2020 Q4 Form 10-K Financial Statement

#000156459021021480 Filed on April 29, 2021

View on sec.gov

Income Statement

Concept 2020 Q4 2019 Q4 2019
Revenue $1.687M $33.56M $33.56M
YoY Change -94.97%
Cost Of Revenue $12.60M $12.91M $13.48M
YoY Change -2.4% 9121.43% 2350.91%
Gross Profit $21.68M $20.65M $20.07M
YoY Change 4.99% -14850.0% -3749.09%
Gross Profit Margin 1285.12% 61.53% 59.81%
Selling, General & Admin $13.64M $11.11M
YoY Change
% of Gross Profit 62.92% 55.36%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $348.0K $830.0K $825.0K
YoY Change -58.07%
% of Gross Profit 1.61% 4.02% 4.11%
Operating Expenses $20.61M $17.02M $17.21M
YoY Change 21.09%
Operating Profit -$1.400M $3.630M $3.049M
YoY Change -138.57% -2692.86% -654.36%
Interest Expense $6.000K -$2.100M $79.00K
YoY Change -100.29% -413.43% -95.73%
% of Operating Profit -57.85% 2.59%
Other Income/Expense, Net $5.600M
YoY Change
Pretax Income $4.982M $1.530M $2.970M
YoY Change 225.62% 188.68% 128.46%
Income Tax -$366.0K
% Of Pretax Income -7.35%
Net Earnings $5.348M $1.930M $2.935M
YoY Change 177.1% 359.52% 187.75%
Net Earnings / Revenue 317.01% 5.75% 8.75%
Basic Earnings Per Share $0.30
Diluted Earnings Per Share -$0.01 $32.65K $167.6K
COMMON SHARES
Basic Shares Outstanding 17.54M shares
Diluted Shares Outstanding 21.43M shares

Balance Sheet

Concept 2020 Q4 2019 Q4 2019
SHORT-TERM ASSETS
Cash & Short-Term Investments $36.70M $1.700M $1.700M
YoY Change 2058.82% 750.0% 750.0%
Cash & Equivalents $37.15M $1.690M
Short-Term Investments
Other Short-Term Assets $1.607M $416.0K $1.100M
YoY Change 286.3% 316.0% 1000.0%
Inventory $268.0K $249.0K $200.0K
Prepaid Expenses
Receivables $718.0K $517.0K $500.0K
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $43.71M $3.599M $3.600M
YoY Change 1114.45% 1099.67% 1100.0%
LONG-TERM ASSETS
Property, Plant & Equipment $8.004M $6.301M $6.300M
YoY Change 27.03%
Goodwill $119.5M $398.0K
YoY Change 29935.68%
Intangibles $116.8M $235.0K
YoY Change 49612.34%
Long-Term Investments
YoY Change
Other Assets $251.0K $238.0K $3.800M
YoY Change 5.46%
Total Long-Term Assets $245.4M $10.78M $10.80M
YoY Change 2175.88% -90.84% -90.82%
TOTAL ASSETS
Total Short-Term Assets $43.71M $3.599M $3.600M
Total Long-Term Assets $245.4M $10.78M $10.80M
Total Assets $289.1M $14.38M $14.40M
YoY Change 1910.26% -87.81% -87.8%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.678M $1.265M $1.300M
YoY Change 32.65% 321.67% 333.33%
Accrued Expenses $1.203M $545.0K $500.0K
YoY Change 120.73%
Deferred Revenue $490.0K
YoY Change
Short-Term Debt $3.000M $2.300M $2.300M
YoY Change 30.43%
Long-Term Debt Due $4.450M $1.200M $1.200M
YoY Change 270.83%
Total Short-Term Liabilities $9.158M $6.358M $6.400M
YoY Change 44.04% 2019.33% 2033.33%
LONG-TERM LIABILITIES
Long-Term Debt $1.500M $0.00 $0.00
YoY Change
Other Long-Term Liabilities $19.40M $5.500M $5.500M
YoY Change 252.73%
Total Long-Term Liabilities $20.90M $5.500M $5.500M
YoY Change 280.0%
TOTAL LIABILITIES
Total Short-Term Liabilities $9.158M $6.358M $6.400M
Total Long-Term Liabilities $20.90M $5.500M $5.500M
Total Liabilities $30.04M $11.88M $11.90M
YoY Change 152.98% 3858.33% 3866.67%
SHAREHOLDERS EQUITY
Retained Earnings -$2.225M
YoY Change
Common Stock $261.3M
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $259.1M $2.500M $2.500M
YoY Change
Total Liabilities & Shareholders Equity $289.1M $14.38M $14.40M
YoY Change 1910.26% -87.81% -87.8%

Cashflow Statement

Concept 2020 Q4 2019 Q4 2019
OPERATING ACTIVITIES
Net Income $5.348M $1.930M $2.935M
YoY Change 177.1% 359.52% 187.75%
Depreciation, Depletion And Amortization $348.0K $830.0K $825.0K
YoY Change -58.07%
Cash From Operating Activities -$938.0K $3.530M $2.528M
YoY Change -126.57% -1276.67% -488.92%
INVESTING ACTIVITIES
Capital Expenditures $265.0K -$2.440M $2.437M
YoY Change -110.86%
Acquisitions $27.21M
YoY Change
Other Investing Activities -$69.91M -$22.19M $1.910M
YoY Change 215.05% -14893.33% -101.65%
Cash From Investing Activities -$27.55M -$24.63M -$525.0K
YoY Change 11.85% -16520.0% -99.55%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities $0.00 21.45M -1.838M
YoY Change -100.0% -101.57%
NET CHANGE
Cash From Operating Activities -$938.0K 3.530M 2.528M
Cash From Investing Activities -$27.55M -24.63M -525.0K
Cash From Financing Activities $0.00 21.45M -1.838M
