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<p class=MsoTitle><b><font size=3 face="Times New Roman">&nbsp;</font></b></p>

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<p class=MsoHeader><font size=2 face="Times New Roman">&nbsp;</font></p>

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<p class=MsoTitle><b><font size=2 face="Times New Roman">UNITED STATES</font></b></p>

<p class=MsoNormal align=center style='text-align:center'><b><font size=2
face="Times New Roman">SECURITIES
AND EXCHANGE COMMISSION</font></b></p>

<p class=MsoNormal align=center style='text-align:center'><font size=2
face="Times New Roman">Washington, D.C. 20549</font></p>

<p class=MsoNormal><font size=2 face="Times New Roman">&nbsp;</font></p>

<p class=MsoNormal align=center style='text-align:center'><b><font size=2
face="Times New Roman">FORM 8-K</font></b></p>

<p class=MsoNormal align=center style='text-align:center'><b><font size=2
face="Times New Roman">&nbsp;</font></b></p>

<p class=MsoNormal align=center style='text-align:center'><b><font size=2
face="Times New Roman">CURRENT
REPORT</font></b></p>

<p class=MsoNormal><b><font size=2 face="Times New Roman">&nbsp;</font></b></p>

<h3><b><font size=2 face="Times New Roman">Pursuant
to Section 13 or 15(d) of the Securities Exchange Act of 1934</font></b></h3>

<p class=MsoNormal><font size=2 face="Times New Roman">&nbsp;</font></p>

<p class=MsoNormal align=center style='text-align:center'><font size=2
face="Times New Roman">Date of Report (Date of
earliest event reported)</font></p>

<p class=MsoNormal align=center style='text-align:center'><font size=2
face="Times New Roman">April 20, 2009</font></p>

<p class=MsoNormal><font size=2 face="Times New Roman">&nbsp;</font></p>

<p class=MsoNormal align=center style='text-align:center'><b><font size=2
face="Times New Roman">Good
Times Restaurants Inc.</font></b></p>

<p class=MsoNormal align=center style='text-align:center'><font size=2
face="Times New Roman">(Exact name of registrant
as specified in its charter)</font></p>

<p class=MsoNormal><font size=2 face="Times New Roman">&nbsp;</font></p>

<p class=MsoNormal><font size=2 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nevada&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 000-18590&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 84-1133368</font></p>

<p class=MsoNormal><font size=2 face="Times New Roman"> (State or other jurisdiction&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Commission&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (IRS
Employer</font></p>

<p class=MsoNormal><font size=2 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; of incorporation)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; File Number)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Identification
No.)</font></p>

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<p class=MsoNormal><font size=2 face="Times New Roman">&nbsp;</font></p>

<p class=MsoNormal align=center style='text-align:center'><font size=2
face="Times New Roman">601 Corporate Circle, Golden, Colorado 80401</font></p>

<p class=MsoNormal align=center style='text-align:center'><font size=2
face="Times New Roman">(Address of principal
executive offices)&nbsp;&nbsp; (Zip Code)</font></p>

<p class=MsoNormal><font size=2 face="Times New Roman">&nbsp;</font></p>

<p class=MsoNormal align=center style='text-align:center'><font size=2
face="Times New Roman">Registrant's telephone
number, including area code: (303) 384-1400</font></p>

<p class=MsoNormal><font size=2 face="Times New Roman">&nbsp;</font></p>

<p class=MsoNormal align=center style='text-align:center'><font size=2
face="Times New Roman">Not applicable</font></p>

<p class=MsoNormal align=center style='text-align:center'><font size=2
face="Times New Roman">(Former name or former
address, if changed since last report.)</font></p>

<p class=MsoNormal><font size=2 face="Times New Roman">&nbsp;</font></p>

<p class=MsoNormal><font size=2 face="Times New Roman">&nbsp;</font></p>

<p class=MsoNormal><font size=2 face="Times New Roman">Check the appropriate box below if the Form 8-K filing is intended to
simultaneously satisfy the filing obligation of the registrant under any of the
following provisions (see General Instruction A.2.):<br>
<br>
[_] Written communications pursuant to Rule 425 under the Securities Act (17
CFR 230.425)<br>
<br>
[_] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12)<br>
<br>
[_] Pre-commencement communications pursuant to Rule 14d-2(b) under the
Exchange Act (17 CFR 240.14d-2(b))<br>
<br>
[_] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange
Act (17 CFR 240.13e-4(c))</font></p>

