Annual report pursuant to Section 13 and 15(d)

Supplemental Disclosure of Noncash Investing and Financing Activities

v3.22.1
Supplemental Disclosure of Noncash Investing and Financing Activities
12 Months Ended
Dec. 31, 2021
Noncash or Part Noncash Acquisition, Net Nonmonetary Assets Acquired (Liabilities Assumed) [Abstract]  
Supplemental Disclosure of Noncash Investing and Financing Activities Supplemental Disclosure of Noncash Investing and Financing ActivitiesOn April 1, 2020, the Company acquired a restaurant from a franchisee, with financing on a note payable of $0.6 million. As described in Note 5 Acquisitions, consideration issued in the BurgerFi acquisition included shares of stock valued at $103.7 million, and contingent consideration valued at $103.2 million.As described in Note 5 Acquisitions, consideration issued in the Anthony's acquisition included redeemable preferred stock of approximately $53 million (carrying value of approximately $46.9 million at November 3, 2021 and fair value of approximately $47.5 million at December 31, 2021) and shares of common stock of approximately $29.0 million. The fair value of the preferred stock was determined using a discounted cash flow methodology. The expected future redemption payment was forecasted based on the contractual PIK (payment in kind) interest and estimated redemption date of December 31, 2024.