Quarterly report pursuant to Section 13 or 15(d)

Assets Held for Sale

v3.19.3
Assets Held for Sale
 9 Months Ended
Sep. 30, 2019
Discontinued Operations and Disposal Groups [Abstract]  
Assets Held for Sale

3. ASSETS HELD FOR SALE

 

In August 2019, the Board of Directors approved the sale of the South Africa Hooters locations to the local management group. The assets and liabilities of those operations were reclassified to Assets held for sale and Liabilities held for sale as of September 30, 2019. On October 31, 2019, the Company closed on the sale of three of it’s South Africa Hooters locations and anticipates closing on the remaining two by the end of November 2019.

 

The carrying amount of major class of assets and liabilities included as held for sale at September 30, 2019 are as follows:

 

    September 30,
2019		  
Cash   $ 21,193  
Accounts receivable     52,826  
Inventory     90,522  
Property, plant and equipment     384,192  
Operating lease assets     956,605  
Goodwill and intangible assets     342,668  
Other assets     53,370  
Total assets held for sale, net     1,901,376  
         
Accounts payable and accrued liabilities     380,017  
Operating lease liabilities     1,009,422  
Debt     255,814  
Total liabilities held for sale, net     1,645,253  
         
Net Assets   $ 256,123