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<p class=MsoNormal><b><font size=2 color=black face="Times New Roman">Item 1.01&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Entry
into a Material Definitive Agreement.</font></b></p>

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face="Times New Roman">&nbsp;</font></b></p>

<p class=MsoNormal style='text-indent:.5in;text-autospace:none'><font size=2
color=black face="Times New Roman">On
April 20, 2009, Good Times Restaurants Inc. (the &quot;Company&quot;) and Good Times
Drive Thru Inc. (&quot;GTDT&quot;), a wholly owned subsidiary of the Company, entered
into a loan agreement (the &quot;Loan Agreement&quot;) with Golden Bridge, LLC (&quot;Golden
Bridge&quot;), pursuant to which Golden Bridge made a loan of $185,000 (the &quot;Loan&quot;)
to GTDT to be used for restaurant marketing and other working capital costs of
GTDT.&nbsp; Eric Reinhard, Ron Goodson, David Grissen, Richard Stark, and Alan
Teran, who are all members of the Company's Board of Directors and stockholders
of the Company, are the sole members of Golden Bridge.&nbsp; Eric Reinhard is the
sole manager of Golden Bridge.&nbsp; The Company's and GTDT's obtaining of the Loan
from Golden Bridge and related transactions were duly approved in advance by
the Company's Board of Directors by the affirmative vote of members thereof who
did not have an interest in the transaction.</font></p>

<p class=MsoNormal style='text-indent:.5in;text-autospace:none'><font size=2
color=black face="Times New Roman">&nbsp;</font></p>

<p class=MsoNormal style='text-indent:.5in;text-autospace:none'><font size=2
color=black face="Times New Roman">The
Loan is evidenced by a promissory note dated April 20, 2009 (the &quot;Note&quot;) made
by the Company and GTDT, as co-makers, and shall bear interest at a rate of 10%
per annum on the unpaid principal balance.&nbsp; The Note provides for monthly
interest payments and will mature and be due and payable in full on July 10,
2010.&nbsp; The commitment fee for the Loan is $3,700.&nbsp; The Loan Agreement contains
customary event of default provisions and a cross-default provision with
respect to the loan agreement for the PFGI Loan (as defined below).&nbsp; Upon the occurrence
and continuance of an event of default, Golden Bridge may declare all or part
of the unpaid principal and accrued and unpaid interest on the Loan due and
payable.&nbsp; Any amounts not paid to Golden Bridge when due will bear interest
from the due date until paid at a rate of 18% per annum.</font></p>

<p class=MsoNormal style='text-indent:.5in;text-autospace:none'><font size=2
color=black face="Times New Roman">&nbsp;</font></p>

<p class=MsoNormal style='text-indent:.5in;text-autospace:none'><font size=2
color=black face="Times New Roman">The
Loan Agreement and the Note are subject to the terms of an intercreditor
agreement dated April 20, 2009 (the &quot;Intercreditor Agreement&quot;), among the
Company, GTDT, Golden Bridge and PFGI II, LLC (&quot;PFGI&quot;).&nbsp; As previously reported
by the Company, GTDT currently has a $2,500,000 revolving line of credit with
PFGI (the &quot;PFGI Loan&quot;), which was scheduled to mature on July 10, 2009, under
which $2,000,000 was outstanding as of April 20, 2009.&nbsp; Under the Intercreditor
Agreement, PFGI and Golden Bridge agreed that, upon any payments of principal
or interest on the Loan or the PFGI Loan by GTDT, PFGI and Golden Bridge shall
each be entitled to its pro rata share of such payments in the amount of 93.1%
for PFGI and 6.9% for Golden Bridge.&nbsp; The Intercreditor Agreement also provides
that GTDT and the Company may prepay the Loan in whole or in part with the
prior consent of PFGI, and that any other indebtedness of the Company or GTDT
to PFGI or Golden Bridge shall be subordinate in payment and lien priority to
the Loan and the PFGI Loan to the extent of the proceeds of the collateral.&nbsp;
Under the Intercreditor Agreement, all money received from any foreclosure on
the collateral securing the PFGI Loan shall be applied to PFGI and Golden
Bridge for their expenses related to such event and then on a pari passu basis
to PFGI and Golden Bridge in accordance with their respective pro rata shares.</font></p>

<p class=MsoNormal style='text-indent:.5in;text-autospace:none'><font size=2
color=black face="Times New Roman">&nbsp;</font></p>