Net Change In Cash -$28.49M 350.0K 165.0K
YoY Change -8239.14% -333.33% -8.33%
FREE CASH FLOW
Cash From Operating Activities -$938.0K $3.530M $2.528M
Capital Expenditures $265.0K -$2.440M $2.437M
Free Cash Flow -$1.203M $5.970M $91.00K
YoY Change -120.15%

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CY2019 us-gaap Payments For Advance To Affiliate
PaymentsForAdvanceToAffiliate
10601000
us-gaap Proceeds From Repayments Of Related Party Debt
ProceedsFromRepaymentsOfRelatedPartyDebt
11205000
CY2019 us-gaap Proceeds From Repayments Of Related Party Debt
ProceedsFromRepaymentsOfRelatedPartyDebt
11575000
CY2020Q4 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-27549000
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
620000
CY2019 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-525000
us-gaap Proceeds From Lines Of Credit
ProceedsFromLinesOfCredit
2987000
CY2019 us-gaap Proceeds From Lines Of Credit
ProceedsFromLinesOfCredit
2317000
us-gaap Repayments Of Lines Of Credit
RepaymentsOfLinesOfCredit
2290000
us-gaap Proceeds From Notes Payable
ProceedsFromNotesPayable
2406000
us-gaap Repayments Of Notes Payable
RepaymentsOfNotesPayable
39000
CY2019 us-gaap Repayments Of Notes Payable
RepaymentsOfNotesPayable
86000
us-gaap Payments Of Distributions To Affiliates
PaymentsOfDistributionsToAffiliates
6007000
CY2019 us-gaap Payments Of Distributions To Affiliates
PaymentsOfDistributionsToAffiliates
4663000
CY2019 us-gaap Proceeds From Contributions From Affiliates
ProceedsFromContributionsFromAffiliates
594000
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-2943000
CY2019 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-1838000
CY2020Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
-28487000
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
373000
CY2019 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
165000
CY2020Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
68870000
CY2019Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
2417000
CY2018Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
2252000
CY2020Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
40383000
CY2020Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
2790000
CY2019Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
2417000
CY2018Q2 us-gaap Business Combination Recognized Identifiable Assets Acquired And Liabilities Assumed Other Noncurrent Assets
BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedOtherNoncurrentAssets
4000
CY2018Q2 us-gaap Business Combination Recognized Identifiable Assets Acquired And Liabilities Assumed Current Liabilities
BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedCurrentLiabilities
330000
CY2020 us-gaap Prior Period Reclassification Adjustment Description
PriorPeriodReclassificationAdjustmentDescription
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-weight:bold;font-style:italic;color:#000000;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;"><span style="Background-color:#FFFFFF;">Reclassifications</span></p> <p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;text-indent:0%;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><span style="Background-color:#FFFFFF;"> </span></p> <p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;text-indent:0%;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><span style="Background-color:#FFFFFF;">Certain reclassifications have been made to the prior year presentation to conform to the current year presentation.</span></p>
CY2020Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
40000000
CY2020 us-gaap Use Of Estimates
UseOfEstimates
<p style="text-align:justify;margin-top:10pt;margin-bottom:0pt;text-indent:0%;font-weight:bold;font-style:italic;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">Use of Estimates</p> <p style="text-align:justify;margin-top:10pt;margin-bottom:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingencies at the date of the consolidated financial statements and the reported amounts of revenue and expenses during the reporting year. Actual results could differ from those estimates.</p>
CY2020 us-gaap Number Of Operating Segments
NumberOfOperatingSegments
1
CY2020 us-gaap Number Of Reportable Segments
NumberOfReportableSegments
1
CY2018Q2 us-gaap Business Acquisition Date Of Acquisition Agreement1
BusinessAcquisitionDateOfAcquisitionAgreement1
