Annual report pursuant to Section 13 and 15(d)

Consolidated Statements of Income

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Consolidated Statements of Income - USD ($)
 1 Months Ended 11 Months Ended 12 Months Ended
Dec. 31, 2020
Dec. 15, 2020
Dec. 31, 2019
REVENUE      
TOTAL REVENUE $ 1,704,000 $ 32,578,000 $ 33,555,000
Restaurant level operating expenses:      
Food, beverage and paper costs 370,000 6,567,000 6,316,000
Labor and related expenses 321,000 6,269,000 7,167,000
Other operating expenses 323,000 6,007,000 5,271,000
Occupancy and related expenses 33,000 2,707,000 2,149,000
General and administrative expenses 857,000 6,925,000 7,230,000
Share-based compensation expense 818,000    
Depreciation and amortization expense 348,000 1,062,000 825,000
Brand development and co-op advertising expense 34,000 2,283,000 1,732,000
Gain on disposal of property and equipment   (2,000) (184,000)
TOTAL OPERATING EXPENSES 3,104,000 31,818,000 30,506,000
OPERATING (LOSS) INCOME (1,400,000) 760,000 3,049,000
Gain on extinguishment of debt 791,000    
Gain on change in value of warrant liability 5,597,000    
Interest expense (6,000) (125,000) (79,000)
Income before income taxes 4,982,000 635,000 2,970,000
Income tax benefit (366,000)    
Net Income 5,348,000 635,000 2,970,000
Net Income Attributable to Non-Controlling Interests (predecessor)   20,000 35,000
Net Income Attributable to common shareholders (successor) and Controlling Interests (predecessor) $ 5,348,000 615,000 2,935,000
Weighted average common shares outstanding      
Basic 17,541,838    
Diluted 21,426,115    
Net (loss) income per common share      
Basic $ 0.30    
Diluted $ (0.01)    
Restaurant Sales [Member]      
REVENUE      
TOTAL REVENUE $ 1,350,000 23,966,000 23,183,000
Royalty and Other Fees [Member]      
REVENUE      
TOTAL REVENUE 255,000 6,116,000 7,369,000
Terminated Franchise Fees [Member]      
REVENUE      
TOTAL REVENUE   693,000 825,000
Royalty - Brand Development and Co-op [Member]      
REVENUE      
TOTAL REVENUE 74,000 1,441,000 1,720,000
Initial Franchise Fees [Member]      
REVENUE      
TOTAL REVENUE $ 25,000 $ 362,000 $ 458,000