Quarterly report pursuant to Section 13 or 15(d)

SIGNIFICANT ACCOUNTING POLICIES (Tables)

v3.21.2
SIGNIFICANT ACCOUNTING POLICIES (Tables)
6 Months Ended
Jun. 30, 2021
Accounting Policies [Abstract]  
SCHEDULE OF FAIR VALUE OF FINANCIAL INSTRUMENTS

 

   

Quoted Prices in Active Markets

(Level 1)

    Significant Observable Inputs (Level 2)     Significant Unobservable Inputs (Level 3)     Total Fair Value  
June 30, 2021                                
Assets (Note 3)                                
Common stock of Sonnet   $ 292,809                        $     $ 292,809  
Liabilities (Note 9)                                
True-up provision of Convertible Preferred Series 2   $     $     $ 66,136     $ 66,136  

 

   

Quoted Prices in Active Markets

(Level 1)

    Significant Observable Inputs (Level 2)     Significant Unobservable Inputs (Level 3)     Total Fair Value  
December 31, 2020                                
Assets (Note 3)                                
Common stock of Sonnet   $ 413,268             $     $ 413,268  
Liabilities (Note 9)                                
True-up provision of Convertible Preferred Series 2   $     $             $ 184,800     $ 184,800  
SCHEDULE OF PROPERTY AND EQUIPMENT USEFUL LIVES

 

Leasehold improvements   5-15 years
Restaurant furnishings and equipment   3-10 years
Furniture and fixtures   3-10 years
Office and computer equipment   3-7 years
SCHEDULE OF INCOME PER SHARE

 

    June 30, 2021     June 30, 2020     June 30, 2021     June 30, 2020  
    Three Months Ended     Six Months Ended  
    June 30, 2021     June 30, 2020     June 30, 2021     June 30, 2020  
Basic net income (loss) per common share calculation:                                
Net income (loss) attributable to common shareholders   $ 266,727     $ (8,986,302 )   $ (2,281,700 )   $ (10,786,135 )
Less: undistributed earnings to participating securities     (179,013 )                  
Net income (loss) attributable to common shareholders - basic     87,714       (8,986,302 )     (2,281,700 )     (10,757,916 )
Weighted average common shares outstanding - basic     15,321,571       14,282,736       14,904,471       13,096,212  
Net income (loss) per share - basic   $ 0.02     $ (0.63 )   $ (0.15 )   $ (0.82 )
Diluted net income (loss) per common share calculation:                                
Net income (loss) attributable to common shareholders   $ 266,727     $ (8,986,302 )   $ (2,281,700 )   $ (10,757,916 )
Less: undistributed earnings to participating securities     (179,013 )                  
Net income (loss) attributable to common shareholders - diluted     87,714       (8,986,302 )     (2,281,700 )     (10,757,916 )
Weighted average common shares outstanding - basic     15,321,571       14,282,736       14,904,471       13,096,212  
Warrants     1,959,054                    
Weighted average common shares outstanding - diluted     17,280,625       14,282,736       14,904,471       13,096,212  
Net income (loss) per share - diluted   $ 0.01     $ (0.63 )   $ (0.15 )   $ (0.82 )