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

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

<p class=MsoNormal style='line-height:1.0pt'><font size=2 face="Times New Roman">&nbsp;</font></p>

<p class=MsoNormal style='line-height:1.0pt'><font size=2 face="Times New Roman">&nbsp;</font></p>

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

<p class=MsoNormal style='line-height:1.0pt'><font size=2 face="Times New Roman">&nbsp;</font></p>

<p class=MsoTitle><b><font size=3 face="Times New Roman">UNITED STATES</font></b></p>

<p class=MsoNormal align=center style='text-align:center'><b><font size=3
face="Times New Roman">SECURITIES
AND EXCHANGE COMMISSION</font></b></p>

<p class=MsoNormal align=center style='text-align:center'><font size=3
  face="Times New Roman">Washington</font><font
 size=3>, D.C. 20549</font></p>

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

<p class=MsoNormal align=center style='text-align:center'><b><font size=3
face="Times New Roman">FORM 8-K</font></b></p>

<p class=MsoNormal align=center style='text-align:center'><b><font size=3
face="Times New Roman">&nbsp;</font></b></p>

<p class=MsoNormal align=center style='text-align:center'><b><font size=3
face="Times New Roman">CURRENT
REPORT</font></b></p>

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

<h3><b><font size=3 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=3 face="Times New Roman">&nbsp;</font></p>

<p class=MsoNormal align=center style='text-align:center'><font size=3
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=3 face="Times New Roman">January 20, 2009</font></p>

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

<p class=MsoNormal align=center style='text-align:center'><b><font size=3
face="Times New Roman">Good
Times Restaurants Inc.</font></b></p>

<p class=MsoNormal align=center style='text-align:center'><font size=3
face="Times New Roman">(Exact name of registrant
as specified in its charter)</font></p>

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

<div align=center>

<table class=MsoNormalTable border=1 cellspacing=0 cellpadding=0
 style='margin-left:99.35pt;border-collapse:collapse;border:none'>
 <tr>
  <td width=186 valign=top style='width:139.5pt;border:solid black 1.0pt;
  padding:0in 5.4pt 0in 5.4pt'>
  <p class=MsoNormal><font size=3 face="Times New Roman">Nevada</font></p>
  </td>
  <td width=108 valign=top style='width:81.0pt;border:solid black 1.0pt;
  border-left:none;padding:0in 5.4pt 0in 5.4pt'>
  <p class=MsoNormal><font size=3 face="Times New Roman">000-18590</font></p>
  </td>
  <td width=162 valign=top style='width:121.5pt;border:solid black 1.0pt;
  border-left:none;padding:0in 5.4pt 0in 5.4pt'>
  <p class=MsoNormal><font size=3 face="Times New Roman">84-1133368</font></p>
  </td>
 </tr>
 <tr>
  <td width=186 valign=top style='width:139.5pt;border:solid black 1.0pt;
  border-top:none;padding:0in 5.4pt 0in 5.4pt'>
  <p class=MsoNormal><font size=3 face="Times New Roman">(State or other jurisdiction</font></p>
  </td>
  <td width=108 valign=top style='width:81.0pt;border-top:none;border-left:
  none;border-bottom:solid black 1.0pt;border-right:solid black 1.0pt;
  padding:0in 5.4pt 0in 5.4pt'>
  <p class=MsoNormal><font size=3 face="Times New Roman">(Commission</font></p>
  </td>
  <td width=162 valign=top style='width:121.5pt;border-top:none;border-left:
  none;border-bottom:solid black 1.0pt;border-right:solid black 1.0pt;
  padding:0in 5.4pt 0in 5.4pt'>
  <p class=MsoNormal><font size=3 face="Times New Roman">(IRS Employer</font></p>
  </td>
 </tr>
 <tr>
  <td width=186 valign=top style='width:139.5pt;border:solid black 1.0pt;
  border-top:none;padding:0in 5.4pt 0in 5.4pt'>
  <p class=MsoNormal><font size=3 face="Times New Roman">of incorporation)</font></p>
  </td>
  <td width=108 valign=top style='width:81.0pt;border-top:none;border-left:
  none;border-bottom:solid black 1.0pt;border-right:solid black 1.0pt;
  padding:0in 5.4pt 0in 5.4pt'>
  <p class=MsoNormal><font size=3 face="Times New Roman">File Number)</font></p>
  </td>
  <td width=162 valign=top style='width:121.5pt;border-top:none;border-left:
  none;border-bottom:solid black 1.0pt;border-right:solid black 1.0pt;
  padding:0in 5.4pt 0in 5.4pt'>
  <p class=MsoNormal><font size=3 face="Times New Roman">Identification No.)</font></p>
  </td>
 </tr>
</table>

