Annual report pursuant to Section 13 and 15(d)

Restatements of Previously Issued Interim Financial Statements (Unaudited) (Tables)

v3.21.1
Restatements of Previously Issued Interim Financial Statements (Unaudited) (Tables)
12 Months Ended
Dec. 31, 2020
Commitments and Contingencies Disclosure [Abstract]  
Schedule of Previously Issued Interim Financial Statements

The following tables sets forth the effects of the adjustments on affected items within the Company’s previously reported Condensed Consolidated and Combined Interim Balance Sheets as of March 31, 2020, June 30, 2020, and September 30, 2020, had the adjustments been made in the corresponding quarters:

 

    March 31, 2020  
    As reported     Adjustment     As restated  
Operating lease assets   $ 11,256,497     $ (216,681 )   $ 11,039,816  
Long-term operating lease liabilities   $ 14,064,517     $ (440,998 )   $ 13,623,519  
Accumulated deficit   $ (77,343,539 )   $ 149,955     $ (77,193,584 )
Non-controlling interests   $ 584,824     $ 74,362     $ 659,186  

 

    June 30, 2020  
    As reported     Adjustment     As restated  
Operating lease assets   $ 11,007,038     $ (98,944 )   $ 10,908,094  
Long-term operating lease liabilities   $ 13,832,826     $ (458,154 )   $ 13,374,672  
Accumulated deficit   $ (85,658,825 )   $ 284,848     $ (85,373,977 )
Non-controlling interests   $ (310,801 )   $ 74,362     $ (236,439 )

 

    September 30, 2020  
    As reported     Adjustment     As restated  
Operating lease assets   $ 10,117,900     $ -     $ 10,117,900  
Derivative liabilities   $ 1,195,724     $ (694,724 )   $ 501,000  
Long-term operating lease liabilities   $ 15,115,651     $ (479,855 )   $ 14,635,796  
Accumulated deficit   $ (95,208,526 )   $ 1,048,450     $ (94,160,076 )
Non-controlling interests   $ (764,097 )   $ 126,129     $ (637,968 )

 

The following tables sets forth the effects of the adjustments on affected items within the Company’s previously reported Condensed Consolidated and Combined Interim Statements of Operations for the three months ended March 31, 2020, June 30, 2020, and September 30, 2020:

 

    Three Months Ended March 31, 2020  
    As reported     Adjustment     As restated  
Restaurant operating expenses   $ 3,625,844     $ -     $ 3,625,844  
Asset impairment charge   $ -     $ -     $ -  
Operating loss   $ (1,354,090 )   $ -     $ (1,354,090 )
Other income (expense)   $ 17,876     $ 224,317     $ 242,193  
Consolidated and combined net loss   $ (1,792,526 )   $ 224,317     $ (1,568,209 )
Net income attributable to non-controlling interests   $ (129,043 )   $ (74,362 )   $ (203,405 )
Net loss attributable to Amergent Hospitality Group Inc   $ (1,921,569 )   $ 149,955     $ (1,771,614 )
Net loss per common share, basic and diluted   $ (0.16 )   $ 0.01     $ (0.15 )

 

    Three Months Ended June 30, 2020  
    As reported     Adjustment     As restated  
Restaurant operating expenses   $ 3,261,393     $ (13,436 )   $ 3,247,957  
Asset impairment charge   $ 273,927     $ (121,457 )   $ 152,470  
Operating loss   $ (2,655,587 )   $ 134,893     $ (2,520,694 )
Other income (expense)   $ (70,748 )   $ -     $ (70,748 )
Consolidated and combined net loss   $ (9,210,911 )   $ 134,893     $ (9,076,018 )
Net loss attributable to non-controlling interests   $ 89,716     $ -     $ 89,716  
Net loss attributable to Amergent Hospitality Group Inc   $ (9,121,195 )   $ 134,893     $ (8,986,302 )
Net loss per common share, basic and diluted   $ (0.64 )   $ 0.01     $ (0.63 )

 

    Three Months Ended September 30, 2020  
    As reported     Adjustment     As restated  
Restaurant operating expenses   $ 3,462,279     $ (13,436 )   $ 3,448,843  
Asset impairment charge   $ 1,231,352     $ (95,223 )   $ 1,136,129  
Operating loss   $ (3,024,319 )   $ 108,659     $ (2,915,660 )
Change in fair value of derivative liabilities   $ (199,154 )   $ 694,724     $ 495,570  
Other income (expense)   $ (37,390 )   $ 11,986     $ (25,404 )
Consolidated and combined net loss   $ (10,002,997 )   $ 815,369     $ (9,187,628 )
Net loss attributable to non-controlling interests   $ 453,296     $ (51,767 )   $ 401,529  
Net loss attributable to Amergent Hospitality Group Inc   $ (9,549,701 )   $ 763,602     $ (8,786,099 )
Net loss per common share, basic and diluted   $ (0.67 )   $ 0.05     $ (0.62 )

 

The following tables sets forth the effects of the adjustments on affected items within the Company’s previously reported Condensed Consolidated and Combined Interim Statements of Operations for the six months ended June 30, 2020 and nine months ended September 30, 2020:

 

    Six Months Ended June 30, 2020  
    As reported     Adjustment     As restated  
Restaurant operating expenses   $ 6,887,237     $ (13,436 )   $ 6,873,801  
Asset impairment charge   $ 273,927     $ (121,457 )   $ 152,470  
Operating loss   $ (4,009,677 )   $ 134.893     $ (3,874,784 )
Other income (expense)   $ (48,009 )   $ 224,317     $ 176,308  
Consolidated and combined net loss   $ (11,003,437 )   $ 359,210     $ (10,644,227 )
Net income attributable to non-controlling interests   $ (39,327 )   $ (74,362 )   $ (113,689 )
Net loss attributable to Amergent Hospitality Group Inc   $ (11,042,764 )   $ 284,848     $ (10,757,916 )
Net loss per common share, basic and diluted   $ (0.85 )   $ 0.03     $ (0.82 )

 

    Nine Months Ended September 30, 2020  
    As reported     Adjustment     As restated  
Restaurant operating expenses   $ 10,349,516     $ (26,872 )   $ 10,322,644  
Asset impairment charge   $ 1,505,279     $ (216,680 )   $ 1,288,599  
Operating loss   $ (7,033,996 )   $ 243,552     $ (6,790,444 )
Change in fair value of derivative liabilities   $ (1,152,185 )   $ 694,724     $ (457,461 )
Other income (expense)   $ (85,399 )   $ 236,303     $ 150,904  
Consolidated and combined net loss   $ (21,006,434 )   $ 1,174,579     $ (19,831,855 )
Net loss attributable to non-controlling interests   $ 413,969     $ (126,129 )   $ 287,840  
Net loss attributable to Amergent Hospitality Group Inc   $ (20,592,465 )   $ 1,048,450     $ (19,544,015 )
Net loss per common share, basic and diluted   $ (1.53 )   $ 0.08     $ (1.45 )