{"url_path":"/sec/nrom/10-k/2026/cover-page","section_key":"cover-page","section_title":"Cover Page","topic":"sec","document":{"doc_type":"10-K","doc_date":"2026-06-08","source_url":"https://www.sec.gov/Archives/edgar/data/709005/0001654954-26-005747-index.html","accession_number":"0001654954-26-005747","cik":"0000709005","ticker":"NROM","issuer_name":"NOBLE ROMANS INC","edgar_url":"https://www.sec.gov/Archives/edgar/data/709005/0001654954-26-005747-index.html","primary_entity_key":"0000709005","primary_entity_name":"NOBLE ROMANS INC"},"word_count":854,"has_tables":true,"body_markdown":"nrom_10k.htm\n0000709005false--12-31FY2025false00.000.0040000000222155122221551222215512falsefalsefalsefalseP10Y000007090052025-01-012025-12-310000709005us-gaap:SubsequentEventMember2026-01-012026-06-050000709005nrom:CompanyOwnedRestaurantsMember2024-01-012024-12-310000709005nrom:CompanyOwnedRestaurantsMember2025-01-012025-12-310000709005nrom:FranchisingMember2025-01-012025-12-310000709005nrom:FranchisingMember2024-01-012024-12-310000709005nrom:PaulMobleyMember2025-12-310000709005nrom:HoldersMember2025-12-310000709005nrom:PaulMobleyMemberus-gaap:ConvertibleNotesPayableMember2025-12-310000709005nrom:PaulMobleyMember2024-01-012024-12-310000709005nrom:NoteTwoMember2025-05-310000709005nrom:NoteOneMember2025-05-310000709005nrom:EquipmentCommissionMember2025-01-012025-12-310000709005nrom:EquipmentCommissionMember2024-01-012024-12-310000709005nrom:InitialFranchiseeFeesMember2025-01-012025-12-310000709005nrom:InitialFranchiseeFeesMember2024-01-012024-12-310000709005us-gaap:FairValueInputsLevel3Member2025-01-012025-12-310000709005us-gaap:FairValueInputsLevel3Member2025-12-310000709005us-gaap:FairValueInputsLevel2Member2025-12-310000709005us-gaap:FairValueInputsLevel1Member2025-12-310000709005us-gaap:FairValueInputsLevel3Member2024-12-310000709005us-gaap:FairValueInputsLevel2Member2024-12-310000709005us-gaap:FairValueInputsLevel1Member2024-12-310000709005nrom:TrancheThreeMember2024-12-310000709005nrom:TrancheThreeMember2025-12-310000709005nrom:PromissoryNoteMember2019-12-310000709005nrom:PromissoryNoteMember2017-01-310000709005nrom:NewCorbelWarrantMember2020-02-070000709005nrom:TrancheThreeMember2020-02-070000709005nrom:TrancheTwoMember2020-02-070000709005nrom:TrancheOneMember2020-02-070000709005nrom:NotesMembernrom:HoldersMember2024-01-012024-12-310000709005nrom:SecuredPromissoryNoteMember2020-02-070000709005nrom:NotesMembernrom:HoldersMember2023-04-012023-04-300000709005nrom:NotesMembernrom:HoldersMember2020-02-012020-02-290000709005nrom:NotesMembernrom:HoldersMember2025-01-012025-12-310000709005nrom:PromissoryNoteMember2019-08-012019-08-310000709005nrom:PromissoryNoteMember2019-01-012019-01-310000709005nrom:PromissoryNoteMember2018-01-012018-12-310000709005nrom:PromissoryNoteMember2017-01-012017-01-310000709005nrom:NewCorbelWarrantMember2020-02-012020-02-070000709005nrom:TrancheThreeMember2020-02-012020-02-070000709005nrom:TrancheTwoMember2020-02-012020-02-070000709005nrom:TrancheOneMember2020-02-012020-02-070000709005nrom:SecuredPromissoryNoteMember2020-02-012020-02-070000709005nrom:NotesMembernrom:HoldersMember2023-04-300000709005nrom:NotesMembernrom:HoldersMember2023-01-310000709005nrom:ERCProgramMember2025-01-012025-12-310000709005nrom:ERCProgramMember2023-03-310000709005nrom:AcquisitionOfRHRoanokeIncMember2025-12-310000709005nrom:ConvertibleNotesMember2024-01-012024-12-310000709005nrom:ConvertibleNotesMember2025-01-012025-12-310000709005nrom:OptionsAndWarrantsMember2024-01-012024-12-310000709005nrom:OptionsAndWarrantsMember2025-01-012025-12-310000709005us-gaap:RetainedEarningsMember2025-12-310000709005us-gaap:CommonStockMember2025-12-310000709005us-gaap:CommonStockMember2025-01-012025-12-310000709005us-gaap:RetainedEarningsMember2025-01-012025-12-310000709005us-gaap:RetainedEarningsMember2024-12-310000709005us-gaap:CommonStockMember2024-12-310000709005us-gaap:CommonStockMember2024-01-012024-12-310000709005us-gaap:RetainedEarningsMember2024-01-012024-12-3100007090052023-12-310000709005us-gaap:RetainedEarningsMember2023-12-310000709005us-gaap:CommonStockMember2023-12-3100007090052024-01-012024-12-3100007090052025-12-3100007090052024-12-3100007090052026-05-1400007090052025-06-30iso4217:USDxbrli:sharesiso4217:USDxbrli:sharesxbrli:pure\n\n \n\n**U.S. SECURITIES AND EXCHANGE COMMISSION**\n\n**WASHINGTON****, D.C.****  20549**\n\n \n\n**FORM 10-K**\n\n \n\n(Mark one)\n\n**☒**\n\n**Annual Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934**\n\n \n\nfor the fiscal year ended **December 31, 2025.**\n\n \n\n \n\n**☐**\n\n**Transition Report Pursuant to Section 13 or 15 (d) of the Securities Exchange Act of 1934**\n\n \n\nfor the transition period from __________ to __________.\n\n \n\nCommission file number **0-11104**\n\n \n\n**NOBLE ROMAN’S, INC.**\n\n*(Exact name of registrant as specified in its charter)*\n\n \n\n**Indiana**\n\n \n\n**35-1281154**\n\n*(State or other jurisdiction*\n\n \n\n*(I.R.S. Employer*\n\n*of incorporation or organization)*\n\n \n\n*Identification No.)*\n\n \n\n**6612 E. 75th Street, Suite 450**\n\n**Indianapolis****, Indiana 46250**\n\n*(Address of principal executive offices)*\n\n \n\nRegistrant’s telephone number, including area code: **(317) 634-3377**\n\n \n\nSecurities registered pursuant to Section 12(b) of the Act: \n\n \n\nTitle of each class\n\nTrading Symbol(s)\n\nName of each exchange on which registered\n\nN/A\n\n \n\n \n\n \n\nSecurities registered pursuant to Section 12(g) of the Act: Common Stock\n\n \n\nIndicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes ☐     No ☒\n\n \n\nIndicate 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 ☒\n\n \n\nIndicate 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 (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒     No ☐\n\n \n\nIndicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒     No ☐\n\n \n\nIndicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer”, “accelerated filer”, “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.