What was the total number of Benihana shares at the balance on December 31, 2021?
Benihana Franchise · 2024 FDDAnswer from 2024 FDD Document
inancial statements. We believe that our audit provides a reasonable basis for our opinion.
/s/ Plante & Moran PLLC
We served as the Company's auditor from 2018 to 2021.
Boulder, Colorado
March 19, 2021
F-4
THE ONE GROUP HOSPITALITY, INC. CONSOLIDATED BALANCE SHEETS (in thousands, except share information)
| December 31, 2021 | December 31, 2020 | |
|---|---|---|
| ASSETS | ||
| Current assets: | ||
| Cash and cash equivalents | $ 23,614 | $ 24,385 |
| Accounts receivable | 11,356 | 5,777 |
| Inventory | 3,915 | 2,490 |
| Other current assets | 3,666 | 1,348 |
| Due from related parties | 376 | 376 |
| Total current assets | 42,927 | 34,376 |
| Property and equipment, net | 69,638 | 67,344 |
| Operating lease right-of-use assets | 85,395 | 80,960 |
| Deferred tax assets, net | 12,313 | 13,226 |
| Intangibles, net | 15,505 | 16,313 |
| Other assets | 3,199 | 2,446 |
| Security deposits | 858 | 904 |
| Total assets | $ 229,835 | $ 215,569 |
| LIABILITIES AND STOCKHOLDERS' EQUITY | ||
| Current liabilities: | ||
| Accounts payable | $ 11,094 | $ 7,404 |
| Accrued expenses | 23,155 | 15,684 |
| Deferred license revenue | 90 | 207 |
| Deferred gift card revenue and other | 2,029 | 1,990 |
| Current portion of operating lease liabilities | 5,396 | 4,817 |
| Current portion of CARES Act Loans | — | 10,057 |
| Current portion of long-term debt | 500 | 588 |
| Total current liabilities | 42,264 | 40,747 |
| Deferred license revenue, long-term | 298 | 953 |
| Operating lease liabilities, net of current portion | 103,616 | 98,569 |
| CARES Act Loans, net of current portion | — | 8,257 |
| Long-term debt, net of current portion | 23,132 | 45,064 |
| Total liabilities | 169,310 | 193,590 |
| Commitments and contingencies (Note 15) | ||
| Stockholders' equity: | ||
| Common stock, $0.0001 par value, 75,000,000 shares authorized; 32,138,396 issued | ||
| and 32,125,762 outstanding at December 31, 2021 and 29,083,183 shares issued and | ||
| outstanding at December 31, 2020 | 3 | 3 |
| Preferred stock, $0.0001 par value, 10,000,000 shares authorized; no shares issued | ||
| and outstanding at December 31, 2021 and December 31, 2020, respectively | — | — |
| Treasury stock, 12,634 shares and 0 shares at December 31, 2021 and December 31, | ||
| 2020, respectively | (37) | — |
| Additional paid-in capital | 53,481 | 46,538 |
| Retained earnings (accumulated deficit) | 10,632 | (20,716) |
| Accumulated other comprehensive loss | (2,645) | (2,646) |
| Total stockholders' equity | 61,434 | 23,179 |
| Noncontrolling interests | (909) | (1,200) |
| 60,525 | 21,979 | |
| Total equity | $ 229,835 | $ 215,569 |
| Total liabilities and equity |
See notes to the consolidated financial statements.
F-5
**THE ONE GROUP HOSPITALITY, INC.
Source: Item 22 — CONTRACTS (FDD pages 73–74)
What This Means (2024 FDD)
According to Benihana's 2024 Franchise Disclosure Document, at the balance on December 31, 2021, there were 32,138,396 shares issued and 32,125,762 outstanding. The par value of common stock is $0.0001 per share, with 75,000,000 shares authorized.
Additionally, the company had warrants to purchase shares of common stock outstanding. These warrants could potentially dilute the value of existing shares if exercised.
For potential Benihana franchisees, understanding the company's stock structure and any potential dilution is crucial for assessing the financial health and stability of the franchise system. Reviewing the notes to the financial statements, particularly Note 11 regarding Stockholders' Equity, provides further details on the common stock, preferred stock, and treasury stock, offering a more comprehensive view of the company's equity structure.