Quarterly report pursuant to Section 13 or 15(d)

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

v3.21.2
Restatement of Previously Issued Condensed Consolidated and Combined Financial Statements (Unaudited) (Tables)
9 Months Ended
Sep. 30, 2021
Organization, Consolidation and Presentation of Financial Statements [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 September 30, 2020:

 

                   
    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:

 

                   
    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 )