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RECENT RESTAURANT EXPANSION AND OTHER DEVELOPMENTS | 3 Months Ended
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Jan. 02, 2021
Business Combinations [Abstract] |
Recent Restaurant Expansion and Other Developments | RECENT RESTAURANT EXPANSION AND OTHER DEVELOPMENTS On December 1, 2020, the Company, through a newly formed, wholly-owned subsidiary, acquired the assets of Bear Ice, Inc. and File Gumbo Inc., which collectively operated a restaurant and bar named Blue Moon Fish Company located in Lauderdale by the Sea, FL. The total purchase price of $2,820,000, as set out below, was paid with cash in the amount of $1,820,000 and a four-year note held by the sellers in the amount of $1,000,000 payable monthly with 5% interest. The acquisition was accounted for as a business combination. Concurrent with the acquisition, the Company assumed the related lease which expires in 2026 and has four, five-year extension options. Rent payments under the lease are approximately $360,000 per year and increase by approximately 15% as each option is exercised. The Company is in the process of determining the acquisition date fair values of the assets and liabilities acquired and has recorded preliminary estimates as of the acquisition date. As the Company completes this process and additional information becomes known concerning the acquired assets and assumed liabilities, management may make adjustments to the fair value of the amounts recorded in the opening balance sheet of Blue Moon Fish Company during the measurement period, which is no longer than a one-year period following the acquisition date. The determination of the fair values of the acquired assets and liabilities assumed (and the related determination of estimated lives of depreciable tangible and identifiable intangible assets) requires significant judgment. A preliminary allocation of the fair values of the assets acquired, subject to final purchase accounting, is as follows (amounts in thousands):
Cash | $ | 3 |
Inventory | 39 |
Security deposit | 30 |
Trademarks | 500 |
Non-compete agreement | 380 |
Goodwill | 1,870 |
Liabilities assumed | (2) |
| $ | 2,820 |
Goodwill recognized in connection with this transaction represents the residual amount of the purchase price over separately identifiable intangible assets and is expected to be deductible for tax purposes. The consolidated condensed statements of operations for the 13 weeks ended January 2, 2021 include revenues and income of approximately $478,000 and $7,000, respectively, related to Blue Moon Fish Company. The unaudited pro forma financial information set forth below is based upon the Company’s historical consolidated condensed statements of operations for the 13 weeks ended January 2, 2021 and December 28, 2019 and includes the results of operations for Blue Moon Fish Company for the period prior to acquisition. The unaudited pro forma financial information (which is presented in thousands except per share and share data), which has been adjusted for interest expense on the note, is presented for informational purposes only and may not be indicative of what actual results of operations would have been had the acquisition of Blue Moon Fish Company occurred on the dates indicated, nor does it purport to represent the results of operations for future periods.
| 13 Weeks Ended | 13 Weeks Ended
| January 2, 2021 | December 28, 2019
| (unaudited) | (unaudited)
Total revenues | $ | 20,976 |  | $ | 45,050 |
Net income | $ | (728) |  | $ | 1,857 |
Net income per share - basic | $ | (0.21) |  | $ | 0.53 |
Net income per share - diluted | $ | (0.21) |  | $ | 0.52 |
Basic | 3,502 |  | 3,499 |
Diluted | 3,502 |  | 3,541 |

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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://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -URI http://asc.fasb.org/topic&trid=2303972 + Details
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- References No definition available. + Details
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