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Condensed Consolidated Statement of Cash Flows - USD ($)
9 Months Ended
Sep. 26, 2021
Sep. 27, 2020
Cash flows from operating activities    
Net loss $ (11,998,000) $ (7,189,000)
Adjustments to reconcile net loss to net cash used in operations:    
Deferred income taxes (3,384,000) (1,633,000)
Net loss on extinguishment of debt (4,872,000) (88,000)
Depreciation and amortization 3,161,000 763,000
Share-based compensation 488,000 61,000
Change in operating right of use assets 1,662,000 750,000
Accretion of loan fees and interest 1,249,000 589,000
Accretion of preferred shares 26,000 47,000
Accretion of purchase price liability 72,000 381,000
Gain on sale of refranchised assets (869,000) 55,000
Change in fair value of derivative liability 0 (887,000)
Impairment of assets 0 3,927,000
Provision for bad debts 225,000 900,000
Gain on contingent consideration payable adjustment 0 (1,680,000)
Change in:    
Accounts receivable (3,023,000) 130,000
Accrued interest receivable from affiliate 0 (2,613,000)
Tax Sharing Agreement liability 0 (158,000)
Other current assets (768,000) (295,000)
Deferred income 1,244,000 (446,000)
Accounts payable 1,646,000 312,000
Accrued expense (3,672,000) (87,000)
Accrued advertising 646,000 (382,000)
Accrued interest payable 3,797,000 (404,000)
Dividend payable on preferred shares 699,000 (809,000)
Other (79,000) 74,000
Total adjustments 7,992,000 (1,317,000)
Net cash used in operating activities (4,006,000) (8,506,000)
Cash flows from investing activities    
Change in due from affiliates 0 (10,103,000)
Acquisition of subsidiary, net of cash acquired (346,484,000) (23,944,000)
Payments received on loans receivable 140,000 69,000
Net proceeds from sale of refranchised restaurants 1,942,000 1,093,000
Purchases of property and equipment (1,661,000) (239,000)
Other (87,000) 0
Net cash provided by (used in) investing activities (346,150,000) (33,124,000)
Cash flows from financing activities    
Proceeds from borrowings, net of issuance costs 479,721,000 74,045,000
Repayments of borrowings (93,046,000) (24,224,000)
Issuance of preferred shares, net 8,246,000 8,021,000
Change in operating lease liabilities (1,441,000) (464,000)
Payments made on acquisition purchase price liability (1,075,000) (500,000)
Exercise of warrants 2,192,000 0
Repurchase of warrants 0 (330,000)
Redemption of preferred stock 0 (500,000)
Dividends paid on redeemable preferred stock (690,000) 0
Dividends paid on common shares (5,337,000) 0
Dividends paid on preferred shares (2,097,000) (175,000)
Net cash provided by financing activities 386,473,000 55,873,000
Net increase in cash and restricted cash 36,317,000 14,243,000
Cash and restricted cash at beginning of the period 7,211,000 25,000
Cash and restricted cash at end of the period 43,528,000 14,268,000
Supplemental disclosures of cash flow information:    
Cash paid for interest 5,874,000 5,420,000
Cash paid for income taxes 639,000 84,000
Supplemental disclosure of non-cash financing and investing activities:    
Director fees converted to common stock 0 240,000
Issuance of preferred stock in lieu of cash preferred dividends payable 0 450,000
Income taxes receivable included in amounts due from affiliates $ 0 $ (158,000)