2018-04-23
CY2018Q2 us-gaap Business Combination Recognized Identifiable Assets Acquired And Liabilities Assumed Cash And Equivalents
BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedCashAndEquivalents
39000
CY2018Q2 us-gaap Business Combination Recognized Identifiable Assets Acquired And Liabilities Assumed Current Assets Receivables
BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedCurrentAssetsReceivables
1000
CY2018Q2 us-gaap Business Combination Recognized Identifiable Assets Acquired And Liabilities Assumed Inventory
BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedInventory
28000
CY2018Q2 us-gaap Business Combination Recognized Identifiable Assets Acquired And Liabilities Assumed Current Assets Other
BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedCurrentAssetsOther
24000
CY2018Q2 us-gaap Business Combination Recognized Identifiable Assets Acquired And Liabilities Assumed Property Plant And Equipment
BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedPropertyPlantAndEquipment
1126000
CY2018Q2 us-gaap Business Combination Recognized Identifiable Assets Acquired And Liabilities Assumed Net
BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedNet
892000
CY2018Q2 us-gaap Goodwill
Goodwill
397000
CY2018Q2 us-gaap Business Combination Recognized Identifiable Assets Acquired Goodwill And Liabilities Assumed Net
BusinessCombinationRecognizedIdentifiableAssetsAcquiredGoodwillAndLiabilitiesAssumedNet
1289000
CY2020 bfi Number Of Loans Collateralized By Vi Es Assets And Creditors
NumberOfLoansCollateralizedByVIEsAssetsAndCreditors
3
CY2020Q4 us-gaap Time Sharing Transactions Allowance For Uncollectible Accounts
TimeSharingTransactionsAllowanceForUncollectibleAccounts
0
CY2019Q4 us-gaap Time Sharing Transactions Allowance For Uncollectible Accounts
TimeSharingTransactionsAllowanceForUncollectibleAccounts
65000000
CY2020 us-gaap Goodwill Impairment Loss
GoodwillImpairmentLoss
0
CY2019 us-gaap Goodwill Impairment Loss
GoodwillImpairmentLoss
0
CY2020Q4 us-gaap Net Income Loss
NetIncomeLoss
5348000
CY2020Q4 us-gaap Fair Value Adjustment Of Warrants
FairValueAdjustmentOfWarrants
-5597000
CY2020Q4 us-gaap Derivative Liabilities
DerivativeLiabilities
22113000
CY2020Q4 us-gaap Derivative Liabilities
DerivativeLiabilities
16516000
CY2020Q4 us-gaap Fair Value Adjustment Of Warrants
FairValueAdjustmentOfWarrants
-5597000
CY2020Q4 us-gaap Class Of Warrant Or Right Outstanding
ClassOfWarrantOrRightOutstanding
0
CY2018 bfi Increase Decrease In Current Deferred Initial Franchise Fee Liability
IncreaseDecreaseInCurrentDeferredInitialFranchiseFeeLiability
348730
CY2018 bfi Increase Decrease In Long Term Deferred Initial Franchise Fee Liability
IncreaseDecreaseInLongTermDeferredInitialFranchiseFeeLiability
1550276
CY2020Q4 us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
-249000000
CY2020Q4 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
17541838
CY2020Q4 bfi Incremental Common Shares Attributable To Dilutive Effect Of Restricted Stock Grants And Warrants
IncrementalCommonSharesAttributableToDilutiveEffectOfRestrictedStockGrantsAndWarrants
3468872
CY2020Q4 bfi Incremental Common Shares Attributable To Dilutive Effect Of Unit Purchase Option
IncrementalCommonSharesAttributableToDilutiveEffectOfUnitPurchaseOption
415405
CY2020Q4 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
21426115
CY2020Q4 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.30
CY2020Q4 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.01
CY2018 bfi Increase Decrease In Members Equity
IncreaseDecreaseInMembersEquity
-1201546
us-gaap Other Cost And Expense Operating
OtherCostAndExpenseOperating
4543000
CY2019Q4 us-gaap Contract With Customer Liability
ContractWithCustomerLiability
4688000
CY2018Q4 us-gaap Contract With Customer Liability
ContractWithCustomerLiability
3935000
us-gaap Operating Costs And Expenses
OperatingCostsAndExpenses
24391000
CY2020Q4 bfi Contract With Customer Liability Initial Franchise Fees Received
ContractWithCustomerLiabilityInitialFranchiseFeesReceived
278000
bfi Contract With Customer Liability Initial Franchise Fees Received
ContractWithCustomerLiabilityInitialFranchiseFeesReceived
413000
us-gaap Revenues
Revenues
15549000
us-gaap Labor And Related Expense
LaborAndRelatedExpense
3148000
us-gaap Operating Costs And Expenses
