Annual report pursuant to Section 13 and 15(d)

Consolidated Balance Sheets

v3.21.1
Consolidated Balance Sheets - USD ($)
Dec. 31, 2020
Dec. 31, 2019
CURRENT ASSETS    
Cash, including Variable interest entities of $0 and $3, respectively $ 36,720,000 $ 1,690,000
Cash - restricted - Note 2 3,663,000 727,000
Accounts receivable, net - Note 1 718,000 517,000
Inventory 268,000 249,000
Deferred income taxes 713,000  
Asset held for sale 732,000  
Other current assets 1,607,000 416,000
TOTAL CURRENT ASSETS 44,421,000 3,599,000
PROPERTY & EQUIPMENT, net - Note 3 – including variable interest entities of $0 and $853, respectively 8,004,000 6,301,000
DUE FROM RELATED COMPANIES - Note 6 74,000 3,611,000
GOODWILL – including variable interest entities of $0 and $398, respectively 119,542,000 398,000
INTANGIBLE ASSETS 116,824,000 235,000
OTHER ASSETS 251,000 238,000
TOTAL ASSETS 289,116,000 14,382,000
CURRENT LIABILITIES    
Accounts payable - trade 1,678,000 1,265,000
Accrued expense 1,203,000 545,000
Gift card liability 430,000 586,000
Revolving line of credit 3,012,000 2,317,000
Notes payable - current – variable interest entities – no recourse to general credit of the Company 1,438,000 1,207,000
Notes payable - current 1,438,000  
Current portion deferred initial franchise fees - Note 1 490,000 438,000
Other deposit 907,000  
TOTAL CURRENT LIABILITIES 9,158,000 6,358,000
NON-CURRENT LIABILITIES    
Deferred initial franchise fees, net of current portion - Note 1 2,816,000 4,250,000
Due to related companies - Note 6   271,000
Deferred rent 29,000 996,000
Derivative warrant liability 16,516,000  
Notes Payable 1,522,000 0
TOTAL LIABILITIES 30,041,000 11,875,000
COMMITMENTS AND CONTINGENCIES - Note 9
Stockholders'/Members' equity    
MEMBERS’ EQUITY - Before non-controlling interest, including variable interest entities of $47 as of December 31, 2019   2,492,000
MEMBERS’ EQUITY - Non-controlling interest   15,000
Common stock (Successor), $0.0001 par value, 100,000,000 shares authorized, 17,541,838 shares issued and outstanding as of December 31, 2020 2,000  
Additional paid-in capital (Successor) 261,298,000  
Retained deficit (Successor) (2,225,000)  
TOTAL STOCKHOLDERS' EQUITY 259,075,000 2,507,000
TOTAL LIABILITIES AND STOCKHOLDERS'/MEMBERS’ EQUITY $ 289,116,000 $ 14,382,000