|
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
|
|
|
|
|
|
|
|
|