OperatingCostsAndExpenses
14615000
us-gaap Revenues
Revenues
24498000
us-gaap Labor And Related Expense
LaborAndRelatedExpense
5073000
us-gaap Revenues
Revenues
17224000
us-gaap Labor And Related Expense
LaborAndRelatedExpense
3586000
us-gaap Operating Costs And Expenses
OperatingCostsAndExpenses
14727000
us-gaap Revenues
Revenues
24859000
us-gaap Labor And Related Expense
LaborAndRelatedExpense
5307000
us-gaap Operating Costs And Expenses
OperatingCostsAndExpenses
22704000
CY2019 us-gaap Revenues
Revenues
33555000
CY2019 us-gaap Labor And Related Expense
LaborAndRelatedExpense
7167000
CY2019 us-gaap Operating Costs And Expenses
OperatingCostsAndExpenses
30506000
CY2020 bfi Franchise Fees
FranchiseFees
37500
CY2020Q4 bfi Percentage Of Deposit Of Franchise Fee To Reserve Right To Open Additional Locations
PercentageOfDepositOfFranchiseFeeToReserveRightToOpenAdditionalLocations
0.50
CY2020Q4 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
1704000
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
32578000
CY2019 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
33555000
CY2020Q4 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
1704000
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
32578000
CY2019 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
33555000
CY2020Q4 us-gaap Revenue Remaining Performance Obligation
RevenueRemainingPerformanceObligation
3306000
CY2019Q4 us-gaap Revenue Remaining Performance Obligation
RevenueRemainingPerformanceObligation
4688000
CY2020Q4 us-gaap Revenue Remaining Performance Obligation Expected Timing Of Satisfaction Period1
RevenueRemainingPerformanceObligationExpectedTimingOfSatisfactionPeriod1
P10Y
CY2019Q4 us-gaap Revenue Remaining Performance Obligation Expected Timing Of Satisfaction Period1
RevenueRemainingPerformanceObligationExpectedTimingOfSatisfactionPeriod1
P10Y
CY2019 bfi Contract With Customer Liability Initial Franchise Fees Received
ContractWithCustomerLiabilityInitialFranchiseFeesReceived
2036000
CY2020Q4 bfi Contract With Customer Liability Revenue Recognized For Stores Opened During Period
ContractWithCustomerLiabilityRevenueRecognizedForStoresOpenedDuringPeriod
25000
CY2019 us-gaap Pre Opening Costs
PreOpeningCosts
425000
bfi Contract With Customer Liability Revenue Recognized For Stores Opened During Period
ContractWithCustomerLiabilityRevenueRecognizedForStoresOpenedDuringPeriod
362000
CY2019 bfi Contract With Customer Liability Revenue Recognized For Stores Opened During Period
ContractWithCustomerLiabilityRevenueRecognizedForStoresOpenedDuringPeriod
458000
bfi Contract With Customer Liability Revenue Recognized Related To Franchise Agreement Default
ContractWithCustomerLiabilityRevenueRecognizedRelatedToFranchiseAgreementDefault
693000
CY2019 bfi Contract With Customer Liability Revenue Recognized Related To Franchise Agreement Default
ContractWithCustomerLiabilityRevenueRecognizedRelatedToFranchiseAgreementDefault
825000
CY2020Q4 us-gaap Contract With Customer Liability
ContractWithCustomerLiability
3306000
CY2020Q4 us-gaap Contract With Customer Liability
ContractWithCustomerLiability
4046000
CY2019Q4 us-gaap Contract With Customer Liability
ContractWithCustomerLiability
4688000
CY2020Q4 us-gaap Contract With Customer Liability
ContractWithCustomerLiability
3053000
CY2020Q4 us-gaap Sales And Excise Tax Payable Current
SalesAndExciseTaxPayableCurrent
172000
CY2019Q4 us-gaap Sales And Excise Tax Payable Current
SalesAndExciseTaxPayableCurrent
142000
CY2020Q4 us-gaap Advertising Expense
AdvertisingExpense
23000
us-gaap Advertising Expense
AdvertisingExpense
454000
CY2019 us-gaap Advertising Expense
AdvertisingExpense
554000
us-gaap Federal Income Tax Expense Benefit Continuing Operations
FederalIncomeTaxExpenseBenefitContinuingOperations
0
CY2020Q4 us-gaap Pre Opening Costs
PreOpeningCosts
24000
us-gaap Pre Opening Costs
PreOpeningCosts
189000
CY2020 us-gaap Lessee Operating Lease Description
LesseeOperatingLeaseDescription
The Company leases restaurant locations that have terms expiring between December 2020 and March 2035. The initial obligation period is generally 10 years. The restaurant facilities primarily have renewal clauses for two 5-year period or one 10-year period, exercisable at the option of the Company. The Company includes one 5-year renewal option in its lease term.
