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

Basis of Presentation (Tables)

Basis of Presentation (Tables)

9 Months Ended

Sep. 30, 2021

Store activity for the period ended September 30, 2021 and the year ended December 31, 2020 is as follows:


	Three Months Ended September 30, 2021			Nine Months Ended September 30, 2021			Year Ended December 31, 2020


Franchised stores, beginning of the period		97			102			117
Stores opened during the period		—			3			9
Stores transferred/sold to the Company		—			—			(2	)
Stores closed during the period		(4	)		(12	)		(22	)

Franchised stores, end of the period		93			93			102


	Three Months Ended September 30, 2021			Nine Months Ended September 30, 2021			Year Ended December 31, 2020

Corporate owned stores, beginning of the period		22			17			13
Stores opened during the period		2			7			2
Stores transferred/sold to the Company		—			—			2
Stores closed during the period		(1	)		(1	)		—

Corporate owned stores, end of the period		23			23			17

Schedule of reconciliation of net loss per common share

Basic and diluted loss per common share is calculated as follows (in thousands, except share data):


	Three Months Ended September 30, 2021			Nine Months Ended September 30, 2021
Numerator:
Net income attributable to common shareholders	$	(5,018	)	$	(4,237	)
Reversal of Gain on change in value of warrant liability		—			(12,619	)

Net loss attributable to common shareholders, diluted	$	(5,018	)	$	(16,856	)

Denominator:
Weighted average common shares outstanding, basic		17,892,769			17,866,168
Effect of dilutive securities
Warrants		—			282,472
UPOs		3,163			5,794

Diluted weighted average shares outstanding		17,895,932			18,154,434

Basic net income per common share	$	(0.28	)	$	(0.24	)
Diluted net loss per common share	$	(0.28	)	$	(0.93	)

For the three months ended September 30, 2021, there were no dilutive warrants. Excluded from the diluted weighted average shares outstanding for the three months ended September 30, 2021 are share equivalents of 1,529,200 and

7,600

related to warrants and UPOs, respectively, as such amounts are anti-dilutive.

For the nine months ended September 30, 2021, there were dilutive warrants only for the quarter ended June 30, 2021, and as such the reversal of the change in value of warrant liability is included for that period. Included in the diluted weighted shares outstanding for the nine months ended September 30, 2021 is the respective average share equivalents of dilutive warrants and UPOs for that period.