Title text: I'm currently in the I Have Cheese phase of this cycle.
The simplest explanation for the comic is the recipe for nachos. You take some tortilla chips, spread them out on a plate, sprinkle them with grated cheese and perhaps some other ingredients like salsa, beans, or guacamole, and put the plate in the oven until the cheese is melted. As usual with a full bag of snacks, you always end up with that tiny bit left at the bottom of the bag. In this case, it is either leftover grated cheese (left) or tortilla chips (right). So you end up buying another package of the other ingredient to make nachos again.
The lower caption is a play on the words vicious cycle, in which a negative feedback loop reinforces itself - in contrast to a virtuous cycle in which a positive feedback loop is established.
- [Frame is split by a diagonal.]
- [First half: Cueball in front of open fridge.]
- Cueball: I have leftover cheese. I should get chips and make nachos.
- [Second half: Cueball with bag of chips.]
- Cueball: I have leftover chips. I should get cheese and make nachos.
- A delicious cycle