| Schedule of Assets Acquired and Liabilities Assumed Recorded at Estimated Fair Values |
The assets acquired and
the liabilities assumed were recorded at estimated fair values based on information currently available and based on certain assumptions
as to future operations as follows:
| |
|
2015 Acquisitions |
|
| |
|
BGR: The Burger Joint |
|
|
BT’s Burger Joint |
|
|
Little Big Burger |
|
|
Total |
|
| Consideration paid: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Common stock |
|
$ |
1,000,000 |
|
|
$ |
1,000,848 |
|
|
$ |
2,061,469 |
|
|
$ |
4,062,317 |
|
| Cash |
|
|
4,276,429 |
|
|
|
1,400,000 |
|
|
|
3,600,000 |
|
|
|
9,276,429 |
|
| Total consideration paid |
|
$ |
5,276,429 |
|
|
$ |
2,400,848 |
|
|
$ |
5,661,469 |
|
|
$ |
13,338,746 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Cash acquired |
|
|
11,000 |
|
|
|
8,000 |
|
|
|
234,638 |
|
|
|
253,638 |
|
| Property and equipment |
|
|
2,164,023 |
|
|
|
1,511,270 |
|
|
|
1,711,990 |
|
|
|
5,387,283 |
|
| Goodwill |
|
|
663,037 |
|
|
|
1,040,542 |
|
|
|
2,938,279 |
|
|
|
4,641,858 |
|
| Trademark/trade name/franchise fee |
|
|
2,750,000 |
|
|
|
- |
|
|
|
1,550,000 |
|
|
|
4,300,000 |
|
| Inventory, deposits and other assets |
|
|
296,104 |
|
|
|
103,451 |
|
|
|
73,779 |
|
|
|
473,334 |
|
| Accounts held in escrow to satisfy acquired liabilities |
|
|
- |
|
|
|
- |
|
|
|
675,000 |
|
|
|
675,000 |
|
| Total assets acquired, less cash |
|
|
5,884,164 |
|
|
|
2,663,263 |
|
|
|
7,183,686 |
|
|
|
15,731,113 |
|
| Liabilities assumed |
|
|
(607,735 |
) |
|
|
(262,415 |
) |
|
|
(949,857 |
) |
|
|
(1,820,007 |
) |
| Deferred tax liabilities |
|
|
- |
|
|
|
- |
|
|
|
(572,360 |
) |
|
|
(572,360 |
) |
| Total consideration paid |
|
$ |
5,276,429 |
|
|
$ |
2,400,848 |
|
|
$ |
5,661,469 |
|
|
$ |
13,338,746 |
|
|