Quarterly report pursuant to Section 13 or 15(d)

IT'SUGAR Bankruptcy (Tables)

v3.21.2
IT'SUGAR Bankruptcy (Tables)
9 Months Ended
Sep. 30, 2021
Business Acquisition [Line Items]  
Summary Of Summary Of Purchase Price allocation

Cash

$

557

Trade accounts receivable

10,244

Trade inventory

12,133

Property and equipment

1,007

Identifiable intangible assets (1)

21,795

Operating lease asset (2)

3,919

Other assets

650

Total assets acquired

50,305

Accounts payable

(5,619)

Other liabilities

(3,524)

Operating lease liability

(2,213)

Total liabilities assumed

(11,356)

Fair value of identifiable net assets

38,949

Goodwill

4,140

Purchase consideration

43,089

Less: cash acquired

(557)

Less: consideration payable

(194)

Cash paid for acquisition less cash acquired

$

42,338

(1)Identifiable intangible assets were comprised of $2.9 million, $18.7 million, and $0.2 million associated with Colonial Elegance’s trademark, customer relationships, and noncompetition agreements, respectively. The identifiable intangible assets are being amortized over their expected useful lives of 5 years for noncompetition agreements and 13 years for trademarks and customer relationships.

(2)Includes an intangible asset of $1.7 million related to below market rents associated with the lease for a distribution facility that is expected to be recognized over the lease term of approximately seven years.

Schedule Of Trade Sales And Income

For the Three Months Ended

September 30,

For the Nine Months Ended September 30,

2021

2020

2021

2020

Trade sales

$

28,274

12,197

34,296

31,794

Income (loss) from continuing operations before income taxes

$

1,784

(4,671)

2,601

(41,182)

Pro Forma Information

Pro Forma

Pro Forma

For the Three Months Ended

September 30,

For the Nine months Ended September 30,

2021

2020

2021

2020

Trade sales

$

67,453

35,842

199,590

98,716

Income (loss) from continuing operations before income taxes

$

27,693

(6,981)

45,496

(52,230)

Income (loss) from continuing operations

$

20,818

(5,519)

34,244

(41,274)

Net income (loss) income attributable to shareholders

$

20,500

(5,018)

33,404

(36,421)

IT'SUGAR, LLC [Member]  
Business Acquisition [Line Items]  
Summary Of Summary Of Purchase Price allocation

Cash

$

6,909

Trade accounts receivable

601

Trade inventory

5,337

Property and equipment

19,298

Identifiable intangible assets (1)

9,670

Operating lease assets (2)

56,107

Other assets

3,338

Total assets acquired

101,260

Accounts payable

(2,419)

Accrued expenses

(8,390)

Other liabilities

(124)

Operating lease liabilities

(64,829)

Notes payable and other borrowings (4)

(10,054)

Total liabilities assumed

(85,816)

Fair value of identifiable net assets

15,444

Fair value of net assets acquired

28,590

Fair value of redeemable noncontrolling interest

936

Fair value of IT'SUGAR

29,526

Goodwill

$

14,082

Gain on the consolidation of IT'SUGAR (3)

$

15,890

(1)Identifiable intangible assets primarily represents the estimated fair value of IT’SUGAR’s trademark, which is being amortized over an estimated expected useful life of 15 years.

(2)Includes a net intangible liability of $8.7 million related to off market rents related to certain of IT’SUGAR’s retail locations that is expected to be recognized over a weighted average lease term of approximately 8 years.

(3)The gain is comprised of the remeasurement of the Company’s equity interest in IT’SUGAR at fair value.

(4)Notes payable and other borrowings reflects amounts due to the Company’s wholly-owned subsidiary that have been eliminated in consolidation as of and subsequent to the consolidation date.