Annual report pursuant to Section 13 and 15(d)

Consolidated Statements of Operations

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Consolidated Statements of Operations - USD ($)
 1 Months Ended 11 Months Ended 12 Months Ended
Dec. 31, 2020
Dec. 15, 2020
Dec. 31, 2021
REVENUE      
Restaurant sales $ 1,333,000 $ 23,683,000 $ 57,790,000
TOTAL REVENUE 1,687,000 32,295,000 68,867,000
Restaurant level operating expenses:      
Food, beverage and paper costs 406,000 7,212,000 17,153,000
Labor and related expenses 304,000 6,187,000 16,272,000
Other operating expenses 254,000 4,999,000 12,039,000
Occupancy and related expenses 19,000 2,702,000 4,940,000
Impairment 0 0 114,797,000
General and administrative expenses 855,000 6,925,000 17,300,000
Depreciation and amortization expense 348,000 1,062,000 10,060,000
Share-based compensation expense 818,000 0 7,573,000
Brand development and co-op advertising expense 35,000 2,284,000 2,462,000
Pre-opening costs 48,000 166,000 1,905,000
TOTAL OPERATING EXPENSES 3,087,000 31,537,000 204,501,000
OPERATING (LOSS) INCOME (1,400,000) 758,000 (135,634,000)
Other income, net 791,000 2,000 2,047,000
Gain on change in value of warrant liability 5,597,000 0 13,811,000
Interest expense (6,000) (125,000) (1,406,000)
(Loss) income before income taxes 4,982,000 635,000 (121,182,000)
Income tax (expense) benefit 366,000 0 (312,000)
Net (Loss) Income 5,348,000 635,000 (121,494,000)
Net Income Attributable to Non-Controlling Interests (predecessor) 0 20,000 0
Net (Loss) Income Attributable to common shareholders (successor) and Controlling Interests (predecessor) $ 5,348,000 615,000 $ (121,494,000)
Weighted average common shares outstanding:      
Basic (in shares) 17,541,838   18,408,247
Diluted (in shares) 21,426,115   18,624,447
Net (loss) income per common share:      
Basic (in shares) $ 0.30   $ (6.60)
Diluted (in shares) $ (0.01)   $ (7.20)
Royalty and other fees      
REVENUE      
Revenues $ 255,000 6,116,000 $ 8,021,000
Royalty - brand development and co-op      
REVENUE      
Revenues 74,000 1,441,000 1,987,000
Franchise fees      
REVENUE      
Revenues $ 25,000 $ 1,055,000 $ 1,069,000