 

3,486,000 

Accretion  of deferred rent

(167,000)

1,000 

Other  restaurant operating costs

970,000 

1,042,000 

New  store pre-opening costs

- 

15,000 

Depreciation  and amortization

943,000 

 

1,172,000 

Total  restaurant operating costs

19,814,000 

20,802,000 

General  and administrative costs

1,482,000 

1,568,000 

Advertising  costs

1,156,000 

1,246,000 

Franchise  costs

124,000 

161,000 

Loss  (Gain) on restaurant assets

199,000 

 

(28,000)

Loss From Operations

(1,912,000)

(1,134,000)

Other Income (Expenses):

Interest  income

1,000 

16,000 

Interest  expense

(599,000)

(277,000)

Unrealized  income (loss) on interest rate swap

3,000 

 

(87,000)

Total  other expenses, net

(595,000)

(348,000)

LOSS FROM CONTINUING OPERATIONS

($2,507,000)

($1,482,000)

Loss  from discontinued operations

(590,000)

(218,000)

NET LOSS

($3,097,000)

 

($1,700,000)

Loss  from non-controlling interests

165,000 

54,000 

NET LOSS APPLICABLE TO COMMON STOCKHOLDERS

($2,932,000)

($1,646,000)

BASIC AND DILUTED LOSS PER SHARE:

Continuing  operations

($.64)

($.38)

Discontinued  operations

($.15)

($.06)

Net  loss applicable to common stockholders

($.75)

($.42)

WEIGHTED AVERAGE COMMON SHARES OUTSTANDING

Basic  and Diluted

3,898,559 

3,898,559 

F-4

***See accompanying notes to these consolidated financialstatements***

**GOOD TIMES RESTAURANTS INC. AND SUBSIDIARY**

**CONSOLIDATED STATEMENTS OF STOCKHOLDERS'EQUITY AND COMPREHENSIVE LOSS**

**FOR THE PERIOD FROM OCTOBER 1, 2008THROUGH SEPTEMBER 30, 2010**

** **

Preferred Stock

Common Stock

Issued

Shares

Par

Value

Issued

Shares

Par

Value

Capital Contributed in Excess of Par  Value

Non-controlling interest in  Partnerships

Accumulated Deficit

Accumulated Other Comprehensive Loss

Comprehensive Income (Loss)

Total

BALANCES, October 1, 2008

          - 

$

          0 

3,898,559

 $

4,000 

 $

17,632,000 

 $

584,000 

 $

(12,159,000)

 $

(68,000)

 

5,993,000 

Stock  option compensation cost

77,000 

77,000 

Value  of warrants issued with debt

42,000 

42,000 

Non-controlling  interest in Partnerships

(156,000)

(156,000)

            Net Loss

(1,646,000)

(1,646,000)

(1,646,000)

            Deferred  hedging losses

68,000 

68,000 

            Comprehensive  loss

 

              

                  

                

                      

                  

                        

                

 

                

BALANCES, September 30, 2009

          - 

 $

          0 

3,898,559

 $

4,000 

 $

17,751,000 

 $

428,000 

 $

(13,805,000)

 $

             0 

 

4,378,000 

Stock  option compensation cost

88,000 

88,000  

Value  of warrants issued with debt

153,000 

153,000  

Value  of beneficial conversion feature

161,000 

161,000  

Non-controlling  interest in Partnerships

(154,000)

(154,000)

Net  Loss and comprehensive loss

(2,932,000)

(2,932,000)

(2,932,000)

Deferred  hedging losses

 

              

                  

                

                      

                  

                        

 

   

              0  

BALANCES, September 30, 2010

          - 

 $

          0 

3,898,559

 $

4,000 

 $

18,153,000 

 $

274,000 

 $

(16,737,000)

 $

             0 

 

1,694,000 

F-5

***See accompanying notes to these consolidated financialstatements***

**GOOD TIMES RESTAURANTS INC. ANDSUBSIDIARY**

**CONSOLIDATED STATEMENTS OF CASH FLOWS**

** **

**FOR   THE YEARS ENDED**

**September   30,**

**2010**

**2009**

Cash Flows from Operating Activities:

     Net Loss

 $

(3,097,000)

 $

(1,700,000)

     Loss from discontinued operations

(590,000)

 

(218,000)

     Net loss from continuing operations

(2,507,000)

(1,482,000)

Adjustments  to reconcile net income (loss) to net cash provided by  operating activities:

     Depreciation and amortization

943,000 

1,172,000 

     Amortization of debt issuance costs

259,000 

15,000 

     Accretion of deferred rent

(167,000)

1,000 

     Write off of note receivable

85,000 

- 

     Loss (gain) on disposal of property, restaurants and equipment

199,000 

(28,000)

     Stock option compensation cost

88,000 

77,000 

     Unrealized loss (income) on interest rate swap agreement

(3,000)

87,000 

Changes  in operating assets and liabilities:

     (Increase) decrease in:

     Receivables

22,000 

38,000 

     Inventories

10,000 

20,000 

     Prepaid expenses and other

(6,000)

47,000 

     Deposits and other assets

(47,000)

16,000 

     (Decrease) increase in:

     Accounts payable

361,000 

(273,000)

     Accrued and other liabilities

166,000 

 

(157,000)

Net  cash used in operating activities from continuing operations

(597,000)

(467,000)

Net  cash used in operating activities from discontinued operations

(140,000)

 

(128,000)

       Net cash used in operating activities

(737,000)

(595,000)

Cash Flows From Investing Activities:

     Payments for the purchase of property and equipment 

(61,000)

(284,000)

     Proceeds from the sale of assets

100,000 

- 

     Loans made to franchisees and to others

- 

(31,000)

     Payments received on loans to franchisees and to others

15,000 

 

31,000 

Net  cash provided by (used in) investing activities

54,000 

(284,000)

 Cash Flows From Financing Activities:

     Principal payments on notes payable, capital leases, and long-term debt

(144,000)

(123,000)

     Borrowings on notes payable and long-term debt

400,000 

185,000 

     Net proceeds on line-of-credit

- 

320,000 

     Receivable (distributions) from minority interest partner

41,000 

(102,000)

Net  cash provided by financing activities

297,000 

 

280,000 

Net Change in Cash and Cash Equivalents

(386,000)

(599,000)

Cash and Cash Equivalents, beginning of  year

815,000 

 

1,414,000 

Cash and Cash Equivalents, end of year

 $

429,000 

 

 $

815,000 

Supplemental Disclosures of Cash Flow Information:

Cash paid for interest

 $

282,000 

 

 $

299,000 

Non-cash  fair value of warrants and beneficial conversion feature

 $

313,000 

 

 $

42,000 

F-6

***See accompanying notes to these consolidated financialstatements***

**Notes toConsolidated Financial statements**

1.              Organization and Summary ofSignificant Accounting Policies:

Organization - Good TimesRestaurants Inc. (Good Times or the Company) is a Nevada corporation. TheCompany operates through its wholly owned subsidiary Good Times Drive Thru Inc.(Drive Thru).

DriveThru commenced operations in 1986 and, as of September 30, 2010, operates twentyseven company-owned and joint venture drive-thru fast food hamburgerrestaurants.  The Company's restaurants are located in Colorado. In addition,Drive Thru has twenty-two franchises, eighteen operating in Colorado, two inWyoming, one in Idaho and one in North Dakota, and is offering franchises fordevelopment of additional Drive Thru restaurants.

Wefollow accounting standards set by the Financial Accounting Standards Board,commonly referred to as the "FASB". The FASB sets generally accepted accountingprinciples (GAAP) that we follow to ensure we consistently report our financialcondition, results of operations and cash flows. References to GAAP issued bythe FASB in these footnotes are to the *FASB Accounting StandardsCodificationTM,*sometimes referred to as the Codification or ASC. The FASBfinalized the Codification effective for periods ending on or after September15, 2009. For further discussion of the Codification see "FASB CodificationDiscussion" in Management's Discussion and Analysis of Financial Condition andResults of Operations (commonly referred to as MD&A) elsewhere in thisreport.

Principlesof Consolidation- The consolidated financial statements include the accounts of Good Times, itssubsidiary and one limited partnership, in which the Company exercises controlas general partner. In June 2010 the Company sold its interest in one limitedpartnership to the limited partner and then entered into a franchise agreementwith the limited partner who now operates the restaurant as a franchisee.  TheCompany owns an approximate 51% interest in the remaining partnership, is thesole general partner and receives a management fee prior to any distributionsto the limited partners.  Because the Company owns an approximate 51% interestin the partnership and exercises complete management control over all decisionsfor the partnership, except for certain veto rights, the financial statementsof the partnership are consolidated into the Company's financial statements. The equity interest of the unrelated limited partner is shown on theaccompanying consolidated balance sheet in the stockholders' equity section as anon-controlling interest, and the limited partner's share of the net income orloss in the partnership is shown as non-controlling interest income or expensein the accompanying consolidated statement of operations. All inter-companyaccounts and transactions are eliminated.

AccountingEstimates- The preparation of consolidated financial statements in conformity with U.S.Generally Accepted Accounting Principles requires management to make estimatesand assumptions that affect the amounts reported in these consolidatedfinancial statements and the accompanying notes.  Actual results could differfrom those estimates.

 

Reclassification - Certain prioryear balances have been reclassified to conform to the current year'spresentation.  Such reclassifications had no effect on the net income or loss.

Cashand Cash Equivalents- The Company considers all highly liquid debt instruments purchased with aninitial maturity of three months or less to be cash equivalents.

AccountsReceivable- Accounts receivable include uncollateralized receivables from our franchiseesand our advertising fund, due in the normal course of business, generallyrequiring payment within thirty days of the invoice date. On a periodic basisthe Company monitors all accounts for delinquency and provides for estimatedlosses of uncollectible accounts. Currently and historically there have been noallowances for unrecoverable accounts receivable.

Inventories - Inventoriesare stated at the lower of cost or market, determined by the first-in first-outmethod, and consist of restaurant food items and related packaging supplies.

Propertyand Equipment- Depreciation is recognized using the straight-line method over the estimateduseful lives of the assets or the lives of the related leases, if shorter, asfollows:

Buildings

15  years

Leasehold  improvements

7-15  years

Fixtures  and equipment

3-8  years

F-7

Maintenanceand repairs are charged to expense as incurred, and expenditures for majorimprovements are capitalized.  When assets are retired, or otherwise disposedof, the property accounts are relieved of costs and accumulated depreciationwith any resulting gain or loss credited or charged to income.

Wehave classified $2,445,000 as assets held for sale in the accompanyingconsolidated balance sheet. These costs are related to two sites, one inFirestone, Colorado which has been fully developed and one in Aurora, Colorado thatwas sold to a third party in December 2010 (see Note 2 below).  The proceeds ofthe sale leaseback transaction and the land sale, when consummated, arerequired to be used for the reduction of the line of note payable to PFGI II, LLC.The effect on our operating cash flow is not material as the interest expenseon the note payable is approximately equal to the proposed rental rate on asale and leaseback transaction. 

Impairmentof Long-Lived Assets- We review our long-lived assets for impairment in accordance with theguidance of FASB ASC 360-10, Property, Plant, and Equipment, including land,property and equipment whenever events or changes in circumstances indicatethat the carrying amount of an asset may not be recoverable. Recoverability ofassets to be held and used is measured by a comparison of the capitalized costsof the assets to the future undiscounted net cash flows expected to begenerated by the assets and the expected cash flows are based on recenthistorical cash flows at the restaurant level (the lowest level that cash flowscan be determined).

Ananalysis was performed on a restaurant by restaurant basis at September 30, 2010.Assumptions used in preparing expected cash flows were as follows:
- Sales projections are as follows: Fiscal 2011     sales are projected to increase 3% to 5% with respect to fiscal 2010, for     fiscal years 2012 to 2024 we have used annual increases of 2% to 3%. We     believe the 2% to 3% increase in the years beyond 2011 is a reasonable     expectation of growth and that it would be unreasonable to expect no     growth in our sales. These increases include menu price increases in     addition to any real growth. Historically our weighted menu prices have     increased 1.5% to 6%.
- Our variable and semi-variable restaurant     operating costs are projected to increase proportionately with the sales     increases as well as increasing an additional 1.5% per year consistent     with inflation.
- Our other fixed restaurant operating costs are     projected to increase 1.5% to 2% per year.
- Food and packaging costs are projected to     remain flat in relation to our current fiscal 2010 food and packaging     costs as a percentage of sales. 
- Salvage value has been estimated on a     restaurant by restaurant basis considering each restaurant's particular equipment     package and building size.

Giventhe results of our impairment analysis at September 30, 2010 there are norestaurants which are impaired as their projected undiscounted cash flows showrecoverability of their asset values.

Ourimpairment analysis included a sensitivity analysis with regard to the cashflow projections that determine the recoverability of each restaurant's assets.The results indicate that even with a 15% decline in our projected cash flowswe would still not have any potential impairment issues.  However if we electto sublease, close or otherwise exit a restaurant location impairment could berequired. We have experienced higher than normal food and packaging costs as apercentage of restaurant sales in recent years and we do not believe thesecosts will remain at these levels in future years. However for purposes of ourcash flow projections in the asset impairment analysis we have assumed our foodand packaging costs will remain at these higher levels.

Eachtime we conduct an impairment analysis in the future we will compare actualresults to our projections and assumptions, and to the extent our actualresults do not meet expectations, we will revise our assumptions and this couldresult in impairment charges being recognized.

Allof the judgments and assumptions made in preparing the cash flow projectionsare consistent with our other financial statement calculations and disclosures.The assumptions used in the cash flow projections are consistent with otherforward-looking information prepared by the company, such as those used forinternal budgets, discussions with third parties, and/or reporting tomanagement or the board of directors.

