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

Stockholders' Equity (Tables)

Stockholders' Equity (Tables)

6 Months Ended

12 Months Ended

Jun. 30, 2021

Jun. 30, 2020

Dec. 31, 2020

Summary of Input Variables

The input variables for the Black Scholes are noted in the table below:


	2021			2020
Risk-free interest rate		0.76	%		0.36	%
Expected life in years		4.47			5
Expected volatility		34.3	%		30.0	%
Expected dividend yield		0	%		0	%

The input variables are noted in the table below:


	Successor
	2020
Risk-free interest rate		0.37	%
Expected life in years		3
Expected volatility		60	%
Expected dividend yield (a)		0	%

(a)	The Monte Carlo method assumes a reinvestment of dividends.

The input variables are noted in the table below:


	Successor
	2020
Risk-free interest rate		0.18	%
Expected life in years		3
Expected volatility		65.9	%
Expected dividend yield (a)		0	%

(a)	The Monte Carlo method assumes a reinvestment of dividends.

Summary of Share-based Compensation and Tax Benefit Recognized

Total share-based compensation and the related income tax benefit recognized in the Company’s consolidated statements of operations were as follows:


	Successor
(in thousands)	Year Ended December 31, 2020
Performance condition awards	$	—
Service condition awards		785
Market condition awards		33

Share-based compensation		818
Less: Income tax benefit		—

Share-based compensation, net of income tax benefit	$	818

Summary of Changes in the Derivative Liability

The following is an analysis of changes in the derivative liability:


	Level 3 (Black Scholes)
Liability at 12-16-2020	$	22,113,000
Gain from 12-16-2020 to 12-31-2020	$	(5,597,000)

Liability at 12-31-2020	$	16,516,000

Summary of Analysis of Changes in Warrant Liability

The following is an analysis of changes in the warrant liability for the six months ended June 30, 2021:


(in thousands)	Level 3 (Black Scholes)
Liability at December 31, 2020	$	16,516
Gain during the six months ended June 30, 2021		(7,673	)

Liability at June 30, 2021	$	8,843

Warrant [Member]

Summary of Input Variables for the Black Scholes

The input variables for the Black Scholes are noted in the table below:


	Successor
	2020
Risk-free interest rate		0.36	%
Expected life in years		5
Expected volatility		30.0	%
Expected dividend yield		0	%

Restricted Stock [Member]

Summary of Activity of Shares

The following table summarizes activity of Restricted Stock Units during the six months ended June 30, 2021:


	Number of Restricted Stock Units			Weighted Average Grant Date Fair Value
Non-vested at December 31, 2020		1,250,000		$	15.28
Granted		1,105,700		$	14.62
Vested		—
Forfeited		(145,600	)	$	14.10

Non-vested at June 30, 2021		2,210,100		$	14.94

The following table summarizes activity of Restricted Shares during 2020 (there was no activity prior to December 16, 2020):


	Number of Restricted Shares			Weighted Average Grant Date Fair Value
Granted on December 16, 2020		1,300,000		$	15.30
Vested		(50,000	)		15.70
Forfeited		—			—

Non-vested at December 31, 2020		1,250,000		$	15.28

Service Condition Shares [Member]

Summary of Activity of Shares

The following table summarizes activity of the restricted stock units by vesting condition during the six months ended June 30, 2021:


	Performance Condition					Service Condition				Market Condition
	Shares			Weighted Average Grant Date Fair Value		Shares		Weighted Average Grant Date Fair Value		Shares			Weighted Average Grant Date Fair Value
Non-vested at December 31, 2020		950,000		$	15.70		200,000	$	15.70		100,000		$	10.45
Granted		713,700		$	16.15		52,000	$	16.15		340,000		$	11.17
Vested		—					—				—
Forfeited		(85,600	)	$	16.15		—				(60,000	)	$	11.17

Non-vested at June 30, 2021		1,578,100		$	15.81		252,000	$	15.79		380,000		$	10.76

The following table summarizes activity of the restricted shares during 2020 (there was no activity prior to December 16, 2020):


	Performance Condition				Service Condition					Market Condition
	Shares		Weighted Average Grant Date Fair Value		Shares			Weighted Average Grant Date Fair Value		Shares		Weighted Average Grant Date Fair Value
Granted		950,000	$	15.70		250,000		$	15.70		100,000	$	10.45
Vested		—		—		(50,000	)		15.70		—		—
Forfeited		—		—		—			—		—		—

Non-vested at December 31, 2020		950,000	$	15.70		200,000		$	15.70		100,000	$	10.45

Performance Shares [Member]

Summary of Input Variables

The input variables are noted in the table below:


	2021			2020
Risk-free interest rate		0.54	%		0.18	%
Expected life in years		4			3
Expected volatility		63.3	%		65.9	%
Expected dividend yield (a)		0	%		0	%

The input variables are noted in the table below:


	Successor
	2020
Risk-free interest rate		0.18	%
Expected life in years		3
Expected volatility		65.9	%
Expected dividend yield (a)		0	%

(a)	The Monte Carlo method assumes a reinvestment of dividends.