Quarterly report pursuant to Section 13 or 15(d)

Restatement of Previously Issued Condensed Consolidated and Combined Financial Statements (Unaudited) (Tables)

v3.21.1
Restatement of Previously Issued Condensed Consolidated and Combined Financial Statements (Unaudited) (Tables)
3 Months Ended
Mar. 31, 2021
Commitments and Contingencies Disclosure [Abstract]  
Schedule of Previously Issued Interim Financial Statements

The following table sets forth the effects of the adjustments on the affected items within the Company’s previously reported Condensed Consolidated and Combined Interim Balance Sheet as of March 31, 2020:

 

    March 31, 2020  
    As reported     Adjustment     As restated  
Operating lease assets   $ 11,256,497     $ (216,681 )   $ 11,039,816  
Long-term operating lease liabilities   $ 14,067,517     $ (440,998 )   $ 13,626,519  
Accumulated deficit   $ (77,343,539 )   $ 149,955     $ (77,193,584 )
Non-controlling interests   $ 584,824     $ 74,362     $ 659,186  

 

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:

 

    March 31, 2020  
    As reported     Adjustment     As restated  
Restaurant operating expenses   $ 3,625,844     $     $ 3,625,844  
Asset impairment charges   $     $     $  
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 )