Infiscal 2010 we closed two company operated restaurants resulting in totalcharges of $396,000. Projecting the cash flows for the impairment analysisinvolves significant estimates with regard to the performance of eachrestaurant, and it is reasonably possible that the estimates of cash flows maychange in the near term resulting in the need to write down

F-8

operatingassets to fair value. If the assets are determined to be impaired, the amountof impairment recognized is the amount by which the carrying amount of theassets exceeds their fair value. Fair value would be determined using forecastedcash flows discounted using an estimated average cost of capital and theimpairment charge would be recognized in income from operations.

Salesof Restaurants and Restaurant Equity Interests - Sales ofrestaurants or non-controlling equity interests in restaurants developed by theCompany are recorded under either the full accrual method or the installmentmethod of accounting.  Under the full accrual method, a gain is not recognizeduntil the collectability of the sales price is reasonably assured and theearnings process is virtually complete without further contingencies.  When asale does not meet the requirements for income recognition, the related gain isdeferred until those requirements are met.  Under the installment method, thegain is incrementally recognized as principal payments on the related notesreceivable are collected.  The Company's accounting policy, with regards to thesale of restaurants, is in accordance with the guidance of FASB ASC 360-10,Property, Plant, and Equipment.  If the initial payment is less than thepercentages set forth, use of the installment method is required.

TheCompany's accounting for the sale of restaurants is also in accordance withFASB ASC 810-20, Consolidation of Variable Interest and Special-PurposeEntities, because the risks and other incidents of ownership have beentransferred to the buyer.  Specifically, a) no continuing involvement by theCompany exists in restaurants that are sold, b) sales contracts and relatedincome recognition are not dependant on the future successful operations of thesold restaurants, and c) the Company is not involved as a guarantor on thepurchasers' debts.

DeferredLiabilities- Rent expense is reflected on a straight-line basis over the term of the leasefor all leases containing step-ups in base rent.  An obligation representingfuture payments (which totaled $384,000 as of September 30, 2010) isreflected in the accompanying consolidated balance sheet as a deferredliability.  Also included in the $916,000 deferred and other liability balanceis a $391,000 deferred gain on the sale of the building and improvements of twoCompany-owned restaurants in two separate sale leaseback transactions.  Thebuilding and improvements were subsequently leased back from the third partypurchasers. The gains will be recognized in future periods in proportion to therents paid on the fifteen and twenty year leases.

OpeningCosts- Opening costs are expensed as incurred.

Advertising - The Companyincurs advertising expenses in connection with the marketing of its restaurantoperations.  Advertising costs are expensed when the related advertisingbegins.

Franchiseand Area Development Fees - Individual franchise fee revenue is deferred whenreceived and is recognized as income when the Company has substantiallyperformed all of its obligations under the franchise agreement and thefranchisee has commenced operations.  The Company's commitments and obligationspursuant to the franchise agreements consist of a) development assistance;including site selection, building specifications and equipment purchasing andb) operating assistance; including training of personnel and preparation anddistribution of manuals and operating materials.  All of these obligations areeffectively complete upon the opening of the restaurant at which time thefranchise fee and the portion of any development fee allocable to thatrestaurant is recognized.  There are no additional material commitments orobligations.

TheCompany has not recognized any franchise fees that have not been collected. The Company segregates initial franchise fees from other franchise revenue inthe statement of operations.  Revenues and costs related to company-ownedrestaurants are segregated from revenues and costs related to franchisedrestaurants in the statement of operations.

Continuingroyalties from franchisees, which are a percentage of the gross sales offranchised operations, are recognized as income when earned.  Franchisedevelopment expenses, which consist primarily of legal costs and restaurantopening expenses associated with developing and opening franchise restaurants,are expensed against the related franchise fee income.

Accountingfor Notes Receivable- The Company's notes receivables are all due from Good Times franchisees, orfranchise advertising cooperatives. All of the notes receivable arecollateralized by real estate or equipment and certain of the notes arepersonally guaranteed by the franchisees. The notes are all term notes withinterest accruing at market rates. The Company reviews the notes from time totime to access collectability. The Company has determined that all notesreceivable at September 30, 2010 are collectable and allowances for write-downsare not necessary.

F-9

OperatingPartner Program- Operating Partners in a restaurant share in future increases of theirrestaurant's cash flows above an established baseline, which is based on thepreceding twelve months' cash flow after full allocation of advertising andcapital expenses.  This program is designed to figuratively put OperatingPartners in the shoes of an owner so that a portion of their compensation isderived solely from the improvement in the financial performance of theirrespective restaurants.  The portion of cash flow increases allocable to theOperating Partners are expensed as incurred on a quarterly basis, with acumulative adjustment made for any months where cash flows fall below theestablished baselines. Compensation under this program is expensed torestaurant operations as incurred.  No other long term benefits accrue or vestto the Operating Partners in this program.  Operating Partners are employees atwill and are subject to termination from this program if certain operating,customer service and financial objectives are not met.

IncomeTaxes- We account for income taxes in accordance with FASB ASC 740, Income Taxes.FASB ASC 740 prescribes the use of the liability method whereby deferred taxasset and liability account balances are determined based on differencesbetween the financial reporting and tax bases of assets and liabilities and aremeasured using the enacted tax rates and laws that will be in effect when thedifferences are expected to reverse. The Company provides a valuationallowance, if necessary, to reduce deferred tax assets to their estimatedrealizable value.

NetIncome (Loss) Per Common Share - The income (loss) per share ispresented in accordance with the guidance of FASB ASC 260-10, Earnings per Share(EPS).  Basic EPS is calculated by dividing the income (loss) available tocommon stockholders by the weighted average number of common shares outstandingfor the period.  Diluted EPS reflects the potential dilution that could occurif securities or other contracts to issue common stock were exercised orconverted into common stock. Options for 906 and 9,953 shares of common stockwere not included in computing diluted EPS for 2010 and 2009, respectively, becausetheir effects were anti-dilutive.

FinancialInstruments and Concentrations of Credit Risk - Credit risk represents theaccounting loss that would be recognized at the reporting date ifcounterparties failed completely to perform as contracted.  Concentrations ofcredit risk (whether on or off balance sheet) that arise from financialinstruments exist for groups of customers or counterparties when they havesimilar economic characteristics that would cause their ability to meetcontractual obligations to be similarly effected by changes in economic orother conditions.  Financial instruments with off-balance-sheet risk to theCompany include lease liabilities whereby the Company is contingently liable asa guarantor of certain leases that were assigned to third parties in connectionwith various sales of restaurants to franchisees (see Note 7).

Financialinstruments potentially subjecting the Company to concentrations of credit riskconsist principally of receivables.  At September 30, 2010, notes receivabletotaled $19,000 and is due from two entities.  Additionally, the Company hasother current receivables totaling $157,000, which includes $68,000 offranchise receivables.

TheCompany purchases 100% of its restaurant food and paper from one vendor. TheCompany believes a sufficient number of other suppliers exist from which foodand paper could be purchased to prevent any long-term, adverse consequences. 

TheCompany operates in one industry segment, restaurants.  A geographicconcentration exists because the Company's customers are generally located inthe State of Colorado.

ComprehensiveIncome (Loss)- Comprehensive income includes net income or loss, changes in certain assetsand liabilities that are reported directly in equity such as adjustmentsresulting from unrealized gains or losses on held-to-maturity investments andcertain hedging transactions.

InMay 2007, the Company entered into an interest rate swap agreement, designatedas a cash flow hedge, which hedges the Company's exposure to interest ratefluctuations on the Company's floating rate $1,100,000 term loan. In fiscal2008 The Company recorded the fair value of these contracts in the balancesheet, with the offset to other comprehensive loss. In fiscal 2009 and fiscal2010 the fair value has been recognized in current earnings due to thetechnical covenant defaults that exist with the underlying Wells Fargo Bankloan. The contract requires monthly settlements of the difference between theamounts to be received and paid under the agreement, the amount of which isrecognized in current earnings as interest expense. See Note 5 for additionalinformation.

F-10

Stock-BasedCompensation- Stock-based compensation is presented in accordance with the guidance of FASBASC 718-10-30, Compensation - Stock Compensation. Underthe provisions of FASB ASC 718, stock-based compensation is measured at thegrant date, based on the calculated fair value of the award, and is recognizedas an expense over the requisite employee service period (generally the vestingperiod of the grant). See Note 13 for additional information.

VariableInterest Entities- FASB ASC 810-20, Consolidation of Variable Interest and Special-PurposeEntities, can require consolidation of "variable interest entities" (VIEs). Once an entity is determined to be a VIE, the party with the controllingfinancial interest, the primary beneficiary, is required to consolidate it. The Company has two franchisees with notes payable to the Company.  Thesefranchisees are VIE's as defined by FASB ASC 810-20, however, the Company isnot the primary beneficiary of these entities.  Therefore they are not requiredto be consolidated under the guidance of FASB ASC 810-20.

FairValue of Financial Instruments - The Company adopted the provisions ofFASB ASC 820, Fair Value Measurements and Disclosures, effective October 1,2008. FASB ASC 820 defines fair value, establishes a framework for measuringfair value under generally accepted accounting principles and enhancesdisclosures about fair value measurements. See Note 12 for additionalinformation.

Fairvalue is defined as the price that would be received to sell an asset or paidto transfer a liability in an orderly transaction between market participantsat the measurement date. Valuation techniques used to measure fair value, asrequired by Topic 820 of the FASB ASC, must maximize the use of observableinputs and minimize the use of unobservable inputs.

FASBASC 820 defines three levels of inputs that may be used to measure fair valueand requires that the assets or liabilities carried at fair value be disclosedby the input level under which they were valued. The input levels defined underFASB ASC 820 are as follows:

Level  1:

Quoted  market prices in active markets for identical assets and liabilities.

Level  2:

Observable  inputs other than defined in Level 1, such as quoted prices for similar  assets or liabilities; quoted prices in markets that are not active; or other  inputs that are observable or can be corroborated by observable market data  for substantially the full term of the assets or liabilities.

Level  3

Unobservable  inputs that are not corroborated by observable market data.

Non-controllingInterests

TheCompany adopted the provisions of FASB ASC 810, Consolidation, effective October 1, 2009. FASBASC 810 requires non-controlling interests, previously called minorityinterests, to be presented as a separate item in the equity section of theconsolidated balance sheet. It also requires the amount of consolidated netincome or loss attributable to non-controlling interests to be clearlypresented on the face of the consolidated income statement. Additionally, Topic810 clarifies that changes in a parent's ownership interest in a subsidiarythat do not result in deconsolidation are equity transactions, and thatdeconsolidation of a subsidiary requires gain or loss recognition in net incomebased on the fair value on the deconsolidation date. Topic 810 was appliedprospectively with the exception of presentation and disclosure requirements,which were applied retrospectively for all periods presented, and did notsignificantly change the presentation of our consolidated financial statements.

** **

SubsequentEvents

TheCompany adopted the provisions of FASB ASC 855, Subsequent Events, effectiveOctober 1, 2009.  FASB ASC 855 establishes the accounting for, and disclosureof, material events that occur after the balance sheet date but before thefinancial statements are issued.  In general, these events will berecognized if the condition existed at the date of the balance sheet, but willnot be recognized if the condition did not exist at the balance sheetdate.  Disclosure is required for non-recognized events if requiredto keep the financial statements from being misleading.

 

RecentAccounting Pronouncements- InJanuary 2010, the FASB issued an update regarding guidance over the disclosurerequirements of fair value measurements. This update adds new requirements fordisclosure about transfers into and out of Levels One and Two and also addsadditional disclosure requirements about purchases, sales, issuances, andsettlements relating to Level Three measurements.  The guidance iseffective for reporting periods beginning after December 15, 2009

F-11

forthe disclosure requirements around Levels One and Two measurements, and iseffective for reporting periods beginning after December 15, 2010 for thedisclosure requirements around Level Three.  This new guidance currentlyhas no impact on the fair value disclosures of the Company, as there have beenno transfers out of Levels One or Two.

InJune 2009, the FASB issued FASB ASC 105, Generally Accepted AccountingPrinciples, which establishes the FASB Accounting Standards Codification as thesole source of authoritative generally accepted accounting principles. Pursuantto the provisions of FASB ASC 105, the Company has updated references to GAAPin its financial statements issued for the period ended September 30, 2010. Theadoption of FASB ASC 105 did not impact the Company's financial position orresults of operations.

InJune 2008, the FASB issued FASB ASC 815-40, Derivatives and Hedging, thatprovides guidance on how to determine if certain instruments (or embeddedfeatures) are considered indexed to a company's own stock, includinginstruments similar to warrants to purchase the company's stock. FASB ASC815-40 requires companies to use a two-step approach to evaluate aninstrument's contingent exercise provisions and settlement provisions indetermining whether the instrument is considered to be indexed to its own stockand therefore exempt from the application of FASB ASC 815. Although FASB ASC815-40 was effective for our fiscal year beginning October 1, 2009, anyoutstanding instrument at the date of adoption requires a retrospectiveapplication of the accounting through a cumulative effect adjustment toretained earnings upon adoption. The adoption of FASB ASC 815-40 did not impactthe Company's financial position or results of operations. The requirements ofFASB ASC 815-40 will only impact future derivative or hedging transactions intowhich we may enter.

InDecember 2007, the FASB issued FASB ASC 805, Business Combinations, whichestablishes principles and requirements for how an acquiring entity in abusiness combination recognizes and measures the assets acquired andliabilities assumed in the transaction; establishes the acquisition-date fairvalue as the measurement objective for all assets acquired and liabilitiesassumed; and sets the disclosure requirements regarding the information neededto evaluate and understand the nature and financial effect of the businesscombination.  This accounting pronouncement was effective for our fiscal yearbeginning October 1, 2009.  The adoption of this guidance did not have any impacton the Company's financial position or results of operations. The requirementsof FASB ASC 805 will only impact future business combination transactions intowhich we may enter.