<p class=MsoNormal style='text-indent:.5in;text-autospace:none'><font size=2
color=black face="Times New Roman">Prior
to the closing of the Loan, borrowings under the PFGI Loan were secured by
GTDT's leasehold estates and business assets with respect to certain of GTDT's
restaurants located in Boulder, Adams, Jefferson and Larimer counties in
Colorado and first deeds of trust on real property in Arapahoe and Weld
counties in Colorado developed under the PFGI Loan.&nbsp; In connection with PFGI's
entry into the Intercreditor Agreement, GTDT and the Company entered into a
first amendment to amended and restated promissory note dated April 20, 2009
(the &quot;PFGI Note Amendment&quot;), which extended the maturity date of the PFGI Loan
until July 10, 2010 and eliminated a loan balance threshold for release of the
collateral securing the PFGI Loan.</font></p>

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color=black face="Times New Roman">&nbsp;</font></p>

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<p class=MsoNormal style='text-indent:.5in;text-autospace:none'><font size=2
color=black face="Times New Roman">In
connection with the Loan, the Company issued a three-year warrant dated April 20,
2009 (the &quot;Warrant&quot;) to Golden Bridge which provides that Golden Bridge may at
any time from April 20, 2009 until April 20, 2012 purchase up to 92,500 shares
of the Company's common stock (the &quot;Warrant Shares&quot;) at an exercise price of $1.15
per share.&nbsp; The number of Warrant Shares and the exercise price are subject to
customary antidilution adjustments upon the occurrence of any stock dividends,
stock splits, reverse stock splits, recapitalizations, reclassifications, stock
combinations or similar events.&nbsp; </font></p>

<p class=MsoNormal style='text-indent:.5in;text-autospace:none'><font size=2
color=black face="Times New Roman">&nbsp;</font></p>

<p class=MsoNormal style='text-indent:.5in;text-autospace:none'><font size=2
color=black face="Times New Roman">The
issuance of the Warrant was made in reliance on the exemption from registration
under the Securities Act of 1933 (the &quot;Securities Act&quot;) as provided in Section
4(2) of the Securities Act.&nbsp; The facts relied upon to make such exemption
available include the fact that only one offeree and purchaser was involved,
the limited manner of offering, the status of the purchaser as either an
&quot;accredited investor&quot; as defined in Regulation D under the Securities Act or
sophisticated as to the nature of the particular transaction, and the
restricted status of the security as evidenced by a customary restrictive
legend on the document for the security.</font></p>

<p class=MsoNormal style='text-autospace:none'><font size=2
face="Times New Roman">&nbsp;</font></p>

<p class=MsoNormal style='text-indent:.5in;text-autospace:none'><font size=2
face="Times New Roman">The Loan Agreement, Note,
Intercreditor Agreement, PFGI Note Amendment, and Warrant (collectively, the
&quot;Loan Documents&quot;) are filed as Exhibits 10.1, 10.2, 10.3, 10.4 and<font
color=black> 4.1, respectively, to this Current
Report on Form 8-K and are incorporated herein by reference.&nbsp; The foregoing
summary of the Loan Documents </font>is qualified in its entirety by
reference to the full text of the Loan Documents filed as exhibits hereto.</font></p>

<p class=MsoNormal style='text-autospace:none'><font size=2 color=black
face="Times New Roman">&nbsp;</font></p>

<p class=MsoNormal style='margin-left:1.0in;text-indent:-1.0in;text-autospace:
none'><b><font size=2 color=black face="Times New Roman">Item 2.03&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Creation
of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet
Arrangement of a Registrant.</font></b></p>

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none'><b><font size=2 color=black face="Times New Roman">&nbsp;</font></b></p>

<p class=MsoNormal style='text-indent:.5in;text-autospace:none'><font size=2
color=black face="Times New Roman">On
April 20, 2009, the Company and GTDT obtained the Loan from Golden Bridge.&nbsp; The
description of the Loan and the related Loan Documents contained in Item 1.01
above is incorporated herein by reference.</font></p>

<p class=MsoNormal style='text-autospace:none'><font size=2 color="#000033"
face="Times New Roman">&nbsp;</font></p>

<p class=MsoNormal style='text-align:justify'><b><font size=2
face="Times New Roman">Item
9.01&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Financial Statements and Exhibits.</font></b></p>

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face="Times New Roman">&nbsp;</font></p>

<p class=MsoNormal style='text-indent:.5in'><font size=2 face="Times New Roman">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Exhibits.&nbsp; The following exhibits are filed
as part of this report:</font></p>

