BurgerFi International, Inc. Quarterly report pursuant to Section 13 or 15(d)

Basis of Presentation (Tables)

6 Months Ended

Jun. 30, 2021

Store activity for the periods ended June 30, 2021 and December 31, 2020 is as follows:

	Three Months Ended June 30, 2021			Six Months Ended June 30, 2021			Year Ended December 31, 2020
Franchised stores, beginning of the period		98			102			117
Stores opened during the period		1			3			9
Stores transferred/sold to the Company		—			—			(2	)
Stores closed during the period		(2	)		(8	)		(22	)
Franchised stores, end of the period		97			97			102

	Three Months Ended June 30, 2021		Six Months Ended June 30, 2021		Year Ended December 31, 2020
Corporate owned stores, beginning of the period		19		17		13
Stores opened during the period		3		5		2
Stores transferred/sold to the Company		—		—		2
Stores closed during the period		—		—		—
Corporate owned stores, end of the period		22		22		17

Basic and diluted loss per common share is calculated as follows (in thousands, except per share data):

	Three Months Ended June 30, 2021			Six Months Ended June 30, 2021
Numerator:
Net income attributable to common shareholders	$	8,991		$	781
Reversal of Gain on change in value of warrant liability		(12,619	)		(7,673	)
Net loss attributable to common shareholders -diluted	$	(3,628	)	$	(6,892	)

Denominator:
Weighted average common shares outstanding, basic		17,888,140			17,852,493
Effect of dilutive securities
Restricted stock grants and warrants		847,417			2,261,954
UPOs		17,381			30,837
Diluted weighted-average shares outstanding		18,752,938			20,145,284

Basic net income per common share	$	0.50		$	0.04
Diluted net loss per common share	$	(0.19	)	$	(0.34	)