2.             Liquidity:

Asof September 30, 2010, we had $429,000 in cash and cash equivalents on hand. We currently plan to use the cash balance, any cash generated from operationsand net proceeds of approximately $1,820,000 received on December, 13 2010 fromthe SII Investment Transaction discussed in Note 15 to reduce our accounts payable,accrued liabilities and short term notes payable and for our working capitalneeds in fiscal 2011. In December 2010 we also renegotiated the covenants andcollateral of our bank loan with Wells Fargo whereby we are currently incompliance with all covenants. We believe that we will have sufficient capitalto meet our working capital, long term debt obligations and recurring capitalexpenditure needs in fiscal 2011.    Additionally, we may sell or subleaseselect underperforming company operated restaurants if we believe therealizable asset value is greater than the long term cash flow value or if theasset does not fit our longer term distribution and location of restaurants.

Asof September 30, 2010, we had a working capital deficit of $1,869,000 substantiallydue to notes payable of $585,000 which are due on December 31, 2010 and accruedproperty taxes for 2009 of approximately $200,000 which are currently due.  Netproceeds of approximately $1,820,000 received on December, 13 2010 from the SIIInvestment Transaction discussed in Note 15 were used to reduce our accountspayable, accrued liabilities and short term notes payable and for our workingcapital needs in fiscal 2011. Additionally, we have recorded an $84,000 currentliability related to the unrealized loss on our interest rate swap, asdescribed in Note 4 below.

InDecember, 2009 we entered into an agreement to extend the maturity of the PFGIII, LLC loan to December 31, 2012 and modified the terms of the loan to includea 25 year amortization period with a balloon payment for the remainingprincipal balance on December 31, 2012.  As a result, the majority of the PFGIII LLC loan is shown as a long term liability as of September 30, 2010.   OnDecember 3, 2010 we sold the vacant land that was partially collateralizing thePFGI II loan and used the net proceeds of $812,000 to reduce the loan.   Weanticipate selling the land and building underlying an operating restaurant weown that collateralizes the remaining PFGI II loan in a sale leasebacktransaction and using the proceeds to reduce the loan.  If that transpires andthe PFGI II loan is paid in full, the additional collateral under the PFGI IIloan will be released.

F-12

3.             DISCONTINUEDOPERATIONS

 

Discontinuedoperations are presented in accordance with FASB ASC 205-20, Presentation ofFinancial Statements. During fiscal 2010 we closed two locations: onedual-branded restaurant in Commerce City, Colorado in March 2010 and oneco-developed restaurant in Denver, Colorado in June 2010. The loss fromdiscontinued operations includes both the current and historical results ofoperations, the fair value of all future lease obligations and an impairmentcharge to write down the fixed assets to book value. Fixed assets of $1,164,000and $1,164,000 of associated accumulated depreciation related to discontinuedoperations are included in the property and equipment of our condensedconsolidated balance sheet. Current and long-term liabilities related todiscontinued operations relate to the future estimated lease obligations.

Followingis a summary of the costs from discontinued operations for the current andprior year periods:

Twelve Months Ended

September 30,

2010

2009

Results  of operations

$153,000

$218,000

Future  lease obligations, fair value

143,000

-

Asset  impairment charges and other costs

294,000

-

Loss  from discontinued operations

$590,000

$218,000

Withrespect to the closed locations, we have continuing lease obligations of$786,000. We have subleased the Commerce City location for $618,000. We haveterminated the lease on the Denver location effective February 1, 2011. We haverecorded an estimated liability of $143,000 related to these locations.

4.             Notes Receivable:

Notesreceivable consists of the following as of September 30, 2010:

Notes  receivable from franchisees related to restaurant equipment; 6.0% to 10%  interest per annum; monthly payments of principal and interest are due in the  amount of approximately $1,100; final payment due in 2012; collateralized by  all fixtures and equipment of the related restaurants.

19,000 

Less  current portion

(9,000)

Notes  receivable, net of current portion

 $

10,000 

 

5.             Debt:

Note  payable with PFGI II, LLC with monthly of principal and interest (8.65%, with  a 25 year amortization) and a balloon payment of all unpaid principal due on  December 31, 2012.  The loan is secured by two Real Property Deeds of Trust,  four Leasehold Deeds of Trust and Security Agreements  and Assignment of Rents and Fixture Filings and two Security Agreements and  Assignment of Rents and Fixture Filings related to those six corporate  restaurants.  The promissory note constitutes a line of credit which may be  repaid but not re-advanced, at any time. 

 $

2,481,000 

Note  payable with Wells Fargo Bank, NA with payments of principal and interest  (prime rate less .5%) due monthly and the final payment due in April 2015.   The loan is secured by four Security Agreements related to the furniture,  fixtures and equipment of the four corporate restaurants. This loan is  classified as current based on covenant violations as discussed below.

722,000 

Related  Party note payable with Golden Bridge, LLC with payments of interest (10%)  due monthly with all unpaid principal due December 31, 2010. The promissory  note is subject to the terms of an Intercreditor Agreement between the  Company, Golden Bridge, LLC and PFG1 II, LLC, and the deeds of trust and  security agreements described in such Intercreditor Agreement. See note 8  below for further explanation.

185,000 

F-13

Note  payable with W. Capital and John T. McDonald with interest accruing monthly (12%  from February, 2010 to July, 2010 and 14% from August, 2010 to maturity) with  all unpaid principal due December 31, 2010. The Loan Agreement and the Note  are subject to the terms of a Leasehold Deed of Trust Agreement and Security  Agreement with respect to certain of Good Times Drive Thru's restaurants that  were not previously pledged as collateral under the Wells Fargo Bank or PFGI  II, LLC borrowings.  See note 8 below for further explanation.

400,000 

 

Unamortized  note discount related to warrants issued in connection with the above notes payable  with PFGI II, LLC and W. Capital and John T. McDonald

    (81,000)

3,707,000 

Less  current portion

  (702,000)

Long  term portion

 $

3,005,000 

Inconjunction with the Wells Fargo Bank term loan, the Company entered into avariable to fixed interest rate swap agreement with Wells Fargo Bank effectiveMay 9, 2007, with a notional amount of $1,100,000, a pay rate of 7.77% and areceive rate based on the bank prime rate less .50%. The swap agreement has aneight-year term and has the effect of normalizing the effective interest rateat 7.77%. As of September 30, 2010, the fair value of the contract was a lossof $84,000. The unrealized loss has been recorded in interest expense.

Asof September 30, 2010, principal payments on debt become due as follows:

Years Ending

September 30,

2011

 $

702,000 

2012

152,000 

2013

2,565,000 

2014

169,000 

2015

    119,000 

 $

3,707,000 

Inconnection with the Wells Fargo Bank loan, the Company had agreed to certaincovenants, which include minimum tangible net worth, a total liabilities totangible net worth ratio and a fixed charge coverage ratio, as defined in theagreement. As stated above in Note 2 as of September 30, 2010, the Company wasnot in compliance with its loan covenants, but in December 2010 negotiated anamended loan agreement and is now in compliance with all covenants and themajority of the loan is therefore classified as a long-term liability.

 

6.             Other Accrued Liabilities:

Otheraccrued liabilities consist of the following at September 30, 2010:

Wages  and other employee benefits

 $

244,000 

Taxes,  other than income tax

702,000 

Other

230,000 

 $

1,176,000 

 

7.             Commitments and Contingencies:

TheCompany's office space, and the land and buildings related to the Drive Thrurestaurant facilities are classified as operating leases and expire over thenext 14 years. Some leases contain escalation clauses over the lives of theleases. Most of the leases contain one to three five-year renewal options atthe end of the initial term. Certain leases include provisions for additionalcontingent rent payments if sales volumes exceed specified levels. The Companypaid no material contingent rentals during fiscal 2010 and 2009.

F-14

Followingis a summary of operating lease activities:

** **

Year Ended September 30,

2010

Minimum  rentals

 $

2,322,000 

Less  sublease rentals

 (322,000)

Net  rent paid

 $

2,000,000 

Asof September 30, 2010, future minimum rental commitments required underthe Company's operating leases that have initial or remaining non-cancellablelease terms in excess of one year are as follows:

Years   Ending September 30,

                2011

 $

2,081,000 

                2012

2,122,000 

                2013

2,128,000 

                2014

1,923,000 

                2015

1,551,000 

                Thereafter

   8,221,000 

18,026,000 

Less  sublease rentals

(2,965,000)

 $

15,061,000 

TheCompany is contingently liable on several ground leases that have beensubleased or assigned to franchisees. The subleased and assigned leases expirebetween 2011 and 2024. Currently we have not been notified nor are we aware ofany leases in default by the franchisees, however there can be no assurancethat there will not be in the future which could have a material effect on ourfuture operating results.

8.             Financing Transactions:

** **

*Wells Fargo Bank N.A.*

InMay 2007 we borrowed $1,100,000 from Wells Fargo Bank under a note payable withan eight year term with a floating interest rate at .50% below prime.  Wesimultaneously entered into an interest rate swap transaction with Wells FargoBank for the full $1,100,000 with a fixed interest rate of 7.77% for the fulleight year term coinciding with the note payable.  As previously reported, wewere in default of certain financial loan covenants and had been operatingunder a forbearance and reservation of rights agreement with Wells Fargo.   Aspreviously disclosed in the Company's current report on Form 8-K filed December17, 2010, we entered into a new Credit and Loan Agreement that modified theloan covenants and provided additional collateral to Wells Fargo.  The loancovenants were modified to require minimum Tangible Net Worth of $2,500,000,Total Liabilities Divided by Tangible Net Worth not greater than 3.0 to 1.0 andan EBITDA Coverage Ratio not less than 0.9 to 1.0 as of the end of the firstfiscal quarter of 2012, not less than 1.2 to 1.0 as of the end of the secondfiscal quarter of 2012 and not less than 1.5 to 1.0 thereafter.

*PFGI II, LLC*

InJuly 2008, we entered into a $2,500,000 promissory note with an unrelated thirdparty (PFGI II, LLC) and amended that note on April 20, 2009 extending thematurity to July 10, 2010. Effective January 2, 2010, the Company entered intoan agreement to amend its loan with PFGI II LLC.  The maturity date wasextended to December 31, 2012, the interest rate was increased to 8.65% andmonthly payments of principal and interest are payable beginning January 31,2010, based upon a 25 year amortization prior to maturity. In connection withthe agreement, the Company issued a three-year warrant dated January 2, 2010 toPFGI II, LLC which provides that PFGI II, LLC may at any time from January 2,2010 until December 31, 2012 purchase up to 112,612 shares of the Company'scommon stock at an exercise price of $1.11 per share. The number of shares purchasableupon exercise of the warrant and the exercise price are subject to customaryanti-dilution adjustments upon the occurrence of any stock dividends, stocksplits, reverse stock splits, recapitalizations, reclassifications, stockcombinations or similar events. The fair value of the warrant issued to PFGIII, LLC was determined to be $79,000 with the following assumptions; 1) riskfree interest rate of 1.7%, 2) an expected life of 3 years, and 3) an expecteddividend yield of zero. The fair value of $79,000 was charged to the notediscount and credited to Additional Paid in Capital. The note discount will be amortizedover the term of thirty six months and charged to interest expense.

F-15

Thepromissory note originally constituted a revolving line-of-credit for thedevelopment of new restaurants which was advanced and repaid on a monthly basisfrom time to time.  The promissory note now constitutes a term loan withmonthly payments of principal and interest.  The loan is secured by separateleasehold deeds of trust and security agreements related to six company-owned restaurantsand first deeds of trust on two real properties funded by the line of credit.The total outstanding balance on the promissory note was $2,481,000 at September30, 2010.  Of the $2,481,000 outstanding balance, $1,595,000 is related to theconstruction of one company-owned restaurant in Firestone, Colorado that openedin October 2008. The fully developed restaurant is currently being marketed inthe sale-leaseback market.  The remaining balance is related to the purchase,entitlement and other development fees on a parcel of land in Aurora, Coloradothat was sold on December 3, 2010 reducing the loan by $812,000 in net proceedsfrom the sale.

 

*Golden Bridge, LLC*

OnApril 20, 2009 as reported on Form 8-K, the Company entered into a loanagreement with Golden Bridge, LLC ("Golden Bridge"), pursuant to which GoldenBridge made a loan of $185,000 (the "Golden Bridge Loan") to GTDT to be usedfor restaurant marketing and other working capital costs.  Eric Reinhard, RonGoodson, David Grissen, Richard Stark, and Alan Teran, who were all members ofthe Company's Board of Directors at the time of the transaction andstockholders of the Company, are the sole members of Golden Bridge.  Subsequentto the fiscal year end, the loan was repaid in full on December 13, 2010 fromthe proceeds of the SII Investment Transaction (see "SII InvestmentTransaction" below).

TheGolden Bridge Loan was evidenced by a promissory note dated April 20, 2009 madeby the Company and GTDT, as co-makers, and bearing interest at a rate of 10%per annum on the unpaid principal balance.  The note provided for monthlyinterest payments and was to mature and be due and payable in full on December31, 2010.  The commitment fee for the Golden Bridge Loan was $3,700.

Inconnection with the Golden Bridge Loan, the Company issued a three-year warrantdated April 20, 2009 to Golden Bridge which provides that Golden Bridge may atany time from April 20, 2009 until April 20, 2012 purchase up to 92,500 sharesof the Company's common stock at an exercise price of $1.15 per share.  Thenumber of shares purchasable upon exercise of the warrant and the exerciseprice are subject to customary anti-dilution adjustments upon the occurrence ofany stock dividends, stock splits, reverse stock splits, recapitalizations,reclassifications, stock combinations or similar events. The fair value of thewarrant issued to Golden Bridge was determined to be $42,000 with the followingassumptions: 1) risk free interest rate of 1.27%, 2) an expected life of 3years, and 3) an expected dividend yield of zero. The fair value of $42,000 wascharged to the note discount and credited to Additional Paid in Capital. Thenote discount will be amortized over fourteen months and charged to interestexpense.

*W. Capital and John T. McDonald*

OnFebruary 1, 2010, the Company entered into a loan agreement with W Capital,Inc. ("W Capital"), John T. McDonald ("McDonald") and Golden Bridge, pursuantto which the lenders made loans totaling $200,000, with up to an additional$200,000 available through April 30, 2010, to be used for restaurant marketingand other working capital uses of GTDT.  As set forth below, the loan agreementwas subsequently amended as of April 1, 2010 to remove Golden Bridge as alender and to replace it with additional loans from W Capital and McDonald.  AtSeptember 30, 2010 the entire $400,000 had been advanced to the Companypursuant to the loan agreement (the "Bridge Loans").  On December 13, 2010, theoutstanding principal amount of the Bridge Loans was paid in full from theproceeds of the SII Investment Transaction, and accrued interest on the BridgeLoans was converted into 79,430 shares of Common Stock.

TheBridge Loans were evidenced by a Secured Convertible Promissory Note dated April1, 2010 made by the Company and bearing interest at a rate of 12% per annum onthe unpaid principal balance through August 1, 2010 and at a rate of 14% perannum from and after August 1, 2010 until the maturity date of December 31,2010.  The note provided that the outstanding principal balance and accruedinterest would be convertible into shares of Common Stock of the Company at anytime prior to repayment at a conversion price of 25% less than the averageprice of the Company's common stock during the 20 days prior to the conversiondate, but not below $0.75 per share nor above $1.08 per share.  However, inconnection with the SII Investment Transaction, W Capital and McDonald agreedto convert the accrued interest payable on the Bridge Loans into shares ofCommon Stock at a conversion price of $0.50 per share and entered into anagreement with the Company to amend the conversion provisions of the noteaccordingly.

Inconnection with the Bridge Loans, the Company issued warrants dated February 1,2010 to W Capital and McDonald which provide that the lenders may at any time fromFebruary 1, 2010 until two years from the date of repayment or

F-16

conversionof the Bridge Loans purchase up to an aggregate of 50,000 shares of theCompany's Common Stock at an exercise price of 25% less than the average priceof the Company's common stock during the 20 days prior to the exercise date, provided,however, that the exercise price shall not be below $0.75 per share nor above$1.08 per share.  Pursuant to the terms of the loan agreement, because theBridge Loans were not repaid prior to August 1, 2010, the Company issuedwarrants to W Capital and McDonald for the purchase of 50,000 additional sharesof the Company's Common Stock upon the same terms as the initial warrants.  Thenumber of shares purchasable upon exercise of the warrants issued to W Capitaland McDonald and the exercise price are subject to customary anti-dilutionadjustments upon the occurrence of any stock dividends, stock splits, reversestock splits, recapitalizations, reclassifications, stock combinations orsimilar events.  Following the repayment and conversion of the Bridge Loans onDecember 13, 2010, the warrants will expire on December 12, 2012.

Thefair value of the warrants issued February 1, 2010 was determined to be $38,000with the following assumptions: 1) risk free interest rate of 1.41%, 2) anexpected life of 2.5 years, and 3) an expected dividend yield of zero. The fairvalue of $38,000 was charged to the note discount and credited to AdditionalPaid in Capital. The note discount was amortized over the term of seven monthsand charged to interest expense.

Theintrinsic value of the embedded beneficial conversion feature of the BridgeLoans was determined to be $161,000. The intrinsic value of $161,000 wascharged to the note discount and credited to Additional Paid in Capital. Thenote discount was amortized over the term of seven months and charged tointerest expense.

Thefair value of the warrants issued August 1, 2010 was determined to be $36,000with the following assumptions: 1) risk free interest rate of .70%, 2) anexpected life of 2.4 years, and 3) an expected dividend yield of zero. The fairvalue of $36,000 was charged to the note discount and credited to AdditionalPaid in Capital. The note discount is being amortized over the term of fivemonths and charged to interest expense.

9.             Managed Limited Partnerships:

DriveThru is currently the general partner of one limited partnership that wasformed to develop Drive Thru restaurants and Drive Thru sold their limitedpartner interest in one restaurant in June 2010. Limited partner contributionshave been used to construct new restaurants.  Drive Thru, as a general partner,generally receives an allocation of approximately 51% of the profit and lossesand a fee for its management services.  The equity interest of the unrelatedlimited partner is shown on the accompanying consolidated balance sheet in thestockholders equity section as a non-controlling interest, and the limitedpartner's share of the net income or loss in the partnership is shown asnon-controlling interest income or expense in the accompanying consolidatedstatement of operations. 

10.          Income Taxes:

Deferredtax assets (liabilities) are comprised of the following at September 30:

**2010**

**2009**

Current

Long Term

Current

Long Term

Deferred  assets (liabilities):

Tax  effect of net operating loss carry-forward

 $

-

 $

3,047,000 

 $

-

 $

2,292,000 

Partnership  basis difference

-

173,000 

-

143,000 

Deferred  revenue

-

160,000 

-

172,000 

Property  and equipment basis differences

-

286,000 

-

117,000 

Other  accrued liability difference

90,000 

 

      41,000 

 

 

48,000 

 

 

      36,000 

Net  deferred tax assets

90,000 

3,707,000 

48,000 

2,760,000 

Less  valuation allowance*

(90,000)

 

(3,707,000)

 

 

(48,000)

 

 

(2,760,000)

 

 

 

 

 

 

 

 

 

Net  deferred tax assets

 $

           -

 $

              -

 $

                      -

 $

                -

*              Thevaluation allowance increased by $989,000 during the year ended September 30,2010.

F-17

TheCompany has net operating loss carry-forwards of approximately $7,997,000 forincome tax purposes which expire from 2011 through 2030. The use of these net operating loss carry-forwards may be restricted due tochanges in ownership.

Totalincome tax expense for the years ended 2010 and 2009 differed from the amountscomputed by applying the U.S. Federal statutory tax rates to pre-tax income asfollows:

2010

2009

Total  expense (benefit) computed by applying the U.S. Statutory rate (35%)

 $

(1,026,000)

 $

(576,000)

State  income tax, net of federal tax benefit

(88,000)

(50,000)

Effect  of change in valuation allowance

989,000 

552,000 

Permanent  differences

30,000 

68,000 

Other

     95,000 

 

     6,000 

Provision  for income taxes

 $

              -

 $

            -

 

11.          Related Parties:

TheErie County Investment Company (owner of 99% of The Bailey Company) is asubstantial holder of our common stock and has certain contractual rights toelect members of the Company's Board of Directors under the Series BConvertible Preferred Stock Agreements entered into in February, 2005.

TheCompany leases office space from The Bailey Company under a lease agreementwhich expired in September 2010 and is currently leasing the space on a monthto month basis.  Rent paid to them in fiscal 2010 and 2009 for office space was$55,000 and $55,000, respectively.

TheBailey Company is also the owner of one franchised Good Times Drive Thrurestaurant which is located in Loveland, Colorado and was the owner of onefranchised restaurant in Thornton, Colorado which was closed in October 2009.The Bailey Company has entered into two franchise and management agreementswith us. Franchise royalties and management fees paid under those agreementstotaled approximately $50,000 and $78,000 for the fiscal years ending September30, 2010 and 2009, respectively. Amounts due from The Bailey Company related tothese agreements at September 30, 2010 and 2009 were $12,000 and $18,000,respectively.

Totalinterest and commitment fees paid to Golden Bridge, LLC under their agreement wereapproximately $18,000 and $12,000 for the fiscal years ending September 30, 2010and 2009, respectively. See Note 8 above for the terms of the loan.

12.          FAIRVALUE OF FINANCIAL INSTRUMENTS:

Thefollowing table summarizes financial assets and liabilities that are measuredat fair value on a recurring basis as of September 30, 2010:

Level  2

 

Interest  Rate Swap liability

$84,000

13.          Stockholders' Equity:

PreferredStock- The Company has the authority to issue 5,000,000 shares of preferred stock. The Board of Directors has the authority to issue such preferred shares inseries and determine the rights and preferences of the shares as may bedetermined by the Board of Directors.

CommonStock Dividend Restrictions - As long as at least two-thirds of the shares ofcommon stock into which the Series B Preferred Stock was converted remains heldby the former holders of such converted Series B Preferred Stock, without thewritten consent or affirmative vote of the holders of three-quarters of thethen outstanding votes of the shares of the Series B Preferred Stock and theshares of the common stock, the Company cannot institute any payment of cashdividends or other distributions on any shares of common stock.

StockOption Plans- The Company has an Omnibus Equity Incentive Compensation Plan (the "2008 Plan"), approved by shareholders in fiscal 2008, which is the successor equitycompensation plan to the Company's 2001 Stock Option Plan (the "2001  Plan"). As of September 30, 2010, 161,986 shares were available for future grants ofnonqualified stock options, incentive stock options, stock appreciation rights,restricted stock, restricted stock units, performance shares, performance unitsand stock-based awards.

F-18

The2008 Plan serves as the successor to our 2001 Plan, as amended (the"Predecessor Plan"), and no further awards shall be made under the PredecessorPlan from and after the effective date of the 2008 Plan.  All outstandingawards under the Predecessor Plan immediately prior to the effective date ofthe 2008 Plan shall be incorporated into the 2008 Plan and shall accordingly betreated as awards under the 2008 Plan.  However, each such award shall continueto be governed solely by the terms and conditions of the instrument evidencingsuch grant or issuance, and, except as otherwise expressly provided in the 2008Plan or by the Committee that administers the 2008 Plan, no provision of the2008 Plan shall affect or otherwise modify the rights or obligations of holdersof such incorporated awards.

Followingthe guidance of FASB ASC 718-10-30, Compensation - Stock Compensation,stock-based compensation is measured at the grant date, based on the calculatedfair value of the award, and is recognized as an expense over the requisiteemployee service period (generally the vesting period of the grant).

TheCompany measures the compensation cost associated with share-based payments byestimating the fair value of stock options as of the grant date using theBlack-Scholes option pricing model. The Company believes that the valuationtechnique and the approach utilized to develop the underlying assumptions areappropriate in calculating the fair values of the Company's stock optionsgranted during fiscal 2010. Estimates of fair value are not intended to predictactual future events or the value ultimately realized by the employees whoreceive equity awards.

Netincome for the fiscal years ended September 30, 2010 and 2009 includes $88,000and $77,000, respectively, of compensation costs related to our stock-basedcompensation arrangements.

Duringthe fiscal year ended September 30, 2010, we granted 12,000 non-statutory stockoptions and 30,606 incentive stock options both with exercise prices of $1.15.The per share weighted average fair value was $.85 for the non-statutory stockoption grants and $.84 for the incentive stock option grants.

Inaddition to the exercise and grant date prices of the awards, certain weightedaverage assumptions that were used to estimate the fair value of stock optiongrants are listed in the following table:

Incentive Stock Options

Non-Statutory Stock Options

Expected  term (years)

6.5

6.7

Expected  volatility

82.4%

81.9%

Risk-free  interest rate

2.84%

2.90%

Expected  dividends

0

0

Weestimate expected volatility based on historical weekly price changes of ourcommon stock for a period equal to the current expected term of the options.The risk-free interest rate is based on the United States treasury yields ineffect at the time of grant corresponding with the expected term of theoptions. The expected option term is the number of years we estimate thatoptions will be outstanding prior to exercise considering vesting schedules andour historical exercise patterns.

FASBASC 718-10-30 requires the cash flows resulting from the tax benefits for taxdeductions in excess of the compensation expense recorded for those options(excess tax benefits) to be classified as financing cash flows. These excesstax benefits were $0 for the fiscal years ended September 30, 2010 and 2009.

Asummary of stock option activity under our share-based compensation plan forthe fiscal year ended September 30, 2010 is presented in the following table:

Options

Weighted Average Exercise Price

Weighted Average Remaining Contractual  Life (Yrs.)

Aggregate Intrinsic Value

Outstanding-beg  of year

379,231

$3.55

Granted

42,606

$1.15

Exercised

0

Forfeited

(7,320)

$4.60

Expired

(24,431)

$3.12

Outstanding  Sept 30, 2010

390,086

$3.30

5.4

$0

Exercisable  Sept 30, 2010

269,060

$3.76

4.2

$0

F-19

Asof September 30, 2010, the total remaining unrecognized compensation costrelated to unvested stock-based arrangements was $51,000 and is expected to berecognized over a weighted average period of 2.09 years.

Thetotal intrinsic value of stock options exercised during the fiscal year endedSeptember 30, 2010 was $0.  Cash received from stock option exercises for thefiscal year ended September 30, 2010 was $0.

14.          Retirement Plan:

TheCompany has a 401(k) profit sharing plan (the "Plan").  Eligible employees maymake voluntary contributions to the Plan, which may be matched by the Company,in an amount equal to 25% of the employee's contribution up to 6% of theircompensation.  The amount of employee contributions is limited as specified inthe Plan. The Company may, at its discretion, make additional contributions tothe Plan or change the matching percentage.  The Company did not make anymatching contributions in fiscal 2010 or fiscal 2009.

15.          Subsequent Events:

Subsequentevents have been evaluated through the date the consolidated financialstatements were available to be issued.

Pre-approvalof non-audit services: On October 25, 2010, the Audit Committee of the Board ofDirectors of Good Times Restaurants Inc. approved in advance certain non-auditservices to be performed by Hein & Associates, Good Times' independentauditor.  These non-audit services are to consist primarily of corporate incometax compliance services.

Completionof SII Investment Transaction and Related Events:  On December 13, 2010, theCompany completed the SII Investment Transaction pursuant to which the Companyissued 4,200,000 Shares to SII and received gross proceeds of $2,100,000, someof which were used to repay the Company's interim working capital loans fromGolden Bridge, W Capital and McDonald, accompanied by the conversion of accruedinterest on the W Capital and McDonald loans into 79,430 shares of CommonStock.  In addition, the SII Investment Transaction also allowed the Company torenegotiate the terms and covenants of its loan with Wells Fargo and to regaincompliance of certain financial loan covenants that had previously been indefault. See Financing Activities under the Liquidity and Capital Resourcessection above for further details regarding the SII Investment Transaction andrelated events.