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<div align=center>

<table class=MsoNormalTable border=0 cellspacing=0 cellpadding=0 width=528
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  <p class=MsoNormal align=center style='text-align:center'><font size=2
  face="Times New Roman">Exhibit</font></p>
  <p class=MsoNormal align=center style='text-align:center'><u><font size=2
  face="Times New Roman">Number</font></u></p>
  </td>
  <td width=461 valign=top style='width:345.85pt;padding:0in 5.4pt 0in 5.4pt'>
  <p class=MsoNormal><u><font size=2 face="Times New Roman">&nbsp;</font></u></p>
  <p class=MsoNormal><u><font size=2 face="Times New Roman">Description</font></u></p>
  </td>
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  <p class=MsoNormal align=center style='text-align:center'><font size=2
  face="Times New Roman">4.1</font></p>
  </td>
  <td width=461 valign=top style='width:345.85pt;padding:0in 5.4pt 0in 5.4pt'>
  <p class=MsoNormal><font size=2 face="Times New Roman">Warrant to Purchase Shares of Common Stock, Par
  Value $0.01 Per Share dated April 20, 2009 by Good Times Restaurants Inc.</font></p>
  </td>
 </tr>
 <tr>
  <td width=67 valign=top style='width:50.15pt;padding:0in 5.4pt 0in 5.4pt'>
  <p class=MsoNormal align=center style='text-align:center'><font size=2
  face="Times New Roman">10.1</font></p>
  </td>
  <td width=461 valign=top style='width:345.85pt;padding:0in 5.4pt 0in 5.4pt'>
  <p class=MsoNormal><font size=2 face="Times New Roman">Loan Agreement dated April 20, 2009 among Golden
  Bridge, LLC, Good Times Drive Thru Inc. and Good Times Restaurants Inc.</font></p>
  </td>
 </tr>
 <tr>
  <td width=67 valign=top style='width:50.15pt;padding:0in 5.4pt 0in 5.4pt'>
  <p class=MsoNormal align=center style='text-align:center'><font size=2
  face="Times New Roman">10.2</font></p>
  </td>
  <td width=461 valign=top style='width:345.85pt;padding:0in 5.4pt 0in 5.4pt'>
  <p class=MsoNormal><font size=2 face="Times New Roman">Promissory Note dated April 20, 2009 by Good Times
  Drive Thru Inc. and Good Times Restaurants Inc.</font></p>
  </td>
 </tr>
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  <p class=MsoNormal align=center style='text-align:center'><font size=2
  face="Times New Roman">10.3</font></p>
  </td>
  <td width=461 valign=top style='width:345.85pt;padding:0in 5.4pt 0in 5.4pt'>
  <p class=MsoNormal><font size=2 face="Times New Roman">Intercreditor Agreement dated April 20, 2009 among
  PFGI II, LLC, Golden Bridge, LLC, Good Times Drive Thru Inc. and Good Times
  Restaurants Inc.</font></p>
  </td>
 </tr>
 <tr>
  <td width=67 valign=top style='width:50.15pt;padding:0in 5.4pt 0in 5.4pt'>
  <p class=MsoNormal align=center style='text-align:center'><font size=2
  face="Times New Roman">10.4</font></p>
  </td>
  <td width=461 valign=top style='width:345.85pt;padding:0in 5.4pt 0in 5.4pt'>
  <p class=MsoNormal><font size=2 face="Times New Roman">First Amendment to Amended and Restated Promissory
  Note dated April 20, 2009 by Good Times Drive Thru Inc. and Good Times
  Restaurants Inc.</font></p>
  </td>
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</table>

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<h3><b><font size=2 face="Times New Roman">SIGNATURES</font></b></h3>

<p class=MsoNormal><font size=2 face="Times New Roman">&nbsp;</font></p>

<p class=MsoBodyTextIndent3><font size=2 face="Times New Roman">Pursuant to the requirements of the Securities
Exchange Act of 1934, the registrant has duly caused this report to be signed
on its behalf by the undersigned hereunto duly authorized.</font></p>

<p class=MsoNormal><font size=2 face="Times New Roman">&nbsp;</font></p>

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<p class=MsoNormal><font size=2 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GOOD
TIMES RESTAURANTS INC.</font></p>

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<p class=MsoNormal><font size=2 face="Times New Roman">Date:&nbsp; April 20, 2009&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; By: &nbsp;<i><u>/s/ Boyd E. Hoback</u></i></font></p>