\n\n \n\nLarge Accelerated Filer\n\n☐\n\nAccelerated Filer\n\n☐\n\nNon-Accelerated Filer\n\n☒\n\nSmaller Reporting Company\n\n☒\n\nEmerging Growth Company\n\n☐\n\n \n\nIf an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐\n\n \n\nIndicate by check mark whether the registrant has filed a report on and attestation to its management’s assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report ☐\n\n \n\nIf securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction of an error to previously issued financial statements. ☐\n\n \n\nIndicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the Registrant’s executive officers during the relevant recovery period pursuant to §240.10D-1(b). ☐\n\n \n\nIndicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act). Yes ☐     No ☒\n\n \n\nThe aggregate market value of the common stock held by non-affiliates of the registrant as of June 30, 2025, the last business day of the registrant’s most recently completed second fiscal quarter, based on the closing price of the registrant’s common shares on such date was approximately $4.04 million.\n\n \n\nIndicate the number of shares outstanding of each of the registrant’s classes of common stock, as of the latest practicable date: 22,215,512 shares of common stock as of May 14, 2026.\n\n \n\nDocuments Incorporated by Reference: None\n\n \n\n \n\n \n\n \n\nNOBLE ROMAN’S, INC.\n\nFORM 10-K\n\nYear Ended December 31, 2025\n\nTable of Contents\n\n \n\nItem\n\n \n\n \n\nPage\n\n \n\n**PART I**\n\n[1.](#a2)\n\n[Business](#a2)\n\n \n\n3\n\n \n\n[1A.](#a3)\n\n[Risk Factors](#a3)\n\n \n\n8\n\n \n\n[1B.](#a4)\n\n[Unresolved Staff Comments](#a4)\n\n \n\n13\n\n \n\n[1C.](#a5)\n\n[Cybersecurity](#a5)\n\n \n\n13\n\n \n\n[2.](#a6)\n\n[Properties](#a6)\n\n \n\n14\n\n \n\n[3.](#a7)\n\n[Legal Proceedings](#a7)\n\n \n\n14\n\n \n\n[4.](#a8)\n\n[Mine Safety Disclosures](#a8)\n\n \n\n14\n\n \n\n \n\n \n\n \n\n \n\n \n\n**PART II**\n\n[5.](#a10)\n\n[Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities](#a10)\n\n \n\n15\n\n \n\n[6.](#a11)\n\n[[ Reserved ]](#a11)\n\n \n\n16\n\n \n\n[7.](#a12)\n\n[Management’s Discussion and Analysis of Financial Condition and Results of Operations](#a12)\n\n \n\n16\n\n \n\n[7A.](#a13)\n\n[Quantitative and Qualitative Disclosures About Market Risk](#a13)\n\n \n\n21\n\n \n\n[8.](#a14)\n\n[Financial Statements and Supplementary Data](#a14)\n\n \n\nF-1\n\n \n\n[9.](#a15)\n\n[Changes in and Disagreements with Accountants on Accounting and Financial Disclosure](#a15)\n\n \n\n22\n\n \n\n[9A.](#a16)\n\n[Controls and Procedures](#a16)\n\n \n\n22\n\n \n\n[9B.](#a17)\n\n[Other Information](#a17)\n\n \n\n23\n\n \n\n[9C.](#a18)\n\n[Disclosure Regarding Foreign Jurisdictions that Prevent Inspections](#a18)\n\n \n\n23\n\n \n\n \n\n \n\n \n\n \n\n \n\n**PART III**\n\n[10.](#a20)\n\n[Directors, Executive Officers and Corporate Governance](#a20)\n\n \n\n24\n\n \n\n[11.](#a21)\n\n[Executive Compensation](#a21)\n\n \n\n25\n\n \n\n[12.](#a22)\n\n[Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters](#a22)\n\n \n\n28\n\n \n\n[13.](#a23)\n\n[Certain Relationships and Related Transactions, and Director Independence](#a23)\n\n \n\n30\n\n \n\n[14.](#a24)\n\n[Principal Accountant Fees and Services](#a24)\n\n \n\n31\n\n \n\n \n\n \n\n \n\n \n\n \n\n**PART IV**\n\n[15.](#a26)\n\n[Exhibits and Financial Statement Schedules](#a26)\n\n \n\n32\n\n \n\n[16.](#a27)\n\n[Form 10-K Summary](#a27)\n\n \n\n34\n\n \n\n \n\n \n\n2\n\n*Table of Contents*\n\n  \n\n**PART 1**"}