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Shop Acquisitions | 12 Months Ended
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Dec. 31, 2023
Business Combination and Asset Acquisition [Abstract] |
Shop Acquisitions | NOTE 4 — Shop Acquisitions During the year ended December 31, 2023, the Company did not repurchase the franchise rights and assets of any shops from franchise partners. For the year ended December 31, 2022, the Company repurchased the franchise rights and assets of seven shops from two separate franchise partners in Washington. The following table summarizes the allocations of the purchase prices to the estimated fair values of assets acquired and liabilities assumed. The fair values for the 2022 acquisitions were considered final as of December 31, 2022.
(in thousands) |  |  |  | December 31, 2022
Acquisition consideration: |  |  |  |
Purchase price consideration |  |  |  | $ | 6,051 |
Equipment and fixtures |  |  |  | 197 |
Building and leasehold improvements |  |  |  | 1,470 |
Inventories |  |  |  | 67 |
Other assets |  |  |  | 6 |
Operating lease right-of-use assets |  |  |  | 2,327 |
Reacquired franchise rights |  |  |  | 1,735 |
Other liabilities |  |  |  | (88) |
Gift card liability |  |  |  | (250) |
Operating lease obligations |  |  |  | (2,327) |
Net assets acquired |  |  |  | 3,137 |
Goodwill |  |  |  | $ | 2,914 |
Reacquired franchise rights had a weighted-average useful life of 4.2 years at the time of purchase for the acquisitions made during the year ended December 31, 2022. The results of operations for the 2022 acquisitions are included in the Company’s consolidated statements of operations beginning on the dates of acquisition. Revenues of approximately $9.3 million and net income of approximately $1.6 million are included in the Company’s consolidated statements of operations for the year ended December 31, 2022. The following table reflects the unaudited pro forma results of the Company and the five shops purchased in 2022 as if the acquisitions had taken place as of January 1, 2021:
(in thousands; unaudited) |  |  |  | Year Ended December 31, 2022
Revenue |  |  |  | $ | 740,964 |
Net loss |  |  |  | $ | (18,875) |

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- Definition The entire disclosure for a business combination (or series of individually immaterial business combinations) completed during the period, including background, timing, and recognized assets and liabilities. The disclosure may include leverage buyout transactions (as applicable). + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 805 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 5 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479907/805-20-50-5 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 805 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//805/tableOfContent + Details
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