Seethe "Financing" section above for discussion of the partial pay-down of thePFGI II loan in December 2010.

F-20

**ITEM 9.                CHANGESIN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE.**

Duringthe two most recent fiscal years, Good Times Restaurants has not had anychanges in or disagreements with its independent accountants on matters ofaccounting or financial disclosure.

**ITEM9A.             CONTROLS AND PROCEDURES.**

** **

**Conclusion Regarding the Effectivenessof Disclosure Controls and Procedures:**Based on an evaluation of the Company'sdisclosure controls and procedures (as defined in Rules 13a-15(e) and15d-15(e) of the Securities Exchange Act of 1934, as amended), as of the end ofthe Company's fiscal year ended September 30, 2010, the Company's ChiefExecutive Officer and Controller (its principal executive officer and principalfinancial officer, respectively) have concluded that the Company's disclosurecontrols and procedures were effective.

**Management'sReport on Internal Control Over Financial Reporting:**We areresponsible for establishing and maintaining adequate internal control overfinancial reporting (as defined in Rule 13a-15(f) and 15d-15(f) under theSecurities and Exchange Act of 1934, as amended). We maintain a system ofinternal controls that is designed to provide reasonable assurance in acost-effective manner as to the fair and reliable preparation and presentationof the consolidated financial statements.

Becauseof its inherent limitations, internal control over financial reporting may notprevent or detect misstatements. Therefore, even those systems determined to beeffective can provide only reasonable assurance with respect to financialstatement preparation and presentation.

Weconducted an evaluation of the effectiveness of our internal control overfinancial reporting as of September 30, 2010. In making this evaluation, ourmanagement used the criteria set forth by the Committee of SponsoringOrganizations of the Treadway Commission ("COSO") in InternalControl-Integrated Framework. This evaluation included a review of thedocumentation of controls, evaluation of the design effectiveness of controlsand a conclusion on this evaluation. We have concluded that, as of September30, 2010, the Company's internal control over financial reporting was effectivebased on these criteria.

This Annual Report does not include anattestation report of the Company's registered public accounting firm regardinginternal control over financial reporting.  Management's report wasnot subject to attestation by the Company's registered public accounting firmpursuant to rules of the SEC that permit the Company to provide onlymanagement's report in this Annual Report.

**Changes in Internal Control overFinancial Reporting:**Therehave been no significant changes in the Company's internal control overfinancial reporting that occurred during the Company's fiscal quarter endedSeptember 30, 2010 that have materially affected, or are reasonably likely tomaterially affect, the Company's internal control over financial reporting.

**ITEM9B.             OTHER INFORMATION**

Nothingto report.

28

**PART III**

** **

**ITEM 10.              DIRECTORS,EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE.**

** **

**Directors:**The directors of Good Times Restaurants are as follows:

*GeoffreyR. Bailey,*age 58, has served as a Good Times director since 1996 and is a member of the AuditCommittee.  He is also a director of The Erie County Investment Co., which owns99% of The Bailey Company.  The principal business of The Bailey Company ownsand operating 58 Arby's restaurants as a franchisee, and The Bailey Company hasalso been a franchisee and joint venture partner of Good Times Restaurantssince 1987.  Mr. Bailey joined The Erie County Investment Co. in 1979.  Mr.Bailey is a graduate of the University of Denver with a Bachelor's Degree inBusiness Administration.

*DavidL. Dobbin*,age 49, was appointed as a Good Times director effective upon the closing ofthe SII Investment Transaction on December 13, 2010.  He was also appointed asthe Chairman of the Board effective as of December 13, 2010.  In addition, he currentlyserves as Chairman of the Board of Small Island Investments Ltd., the Company'sstrategic investor (2010-Present).  He also serves as Chairman of the Boards ofTerra Nova Pub Group Ltd., its subsidiaries and affiliates (2007-Present) andWelaptega Marine Ltd. (2008-Present), a leading supplier of offshore mooringinspection systems, companies controlled by Mr. Dobbin through RepechageInvestments Limited, an investment company formed under the laws of Canada thatholds investments in the transportation, service, real estate and hospitalitysectors (2001-Present).  Previously, Mr. Dobbin served in several capacitieswith CHC Helicopter Corporation, an offshore helicopter services provider, andled Canadian Ocean Resource Associates Inc., a consulting firm specializing inbest practice reviews, institutional support and public/private partnerships. Mr. Dobbin holds a Bachelor of Commerce from Memorial University ofNewfoundland.

*GaryJ. Heller*,age 43, was appointed as a Good Times director effective upon the closing ofthe SII Investment Transaction on December 13, 2010.  He is the chairman of theCompensation Committee.  In addition, he currently serves as Secretary and aDirector of Elephant & Castle Group Inc. (2007-Present), Secretary and aManager of Massachusetts Pub Group LLC (2008-Present), and Executive VicePresident of Terra Nova Pub Group Ltd. (2009-Present).  Prior to entering therestaurant industry in 2007, Mr. Heller spent 16 years as an investment banker,including serving as a Managing Director of FTI Capital Advisors, LLC(2002-2006) and a Director of Andersen Corporate Finance LLC.  Mr. Heller holdsa BA in Economics from the University of Pennsylvania and an MBA in Financefrom New York University.

*BoydE. Hoback*,age 55, has served as a Good Times director since 1992 and is President andChief Executive Officer of Good Times Restaurants, a position which he has heldsince December 1992, and he has been in the restaurant business since the ageof 16.  Mr. Hoback has been a vital part of the development of Good Times to a52-restaurant chain and has been involved in developing all areas of theCompany.  Mr. Hoback is an honors graduate of the University of Colorado infinance.

*JohnF. Morgan*,age 50, was appointed as a Good Times director effective upon the closing ofthe SII Investment Transaction on December 13, 2010.  He is a member of theAudit Committee and the Compensation Committee.  In addition, he currentlyserves as President, Chief Executive Officer and a Director of Elephant &Castle Group Inc. and Terra Nova Pub Group Ltd. (2009-Present).  He isPresident, Chief Executive Officer and a Manager of Massachusetts Pub Group LLC(2008-Present).  Previously Mr. Morgan had been the President of Morgan CapitalLimited, St. John's, Newfoundland, an independent financial services firmproviding taxation and merger and acquisition support services to NorthAmerican and international clients (1994-2009).  Mr. Morgan holds a Bachelor ofCommerce degree from Memorial University of Newfoundland and Labrador with aparticipation in the In Depth Taxation Program and Chartered Business ValuatorProgram.  He is a Chartered Accountant.

*KeithA. Radford*,age 41, was appointed as a Good Times director effective upon the closing ofthe SII Investment Transaction on December 13, 2010.  He is the chairman of theAudit Committee.  In addition, he currently serves as Chief Financial Officerof Terra Nova Pub Group Ltd., Elephant & Castle Group Inc. andMassachusetts Pub Group LLC (2009-Present).  Previously Mr. Radford served as aDirector and Vice President of subsidiaries within AKER Solutions, a leadingglobal provider of engineering and construction services, technology productsand integrated solutions (2002-2008).  In addition he has over eight years ofexperience in public practice providing auditing, taxation and businessconsulting services.  Mr. Radford holds a Bachelor of Commerce degree fromMemorial University of Newfoundland and Labrador and is a Chartered Accountant.

29

*EricW. Reinhard*,age 51, has served as a Good Times director since 2005.  He resigned asChairman of the Board, a position he held since 2005, effective as of December13, 2010.  He is currently a member of the Compensation Committee.  Mr.Reinhard also serves as President of the Pepsi Cola Bottler's Association, abeverage association management and consulting association and a position hehas held since 2006. Prior to June 2004 he was the General Manager for thePepsi Bottling Group's Great West Business Unit.  While in this role, Mr.Reinhard was also a member of the Pepsi Bottling Group's Chairman's OperatingCouncil, a member of the Food Service Strategic Planning Committee, and amember of The Dr. Pepper Bottler Marketing Committee.   Mr. Reinhard joinedPepsi Cola in 1984 after four years with The Proctor & Gamble DistributingCompany.  Since 1984 he has held several field and headquarters positionsincluding Vice President/General Manager Pepsi-Lipton Tea partnership (JV),General Manager Mid-Atlantic business Unit, Area Vice President RetailChannels, Vice President On-Premise Operations and Area Vice President ofFranchise Operations.  Mr. Reinhard holds a BA from Michigan State Universityand has completed the Executive Business Program at the University of Michigan.

There are no familyrelationships among the directors.  The board has determined that of thecurrent directors Geoffrey R. Bailey, Eric W. Reinhard, David L. Dobbin, GaryJ. Heller, John F. Morgan and Keith A. Radford are independent directors underthe NASDAQ listing standards.

Geoffrey R. Bailey wasoriginally elected to the Board of Directors pursuant to contractual boardrepresentation rights granted to The Bailey Company in connection with itsinvestment in shares of our Series A Convertible Preferred Stock in 1996.  Priorto December 13, 2010, Mr. Bailey continued to serve on the board pursuant tocontractual board representation rights held by The Bailey Company and itsaffiliates ("The Bailey Group") in connection with our Series B ConvertiblePreferred Stock financing in February 2005, whereby The Bailey Group wasentitled to elect three members of our Board of Directors, two of whom must beindependent directors.

Prior to December 13,2010, Richard J. Stark and Alan A. Teran were the other two members of ourBoard designated by The Bailey Group under these provisions.  The otherinvestors in our Series B Convertible Preferred Stock financing also had boardrepresentation rights whereby they were entitled to elect three members of ourBoard.  Eric W. Reinhard was originally elected in 2005 and has continued toserve on our Board pursuant to these provisions.  Prior to December 13, 2010,Ron Goodson and David Grissen were the other two members of our Boarddesignated by the other Series B investors under these provisions.  Inconnection with the SII Investment Transaction, Messrs. Stark, Teran, Goodsonand Grissen resigned from our Board effective as of December 13, 2010.  Inaddition, the Series B Investors agreed to cancel their Board designationrights under the Series B Convertible Preferred Stock financing documents andto accept in lieu thereof the designation rights set forth in the PurchaseAgreement with SII.

The SII PurchaseAgreement provides that so long as SII holds more than 50% of the Company'soutstanding Common Stock, (i) the Board shall consist of seven directors, and(ii) SII shall have the right to designate four members of the Board.  Inaddition, the Purchase Agreement provides that SII shall vote its shares in anyelection of directors in favor of one person designated by The Bailey Group andone person designated by Eric W. Reinhard, in addition to SII's four directordesignees.  If either The Bailey Group or Reinhard ceases to own at least600,000 shares of the Company's Common Stock (adjusted for any stock splits,reverse splits or similar capital stock transactions), then the foregoingdesignation right will cease, and SII has agreed to vote its shares in anyelection of directors in favor of a person, other than an SII designee, whoreceives the majority of votes of holders of Common Stock other than theInvestor.  Pursuant to the Purchase Agreement, the Series B investors haveagreed to vote their shares in any election of directors in favor of SII'sdesignees.

See Item 13 "Certainrelationships and related transactions" for additional discussion of theseprovisions.  There are no other arrangements or understandings between anycurrent director and any other person under which that director was elected or nominated.

**Nominee selectionprocess****:**Our Board of Directors as a wholeacts as the nominating committee for the selection of nominees for election asdirectors.  We do not have a separate standing nominating committee since werequire that our director nominees be approved as nominees by a majority of ourindependent directors.  The Board will consider suggestions by stockholders forpossible future nominees for election as directors at the next annual meetingwhen the suggestion is delivered in writing to the corporate secretary of GoodTimes Restaurants by April 15 of the year immediately preceding the annualmeeting.  No request for a recommended nominee was made by the August 15, 2010deadline by any stockholder or group of stockholders with beneficial ownershipof more than 5% of the Company's common stock as indicated in a Schedule 13D or13G.

30

The Board selects eachnominee, subject to contractual nominee designation and election rights held bycertain stockholders, as discussed below, based on the nominee's skills,achievements and experience, with the objective that the Board as a wholeshould have broad and relevant experience in high policymaking levels inbusiness and a commitment to representing the long-term interests of thestockholders.  The Board believes that each nominee should have experience inpositions of responsibility and leadership, an understanding of our businessenvironment and a reputation for integrity.

The Board evaluateseach potential nominee individually and in the context of the Board as awhole.  The objective is to recommend a group that will effectively contributeto our long-term success and represent stockholder interests.  In determiningwhether to recommend a director for re-election, the Board also considers thedirector's past attendance at meetings and participation in and contributionsto the activities of the Board.

When seekingcandidates for director, the Board solicits suggestions from incumbentdirectors, management, stockholders or others.  The Board does not have acharter for the nominating process.

The Company does nothave a formal policy with regard to the consideration of diversity inidentifying director nominees, but the Board strives to nominate directors witha variety of complementary skills so that, as a group, the Board will possessthe appropriate talent, skills, and expertise to oversee the Company'sbusiness.

**Communicationwith the directors****:** The Board welcomes questions orcomments about us and our operations.  Those interested may contact the Boardas a whole or any one or more specified individual directors by sending aletter to the intended recipients' attention in care of Good Times RestaurantsInc., Corporate Secretary, 601 Corporate Circle, Golden, CO 80401.  All suchcommunications other than commercial advertisements will be forwarded to theappropriate director or directors for review.

**LeadershipStructure:**  TheBoard does not have a policy regarding the separation of the roles of ChiefExecutive Officer and Chairman of the Board as the Board believes it is in thebest interests of the Company to make that determination based on the positionand direction of the Company and the membership of the Board.  The Board hasdetermined that separating these roles is in the best interests of theCompany's stockholders at this time.  This structure ensures a greater role forthe independent directors in the oversight of the Company and activeparticipation of the independent directors in setting agendas and establishingBoard priorities and procedures.  Further, this structure permits the ChiefExecutive Officer to focus on the management of the Company's day-to-dayoperations.