CY2020Q4 us-gaap Lessee Operating Lease Term Of Contract
LesseeOperatingLeaseTermOfContract
P10Y
CY2020 bfi Lessee Operating Lease Number Of Renewal Time
LesseeOperatingLeaseNumberOfRenewalTime
1
CY2020 bfi Lease Term Renewal Option
LeaseTermRenewalOption
P5Y
CY2019 us-gaap Federal Income Tax Expense Benefit Continuing Operations
FederalIncomeTaxExpenseBenefitContinuingOperations
0
CY2020Q4 us-gaap Restricted Cash
RestrictedCash
3663000
CY2019Q4 us-gaap Restricted Cash
RestrictedCash
727000
CY2020Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
8052000
CY2019Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
10433000
CY2020Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
48000
CY2019Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
4132000
CY2020Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
8004000
CY2019Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
6301000
CY2020Q4 us-gaap Depreciation
Depreciation
48000
us-gaap Depreciation
Depreciation
1025000
CY2019 us-gaap Depreciation
Depreciation
795000
CY2020Q4 us-gaap Finite Lived Intangible Assets Gross
FiniteLivedIntangibleAssetsGross
117124000
CY2020Q4 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
300000
CY2020Q4 us-gaap Intangible Assets Net Excluding Goodwill
IntangibleAssetsNetExcludingGoodwill
116824000
CY2019Q4 us-gaap Finite Lived Intangible Assets Gross
FiniteLivedIntangibleAssetsGross
235000
CY2019Q4 us-gaap Intangible Assets Net Excluding Goodwill
IntangibleAssetsNetExcludingGoodwill
235000
CY2020 us-gaap Impairment Of Intangible Assets Excluding Goodwill
ImpairmentOfIntangibleAssetsExcludingGoodwill
0
CY2019 us-gaap Impairment Of Intangible Assets Excluding Goodwill
ImpairmentOfIntangibleAssetsExcludingGoodwill
0
CY2020Q4 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
300000
CY2019Q4 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
0
CY2020Q4 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
0
CY2020Q4 bfi Finite Lived Intangible Assets Amortization Expense Current Fiscal Year
FiniteLivedIntangibleAssetsAmortizationExpenseCurrentFiscalYear
7218000
CY2020Q4 us-gaap Finite Lived Intangible Assets Amortization Expense Year Two
FiniteLivedIntangibleAssetsAmortizationExpenseYearTwo
7218000
CY2020Q4 us-gaap Finite Lived Intangible Assets Amortization Expense Year Three
FiniteLivedIntangibleAssetsAmortizationExpenseYearThree
7218000
CY2020Q4 us-gaap Finite Lived Intangible Assets Amortization Expense Year Four
FiniteLivedIntangibleAssetsAmortizationExpenseYearFour
7218000
CY2020Q4 us-gaap Finite Lived Intangible Assets Amortization Expense Year Five
FiniteLivedIntangibleAssetsAmortizationExpenseYearFive
7218000
CY2020Q4 us-gaap Finite Lived Intangible Assets Amortization Expense After Year Five
FiniteLivedIntangibleAssetsAmortizationExpenseAfterYearFive
80499000
CY2020Q4 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
116589000
CY2020Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
0.0037
CY2020Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
0.60
CY2020Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0
CY2020Q4 us-gaap Business Combination Recognized Identifiable Assets Acquired And Liabilities Assumed Cash And Equivalents
BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedCashAndEquivalents
2179000
CY2020Q4 bfi Business Combination Recognized Identifiable Assets Acquired And Liabilities Assumed Cash Restricted
BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedCashRestricted
611000
CY2020Q4 us-gaap Business Combination Recognized Identifiable Assets Acquired And Liabilities Assumed Current Assets Receivables
BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedCurrentAssetsReceivables
378000
CY2020Q4 us-gaap Business Combination Recognized Identifiable Assets Acquired And Liabilities Assumed Inventory
BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedInventory
260000
CY2020Q4 us-gaap Business Combination Recognized Identifiable Assets Acquired And Liabilities Assumed Current Assets Other
BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedCurrentAssetsOther
1235000
CY2020Q4 us-gaap Business Combination Recognized Identifiable Assets Acquired And Liabilities Assumed Property Plant And Equipment
BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedPropertyPlantAndEquipment
8520000
CY2020Q4 us-gaap Business Combination Recognized Identifiable Assets Acquired And Liabilities Assumed Intangible Assets Other Than Goodwill
BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedIntangibleAssetsOtherThanGoodwill
117124000
CY2020Q4 us-gaap Business Combination Recognized Identifiable Assets Acquired And Liabilities Assumed Other Noncurrent Assets
BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedOtherNoncurrentAssets
199000
CY2020Q4 us-gaap Business Combination Recognized Identifiable Assets Acquired And Liabilities Assumed Current Liabilities Accounts Payable
BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedCurrentLiabilitiesAccountsPayable
1952000
CY2020Q4 bfi Business Combination Recognized Identifiable Assets Acquired And Liabilities Assumed Current Liabilities Accrued Expenses
BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedCurrentLiabilitiesAccruedExpenses
1057000
CY2020Q4 bfi Business Combination Recognized Identifiable Assets Acquired And Liabilities Assumed Current Liabilities Gift Card Liability
BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedCurrentLiabilitiesGiftCardLiability
292000
CY2020Q4 us-gaap Business Combination Recognized Identifiable Assets Acquired And Liabilities Assumed Current Liabilities Long Term Debt
BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedCurrentLiabilitiesLongTermDebt
3012000
CY2020Q4 bfi Business Combination Recognized Identifiable Assets Acquired And Liabilities Assumed Current Liabilities Deferred Franchise Fees
BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedCurrentLiabilitiesDeferredFranchiseFees
521000
CY2020Q4 bfi Business Combination Recognized Identifiable Assets Acquired And Liabilities Assumed Current Liabilities Other Deposit
BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedCurrentLiabilitiesOtherDeposit
907000
CY2020Q4 bfi Business Combination Recognized Identifiable Assets Acquired And Liabilities Assumed Noncurrent Liabilities Deferred Initial Franchise Fees Net Of Current Portion
BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedNoncurrentLiabilitiesDeferredInitialFranchiseFeesNetOfCurrentPortion
2531000
CY2020Q4 us-gaap Business Combination Recognized Identifiable Assets Acquired And Liabilities Assumed Noncurrent Liabilities Long Term Debt
BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedNoncurrentLiabilitiesLongTermDebt
2889000
CY2020Q4 us-gaap Business Combination Recognized Identifiable Assets Acquired And Liabilities Assumed Net
BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedNet
117345000
CY2020Q4 us-gaap Business Combination Consideration Transferred1
BusinessCombinationConsiderationTransferred1
236887000
CY2020Q4 us-gaap Goodwill
Goodwill
119542000
CY2020 bfi Amounts Due From Related Parties Repayment Period Description
AmountsDueFromRelatedPartiesRepaymentPeriodDescription
not expected to be repaid within one year
CY2020Q4 us-gaap Due From Related Parties
DueFromRelatedParties
74000
CY2019Q4 us-gaap Due From Related Parties
DueFromRelatedParties
3611000
CY2020Q4 us-gaap Due To Related Parties Current And Noncurrent
DueToRelatedPartiesCurrentAndNoncurrent
0
CY2019Q4 us-gaap Due To Related Parties Current And Noncurrent
DueToRelatedPartiesCurrentAndNoncurrent
271000
CY2019 us-gaap Management Fee Expense
ManagementFeeExpense
60000
CY2020Q1 us-gaap Lessee Operating Lease Term Of Contract
LesseeOperatingLeaseTermOfContract
P36M
CY2020Q4 bfi Rent Expense Related Parties
RentExpenseRelatedParties
1000
bfi Rent Expense Related Parties
RentExpenseRelatedParties
159000
CY2019 bfi Rent Expense Related Parties
RentExpenseRelatedParties
160000
CY2020Q4 us-gaap Deferred Costs Leasing Net
DeferredCostsLeasingNet
18000