</div>

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

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

<p class=MsoNormal align=center style='text-align:center'><font size=3
face="Times New Roman">601 Corporate Circle, Golden, Colorado 80401</font></p>

<p class=MsoNormal align=center style='text-align:center'><font size=3
face="Times New Roman">(Address of principal
executive offices)&nbsp;&nbsp; (Zip Code)</font></p>

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

<p class=MsoNormal align=center style='text-align:center'><font size=3
face="Times New Roman">Registrant's telephone
number, including area code: (303) 384-1400</font></p>

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

<p class=MsoNormal align=center style='text-align:center'><font size=3
face="Times New Roman">Not applicable</font></p>

<p class=MsoNormal align=center style='text-align:center'><font size=3
face="Times New Roman">(Former name or former
address, if changed since last report.)</font></p>

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

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

<p class=MsoNormal><font size=3 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>

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

<div class=MsoNormal align=center style='text-align:center'><font size=2
face="Times New Roman">

<hr size=2 width="100%" noshade style='color:navy' align=center>

</font></div>

<p class=MsoNormal style='line-height:1.0pt'><font size=2 face="Times New Roman">&nbsp;</font></p>

<font size=2 face="Times New Roman"><br clear=all style='page-break-before:always'>
</font>

<p class=MsoNormal style='line-height:1.0pt'><font size=2 face="Times New Roman">&nbsp;</font></p>

<p class=MsoNormal style='line-height:1.0pt'><font size=2 face="Times New Roman">&nbsp;</font></p>

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

<p class=MsoNormal style='line-height:1.0pt'><font size=2 face="Times New Roman">&nbsp;</font></p>

<p class=MsoNormal><b><font size=3 face="Times New Roman">Item 2.02&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Results of
Operations and Financial Condition.</font></b></p>

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

<p class=MsoNormal style='text-indent:.5in'><font size=3 face="Times New Roman">On January 23, 2009, </font><font size=3>Good Times Restaurants Inc. (the &quot;Company&quot;) reported
that its same store sales for the first fiscal quarter ended December 31, 2008 declined 14.8% compared to an increase of 11.6% for the quarter ended December 31, 2007.&nbsp; This decline in same store sales resulted from a lack of media
advertising by the Company during the quarter as it prepares for a new
television advertising campaign, deep discounting of product prices by its
major competitors, and a decline in consumer spending due to the widespread
adverse economic conditions.</font></p>

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

<p class=MsoNormal style='text-indent:.5in'><font size=3 face="Times New Roman">The Company also reported that on January 20, 2009 it
determined that as of December 31, 2008 the Company was not in compliance with
certain financial&nbsp;condition covenants in&nbsp;the Credit Agreement dated
as of April 18, 2007 (the &quot;Credit Agreement&quot;) between the Company and Wells
Fargo Bank, National Association (the &quot;Bank&quot;).&nbsp; Further information about this
matter is set forth under Item 2.04 below.</font></p>

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

<p class=MsoNormal><b><font size=3 face="Times New Roman">Item 2.04&nbsp; Triggering Events That
Accelerate or Increase a Direct Financial Obligation or an Obligation under an
Off-Balance Sheet Arrangement.</font></b></p>

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

<p class=MsoNormal><font size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; As previously reported by </font><font size=3>the Company in its Annual Report on Form 10-KSB for
the fiscal year ended September 30, 2008 filed with the Securities and Exchange
Commission on December 29, 2008, the Company had anticipated that as of December 31, 2008 it would be in default with respect to certain loan covenants under the
Credit Agreement.&nbsp; On January 20, 2009, the Company determined that as of
December 31, 2008 it was not in compliance with certain covenants under the
Credit Agreement regarding the Company's financial condition, including
covenants requiring that the Company's tangible net worth shall not be less
than $5,000,000 and that the Company's EBITDA coverage ratio shall not be less
than 1.50 to 1.00 as of each fiscal quarter end.&nbsp; The&nbsp;Company&nbsp;is
in&nbsp;compliance with the Credit Agreement provisions for required payments
to the Bank, and is seeking a waiver from the Bank of the financial covenants
non-compliance.</font></p>

