BurgerFi International, Inc. General form of registration statement for all companies including face-amount certificate companies

General form of registration statement for all companies including face-amount certificate companies

Acquisitions - Franchisee/Stores (Tables)

Acquisitions - Franchisee/Stores (Tables)

12 Months Ended

Dec. 31, 2020

Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block]

The consideration was the fair value of the three loans at the Takeover Date and the assets are recorded based on the fair values of the assets acquired, net of current liabilities as of the Takeover Date as follows (in thousands):


Cash	$	39
Accounts Receivable		1
Inventory		28
Other current assets		24
Property & equipment		1,126
Other assets		4
Current liabilities		(330	)

Net tangible and identifiable intangible assets acquired		892
Goodwill		397

Net assets acquired	$	1,289


(in thousands)	Fair Value December 16, 2020
Cash	$	2,179
Cash - restricted		611
Accounts receivable		378
Inventory		260
Other current assets		1,235
Property and equipment		8,520
Intangible assets		117,124
Other assets		199
Accounts payable - trade		(1,952	)
Accrued expenses		(1,057	)
Gift card liability		(292	)
Revolving line of credit		(3,012	)
Current portion of deferred franchise fees		(521	)
Other deposit		(907	)
Deferred initial franchise fees, net of current portion		(2,531	)
Notes payable		(2,889	)

Fair Value of Tangible and Identifiable Intangible assets and liabilities assumed	$	117,345

Consideration paid		236,887

Goodwill	$	119,542

Franchisee/Stores [Member]

Business Acquisition [Line Items]

Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block]


	Predecessor
Inventory	$	15
Property & equipment		250

Net tangible and identifiable intangible assets acquired		265
Goodwill		985

Net assets acquired	$	1,250