Business Combinations (Tables)
|
9 Months Ended |
12 Months Ended |
Sep. 30, 2021 |
Dec. 31, 2020 |
| Business Acquisition [Line Items] |
|
|
| Schedule of Consideration Paid |
|
|
|
|
|
|
| |
|
|
|
| |
|
$ |
30,000 |
|
| |
|
|
103,680 |
|
| |
|
|
103,207 |
|
| |
|
|
|
|
| |
|
$ |
236,887 |
|
| |
|
|
|
|
|
| Summary of Input Variables |
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
0.80 |
% |
|
|
0.36 |
% |
|
|
|
4.21 |
|
|
|
5 |
|
|
|
|
35.0 |
% |
|
|
30.0 |
% |
|
|
|
0 |
% |
|
|
0 |
% |
|
The input variables are noted in the table below:
|
|
|
|
|
| |
|
|
|
| |
|
|
|
| |
|
|
0.18 |
% |
| |
|
|
3 |
|
| |
|
|
65.9 |
% |
Expected dividend yield (a) |
|
|
0 |
% |
| (a) |
The Monte Carlo method assumes a reinvestment of dividends. | The input variables for the Black Scholes are noted in the table below: |
| Summary of Fair Values of Assets Acquired Net of Current Liabilities |
|
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):
|
|
|
|
|
| |
|
$ |
39 |
|
| |
|
|
1 |
|
| |
|
|
28 |
|
| |
|
|
24 |
|
| |
|
|
1,126 |
|
| |
|
|
4 |
|
| |
|
|
(330 |
) |
| |
|
|
|
|
Net tangible and identifiable intangible assets acquired |
|
|
892 |
|
| |
|
|
397 |
|
| |
|
|
|
|
| |
|
$ |
1,289 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
Fair Value
December 16,
2020 |
|
|
|
$ |
2,179 |
|
|
|
|
611 |
|
|
|
|
378 |
|
|
|
|
260 |
|
|
|
|
1,235 |
|
|
|
|
8,520 |
|
|
|
|
117,124 |
|
|
|
|
199 |
|
|
|
|
(1,952 |
) |
|
|
|
(1,057 |
) |
|
|
|
(292 |
) |
|
|
|
(3,012 |
) |
Current portion of deferred franchise fees |
|
|
(521 |
) |
|
|
|
(907 |
) |
Deferred initial franchise fees, net of current portion |
|
|
(2,531 |
) |
|
|
|
(2,889 |
) |
| |
|
|
|
|
Fair Value of Tangible and Identifiable Intangible assets and liabilities assumed |
|
$ |
117,345 |
|
| |
|
|
|
|
|
|
|
236,887 |
|
| |
|
|
|
|
|
|
$ |
119,542 |
|
|
|
|
|
|
|
|
|
|
|
|
| Schedule of Goodwill |
The following table represents changes to goodwill from the initial purchase price allocation as of September 30, 2021:
|
|
|
|
|
|
|
|
|
Goodwill as of December 31, 2020 |
|
$ |
119,542 |
|
|
|
|
4,018 |
|
Goodwill as of September 30, 2021 |
|
$ |
123,560 |
|
|
|
| BurgerFi International LLC [Member] |
|
|
| Business Acquisition [Line Items] |
|
|
| Summary of Input Variables |
|
The input variables are noted in the table below:
|
|
|
|
|
| |
|
|
|
| |
|
|
|
|
|
|
0.37 |
% |
|
|
|
3 |
|
|
|
|
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:
|
|
|
|
|
| |
|
|
|
| |
|
|
|
| |
|
|
0.18 |
% |
| |
|
|
3 |
|
| |
|
|
65.9 |
% |
Expected dividend yield (a) |
|
|
0 |
% |
| (a) |
The Monte Carlo method assumes a reinvestment of dividends. |
|
| Summary of Fair Values of Assets Acquired Net of Current Liabilities |
|
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):
|
|
|
|
|
| |
|
$ |
39 |
|
| |
|
|
1 |
|
| |
|
|
28 |
|
| |
|
|
24 |
|
| |
|
|
1,126 |
|
| |
|
|
4 |
|
| |
|
|
(330 |
) |
| |
|
|
|
|
Net tangible and identifiable intangible assets acquired |
|
|
892 |
|
| |
|
|
397 |
|
| |
|
|
|
|
| |
|
$ |
1,289 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
Fair Value
December 16,
2020 |
|
|
|
$ |
2,179 |
|
|
|
|
611 |
|
|
|
|
378 |
|
|
|
|
260 |
|
|
|
|
1,235 |
|
|
|
|
8,520 |
|
|
|
|
117,124 |
|
|
|
|
199 |
|
|
|
|
(1,952 |
) |
|
|
|
(1,057 |
) |
|
|
|
(292 |
) |
|
|
|
(3,012 |
) |
Current portion of deferred franchise fees |
|
|
(521 |
) |
|
|
|
(907 |
) |
Deferred initial franchise fees, net of current portion |
|
|
(2,531 |
) |
|
|
|
(2,889 |
) |
| |
|
|
|
|
Fair Value of Tangible and Identifiable Intangible assets and liabilities assumed |
|
$ |
117,345 |
|
| |
|
|
|
|
|
|
|
236,887 |
|
| |
|
|
|
|
|
|
$ |
119,542 |
|
|
|
|
|
|
|
|
|
|
|
|