CY2019Q4 us-gaap Deferred Costs Leasing Net
DeferredCostsLeasingNet
48000
CY2020Q4 bfi Deposits And Other Assets Noncurrent
DepositsAndOtherAssetsNoncurrent
233000
CY2019Q4 bfi Deposits And Other Assets Noncurrent
DepositsAndOtherAssetsNoncurrent
190000
CY2020Q4 us-gaap Other Assets
OtherAssets
251000
CY2019Q4 us-gaap Other Assets
OtherAssets
238000
CY2020Q4 us-gaap Lease And Rental Expense
LeaseAndRentalExpense
40000
us-gaap Lease And Rental Expense
LeaseAndRentalExpense
2819000
CY2019 us-gaap Lease And Rental Expense
LeaseAndRentalExpense
2281000
CY2020Q4 us-gaap Operating Leases Future Minimum Payments Next Rolling Twelve Months
OperatingLeasesFutureMinimumPaymentsNextRollingTwelveMonths
3029000
CY2020Q4 us-gaap Operating Leases Future Minimum Payments Due In Rolling Year Two
OperatingLeasesFutureMinimumPaymentsDueInRollingYearTwo
3329000
CY2020Q4 us-gaap Operating Leases Future Minimum Payments Due In Rolling Year Three
OperatingLeasesFutureMinimumPaymentsDueInRollingYearThree
3369000
CY2020Q4 us-gaap Operating Leases Future Minimum Payments Due In Rolling Year Four
OperatingLeasesFutureMinimumPaymentsDueInRollingYearFour
3047000
CY2020Q4 us-gaap Operating Leases Future Minimum Payments Due In Rolling Year Five
OperatingLeasesFutureMinimumPaymentsDueInRollingYearFive
3071000
CY2020Q4 us-gaap Operating Leases Future Minimum Payments Due In Rolling After Year Five
OperatingLeasesFutureMinimumPaymentsDueInRollingAfterYearFive
25506000
CY2020 us-gaap Loss Contingency Allegations
LossContingencyAllegations
A franchisee filed a suit against BFI seeking unspecified damages in connection with plaintiff’s execution of franchise agreements for the development of 11 BurgerFi restaurants in certain specified trade areas in New York and Connecticut.
CY2020Q4 us-gaap Loss Contingency Accrual At Carrying Value
LossContingencyAccrualAtCarryingValue
0
CY2020Q4 us-gaap Notes Payable
NotesPayable
2960000
CY2019Q4 us-gaap Notes Payable
NotesPayable
1207000
CY2020Q4 us-gaap Notes Payable Current
NotesPayableCurrent
1438000
CY2019Q4 us-gaap Notes Payable Current
NotesPayableCurrent
1207000
CY2020Q4 us-gaap Long Term Notes Payable
LongTermNotesPayable
1522000
CY2019Q4 us-gaap Long Term Notes Payable
LongTermNotesPayable
0
CY2020Q2 us-gaap Notes Issued1
NotesIssued1
600000
CY2020Q4 us-gaap Current Federal Tax Expense Benefit
CurrentFederalTaxExpenseBenefit
4000
CY2020Q4 us-gaap Current Income Tax Expense Benefit
CurrentIncomeTaxExpenseBenefit
4000
CY2020Q4 us-gaap Deferred Federal Income Tax Expense Benefit
DeferredFederalIncomeTaxExpenseBenefit
-314000
CY2020Q4 us-gaap Deferred State And Local Income Tax Expense Benefit
DeferredStateAndLocalIncomeTaxExpenseBenefit
-56000
CY2020Q4 us-gaap Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
-370000
CY2020Q4 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
-366000
CY2019Q4 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0
CY2020Q4 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0
CY2020Q4 us-gaap Deferred Tax Assets Tax Deferred Expense Reserves And Accruals Allowance For Doubtful Accounts
DeferredTaxAssetsTaxDeferredExpenseReservesAndAccrualsAllowanceForDoubtfulAccounts
33000
CY2020Q4 bfi Deferred Tax Assets Fixed Assets
DeferredTaxAssetsFixedAssets
-1876000
CY2020Q4 bfi Deferred Tax Assets Intangible Assets
DeferredTaxAssetsIntangibleAssets
-87000
CY2020Q4 bfi Deferred Tax Assets Goodwill
DeferredTaxAssetsGoodwill
-20000
CY2020Q4 us-gaap Deferred Tax Assets Deferred Income
DeferredTaxAssetsDeferredIncome
752000
CY2020Q4 us-gaap Deferred Tax Assets Tax Deferred Expense Reserves And Accruals Deferred Rent
DeferredTaxAssetsTaxDeferredExpenseReservesAndAccrualsDeferredRent
7000
CY2020Q4 us-gaap Deferred Tax Assets Tax Deferred Expense Compensation And Benefits Share Based Compensation Cost
DeferredTaxAssetsTaxDeferredExpenseCompensationAndBenefitsShareBasedCompensationCost
203000
CY2020Q4 bfi Deferred Tax Assets Accrued Paid Time Off
DeferredTaxAssetsAccruedPaidTimeOff
21000