<p class=MsoNormal><font size=2 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Boyd
E. Hoback</font></p>

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[{"type": "8-K", "sequence": "1", "filename": "form8k1.htm", "secsgml_size_bytes": 25086}]
{"company-data": {"conformed-name": "GOOD TIMES RESTAURANTS INC", "cik": "0000825324", "assigned-sic": "5812", "irs-number": "841133368", "state-of-incorporation": "NV", "fiscal-year-end": "0930"}, "filing-values": {"form-type": "8-K", "act": "34", "file-number": "000-18590", "film-number": "09759290"}, "business-address": {"street1": "601 CORPORATE CIRCLE", "city": "GOLDEN", "state": "CO", "zip": "80401", "phone": "3033841400"}, "mail-address": {"street1": "601 CORPORATE CIRCLE", "city": "GOLDEN", "state": "CO", "zip": "80401"}, "former-company": {"former-conformed-name": "PARAMOUNT VENTURES INC", "date-changed": "19900205"}}
_
UNITED STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT
REPORT
Pursuant
to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of
earliest event reported)
April 20, 2009
Good
Times Restaurants Inc.
(Exact name of registrant
as specified in its charter)
Nevada                                           000-18590                                          84-1133368
(State or other jurisdiction                           (Commission                                      (IRS
Employer
of incorporation)                                 File Number)                                   Identification
No.)
601 Corporate Circle, Golden, Colorado 80401
(Address of principal
executive offices)   (Zip Code)
Registrant's telephone
number, including area code: (303) 384-1400
Not applicable
(Former name or former
address, if changed since last report.)
Check the appropriate box below if the Form 8-K filing is intended to
simultaneously satisfy the filing obligation of the registrant under any of the
following provisions (see General Instruction A.2.):
[_] Written communications pursuant to Rule 425 under the Securities Act (17
CFR 230.425)
[_] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12)
[_] Pre-commencement communications pursuant to Rule 14d-2(b) under the
Exchange Act (17 CFR 240.14d-2(b))
[_] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange
Act (17 CFR 240.13e-4(c))
Item 1.01        Entry
into a Material Definitive Agreement.
On
April 20, 2009, Good Times Restaurants Inc. (the "Company") and Good Times
Drive Thru Inc. ("GTDT"), a wholly owned subsidiary of the Company, entered
into a loan agreement (the "Loan Agreement") with Golden Bridge, LLC ("Golden
Bridge"), pursuant to which Golden Bridge made a loan of $185,000 (the "Loan")
to GTDT to be used for restaurant marketing and other working capital costs of
GTDT.  Eric Reinhard, Ron Goodson, David Grissen, Richard Stark, and Alan
Teran, who are all members of the Company's Board of Directors and stockholders
of the Company, are the sole members of Golden Bridge.  Eric Reinhard is the
sole manager of Golden Bridge.  The Company's and GTDT's obtaining of the Loan
from Golden Bridge and related transactions were duly approved in advance by
the Company's Board of Directors by the affirmative vote of members thereof who
did not have an interest in the transaction.
The
Loan is evidenced by a promissory note dated April 20, 2009 (the "Note") made
by the Company and GTDT, as co-makers, and shall bear interest at a rate of 10%
per annum on the unpaid principal balance.  The Note provides for monthly
interest payments and will mature and be due and payable in full on July 10,
2010.  The commitment fee for the Loan is $3,700.  The Loan Agreement contains
customary event of default provisions and a cross-default provision with
respect to the loan agreement for the PFGI Loan (as defined below).  Upon the occurrence
and continuance of an event of default, Golden Bridge may declare all or part
of the unpaid principal and accrued and unpaid interest on the Loan due and
payable.  Any amounts not paid to Golden Bridge when due will bear interest
from the due date until paid at a rate of 18% per annum.
The
Loan Agreement and the Note are subject to the terms of an intercreditor
agreement dated April 20, 2009 (the "Intercreditor Agreement"), among the
Company, GTDT, Golden Bridge and PFGI II, LLC ("PFGI").  As previously reported
by the Company, GTDT currently has a $2,500,000 revolving line of credit with
PFGI (the "PFGI Loan"), which was scheduled to mature on July 10, 2009, under
which $2,000,000 was outstanding as of April 20, 2009.  Under the Intercreditor
Agreement, PFGI and Golden Bridge agreed that, upon any payments of principal
or interest on the Loan or the PFGI Loan by GTDT, PFGI and Golden Bridge shall