**Risk Oversight:**  Material risks are identifiedand prioritized by the Company's management and reported to the Board foroversight.  The Board regularly reviews information regarding the Company'scredit, liquidity and operations, as well as the risks associated with each. In addition, the Board continually works, with the input of the Company'sexecutive officers, to assess and analyze the most likely areas of future riskfor the Company.

**BoardCommittees**

** **

**AuditCommittee****:** The AuditCommittee currently consists of Messrs. Radford, Morgan and Bailey, each ofwhom is an independent director under the applicable NASDAQ listing standards. The Board has determined that Mr. Morgan is an audit committee financialexpert, as that term is defined by the SEC rules.  Prior to December 13, 2010,the Audit Committee consisted of Messrs. Grissen, Teran and Stark, and Mr.Stark served as the Audit Committee financial expert.  As discussed above,Messrs. Grissen, Teran and Stark resigned as directors in connection with theSII Investment Transaction, effective as of December 13, 2010.

Thefunction of the Audit Committee relates to oversight of the auditors, theauditing, accounting and financial reporting processes and the review of theCompany's financial reports and information.  In addition, the functions ofthis Committee have included, among other things, recommending to the Board theengagement or discharge of independent auditors, discussing with the auditorstheir review of the Company's quarterly results and the results of their auditand reviewing the Company's internal accounting controls.  The Audit Committeeoperates pursuant to a written charter adopted by the Board of Directors.  Acurrent copy of the Audit Committee Charter is available on our website atwww.goodtimesburgers.com.  The Audit Committee held four meetings during fiscal2010.

**Compensation Committee****:** TheCompensation Committee currently consists of Messrs. Heller, Morgan andReinhard,each of who is an independent director under the applicable NASDAQ listingstandards.  Priorto December 13, 2010, the Compensation Committee consisted of Messrs. Goodson,Stark and Teran, all of whom resigned as directors in connection

31

with the SII Investment Transaction,effective as of December 13, 2010.  The function of this Committee is toconsider and determine all matters relating to the compensation of thePresident and Chief Executive Officer and other executive officers, includingmatters relating to the employment agreements.  The Compensation Committee heldone meeting during fiscal 2010.

The Compensation Committee does not havea charter. The responsibility of the Compensation Committee is to review andapprove the compensation and other terms of employment of our Chief ExecutiveOfficer and our other executive officers, including all of the executiveofficers named in the Summary Compensation Table in Item 11 of Part III of thisForm 10-K (the "Named Executive Officers").  Among its other duties, theCompensation Committee oversees all significant aspects of the Company'scompensation plans and benefit programs.  The Compensation Committee annuallyreviews and approves corporate goals and objectives for the Chief ExecutiveOfficer's compensation and evaluates the Chief Executive Officer's performancein light of those goals and objectives.  The Compensation Committee alsorecommends to the Board of Directors the compensation and benefits for membersof the Board of Directors.  The Compensation Committee has also been appointedby the Board of Directors to administer our 2008 Omnibus Equity IncentiveCompensation Plan (the "2008 Plan"), which is the successor equity compensationplan to the Company's 2001 Stock Option Plan (the "2001 Plan").  TheCompensation Committee does not delegate any of its authority to other persons.

In carrying outits duties, the Compensation Committee participates in the design andimplementation and ultimately reviews and approves specific compensationprograms.  The Compensation Committee reviews and determines the base salariesfor the Named Executive Officers, and also approves awards to the NamedExecutive Officers under the Company's equity compensation plans.

In determiningthe amount and form of compensation for Named Executive Officers other than theChief Executive Officer, the Compensation Committee obtains input from theChief Executive Officer regarding the duties, responsibilities and performanceof the other executive officers and the results of performance reviews.  TheChief Executive Officer also recommends to the Compensation Committee the basesalary levels for all Named Executive Officers and the award levels for allNamed Executive Officers under the Company's equity compensation programs.  NoNamed Executive Officer attends any executive session of the CompensationCommittee or is present during final deliberations or determinations of suchNamed Executive Officer's compensation.  The Chief Executive Officer alsoprovides input with respect to the amount and form of compensation for themembers of the Board of Directors.

The Compensation Committee has theauthority to directly engage, at the Company's expense, any compensationconsultants or other advisers as it deems necessary to carry out itsresponsibilities in determining the amount and form of executive and directorcompensation.  For fiscal 2010, the Compensation Committee did not use theservices of a compensation consultant or other adviser.  However, theCompensation Committee has reviewed surveys, reports and other market dataagainst which it has measured the competitiveness of the Company's compensationprograms.  In determining the amount and form of executive and directorcompensation, the Compensation Committee has reviewed and discussed historicalsalary information as well as salaries for similar positions at comparablecompanies.

**Special Committee:**  On August 14,2009 as reported on Form 8-K we announced that our Board of Directors hadformed a Special Committee comprised of directors Geoff Bailey, Richard Starkand Alan Teran to explore and evaluate strategic alternatives aimed atenhancing shareholder value.  The Special Committee actively explored variousstrategic alternatives from August 2009 through October 2010, and the Companycompleted the SII Investment Transaction on December 13, 2010.  With thecompletion of the SII Investment Transaction, the Special Committee has beenterminated.

**Directors'meetings and attendance****:** There were nine meetings of the Boardof Directors held during the last full fiscal year.  No member of the Board ofDirectors attended fewer than 75% of the board meetings and applicablecommittee meetings.  Each continuing director attended the 2010 annual meetingof stockholders.

**Directors'compensation****:** Eachnon-employee director receives $500 for each Board of Directors meetingattended.  Members of the Compensation and Audit Committees generally eachreceive $100 per meeting attended.  However, where both Compensation and AuditCommittee meetings are held at the same gathering, only $100 is paid to directorsattending both committee meetings.  Additionally, for the fiscal year ended September30, 2010, each non-employee director received a non-statutory stock option toacquire 2,000 shares of common stock at an exercise price of $1.15.

**AuditCommittee Report****:** Good Times Restaurant'smanagement is responsible for the internal controls and financial reportingprocess for Good Times Restaurants.  The independent accountants for Good TimesRestaurants are responsible

32

for performing anindependent audit of the financial statements in accordance with generallyaccepted auditing standards and to issue a report on those financialstatements.  The Audit Committee's responsibility is to monitor and overseethese processes.

In this context, theAudit Committee met with management and the independent accountants to reviewand discuss the Good Times Restaurants financial statements for the fiscal yearended September 30, 2010.  Management represented to the Audit Committee thatthe financial statements were prepared in accordance with generally acceptedaccounting principles, and the Audit Committee has reviewed and discussed thefinancial statements with management and the independent accountants.

The Audit Committeehas discussed with the independent accountants matters required to be discussedby Statement on Auditing Standards No. 61, Communication with AuditCommittees.  The Audit Committee has also received the written disclosures andthe letter from the independent accountants required by applicable requirementsof the Public Company Accounting Oversight Board regarding the independentaccountants' communications with the Audit Committee concerning independenceand the Audit Committee discussed with the independent accountants that firm'sindependence.

Basedon the Audit Committee's review and discussions referred to above, the AuditCommittee recommended to the Board of Directors that the audited financialstatements be included in the Good Times Restaurants Annual Report on Form 10-Kfor the fiscal year ended September 30, 2010 for filing with the SEC.

**Executiveofficers****:** The executiveofficers of Good Times Restaurants are as follows:

**Name**

**Age**

**Position**

**Date  Began With Company**

Boyd  E. Hoback

55

President  & CEO

September 1987

Susan  M. Knutson

52

Controller

September 1987

Scott  G. LeFever

52

VP of  Operations

September 1987

*BoydE. Hoback.* See the description of Mr. Hoback's business experience under "Directors".

*SusanM. Knutson*hasbeen Controller since 1993 with direct responsibility for overseeing theaccounting department, maintaining cash controls, producing budgets, financialsand quarterly and annual reports required to be filed with the Securities andExchange Commission, acting as the principal financial officer of the Company,and preparing all information for the annual audit.

*ScottG. LeFever*has been Vice President of Operations since August 1995, and has been involvedin all phases of operations with direct responsibility for restaurant serviceperformance, personnel and cost controls.

Executive officers donot have fixed terms and serve at the discretion of the Board of Directors. There are no family relationships among the executive officers or directors.

**Codeof ethics**:Good Times Restaurants has adopted a Code of Business Conduct which applies toall directors, officers, employees and franchisees of Good Times Restaurants. The Code of Business Conduct was filed with the SEC as an exhibit to the AnnualReport on Form 10-KSB for the fiscal year ended September 30, 2003.

33

**ITEM11.              EXECUTIVE COMPENSATION**

** **

**Executive Compensation:** The following table setsforth compensation information for 2010 and 2009 with respect to the namedexecutive officers:

**Summary Compensation Table for 2010 and 2009:**

** **

**Name  and Principal Position**

**Year**

**Salary  $**

**Bonus  $**

**Stock  Awards $**

**Option  Awards $3**

**Non-Equity  Incentive Plan Compensation $**

**Nonqualified  Deferred Compensation Earnings $**

**All  Other Compensation $**

**Total  $**

Boyd E. Hoback

2010

148,000

_

_

29,381

_

_

13,9781

191,359

President and Chief Executive Officer

2009

162,033

_

_

25,118

_

_

16,0731

203,224

Scott G. LeFever

2010

90,625

_

_

11,645

_

_

10,5802

112,850

Vice President of Operations

2009

101,667

_

_

9,979

_

_

11,4772

123,123

 

1

The amount indicated for Mr. Hoback includes an automobile  allowance, long-term disability and 401(K) Plan matching contributions.

2

The amount indicated for Mr. LeFever includes an automobile  allowance, long-term disability, personal expenses and 401(K) Plan matching  contributions.

3

The value of stock option  awards shown in this column includes all amounts expensed in the Company's  financial statements in 2009 and 2010 for equity awards in accordance  with the guidance of FASB ASC 718-10-30, Compensation - Stock Compensation, excluding any estimate for forfeitures.  The Company's  accounting treatment for, and assumptions made in the valuations of, equity  awards is set forth in Note 1 of the notes to the Company's 2010 consolidated  financial statements included in the Company's Annual Report on Form 10-K for  the fiscal year ended September 30, 2010.  There were no option awards  re-priced in 2010.

There were no shares of SARs granted during 2010 or 2009 nor hasthere been any nonqualified deferred compensation paid to any named executiveofficers during 2010 or 2009.  The Company does not have any plans that providefor specified retirement payments and benefits at, following or in connectionwith retirement.

.34

Thefollowing table sets forth information as of September 30, 2010 on allunexercised options previously awarded to the named executive officers:

**Outstanding  Equity Awards at 2010 Fiscal Year-End**

**Option Awards**

** **

**Stock Awards**

Name

Number of Securities Underlying  Unexercised Options -Exercisable (#)

Number of Securities Underlying  Unexercised Options -Unexercisable (#)

Equity Incentive Plan Awards: Number  of Securities Underlying Unexercised Unearned Options (#)

Option Exercise Price $

Option Expiration Date

Number of Shares or Units of Stock  That Have Not Vested (#)

Market Value of Shares or Units of  Stock That Have Not Vested ($)

Equity Incentive Plan Awards: Number  of Unearned Shares, Units or Other Rights That Have Not Vested (#)

Equity Incentive Plan Awards: Market  or Payout Value of Unearned Shares, Units or Other Rights That Have Not  Vested ($)

Boyd  E. Hoback

2,500

-

-

$1.38

10/01/10

-

-

-

-

50,000

-

-

$1.75

10/01/11

-

-

-

-

3,750

-

-

$2.70

10/01/12

-

-

-

-

3,900

-

-

$3.60

10/01/13

-

-

-

-

12,000

-

-

$3.11

10/01/14

-

-

-

-

8,500

-

-

$5.68

10/01/15

-

-

-

-

11,400

7,600  (1)

-

$6.38

11/17/16

-

-

-

-

0

28,503  (2)

-

$1.47

11/14/18

-

-

-

-

0

13,652  (3)

-

$1.15

11/06/19

-

-

-

-

Scott  G. LeFever

1,260

-

-

$2.70

10/01/12

-

-

-

-

2,580

-

-

$3.60

10/01/13

-

-

-

-

5,750

-

-

$3.11

10/01/14

-

-

-

-

5,750

-

-

$5.68

10/01/15

-

-

-

-

1,725

4,025  (1)

-

$6.38

11/17/16

-

-

-

-

0

17,007  (2)

-

$1.47

11/14/18

-

-

-

-

0

4,348  (3)

-

$1.15

11/06/19

-

-

-

-

 

1

The options  were granted on November 17, 2006. Assuming continued employment with the  Company, the shares under the option agreements will become exercisable per a  vesting schedule which began on November 17, 2007 continuing through November  17, 2010, whereby options vest per the following schedule: 10% on November  17, 2007; an additional 20% on November 17, 2008; an additional 30% on  November 17, 2009; and an additional 40% on November 17, 2010.

2

The options  were granted on November 14, 2008. Assuming continued employment with the  Company, the shares under the option agreements will become fully exercisable  on November 14, 2011.

3

The options  were granted on November 6, 2009. Assuming continued employment with the  Company, the shares under the option agreements will become fully exercisable  on November 6, 2012.

35

The followingtable sets forth compensation information for 2010 with respect to directors:

**Director  Compensation Table for Fiscal Year 2010**

Name

Fees Earned or Paid in Cash ($)

Stock Awards ($)

Option Awards ($) 1, 2

Non-Equity Incentive Plan Compensation  ($)

Nonqualified Deferred Compensation  Earnings $

All Other Compensation $ 

Total $

Geoffrey  R. Bailey

3,000

-

1,695

-

-

-

4,695

Ron  Goodson 3

3,000

-

1,695

-

-

-

4,695

David  Grissen 3

2,000

-

1,695

-

-

-

3,695

Eric  W. Reinhard 

3,000

-

1,695

-

-

-

4,695

Richard  J. Stark 3

3,000

-

1,695

-

-

-

4,695

Alan  A. Teran 3

3,000

-

1,695

-

-

-

4,695

Boyd  E. Hoback 4

-

-

-

-

-

-

0

 

1

The  value of stock option awards shown in this column includes all amounts  expensed in the Company's financial statements in 2010 for equity awards in  accordance with the guidance of FASB ASC 718-10-30, Compensation - Stock  Compensation, excluding any estimate for forfeitures.  The Company's accounting  treatment for, and assumptions made in the valuation of equity awards are set  forth in Note 1 of the notes to the Company's 2010 consolidated financial  statements included in the Company's Annual Report on Form 10-K for the  fiscal year ended September 30, 2010.  There were no option awards re-priced  in 2010.

