Quarterly report pursuant to Section 13 or 15(d)

Acquisitions (Tables)

v3.5.0.2
Acquisitions (Tables)
9 Months Ended
Sep. 30, 2016
Business Combinations [Abstract]  
Schedule of Assets Acquired and Liabilities Assumed Recorded at Estimated Fair Values

The acquisitions were accounted for using the purchase method of accounting in accordance with ASC 805 “Business Combinations” and, accordingly, the condensed consolidated statements of operations include the results of these operations from the dates of acquisition. 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       73,780       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     $ 5,661,470     $ 13,338,746