Quarterly report pursuant to Section 13 or 15(d)

IT'SUGAR Bankruptcy (Tables)

v3.22.1
IT'SUGAR Bankruptcy (Tables)
3 Months Ended
Mar. 31, 2022
Business Acquisition [Line Items]  
Schedule Of Trade Sales And Income

For the Three Months Ended March 31,

2022

2021

Trade sales

$

24,255

Loss before income taxes

$

(1,021)

Pro Forma Information

Actual

Pro Forma

March 31,

March 31,

2022

2021

Trade sales

$

65,749

64,979

(Loss) income before income taxes

$

(2,754)

2,181

Net (loss) income

$

(1,926)

1,459

Net (loss) income attributable to shareholders

$

(1,816)

1,507

IT'SUGAR, LLC [Member]  
Business Acquisition [Line Items]  
Summary Of Summary Of Purchase Price allocation The following table summarizes the fair values of the assets acquired and liabilities assumed of IT’SUGAR at the consolidation date (in thousands):

Cash

$

6,909

Trade accounts receivable

584

Trade inventory

5,337

Property and equipment

19,291

Identifiable intangible assets (1)

9,670

Operating lease assets (2)

54,421

Other assets

3,323

Total assets acquired

99,535

Accounts payable

(2,517)

Accrued expenses

(8,445)

Other liabilities

(124)

Operating lease liabilities

(63,143)

Notes payable and other borrowings (4)

(10,054)

Total liabilities assumed

(84,283)

Fair value of identifiable net assets

15,252

Fair value of net assets acquired

28,590

Fair value of redeemable noncontrolling interest

936

Fair value of IT'SUGAR

29,526

Goodwill

$

14,274

Gain on the consolidation of IT'SUGAR (3)

$

15,890

(1)Identifiable intangible assets primarily include 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 associated with 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.