| 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, 2021, June 30, 2021, and September 30, 2021, had the adjustments been
made in the corresponding quarters:
SCHEDULE OF PREVIOUSLY ISSUED INTERIM FINANCIAL STATEMENTS
| (in thousands) |
|
As
reported |
|
|
Adjustment |
|
|
As
restated |
|
| |
|
March
31, 2021 |
|
| (in thousands) |
|
As
reported |
|
|
Adjustment |
|
|
As
restated |
|
| Property and equipment, net |
|
$ |
3,172 |
|
|
$ |
136 |
|
|
$ |
3,308 |
|
| Accumulated deficit |
|
$ |
(97,136 |
) |
|
$ |
136 |
|
|
$ |
(97,000 |
) |
Amergent
Hospitality Group, Inc. and Subsidiaries
Notes
to the Consolidated and Combined Financial Statements
| (in
thousands) |
|
As
reported |
|
|
Adjustment |
|
|
As
restated |
|
| |
|
June
30, 2021 |
|
| (in
thousands) |
|
As
reported |
|
|
Adjustment |
|
|
As
restated |
|
| Cash |
|
$ |
2,083 |
|
|
$ |
179 |
|
|
$ |
2,262 |
|
| Accounts and other receivables |
|
$ |
157 |
|
|
$ |
5 |
|
|
$ |
162 |
|
| Inventories |
|
$ |
154 |
|
|
$ |
9 |
|
|
$ |
163 |
|
| Property and equipment, net |
|
$ |
2,908 |
|
|
$ |
272 |
|
|
$ |
3,180 |
|
| Intangible assets, net |
|
$ |
2,541 |
|
|
$ |
(1 |
) |
|
$ |
2,540 |
|
| Accounts payable and accrued expenses |
|
$ |
8,168 |
|
|
$ |
159 |
|
|
$ |
8,327 |
|
| Accumulated deficit |
|
$ |
(96,869 |
) |
|
$ |
306 |
|
|
$ |
(96,563 |
) |
| (in thousands) |
|
As
reported |
|
|
Adjustment |
|
|
As
restated |
|
| |
|
September
30, 2021 |
|
| (in thousands) |
|
As
reported |
|
|
Adjustment |
|
|
As
restated |
|
| Property and equipment, net |
|
$ |
3,002 |
|
|
$ |
408 |
|
|
$ |
3,410 |
|
| Accumulated deficit |
|
$ |
(96,963 |
) |
|
$ |
408 |
|
|
$ |
(96,555 |
) |
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, 2021, June 30, 2021, and September 30,
2021, had the adjustments been made in the corresponding quarters:
| (in thousands except
per share data) |
|
As
reported |
|
|
Adjustment |
|
|
As
restated |
|
| |
|
Three
Months Ended March 31, 2021 |
|
| (in thousands except
per share data) |
|
As
reported |
|
|
Adjustment |
|
|
As
restated |
|
| Depreciation and amortization |
|
$ |
368 |
|
|
$ |
(136 |
) |
|
$ |
232 |
|
| Operating (loss) income |
|
$ |
(2,790 |
) |
|
$ |
136 |
|
|
$ |
(2,654 |
) |
| Consolidated and combined net (loss) income |
|
$ |
(2,713 |
) |
|
$ |
136 |
|
|
$ |
(2,577 |
) |
| Net (loss) income attributable to Amergent
Hospitality Group, Inc. |
|
$ |
(2,548 |
) |
|
$ |
136 |
|
|
$ |
(2,412 |
) |
| Net (loss) income attributable to Amergent
Hospitality Group, Inc. per common share, basic and diluted |
|
$ |
(0.18 |
) |
|
$ |
0.01 |
|
|
$ |
(0.17 |
) |
| (in thousands except
per share data) |
|
As
reported |
|
|
Adjustment |
|
|
As
restated |
|
| |
|
Three
Months Ended June 30, 2021 |
|
| (in thousands except
per share data) |
|
As
reported |
|
|
Adjustment |
|
|
As
restated |
|
| Restaurant sales, net |
|
$ |
4,738 |
|
|
$ |
479 |
|
|
$ |
5,217 |
|
| Restaurant cost of sales |
|
$ |
1,435 |
|
|
$ |
182 |
|
|
$ |
1,617 |
|
| Restaurant operating expenses |
|
$ |
3,180 |
|
|
$ |
275 |
|
|
$ |
3,455 |
|
| General and administrative expenses |
|
$ |
1,194 |
|
|
$ |
14 |
|
|
$ |
1,208 |
|
| Depreciation and amortization |
|
$ |
362 |
|
|
$ |
(135 |
) |
|
$ |
227 |
|
| Operating income |
|
$ |
256 |
|
|
$ |
143 |
|
|
$ |
399 |
|
| Other income |
|
$ |
144 |
|
|
$ |
27 |
|
|
$ |
171 |
|
| Consolidated and combined net income |
|
$ |
327 |
|
|
$ |
170 |
|
|
$ |
497 |
|
| Net income attributable to Amergent Hospitality
Group, Inc. |
|
$ |
267 |
|
|
$ |
170 |
|
|
$ |
437 |
|
| Net income attributable to Amergent Hospitality
Group, Inc. per common share, basic |
|
$ |
0.02 |
|
|
$ |
0.01 |
|
|
$ |
0.03 |
|
| Net income attributable to Amergent Hospitality
Group, Inc. per common share, diluted |
|
$ |
0.01 |
|
|
$ |
0.01 |
|
|
$ |
0.02 |
|
| (in thousands except
per share data) |
|
As
reported |
|
|
Adjustment |
|
|
As
restated |
|
| |
|
