| SCHEDULE OF PREVIOUSLY ISSUED INTERIM FINANCIAL STATEMENTS |
The
following table sets forth the effects of the adjustment on affected items within the Company’s previously reported Condensed Consolidated
Balance Sheet:
SCHEDULE
OF PREVIOUSLY ISSUED INTERIM FINANCIAL STATEMENTS
| |
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
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 |
) |
|
$ |
307 |
|
|
$ |
(96,562 |
) |
The
following tables set forth the effects of the adjustment on affected items within the Company’s previously reported Condensed Consolidated
Statements of Operations:
| |
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
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 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 |
) |
|
$ |
0.01 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
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 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 table sets forth the effects of the adjustments on affected items within the Company’s previously reported Condensed
Consolidated Statement of Cash Flows:
| |
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
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 |
|
|