Quarterly report pursuant to Section 13 or 15(d)

Acquisitions (Tables)

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Acquisitions (Tables)
 9 Months Ended
Sep. 30, 2015
Business Combinations [Abstract]  
Schedule of Assets Acquired and Liabilities Assumed Recorded At Estimated Fair Values

The allocation of purchase price presented below is based on preliminary analyses which are still continuing and may be subject to change as such analyses are finalized in future periods:

 

    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  
                                 
Property and equipment     2,164,023       1,511,270       1,710,849       5,386,141  
Goodwill     663,037       939,281       2,417,653       4,019,972  
Trademark/trade name/franchise fee     2,750,000       -       1,550,000       4,300,000  
Inventory, deposits ands other assets     296,104       103,451       77,014       476,569  
Total assets acquired, less cash     5,873,164       2,554,002       5,755,516       14,182,682  
Liabilities assumed     (607,735 )     (161,154 )     (268,557 )     (1,037,446 )
Common stock and warrants issued     (1,000,000 )     (1,000,848 )     (2,061,469 )     (4,062,317 )
Cash paid     (4,276,429 )     (1,400,000 )     (3,600,000 )     (9,276,429 )
Cash acquired   $ 11,000     $ 8,000     $ 174,511     $ 193,511  

 

The allocation of purchase price presented for the Company’s 2014 acquisitions:

 

    2014 Acquisitions  
    Hooters           Hooters Australia     The        
    Pacific NW     Spoon     April 1, 2014     July 1, 2014     Burger Co.     Total  
Consideration paid:                                                
Common stock   $ 2,891,156     $ 828,750     $ -     $ -     $ 300,000     $ 4,019,906  
Warrants     978,000       280,400       -       123,333       -       1,381,733  
Assumption of debt     -       -       -       5,000,000       -       5,000,000  
Cash     -       -       100,000       -       250,000       350,000  
Total consideration paid     3,869,156       1,109,150       100,000       5,123,333       550,000       10,751,639  
                                                 
Current assets, excluding cash     112,078       89,817       377,296       47,777       9,926       636,894  
Property and equipment     2,731,031       391,462       2,934,307       1,603,557       284,795       7,945,152  
Goodwill     1,951,909       698,583       -       8,487,138       256,379       11,394,009  
Trademark/trade name/franchise fee     60,937       -       277,867       220,500       -       559,304  
Deposits and other assets     20,275       5,193       90,371       20,186       -       136,025  
Total assets acquired, less cash     4,876,230       1,185,055       3,679,841       10,379,158       551,100       20,671,384  
Liabilities assumed     (1,009,348 )     (97,541 )     (1,560,710 )     (1,496,536 )     (1,100 )     (4,165,235 )
Deferred tax liabilities     -       -                       -       -  
Non-controlling interest     -       -       (993,999 )     (3,759,289 )     -       (4,753,288 )
Chanticleer equity     -       -       (1,028,749 )     -       -       (1,028,749 )
Common stock and warrants issued     (3,869,156 )     (1,109,150 )     -       (123,333 )     (300,000 )     (5,401,639 )
Assumption of debt     -       -       -       (5,000,000 )     -       (5,000,000 )
Cash paid     -       -       (100,000 )     -       (250,000 )     (350,000 )
Cash acquired   $ 2,274     $ 21,636     $ 3,617     $ -     $ -     $ 27,527  

Schedule of Business Combination Pro Forma Information

Unaudited pro forma results of operations for the three and nine month periods ended September 30, 2015 and 2014, as if the Company had acquired majority ownership of all operations acquired during 2014 and 2015 on January 1, 2014 is as follows.

 

    Three Months Ended September 30,     Nine Months Ended September 30,  
    2015     2014     2015     2014  
                         
Total revenues   $ 11,551,329     $ 13,473,304     $ 36,159,199     $ 37,626,727  
Loss from continuing operations     (2,972,928 )     (1,287,982 )     (5,255,488 )     (2,091,978 )
Gain (loss) frorm discontinued operations     2,088       (72,300 )     189       (104,973 )
Loss attributable to non-controlling interest     69,397       (61,209 )     412,366       88,163  
Net loss   $ (2,901,443 )   $ (1,421,491 )   $ (4,842,933 )   $ (2,108,788 )
Net loss per share, basic and diluted   $ (0.20 )   $ (0.21 )   $ (0.34 )   $ (0.34 )
Weighted average shares outstanding, basic and diluted     14,802,370       6,628,011       14,059,116       6,279,688