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

Basis of Presentation (Tables)

9 Months Ended

Sep. 30, 2021

Store activity for the period ended September 30, 2021 and the year ended December 31, 2020 is as follows:

	Three Months Ended September 30, 2021			Nine Months Ended September 30, 2021			Year Ended December 31, 2020
Franchised stores, beginning of the period		97			102			117
Stores opened during the period		—			3			9
Stores transferred/sold to the Company		—			—			(2	)
Stores closed during the period		(4	)		(12	)		(22	)
Franchised stores, end of the period		93			93			102

	Three Months Ended September 30, 2021			Nine Months Ended September 30, 2021			Year Ended December 31, 2020
Corporate owned stores, beginning of the period		22			17			13
Stores opened during the period		2			7			2
Stores transferred/sold to the Company		—			—			2
Stores closed during the period		(1	)		(1	)		—
Corporate owned stores, end of the period		23			23			17

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

	Three Months Ended September 30, 2021			Nine Months Ended September 30, 2021
Numerator:
Net loss attributable to common shareholders	$	(5,018	)	$	(4,237	)
Reversal of Gain on change in value of warrant liability		-			(12,619	)
Net loss attributable to common shareholders, diluted	$	(5,018	)	$	(16,856	)

Denominator:
Weighted average common shares outstanding, basic		17,892,769			17,866,168
Effect of dilutive securities
Warrants		-			282,472
UPOs		3,163			5,794
Diluted weighted average shares outstanding		17,895,932			18,154,434

Basic net loss per common share	$	(0.28	)	$	(0.24	)
Diluted net loss per common share	$	(0.28	)	$	(0.93	)