Annual report pursuant to Section 13 and 15(d)

Consolidated Statements of Cash Flows

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Consolidated Statements of Cash Flows - USD ($)
 1 Months Ended 11 Months Ended 12 Months Ended
Dec. 31, 2020
Dec. 15, 2020
Dec. 31, 2019
CASH FLOWS PROVIDED BY OPERATING ACTIVITIES      
Net Income $ 5,348,000 $ 635,000 $ 2,970,000
Adjustments to reconcile net income to net cash (used in) provided by -      
Provision for bad debts   133,000 87,000
Depreciation and amortization 348,000 1,062,000 825,000
Deferred income taxes (370,000)    
Share-based compensation expense 818,000    
Forfeited franchise deposits   (693,000) (825,000)
Gain on extinguishment of debt (791,000)    
Gain on disposal of property and equipment   (2,000) (184,000)
Gain on change in value of warrant liability (5,597,000)    
Changes in operating assets and liabilities, net of acquisitions      
Accounts receivable (339,000) 6,000 (128,000)
Inventory (8,000) (10,000) (127,000)
Other assets (552,000) 121,000 (191,000)
Accounts payable - trade (275,000) 751,000 (380,000)
Accrued expenses and gift card liability 284,000 218,000 (155,000)
Deferred franchise fees 253,000 51,000 376,000
Other liabilities (57,000) 422,000 260,000
NET CASH (USED IN) PROVIDED BY OPERATING ACTIVITIES (938,000) 2,696,000 2,528,000
NET CASH FLOWS FROM INVESTING ACTIVITIES      
Purchase of restaurant from franchisee (27,210,000) (385,000)  
Deposit on sale   907,000  
Proceeds from deposit on potential sale of franchise/corporate owned store     938,000
Purchase of property and equipment (265,000) (3,244,000) (2,437,000)
Advances to related companies (74,000) (7,863,000) (10,601,000)
Repayments from related companies   11,205,000 11,575,000
NET CASH (USED IN) PROVIDED BY INVESTING ACTIVITIES (27,549,000) 620,000 (525,000)
NET CASH FLOWS FROM FINANCING ACTIVITIES      
Proceeds on revolving line of credit   2,987,000 2,317,000
Payments on revolving line of credit   (2,290,000)  
Note payable proceeds   2,406,000  
Payments on notes payable   (39,000) (86,000)
Members’ distributions   (6,007,000) (4,663,000)
Members’ contributions     594,000
NET CASH (USED IN) PROVIDED BY FINANCING ACTIVITIES   (2,943,000) (1,838,000)
NET (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS (28,487,000) 373,000 165,000
CASH AND CASH EQUIVALENTS, beginning of period 2,790,000 2,417,000 2,252,000
CASH AND CASH EQUIVALENTS, end of period $ 40,383,000 $ 2,790,000 $ 2,417,000