Organization and Summary of Significant Accounting Policies (Tables)
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12 Months Ended |
Dec. 31, 2021 |
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| Accounting Policies [Abstract] |
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| Summary of Store Activity |
Store activity for the years ended December 31, 2021 and 2020 is as follows:
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2021 |
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2020 * |
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Corporate-owned |
Franchised |
Total |
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Corporate-owned |
Franchised |
Total |
| Total BurgerFi and Anthony's |
86
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|
93
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|
179
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17 |
102 |
119 |
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| BurgerFi stores, beginning of year |
17 |
|
102 |
|
119 |
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13 |
|
117 |
|
130 |
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| BurgerFi stores opened |
10 |
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6 |
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16 |
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2 |
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9 |
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11 |
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| BurgerFi stores transferred/sold |
(1) |
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1 |
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— |
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2 |
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(2) |
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— |
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| BurgerFi stores closed |
(1) |
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(16) |
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(17) |
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— |
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(22) |
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(22) |
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| BurgerFi total stores, end of year |
25
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93
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118
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17
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102
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119
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| Anthony's stores acquired |
61 |
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— |
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61 |
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— |
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— |
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— |
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| Anthony's total stores, end of year |
61
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—
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61
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—
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—
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—
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* As Anthony's was acquired on November 3, 2021, Anthony's store activity is not included in the presentation above for 2020. |
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| Schedule of Goodwill |
The following table represents changes to the Company's goodwill during the year ended December 31, 2021:
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| (in thousands) |
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| Goodwill as of December 31, 2020 |
$ |
119,542 |
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| Adjustments to other current liabilities |
4,439 |
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| Goodwill impairment for BurgerFi reporting unit |
(106,476) |
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| Goodwill acquired in connection with the Anthony's acquisition |
80,495 |
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| Goodwill as of December 31, 2021 |
$ |
98,000
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| (in thousands) |
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| Goodwill as of December 31, 2020 |
$ |
119,542 |
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| Adjustments to other current liabilities (measurement period adjustments) |
$ |
4,439 |
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| Goodwill as of December 31, 2021 (prior to impairment charges recorded) |
$ |
123,981
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| Summary of Calculation of Basic and Diluted Income (Loss) Per Common Share |
Basic and diluted net (loss) income per common share is calculated as follows:
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Successor |
| (in thousands, except for per share data) |
Year Ended
December 31, 2021 |
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December 16, 2020
through
December 31, 2020 |
| Numerator: |
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| Net (loss) income available to common shareholders |
$ |
(121,494) |
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$ |
5,348 |
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| Reversal of gain on change in value of warrant liability |
$ |
(12,619) |
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$ |
(5,597) |
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| Net loss available to common shareholders - diluted |
$ |
(134,113) |
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$ |
(249) |
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| Denominator: |
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| Weighted-average shares outstanding |
18,408,247
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17,541,838 |
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| Effect of dilutive securities |
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| Warrants |
211,854
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3,468,872 |
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| UPOs |
4,346
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415,405 |
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| Diluted weighted-average shares outstanding |
18,624,447
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21,426,115 |
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| Basic net (loss) income per common share |
$ |
(6.60) |
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$ |
0.30 |
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| Diluted net loss per common share |
$ |
(7.20) |
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$ |
(0.01) |
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| Contract with Customer, Contract Asset, Contract Liability, and Receivable |
Opening and closing balances of contract liabilities and receivables from contracts with customers for the years ended December 31, 2021 and 2020 are as follows:
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| (in thousands) |
Year Ended
December 31, 2021 |
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Year Ended
December 31, 2020 |
| Franchising receivables |
$ |
212
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$ |
480 |
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| Gift card liability |
2,587
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|
430 |
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| Deferred revenue, current |
468
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|
490 |
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| Deferred revenue, long-term |
2,109
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2,816 |
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Revenue recognized during the period ended which were included in the balance of deferred revenue at the beginning of the period are as follows:
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Successor |
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Predecessor |
| (in thousands) |
Year Ended
December 31, 2021 |
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December 16, 2020
through
December 31, 2020 |
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January 1, 2020
through
December 15, 2020 |
| Franchise Fees |
$ |
1,069
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$ |
41 |
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$ |
1,023 |
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| Analysis of Deferred Revenue |
An analysis of deferred revenue is as follows:
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Successor |
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Predecessor |
| (in thousands) |
|
December 31, 2021 |
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December 31, 2020 * |
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December 15, 2020 |
| Balance, beginning of period |
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$ |
3,306
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$ |
3,053 |
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$ |
4,688 |
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| Initial franchise fees received |
|
290
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|
278 |
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413 |
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| Revenue recognized for stores open during period |
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(235) |
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(25) |
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(362) |
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| Revenue recognized related to franchise agreement termination |
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(834) |
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— |
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(693) |
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| Other deferred revenue |
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50
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— |
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— |
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| Balance, end of period |
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$ |
2,577
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$ |
3,306 |
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$ |
4,046 |
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* Beginning balance for the Successor period is reflective of a fair value adjustment. |
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