<p class=MsoNormal><font size=3 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;&nbsp; </font><font size=3>Under
the Credit Agreement, the Bank provided a $1,100,000 loan to the Company which
is to be repaid in installments, with the final payment due on May 1, 2015.&nbsp; The Credit Agreement provides that upon the occurrence of an event of
default all outstanding debt to the Bank shall, at the Bank's option and
without notice, become due and payable by the Company immediately, and that the
Bank shall have the right to resort to the security for repayment of the debt.&nbsp;
As of December 31, 2008, $932,239 was outstanding under the loan.&nbsp; Repayment of
the loan is secured by all of the Company's equipment.&nbsp; </font></p>

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

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

<p class=MsoNormal><b><font size=3 face="Times New Roman">Item 8.01&nbsp;&nbsp; Other Events.</font></b></p>

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

<p class=MsoNormal style='text-indent:.5in'><font size=3 face="Times New Roman">The Company also reported that it is currently
investigating additional funding alternatives to increase its working capital
by up to $500,000 and to support the implementation of its new brand
initiatives and television advertising campaign.&nbsp; The Company is considering
several funding options, including possible funding from certain of its
principal shareholders.</font></p>

<div>

<table cellspacing=0 cellpadding=0 hspace=0 vspace=0 align=center>
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  <td valign=top align=left style='padding-top:0in;padding-right:0in;
  padding-bottom:0in;padding-left:0in'>
  <p class=MsoFooter><font size=3 face="Times New Roman">2</font></p>
  </td>
 </tr>
</table>

</div>

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<p class=MsoFooter><font size=1 face=Arial>&nbsp;</font></p>

<div class=MsoNormal align=center style='text-align:center'><font size=2
face="Times New Roman">

<hr size=2 width="100%" noshade style='color:navy' align=center>

</font></div>

<p class=MsoNormal style='line-height:1.0pt'><font size=2 face="Times New Roman">&nbsp;</font></p>

<font size=2 face="Times New Roman"><br clear=all style='page-break-before:always'>
</font>

<p class=MsoNormal style='line-height:1.0pt'><font size=2 face="Times New Roman">&nbsp;</font></p>

<p class=MsoNormal style='line-height:1.0pt'><font size=2 face="Times New Roman">&nbsp;</font></p>

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

<p class=MsoNormal style='line-height:1.0pt'><font size=2 face="Times New Roman">&nbsp;</font></p>

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

<p class=BodyText1 style='margin-bottom:0in;margin-bottom:.0001pt;text-indent:
..5in'><font size=3 color=black face="Times New Roman">Information contained in this report, other than historical
information, may be considered forward looking in nature and is subject to
known and unknown risks, which may cause the Company's actual results to differ
materially from results expressed or implied by the forward looking
information.&nbsp; These risks include such factors as the pending and uncertain
nature of the Company's efforts to obtain a waiver for a loan agreement
default, the pending and uncertain nature of the Company's efforts to obtain
additional financing, the pending and uncertain nature of the Company's new
brand initiatives, delays in developing and opening new restaurants due to
adverse credit market and other economic conditions, weather, local permitting
matters, increased competition, cost increases or shortages in raw food
products, continued widespread adverse economic conditions and other matters
discussed in the &quot;Risk Factors&quot; section of the Company's Annual Report on Form
10-KSB for the fiscal year ended September 30, 2008.&nbsp; Although the Company may
from time to time voluntarily update its forward looking statements, it
disclaims any commitment to do so except as required by securities laws.</font></p>

<p class=BodyText1 style='margin-bottom:0in;margin-bottom:.0001pt;text-indent:
..5in'><font size=3 color=black face="Times New Roman">&nbsp;</font></p>