CY2020Q4 bfi Deferred Tax Assets Unrealized Gain Loss On Disposal Of Assets
DeferredTaxAssetsUnrealizedGainLossOnDisposalOfAssets
3000
CY2020Q4 bfi Deferred Tax Assets Transaction Costs
DeferredTaxAssetsTransactionCosts
127000
CY2020Q4 us-gaap Deferred Tax Assets Operating Loss Carryforwards
DeferredTaxAssetsOperatingLossCarryforwards
1550000
CY2020Q4 us-gaap Deferred Tax Assets Net
DeferredTaxAssetsNet
713000
CY2020Q4 us-gaap Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
0
CY2020Q4 us-gaap Income Taxes Receivable
IncomeTaxesReceivable
215000
CY2020Q4 us-gaap Income Taxes Receivable Noncurrent
IncomeTaxesReceivableNoncurrent
0
CY2020 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.21
CY2020Q4 us-gaap Income Tax Reconciliation Income Tax Expense Benefit At Federal Statutory Income Tax Rate
IncomeTaxReconciliationIncomeTaxExpenseBenefitAtFederalStatutoryIncomeTaxRate
1046000
CY2020Q4 us-gaap Income Tax Reconciliation Tax Exempt Income
IncomeTaxReconciliationTaxExemptIncome
181000
CY2020Q4 bfi Income Tax Reconciliation Change In Derivative Liability
IncomeTaxReconciliationChangeInDerivativeLiability
1175000
CY2020Q4 us-gaap Income Tax Reconciliation State And Local Income Taxes
IncomeTaxReconciliationStateAndLocalIncomeTaxes
-56000
CY2020Q4 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
-366000
CY2020Q4 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
100000000
CY2020Q4 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.0001
CY2020Q4 us-gaap Common Stock Shares Issued
CommonStockSharesIssued
17541838
CY2020Q4 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
17541838
CY2020Q4 us-gaap Class Of Warrant Or Right Outstanding
ClassOfWarrantOrRightOutstanding
15095000
CY2020Q4 us-gaap Class Of Warrant Or Right Exercise Price Of Warrants Or Rights1
ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1
11.50
CY2020 bfi Upo Units That Are Exercisable
UPOUnitsThatAreExercisable
750000
CY2020Q4 us-gaap Class Of Warrant Or Right Number Of Securities Called By Each Warrant Or Right
ClassOfWarrantOrRightNumberOfSecuritiesCalledByEachWarrantOrRight
1
CY2020Q4 us-gaap Class Of Warrant Or Right Exercise Price Of Warrants Or Rights1
ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1
11.50
CY2020Q4 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
10000000
CY2020Q4 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.0001
CY2019Q4 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0
CY2020 bfi Warrants Exercisable Period
WarrantsExercisablePeriod
P30D
CY2020 bfi Sale Of Stock Number Of Shares Issued In Transaction1
SaleOfStockNumberOfSharesIssuedInTransaction1
750000
CY2020 bfi Sale Of Stock Number Of Common Shares Included In Purchase Of Units
SaleOfStockNumberOfCommonSharesIncludedInPurchaseOfUnits
1
CY2020 bfi Sale Of Stock Number Of Warrant Included In Purchase Of Units
SaleOfStockNumberOfWarrantIncludedInPurchaseOfUnits
1
CY2020Q4 us-gaap Sale Of Stock Price Per Share
SaleOfStockPricePerShare
10.00
CY2020 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Expiration Date
ShareBasedCompensationArrangementByShareBasedPaymentAwardExpirationDate
2023-03-17
CY2020 bfi Option Grants To Holders Demand And Piggyback Rights Periods Two
OptionGrantsToHoldersDemandAndPiggybackRightsPeriodsTwo
P7Y
CY2020 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
818000
CY2020 us-gaap Allocated Share Based Compensation Expense Net Of Tax
AllocatedShareBasedCompensationExpenseNetOfTax
818000
CY2020Q4 us-gaap Derivative Liabilities
DerivativeLiabilities
22113000
CY2020Q4 us-gaap Derivative Liabilities
DerivativeLiabilities
16516000
CY2020Q4 us-gaap Fair Value Adjustment Of Warrants
FairValueAdjustmentOfWarrants
-5597000
CY2020Q4 us-gaap Class Of Warrant Or Right Outstanding
ClassOfWarrantOrRightOutstanding
0
CY2021Q4 us-gaap Share Price
SharePrice
15.70
CY2020Q4 us-gaap Share Price
SharePrice
13.69
us-gaap Revenues
Revenues
32578000
CY2020Q4 us-gaap Revenues
Revenues
1704000
CY2019 us-gaap Revenues
Revenues
33555000

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