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

Business Combinations (Tables)

v3.21.2
Business Combinations (Tables)
9 Months Ended 12 Months Ended
Sep. 30, 2021
Dec. 31, 2020
Business Acquisition [Line Items]    
Schedule of Consideration Paid  
Consideration Paid
 
(in thousands)
      
Cash
   $ 30,000  
Stock
     103,680  
Contingent consideration
     103,207  
    
 
 
 
Total Consideration
   $ 236,887  
    
 
 
 
Summary of Input Variables
 
    
2021
   
2020
 
Risk-free interest rate
     0.80     0.36
Expected life in years
     4.21       5  
Expected volatility
     35.0     30.0
Expected dividend yield
     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.
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
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):
 
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  
 
 
 
 
 
 
 
 
 
 
Schedule of Goodwill
The following table represents changes to goodwill from the initial purchase price allocation as of September 30, 2021:
 
(in thousands)
      
Goodwill as of December 31, 2020
   $ 119,542  
Adjustments
     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:
 
    
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 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):
 
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