Three
Months Ended September 30, 2021 |
|
| (in thousands except
per share data) |
|
As
reported |
|
|
Adjustment |
|
|
As
restated |
|
| Restaurant sales, net |
|
$ |
6,106 |
|
|
$ |
(479 |
) |
|
$ |
5,627 |
|
| Restaurant cost of sales |
|
$ |
2,032 |
|
|
$ |
(182 |
) |
|
$ |
1,850 |
|
| Restaurant operating expenses |
|
$ |
3,675 |
|
|
$ |
(275 |
) |
|
$ |
3,400 |
|
| General and administrative expenses |
|
$ |
1,395 |
|
|
$ |
(14 |
) |
|
$ |
1,381 |
|
| Depreciation and amortization |
|
$ |
351 |
|
|
$ |
(137 |
) |
|
$ |
214 |
|
| Operating income |
|
$ |
137 |
|
|
$ |
129 |
|
|
$ |
266 |
|
| Other income (expense) |
|
$ |
18 |
|
|
$ |
(27 |
) |
|
$ |
(9 |
) |
| Consolidated and combined net (loss) income |
|
$ |
(89 |
) |
|
$ |
102 |
|
|
$ |
13 |
|
| Net (loss) income attributable to Amergent
Hospitality Group, Inc. |
|
$ |
(94 |
) |
|
$ |
102 |
|
|
$ |
8 |
|
| Net (loss) income attributable to Amergent
Hospitality Group, Inc. per common share, basic and diluted |
|
$ |
(0.01 |
) |
|
$ |
0.01 |
|
|
$ |
0.00 |
|
Amergent
Hospitality Group, Inc. and Subsidiaries
Notes
to the Consolidated and Combined 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 Statements of Operations for the six months ended June 30, 2021, had the adjustments been made in the
corresponding quarter:
| (in thousands except
per share data) |
|
As
reported |
|
|
Adjustment |
|
|
As
restated |
|
| |
|
Six
Months Ended June 30, 2021 |
|
| (in thousands except
per share data) |
|
As
reported |
|
|
Adjustment |
|
|
As
restated |
|
| Restaurant sales, net |
|
$ |
9,182 |
|
|
$ |
479 |
|
|
$ |
9,661 |
|
| Restaurant cost of sales |
|
$ |
2,751 |
|
|
$ |
182 |
|
|
$ |
2,933 |
|
| Restaurant operating expenses |
|
$ |
6,426 |
|
|
$ |
275 |
|
|
$ |
6,701 |
|
| General and administrative expenses |
|
$ |
2,361 |
|
|
$ |
14 |
|
|
$ |
2,375 |
|
| Depreciation and amortization |
|
$ |
730 |
|
|
$ |
(271 |
) |
|
$ |
459 |
|
| Operating (loss) income |
|
$ |
(2,533 |
) |
|
$ |
279 |
|
|
$ |
(2,254 |
) |
| Other income |
|
$ |
147 |
|
|
$ |
27 |
|
|
$ |
174 |
|
| Consolidated and combined net (loss) income |
|
$ |
(2,386 |
) |
|
$ |
306 |
|
|
$ |
(2,080 |
) |
| Net (loss) income attributable to Amergent
Hospitality Group, Inc. |
|
$ |
(2,282 |
) |
|
$ |
306 |
|
|
$ |
(1,976 |
) |
| Net (loss) income attributable to Amergent
Hospitality Group, Inc. per common share, basic and diluted |
|
$ |
(0.15 |
) |
|
$ |
0.02 |
|
|
$ |
(0.13 |
) |
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 nine months ended September 30, 2021, had the adjustments been made
in the corresponding quarter:
| (in thousands except
per share data) |
|
As
reported |
|
|
Adjustment |
|
|
As
restated |
|
| |
|
Nine
Months Ended September 30, 2021 |
|
| (in thousands except
per share data) |
|
As
reported |
|
|
Adjustment |
|
|
As
restated |
|
| Depreciation and amortization |
|
$ |
1,081 |
|
|
$ |
(408 |
) |
|
$ |
673 |
|
| Operating (loss) income |
|
$ |
(2,397 |
) |
|
$ |
408 |
|
|
$ |
(1,989 |
) |
| Consolidated and combined net (loss) income |
|
$ |
(2,475 |
) |
|
$ |
408 |
|
|
$ |
(2,067 |
) |
| Net (loss) income attributable to Amergent
Hospitality Group, Inc. |
|
$ |
(2,376 |
) |
|
$ |
408 |
|
|
$ |
(1,968 |
) |
| Net (loss) income attributable to Amergent
Hospitality Group per common share, basic and diluted |
|
$ |
(0.16 |
) |
|
$ |
0.03 |
|
|
$ |
(0.13 |
) |
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 Cash Flows for the six months ended June 30, 2021, had the adjustments been made in the
corresponding quarter:
| (in thousands) |
|
As
reported |
|
|
Adjustment |
|
|
As
restated |
|
| |
|
Six
Months Ended June 30, 2021 |
|
| (in thousands) |
|
As
reported |
|
|
Adjustment |
|
|
As
restated |
|
| Net cash flows from operating activities |
|
$ |
(1,346 |
) |
|
$ |
179 |
|
|
$ |
(1,167 |
) |
| Net increase in cash and restricted cash |
|
$ |
595 |
|
|
$ |
179 |
|
|
$ |
774 |
|
|