each be entitled to its pro rata share of such payments in the amount of 93.1%
for PFGI and 6.9% for Golden Bridge.  The Intercreditor Agreement also provides
that GTDT and the Company may prepay the Loan in whole or in part with the
prior consent of PFGI, and that any other indebtedness of the Company or GTDT
to PFGI or Golden Bridge shall be subordinate in payment and lien priority to
the Loan and the PFGI Loan to the extent of the proceeds of the collateral. 
Under the Intercreditor Agreement, all money received from any foreclosure on
the collateral securing the PFGI Loan shall be applied to PFGI and Golden
Bridge for their expenses related to such event and then on a pari passu basis
to PFGI and Golden Bridge in accordance with their respective pro rata shares.
Prior
to the closing of the Loan, borrowings under the PFGI Loan were secured by
GTDT's leasehold estates and business assets with respect to certain of GTDT's
restaurants located in Boulder, Adams, Jefferson and Larimer counties in
Colorado and first deeds of trust on real property in Arapahoe and Weld
counties in Colorado developed under the PFGI Loan.  In connection with PFGI's
entry into the Intercreditor Agreement, GTDT and the Company entered into a
first amendment to amended and restated promissory note dated April 20, 2009
(the "PFGI Note Amendment"), which extended the maturity date of the PFGI Loan
until July 10, 2010 and eliminated a loan balance threshold for release of the
collateral securing the PFGI Loan.
2
In
connection with the Loan, the Company issued a three-year warrant dated April 20,
2009 (the "Warrant") to Golden Bridge which provides that Golden Bridge may at
any time from April 20, 2009 until April 20, 2012 purchase up to 92,500 shares
of the Company's common stock (the "Warrant Shares") at an exercise price of $1.15
per share.  The number of Warrant Shares and the exercise price are subject to
customary antidilution adjustments upon the occurrence of any stock dividends,
stock splits, reverse stock splits, recapitalizations, reclassifications, stock
combinations or similar events.
The
issuance of the Warrant was made in reliance on the exemption from registration
under the Securities Act of 1933 (the "Securities Act") as provided in Section
4(2) of the Securities Act.  The facts relied upon to make such exemption
available include the fact that only one offeree and purchaser was involved,
the limited manner of offering, the status of the purchaser as either an
"accredited investor" as defined in Regulation D under the Securities Act or
sophisticated as to the nature of the particular transaction, and the
restricted status of the security as evidenced by a customary restrictive
legend on the document for the security.
The Loan Agreement, Note,
Intercreditor Agreement, PFGI Note Amendment, and Warrant (collectively, the
"Loan Documents") are filed as Exhibits 10.1, 10.2, 10.3, 10.4 and
4.1, respectively, to this Current
Report on Form 8-K and are incorporated herein by reference.  The foregoing
summary of the Loan Documents
is qualified in its entirety by
reference to the full text of the Loan Documents filed as exhibits hereto.
Item 2.03        Creation
of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet
Arrangement of a Registrant.
On
April 20, 2009, the Company and GTDT obtained the Loan from Golden Bridge.  The
description of the Loan and the related Loan Documents contained in Item 1.01
above is incorporated herein by reference.
Item
9.01        Financial Statements and Exhibits.
(d)        Exhibits.  The following exhibits are filed
as part of this report:
Exhibit
Number
Description
4.1
Warrant to Purchase Shares of Common Stock, Par
  Value $0.01 Per Share dated April 20, 2009 by Good Times Restaurants Inc.
10.1
Loan Agreement dated April 20, 2009 among Golden
  Bridge, LLC, Good Times Drive Thru Inc. and Good Times Restaurants Inc.
10.2
Promissory Note dated April 20, 2009 by Good Times
  Drive Thru Inc. and Good Times Restaurants Inc.
10.3
Intercreditor Agreement dated April 20, 2009 among
  PFGI II, LLC, Golden Bridge, LLC, Good Times Drive Thru Inc. and Good Times
  Restaurants Inc.
10.4
First Amendment to Amended and Restated Promissory
  Note dated April 20, 2009 by Good Times Drive Thru Inc. and Good Times
  Restaurants Inc.
3
SIGNATURES
Pursuant to the requirements of the Securities
Exchange Act of 1934, the registrant has duly caused this report to be signed
on its behalf by the undersigned hereunto duly authorized.
GOOD
TIMES RESTAURANTS INC.
Date:  April 20, 2009                                       By:
/s/ Boyd E. Hoback
Boyd
E. Hoback
President and Chief Executive
Officer