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 September 30, 2020:
SCHEDULE OF PREVIOUSLY ISSUED INTERIM FINANCIAL STATEMENTS
|
|
|
|
|
|
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|
|
|
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|
|
|
|
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 and nine months ended September 30, 2020:
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|
|
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 * |
|
$ |
(6,536,241 |
) |
|
$ |
694,724 |
|
|
$ |
(5,841,517 |
) |
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 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 * |
|
$ |
(394,724 |
) |
|
$ |
694,724 |
|
|
$ |
300,000 |
|
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 |
) |
|