<div>

<table cellspacing=0 cellpadding=0 hspace=0 vspace=0 align=center>
 <tr>
  <td valign=top align=left style='padding-top:0in;padding-right:0in;
  padding-bottom:0in;padding-left:0in'>
  <p class=MsoFooter><font size=3 face="Times New Roman">3</font></p>
  </td>
 </tr>
</table>

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<p class=MsoFooter><font size=1 face=Arial>&nbsp;</font></p>

<div class=MsoNormal align=center style='text-align:center'><font size=2
face="Times New Roman">

<hr size=2 width="100%" noshade style='color:navy' align=center>

</font></div>

<p class=MsoNormal style='line-height:1.0pt'><font size=2 face="Times New Roman">&nbsp;</font></p>

<font size=2 face="Times New Roman"><br clear=all style='page-break-before:always'>
</font>

<p class=MsoNormal style='line-height:1.0pt'><font size=2 face="Times New Roman">&nbsp;</font></p>

<p class=MsoNormal style='line-height:1.0pt'><font size=2 face="Times New Roman">&nbsp;</font></p>

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

<p class=MsoNormal style='line-height:1.0pt'><font size=2 face="Times New Roman">&nbsp;</font></p>

<p class=BodyText1 style='text-indent:.5in'><font size=3 face="Times New Roman">&nbsp;</font></p>

<h3><b><font size=3 face="Times New Roman">SIGNATURES</font></b></h3>

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

<p class=MsoBodyTextIndent3><font size=3 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=3 face="Times New Roman">&nbsp;</font></p>

<table class=MsoNormalTable border=0 cellspacing=0 cellpadding=0 width="98%"
 style='border-collapse:collapse'>
 <tr>
  <td width=250 valign=top style='width:187.45pt;padding:0in 5.4pt 0in 5.4pt'>
  <p class=MsoNormal><font size=3 face="Times New Roman">&nbsp;</font></p>
  </td>
  <td width=376 colspan=2 valign=top style='width:281.95pt;padding:0in 5.4pt 0in 5.4pt'>
  <p class=MsoNormal><font size=3 face="Times New Roman">GOOD TIMES RESTAURANTS INC.</font></p>
  </td>
 </tr>
 <tr>
  <td width=250 valign=top style='width:187.45pt;padding:0in 5.4pt 0in 5.4pt'>
  <p class=MsoNormal><font size=3 face="Times New Roman">&nbsp;</font></p>
  </td>
  <td width=33 valign=top style='width:24.85pt;padding:0in 5.4pt 0in 5.4pt'>
  <p class=MsoNormal><font size=3 face="Times New Roman">&nbsp;</font></p>
  </td>
  <td width=343 valign=top style='width:257.1pt;padding:0in 5.4pt 0in 5.4pt'>
  <p class=MsoNormal><font size=3 face="Times New Roman">&nbsp;</font></p>
  </td>
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 <tr>
  <td width=250 valign=top style='width:187.45pt;padding:0in 5.4pt 0in 5.4pt'>
  <p class=MsoNormal><font size=3 face="Times New Roman">Date:&nbsp; January 23, 2009</font></p>
  </td>
  <td width=376 colspan=2 valign=top style='width:281.95pt;padding:0in 5.4pt 0in 5.4pt'>
  <p class=MsoNormal><font size=3 face="Times New Roman">By:&nbsp;&nbsp; /s/ Boyd E Hoback</font></p>
  </td>
 </tr>
 <tr>
  <td width=250 valign=top style='width:187.45pt;padding:0in 5.4pt 0in 5.4pt'>
  <p class=MsoNormal><font size=3 face="Times New Roman">&nbsp;</font></p>
  </td>
  <td width=33 valign=top style='width:24.85pt;padding:0in 5.4pt 0in 5.4pt'>
  <p class=MsoNormal><font size=3 face="Times New Roman">&nbsp;</font></p>
  </td>
  <td width=343 valign=top style='width:257.1pt;padding:0in 5.4pt 0in 5.4pt'>
  <p class=MsoNormal><font size=3 face="Times New Roman">Boyd E. Hoback</font></p>
  </td>
 </tr>
 <tr>
  <td width=250 valign=top style='width:187.45pt;padding:0in 5.4pt 0in 5.4pt'>
  <p class=MsoNormal><font size=3 face="Times New Roman">&nbsp;</font></p>
  </td>
  <td width=33 valign=top style='width:24.85pt;padding:0in 5.4pt 0in 5.4pt'>
  <p class=MsoNormal><font size=3 face="Times New Roman">&nbsp;</font></p>
  </td>
  <td width=343 valign=top style='width:257.1pt;padding:0in 5.4pt 0in 5.4pt'>
  <p class=MsoNormal><font size=3 face="Times New Roman">President and Chief Executive Officer</font></p>
  </td>
 </tr>
</table>

