| 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 June 30, 2020:
SCHEDULE
OF PREVIOUSLY ISSUED INTERIM FINANCIAL STATEMENTS
| |
|
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 |
) |
Amergent Hospitality
Group, Inc and Subsidiaries
Notes to the
Condensed 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 three and six months ended June 30, 2020:
| |
|
Three Months Ended June 30, 2020 |
|
| |
|
As reported |
|
|
Adjustment |
|
|
As restated |
|
| Restaurant operating expenses |
|
$ |
3,261,393 |
|
|
$ |
(13,346 |
) |
|
$ |
3,247,957 |
|
| Asset impairment charges |
|
$ |
273,927 |
|
|
$ |
(121,457 |
) |
|
$ |
152,470 |
|
| Operating loss |
|
$ |
(2,655,587 |
) |
|
$ |
134,893 |
|
|
$ |
(2,520,694 |
) |
| Other income |
|
$ |
(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 |
) |
| |
|
Six Months Ended June 30, 2020 |
|
| |
|
As reported |
|
|
Adjustment |
|
|
As restated |
|
| Restaurant operating expenses |
|
$ |
6,887,237 |
|
|
$ |
(13,346 |
) |
|
$ |
6,873,801 |
|
| Asset impairment charges |
|
$ |
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 |
) |
|