BurgerFi International, Inc. Post-effective amendment to a registration statement that is not immediately effective upon filing

Post-effective amendment to a registration statement that is not immediately effective upon filing

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]

The Company leases building space for its corporate office from an entity under common ownership with a significant

stockholder

. This lease has a 36 month term, effective January 1, 2020. For the Successor period from December 16, 2020 to December 31, 2020 and the Predecessor period from January 1, 2020 to December 15, 2020 and the twelve-month period ended December 31, 2019, rent expense was approximately $1,000, $159,000 and $160,000,

respectively.

7. Acquisitions – Franchisee/stores

In April 2020, the Company entered into

an asset purchase agreement with a franchisee to purchase substantially all of the assets of a franchised store for an aggregate purchase price of $

1,250,000

. This purchase price consisted of: (a) $

650,000

cash paid at closing and (b) a $

600,000

promissory note to the

franchisee (in thousands).


	Predecessor
Inventory	$	15
Property & equipment		250

Net tangible and identifiable intangible assets acquired		265
Goodwill		985

Net assets acquired	$	1,250