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  <p class=MsoFooter><font size=3 face="Times New Roman">4</font></p>
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</font></div>

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</body>

</html>
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{"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": "09541926"}, "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)
January 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 2.02        Results of
Operations and Financial Condition.
On January 23, 2009,
Good Times Restaurants Inc. (the "Company") reported
that its same store sales for the first fiscal quarter ended December 31, 2008 declined 14.8% compared to an increase of 11.6% for the quarter ended December 31, 2007.  This decline in same store sales resulted from a lack of media
advertising by the Company during the quarter as it prepares for a new
television advertising campaign, deep discounting of product prices by its
major competitors, and a decline in consumer spending due to the widespread
adverse economic conditions.
The Company also reported that on January 20, 2009 it
determined that as of December 31, 2008 the Company was not in compliance with
certain financial condition covenants in the Credit Agreement dated
as of April 18, 2007 (the "Credit Agreement") between the Company and Wells
Fargo Bank, National Association (the "Bank").  Further information about this
matter is set forth under Item 2.04 below.
Item 2.04  Triggering Events That
Accelerate or Increase a Direct Financial Obligation or an Obligation under an
Off-Balance Sheet Arrangement.
As previously reported by
the Company in its Annual Report on Form 10-KSB for
the fiscal year ended September 30, 2008 filed with the Securities and Exchange
Commission on December 29, 2008, the Company had anticipated that as of December 31, 2008 it would be in default with respect to certain loan covenants under the
Credit Agreement.  On January 20, 2009, the Company determined that as of
December 31, 2008 it was not in compliance with certain covenants under the
Credit Agreement regarding the Company's financial condition, including
covenants requiring that the Company's tangible net worth shall not be less
than $5,000,000 and that the Company's EBITDA coverage ratio shall not be less
than 1.50 to 1.00 as of each fiscal quarter end.  The Company is
in compliance with the Credit Agreement provisions for required payments
to the Bank, and is seeking a waiver from the Bank of the financial covenants
non-compliance.
Under
the Credit Agreement, the Bank provided a $1,100,000 loan to the Company which
is to be repaid in installments, with the final payment due on May 1, 2015.  The Credit Agreement provides that upon the occurrence of an event of
default all outstanding debt to the Bank shall, at the Bank's option and
without notice, become due and payable by the Company immediately, and that the
Bank shall have the right to resort to the security for repayment of the debt. 
As of December 31, 2008, $932,239 was outstanding under the loan.  Repayment of
the loan is secured by all of the Company's equipment.
Item 8.01   Other Events.
The Company also reported that it is currently
investigating additional funding alternatives to increase its working capital
by up to $500,000 and to support the implementation of its new brand
initiatives and television advertising campaign.  The Company is considering
several funding options, including possible funding from certain of its
principal shareholders.
2
Information contained in this report, other than historical
information, may be considered forward looking in nature and is subject to
known and unknown risks, which may cause the Company's actual results to differ
materially from results expressed or implied by the forward looking
information.  These risks include such factors as the pending and uncertain
nature of the Company's efforts to obtain a waiver for a loan agreement
default, the pending and uncertain nature of the Company's efforts to obtain
additional financing, the pending and uncertain nature of the Company's new
brand initiatives, delays in developing and opening new restaurants due to
adverse credit market and other economic conditions, weather, local permitting
matters, increased competition, cost increases or shortages in raw food
products, continued widespread adverse economic conditions and other matters
discussed in the "Risk Factors" section of the Company's Annual Report on Form
10-KSB for the fiscal year ended September 30, 2008.  Although the Company may
from time to time voluntarily update its forward looking statements, it
disclaims any commitment to do so except as required by securities laws.
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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:  January 23, 2009
By:   /s/ Boyd E Hoback
Boyd E. Hoback
President and Chief Executive Officer
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