 2

As  of September 30, 2010, the following directors held options to purchase the  following number of shares of our common stock:  Mr. Bailey 14,000 shares;  Mr. Goodson 12,000 shares; Mr. Grissen 12,000 shares; Mr. Reinhard 16,500  shares; Mr. Stark 14,000 shares; Mr. Teran 14,000 shares; and Mr. Hoback  133,242 shares.

3

Resigned  as a director effective as of December 13, 2010.

4

Mr.  Hoback is an employee director and does not receive additional fees for  service as a member of the Board.

Adescription of the standard compensation arrangements (such as fees forcommittee service, service as chairman of the board or a committee, and meetingattendance) is set forth in the section entitled "Directors' Compensation"above.

**EmploymentAgreement:** Mr. Hoback entered into an employment agreement with us in October 2001 and theterms of the agreement were revised effective October 2007 for compliance withSection 409A of the Internal Revenue Code.  The revised agreement provides forhis employment as president and chief executive officer for two years from thedate of the agreement at a minimum salary of $190,000 per year, terminable byus only for cause.  The agreement provides for payment of one year's salary andbenefits in the event that change of ownership control results in a terminationof his employment or termination other than for cause.  This agreement renewsautomatically unless specifically not renewed by the Board of Directors.  Mr.Hoback's compensation, including salary, expense allowance, bonus and anyequity award, is reviewed and set annually by the Compensation Committee.  Mr.Hoback's bonus, when applicable, is based on the Company's achieving certainEarnings Before Interest, Taxes, Depreciation and Amortization ("EBITDA")targets for the year.

Asa condition to the closing of the SII Investment Transaction, Mr. Hoback agreedto waive certain rights under the employment agreement which would otherwise haveaccrued to him as a result of the change in ownership control of the Company asa result of the SII Investment Transaction, including his right to terminatehis employment within one year of the change in control and trigger theseverance payment described above and his right to accelerate the vesting ofstock options upon the change in control.

**OtherEmployment Arrangements:**  Mr. LeFever is employed as an "employee at will"and does not have a written employment agreement.  His compensation, includingsalary, expense allowance, bonus and any equity awards, is reviewed andapproved by the Compensation Committee annually.  He participates in a bonusprogram that is based on both the company's level of EBITDA for the year andachieving certain operating metrics and sales targets.

36

** **

**ITEM 12.              SECURITYOWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDERMATTERS**

**Ownershipof common stock by principal stockholders and management:** The followingtable shows the beneficial ownership of shares of Good Times Restaurants commonstock as of December 15, 2010 by each person known by Good Times Restaurants tobe the beneficial owner of more than five percent of the shares of Good TimesRestaurants common stock, each director and each executive officer named in theSummary Compensation Table, and all directors and executive officers as agroup.  The address for the principal stockholders and the Directors andOfficers is 601 Corporate Circle, Golden, CO 80401.
****
**Holder**

**Number of  shares**

** **

**Percent  of**

**Principal  stockholders**

**beneficially  owned**

** **

**class****

Small  Island Investments Ltd

4,200,000

51.36%

The  Bailey Company, LLLP

821,5121

10.05%

The  Erie County Investment Co.

1,016,1921

12.43%

**Directors  and Officers**

** **

** **

** **

David  L. Dobbin, Chairman

4,202,002

51.37%

Geoffrey  R. Bailey, Director

29,3003

*

Boyd  E. Hoback, Director, President and Chief Executive Officer

142,1424

1.70%

Eric  W. Reinhard, Chairman

316,0005

3.84%

Scott  G. LeFever, Vice President, Operations

21,0906

*

Gary  H. Heller, Director

2,0007

*

John  F. Morgan, Director

2,0008

*

Keith  A. Radford, Director

2,0009

*

All  directors and executive officers as a group

(9  persons including all those named above)

4,735,03610

55.47%

1

The  Bailey Company is 99% owned by The Erie County Investment Co., which should  be deemed the beneficial owner of Good Times Restaurants common stock held by  The Bailey Company.  The Erie County Investment Co. also owns 194,680 shares  of Good Times Restaurants common stock in its own name.  Geoffrey R. Bailey  is a director and executive officer of The Erie County Investment Co.   Geoffrey R. Bailey disclaims beneficial ownership of the shares of Good Times  Restaurants common stock held by The Bailey Company and The Erie County  Investment Co.  Because of his ownership of only 26% of the voting shares of  The Erie County Investment Co., Paul T. Bailey disclaims beneficial ownership  of the shares of Good Times Restaurants common stock held by The Bailey  Company and The Erie County Investment Co. Paul T. Bailey is the father of  Geoffrey R. Bailey.

2

David  L. Dobbin owns 100% of Small Island Investments Ltd. Also includes 2,000  shares underlying presently exercisable stock options.

3

Includes  16,000 shares underlying presently exercisable stock options and 2,497  warrants to purchase stock.

4

Includes  97,150 shares underlying presently exercisable stock options and 19,999  warrants to purchase stock.

5

Includes  16,500 shares underlying presently exercisable stock options and 37,500  warrants to purchase stock

6

Includes  21,090 shares underlying presently exercisable stock options

7

Includes  2,000 shares underlying presently exercisable stock options

8

Includes  2,000 shares underlying presently exercisable stock options

9

Includes  2,000 shares underlying presently exercisable stock options

10

Does  not include shares held beneficially by The Bailey Company and The Erie  County Investment Co.  If those shares were included, the number of shares  beneficially held by all directors and executive officers as a group would be  5,751,228 and the percentage of class would be 67.38%.

*

Less  than one percent.

Under  SEC rules, beneficial ownership includes shares over which the individual or  entity has voting or investment power and any shares which the individual or  entity has the right to acquire within sixty days.

37

** **

Theinformation required by this Item concerning securities authorized for issuanceunder equity compensation plans is incorporated by reference to the informationprovided under the caption "Disclosure with Respect to the Company'sEquity Compensation Plan" in Part II - Item 5 - Market for Common Equityand Related Stockholder Matters, included in this Form 10-K.

**ITEM 13.              CERTAINRELATIONSHIPS AND RELATED TRANSACTIONS AND DIRECTOR INDEPENDENCE.**

** **

In February 2005, weissued 1,240,000 shares of our Series B Convertible Preferred Stock, including180,000 shares to The Erie County Investment Co., a substantial holder of ourcommon stock and member of The Bailey Group.  In June 2006, we exercised ourmandatory conversion rights under the terms of the Series B preferred stock toconvert all of those shares into a total of 1,240,000 shares of our commonstock.  Under the agreements for the Series B preferred stock financing, priorto December 13, 2010 The Bailey Group had the right to elect three directors,provided that two directors meet the NASDAQ independence standards, and theother investors in the Series B preferred stock financing had the right toelect three directors.  As a condition to the closing of the SII InvestmentTransaction, the Series B investors agreed to waive the foregoing directordesignation rights, effective as of December 13, 2010.  Going forward, theSeries B investors have certain designation rights as set forth in the Purchase Agreement with SII,which is discussed below.

The SII PurchaseAgreement provides that so long as SII holds more than 50% of the Company'soutstanding Common Stock, (i) the Board shall consist of seven directors, and(ii) SII shall have the right to designate four members of the Board.  Inaddition, a provisionof the Series B preferred stock financing restricts, for as long as theoriginal investors hold at least two-thirds of the common stock into which theSeries B shares have been converted, our ability to increase the size of theBoard of Directors above seven directors unless we first receive approval fromthe holders of at least three-fourths of all outstanding shares of commonstock.

The SII PurchaseAgreement provides that SII shall vote its shares in any election of directorsin favor of one person designated by The Bailey Group and one person designatedby Eric W. Reinhard, in addition to SII's four director designees.  If eitherThe Bailey Group or Reinhard ceases to own at least 600,000 shares of theCompany's Common Stock (adjusted for any stock splits, reverse splits orsimilar capital stock transactions), then the foregoing designation right willcease, and SII has agreed to vote its shares in any election of directors infavor of a person, other than an SII designee, who receives the majority ofvotes of holders of Common Stock other than SII.  Pursuant to the PurchaseAgreement, the Series B investors have agreed to vote their shares in anyelection of directors in favor of SII's designees.

KeithA. Radford, John F. Morgan, Gary J. Heller and David L. Dobbin are the currentdirectors designated by SII, Geoffrey R. Bailey is the current directordesignated by The Bailey Group, and Eric W. Reinhard is the current directordesignated by the other Series B investors.  David L. Dobbin is a director ofSII, which holds approximately 51.4% of our outstanding Common Stock followingthe SII Investment Transaction.  Geoffrey R. Bailey is a director of The ErieCounty Investment Co., which owns 99% of The Bailey Company.  The BaileyCompany and The Erie County Investment Co. are principal stockholders of us. Geoffrey R. Bailey's father, Paul T. Bailey, is the principal owner of The ErieCounty Investment Co.

Ourcorporate headquarters are located in a building owned by The Bailey Companyand in which The Bailey Company also has its corporate headquarters.  Wecurrently lease our executive office space of approximately 3,693 square feetfrom The Bailey Company for approximately $55,000 per year.  The lease expired September30, 2009 and we continue to lease the space on a month to month basis.

The Bailey Company isalso the owner of one franchised Good Times Drive Thru restaurant which islocated in Loveland, Colorado and was the owner of one franchised restaurant inThornton, Colorado which was closed in October 2009. The Bailey Company hasentered into two franchise and management agreements with us.  Franchiseroyalties and management fees paid under those agreements totaled approximately$50,000 and $78,000 for the fiscal years ending September 30, 2010 and 2009,respectively.

In April 2009 theCompany entered into a loan agreement with Golden Bridge, pursuant to whichGolden Bridge made a loan of $185,000 to the Company.  This loan was repaid infull out of the proceeds received by the Company in the SII InvestmentTransaction.  Director Eric Reinhard and former directors Ron Goodson, DavidGrissen, Richard Stark, and Alan Teran, who are all stockholders of theCompany, are the sole members of Golden Bridge, and Eric Reinhard is the solemanager of Golden Bridge.  The Company's obtaining of the loan from GoldenBridge and related transactions were

38

duly approved inadvance by the Company's Board of Directors by the affirmative vote of membersthereof who did not have an interest in the transaction.  Total interest and commitmentfees paid under this agreement were approximately $18,000 and $12,000 for thefiscal years ending September 30, 2010 and 2009, respectively. The amount due to related partiesunder this agreement that is included in notes payable was $185,000 at September30, 2010. See Note 8 to our Consolidated Financial Statements of Item 8 abovefor the terms of the loan.

**Section 16(a)beneficial ownership reporting compliance:** Under Section 16(a) of the Securities Exchange Actof 1934, directors, executive officers and persons who own more than tenpercent of our Common Stock must disclose their initial beneficial ownership ofthe Common Stock and any changes in that ownership in reports which must befiled with the SEC and Good Times Restaurants. The SEC has designated specificdeadlines for these reports and Good Times Restaurants must identify in thisproxy statement those persons who did not file these reports when due.

Based solely on areview of the reports filed with Good Times Restaurants and writtenrepresentations received from reporting persons Good Times Restaurants believesthat during the fiscal year ended September 30, 2010 all Section 16(a) filingrequirements for its officers, directors, and more than ten percentshareholders were complied with on a timely basis.

**ITEM14.             PRINCIPAL ACCOUNTANT FEES AND SERVICES**

** **

**INDEPENDENTPUBLIC ACCOUNTANTS****:** The Board of Directors appointed HEIN& ASSOCIATES LLP as Good Times Restaurants' independent auditors for thefiscal year ended September 30, 2009 and fiscal year 2010, and to perform otheraccounting services.  Representatives of HEIN & ASSOCIATES LLP are expectedto be present at the annual meeting of shareholders, and will have theopportunity to make a statement if they so desire and to respond to appropriateshareholder questions.

**AuditFees****:** The aggregatefees billed for professional services rendered by HEIN & ASSOCIATES LLP forits audit of the Company's annual financial statements for the fiscal yearended September 30, 2010, and its reviews of the financial statements includedin the Company's Forms 10-Qs for fiscal year 2010 were $75,910 compared to$86,236 in fees for the fiscal year ended 2009.

**Audit Related Fees:** There were no aggregate fees billed by HEIN & ASSOCIATES LLP forassurance and related services that are reasonably related to the performanceof the audit or review of our financial statements and are not reported under"Audit Fees" for the fiscal years ended September 30, 2010 and September 30,2009.

**TaxFees:**The aggregate fees billed by HEIN & ASSOCIATES LLP for the preparation andreview of the Company's tax returns for the fiscal year ended September 30,2010 were $10,500 compared to $11,350 in fees for the fiscal year endedSeptember 30, 2009.

**AllOther Fees****:** The aggregatefees billed to Good Times Restaurants for all other services rendered by HEIN& ASSOCIATES LLP for fiscal year 2010 were $12,214 compared to $12,562 infees for the fiscal year ended September 30, 2009.  These fees are primarily relatedto a 401(k) plan audit.

**AuditCommittee:**Policy on Pre-Approval Policies of Auditor Services: Under theprovisions of the Audit Committee Charter, all audit services and all permittednon-audit services (unless subject to a de minimis exception allowed by law)provided by our independent auditors, as well as fees and other compensation tobe paid to them, must be approved in advance by our Audit Committee.  All auditand other services provided by HEIN & ASSOCIATES LLP during the fiscal yearended September 30, 2010, and the related fees as discussed above, wereapproved in advance in accordance with SEC rules and the provisions of theAudit Committee Charter.  There were no other services or products provided byHEIN & ASSOCIATES LLP to us or related fees during the fiscal year ended September30, 2010 except as discussed above.

**AuditorIndependence****:** The Audit Committee of the Board ofDirectors has considered the effect that the provision of the servicesdescribed above under the caption "All Other Fees" may have on the independenceof HEIN & ASSOCIATES LLP.  The Audit Committee has determined thatprovision of those services is compatible with maintaining the independence ofHEIN & ASSOCIATES LLP as the Company's principal accountants.

39

** **

**PART IV**

** **

**ITEM15.             EXHIBITS, FINANCIAL STATEMENT SCHEDULES**

** **

Thefollowing exhibits are furnished as part of this report:

**Exhibit**

**Description**

** **

** **

3.1

Articles  of Incorporation of the Registrant (previously filed on November 30, 1988 as  Exhibit 3.1 to the registrant's Registration Statement on Form S-18 (File No.  33-25810-LA) and incorporated herein by reference)

3.2

Amendment  to Articles of Incorporation of the Registrant dated January 23, 1990  (previously filed on January 18, 1990 as Exhibit 3.1 to the registrant's  Current Report on Form 8-K (File No. 000-18590) and incorporated herein by  reference)

3.3

Amendment  to Articles of Incorporation (previously filed as Exhibit 3.5 to the  registrant's Annual Report on Form 10-KSB for the fiscal year ended September  30, 1996 and (File No. 000-18590) incorporated herein by reference)

3.4

Restated  Bylaws of Registrant dated November 7, 1997 (previously filed as Exhibit 3.6  to the registrant's Annual Report on Form 10-KSB for the fiscal year ended  September 30, 1997 (File No. 000-18590) and incorporated herein by reference)

3.5

Restated  Bylaws of Registrant, amended as of August 14, 2007 (previously filed as  Exhibit 3/1 to the registrant's current report on Form 8-K dated August 14,  2007 (File No. 000-18590) and incorporated herein by reference)

4.1

Certificate  of Designations, Preferences, and Rights of Series B Convertible Preference  Stock of Good Times Restaurants Inc. (previously filed as Exhibit 1 to the  Amendment No. 6 to Schedule 13D filed by The Erie County Investment Co., The  Bailey Company, LLLP and Paul T. Bailey (File No. 005-42729) on February 14,  2005 and incorporated herein by reference)

10.1

1992  Incentive Stock Option Plan, as amended (previously filed as Exhibit 4.9 to  the registrant's Annual Report on Form 10-KSB for the fiscal year ended  September 30, 1998 (File No. 000-18590) and incorporated herein by reference)

10.2

1992  Non-Statutory Stock Option Plan, as amended (previously filed as Exhibit 4.10  to the registrant's Annual Report on Form 10-KSB for the fiscal year ended  September 30, 1998 (File No. 000-18590) and incorporated herein by reference)

10.3

Employment  Agreement dated October 3, 2001 between the registrant and Boyd E. Hoback

10.4

Wells  Fargo Credit Agreement (previously filed as Exhibit 10.17 to the registrant's  Annual Report on Form 10-KSB for the fiscal year ended September 30, 2003  (File No. 000-18590) and incorporated herein by reference)

10.5

Form  of Option Agreement (previously filed as Exhibit 10.18 to the registrant's  Annual Report on Form 10-KSB for the fiscal year ended September 30, 2004  (File No. 000-18590) and incorporated herein by reference)

10.6

Form  of Option Grant Notice (previously filed as Exhibit 10.19 to the registrant's  Annual Report on Form 10-KSB for the fiscal year ended September 30, 2004  (File No. 000-18590) and incorporated herein by reference)

10.7

Cash  Bonus Plan for Boyd Hoback (previously filed as Exhibit 10.20 to the  registrant's Annual Report on Form 10-KSB for the fiscal year ended September  30, 2004 (File No. 000-18590) and incorporated herein by reference)

10.8

Securities  Purchase Agreements (previously filed on the registrant's Current Report on  Form 8-K dated January 3, 2005 (File No. 000-18590) and incorporated herein  by reference)

10.9

Amendment  to Securities Purchase Agreement (previously filed as Exhibit 10.1 to the  registrant's Form 8-K Report dated January 27, 2005 (File No. 000-18590) and  incorporated herein by reference)

10.10

2001  Stock Option Plan, as amended (previously filed as Exhibit 99.1 to the  registrant's Registration Statement on Form S-8 filed on May 23, 2005  (Registration No. 333-125150) and incorporated herein by reference)

10.11

Conversion  of Series B Convertible Preferred Stock (previously filed as Exhibit 99.1 to  the registrant's Form 8-K Report dated June 8, 2006 (File No. 000-18590) and  incorporated herein by reference)

40

**Exhibit**

**Description**

10.12

Loan  Agreement and Promissory Note (previously filed as Exhibit 10.1 and 10.2 to  the registrant's Form 8-K Report dated August 7, 2006 (File No. 000-18590)  and incorporated herein by reference)

10.13

Acceleration  of Vesting of Stock Options and Form of Resale Restriction Agreement  (previously filed as Exhibit 10.1 to the registrant's Form 8-K Report dated  August 8, 2006 (File No. 000-18590) and incorporated herein by reference)

10.14

Expansion  of Loan Agreement and Promissory Note (previously filed as Exhibit 10.1 and  10.2 to the registrant's Form 8-K Report dated March 15, 2007 (File No.  000-18590) and incorporated herein by reference)

10.15

Loan  Agreement and Promissory Note (previously filed as Exhibit 10.1 and 10.2 to  the registrant's Form 8-K Report dated May 7, 2007 (File No. 000-18590) and  incorporated herein by reference)

10.16

Amendment  No. 1 to Loan Agreement and Promissory Note (previously filed as Exhibit 10.1  and 10.2 to the registrant's Form 8-K Report dated May 10, 2007 (File No.  000-18590) and incorporated herein by reference)

10.17

2008  Omnibus Equity Incentive Compensation Plan (previously filed as Exhibit 10.1   to the registrant's Form 8-K Report dated January 29, 2008 (File No.  000-18590) and incorporated herein by reference)

10.18

Employment  Agreement of Boyd E. Hoback (previously filed as Exhibit 10.1 to the  registrant's Form 8-K Report dated January 29, 2008 (File No. 000-18590) and  incorporated herein by reference)

10.19

Letter  Agreement between Good Times Drive Thru Inc. and CEDA Enterprises, Inc.  (previously filed as Exhibit 10.1 to the registrant's Form 8-K Report dated  March 12, 2008 (File No. 000-18590) and incorporated herein by reference)

10.20

Letter  Agreement between Good Times Drive Thru Inc. and CEDA Enterprises, Inc. and  CEJ Investments, LLC (previously filed as Exhibit 10.2 to the registrant's  Form 8-K Report dated March 12, 2008 (File No. 000-18590) and incorporated  herein by reference)

10.21

Amended  and Restated Loan Agreement (previously filed as Exhibit 10.1 to the  registrant's Form 8-K Report dated July 2, 2008 (File No. 000-18590) and  incorporated herein by reference)

10.22

Promissory  Note by Good Times Drive Thru Inc. and Good Times Restaurants Inc. payable to  PFGI II, LLC (previously filed as Exhibit 10.2 to the registrant's Form 8-K  Report dated July 2, 2008 (File No. 000-18590) and incorporated herein by  reference)

10.23

Departure  of Management Employees, Transfer of Development Rights and Suspension of  Expansion (previously filed in the registrant's Form 8-K Report dated June  26, 2008 (File No. 000-18590) and incorporated herein by reference)

10.24

Suspension  of Development Agreement previously filed as Exhibit 10.41 to the  registrant's Form 10-KSB Report dated December 26, 2008 (File No. 000-18590)  and incorporated herein by reference)

10.25

Results  of Operations, Triggering Events and Other Events (previously filed as the  registrant's Form 8-K Report dated January 20, 2009 (File No. 000-18590) and  incorporated herein by reference)

10.26

Loan  Agreement, Promissory Note, Warrant, Intercreditor Agreement and First  Amendment to Amended and Restated Promissory Note (previously filed as  Exhibits 4.1, 10.1, 10.2, 10.3 and 10.4 to the registrant's Form 8-K Report dated  April 20, 2009 (File No. 000-18590) and incorporated herein by reference)

10.27

Agreement  between Good Times Restaurants Inc. and Mastodon Ventures Inc. (previously  filed as Exhibit 10.1 to the registrant's Form 8-K Report dated August 14,  2009 (File No. 000-18590) and incorporated herein by reference)

10.28

Letter  Agreement between Good Times Restaurants Inc. and PFGI II, LLC dated December  14, 2009 (previously filed as Exhibit 10.33 to the registration's Annual  Report on Form 10-K dated December 29, 2009 (File no. 000-18590) and  incorporated herein by reference) 

10.29

Promissory  Note and Warrant dated January 19, 2010 (previously filed as Exhibits 4.1 and  10.1 to the registrant's Form 8-K Report dated January 21, 2010 (File No.  000-18590) and incorporated herein by reference)

10.30

Loan  Agreement, Convertible Secured Promissory Note and Warrants (previously filed  as Exhibits 4.1, 10.1 and 10.2 to the registrant's Form 8-K Report dated  February 3, 2010 (File No. 000-18590) and incorporated herein by reference)

10.31

Registration  Statement (previously filed on the registrant's Registration Statement on  Form S-3 filed on March 4, 2010 (Registration No. 333-165189) and  incorporated herein by reference

10.32

First  Amendment to Loan Agreement, Convertible Secured promissory Note and Warrants  (previously filed as Exhibits 4.1, 10.1 and 10.2 to the registrant's Form 8-K  Report dated April 6, 2010 (File No. 000-18590) and incorporated herein by  reference)

41

**Exhibit**

**Description**

10.33

Amendment  No. 1 to Registration Statement (previously filed on the registrant's  Registration Statement on Form S-3 filed on April 27, 2010 (Registration No.  333-165189) and incorporated herein by reference

10.34

Term  Sheet dated October 3, 2010 between Company and Small Island Investments  Limited (previously filed as Exhibit 10.1 to the registrant's Form 8-K Report  dated October 5, 2010 (File No. 000-18590) and incorporated herein by  reference)

10.35

Securities  Purchase Agreement dated October 29, 2010 (previously filed as Exhibit 10.1  to the registrant's Form 8-K Report dated November 3, 2010 (File No.  000-18590) and incorporated herein by reference)

10.36

Registration  Rights Agreement dated December 13, 2010 (previously filed as Exhibit 10.1 to  the registrant's Form 8-K Report dated December 17, 2010 (File No. 000-18590)  and incorporated herein by reference)

10.37

Loan  and Credit and Loan Agreement dated as of December 13, 2010 (previously filed  as Exhibit 10.1 to the registrant's Form 8-K Report dated December 17, 2010  (File No. 000-18590) and incorporated herein by reference)

10.38

Consent  and Agreement dated as of December 13, 2010 (previously filed as Exhibit 10.1  to the registrant's Form 8-K Report dated December 17, 2010 (File No.  000-18590) and incorporated herein by reference)

10.39

Consent  and Waiver dated as of December 13, 2010 (previously filed as Exhibit 10.1 to  the registrant's Form 8-K Report dated December 17, 2010 (File No. 000-18590)  and incorporated herein by reference)

14.1

Code  of Ethics (previously filed as Exhibit 14.1 to the registrant's Annual Report  on Form 10-KSB for the fiscal year ended September 30, 2003 (File No.  000-18590) and incorporated herein by reference)

21.1

Subsidiaries  of registrant (previously filed as Exhibit 21.1 to the registrant's Annual  Report on Form 10-KSB for the fiscal year ended September 30, 1998 (File No.  000-18590) and incorporated herein by reference)

23.1

*Consent  of HEIN & ASSOCIATES LLP

31.1

*Certification  of Chief Executive `Officer pursuant to 18 U.S.C. Section 1350

31.2

*Certification  of Controller pursuant to 18 U.S.C. Section 1350

32.1

*Certification  of Chief Executive Officer and Controller pursuant to 18 U.S.C. Section 1350

*Filedherewith

42

**SIGNATURES**

** **

Inaccordance with Section 13 or 15(d) of the Exchange Act, the registrant causedthis report to be signed on its behalf by the undersigned, thereunto dulyauthorized.

** **

**GOOD  TIMES  RESTAURANTS INC.**

Date:  December 23, 2010

*/s/  Boyd E. Hoback*

Boyd  E. Hoback

President  and Chief Executive Officer

Inaccordance with the Exchange Act, this report has been signed below by thefollowing persons on behalf of the registrant and in the capacities and on thedates indicated. 

*/s/  David L. Dobbin*

* *

*/s/ Boyd E.  Hoback*

David  L. Dobbin, Chairman

Date:  December 23, 2010

Boyd E.  Hoback, Director 

and President  and CEO

Date: December  23, 2010 

* *

* *

*/s/  Geoffrey R. Bailey*

 

*/s/  Susan M. Knutson*

Geoffrey  R. Bailey, Director

Date:  December 23, 2010 

Susan  M. Knutson, Controller and

Principal  Financial Officer

Date:  December 23, 2010

* *

* *

*/s/ Gary J.  Heller*

 

*/s/  Keith A. Radford*

Gary J.  Heller, Director

Date: December  23, 2010 

Keith  A. Radford, Director

Date:  December 23, 2010 

* *

* *

* *

*/s/  John F. Morgan*

* *

*/s/  Eric W. Reinhard*

John  F. Morgan, Director

Date:  December 23, 2010 

Eric  W. Reinhard, Director

Date:  December 23, 2010

* *

43 |
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