| Schedule of comparative prior period financial statements and notes to the financial statements have been restated |
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As of December 31, 2024 |
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Previously |
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As |
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Reported |
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Adjustment |
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Corrected |
Operating lease right-of-use assets |
|
$ |
260,204 |
|
$ |
127 |
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$ |
260,331 |
Deferred income taxes, net |
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53,682 |
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|
600 |
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|
54,282 |
Total assets |
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959,353 |
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|
727 |
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|
960,080 |
Current portion of operating lease liabilities |
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14,998 |
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|
296 |
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|
15,294 |
Total current liabilities |
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131,095 |
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|
296 |
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131,391 |
Operating lease liabilities, net of current portion |
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291,785 |
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1,705 |
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|
293,490 |
Total liabilities |
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756,748 |
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2,001 |
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758,749 |
Additional paid-in capital |
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68,392 |
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(1,274) |
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67,118 |
Total stockholders’ equity |
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47,165 |
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(1,274) |
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45,891 |
Total equity |
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44,520 |
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(1,274) |
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43,246 |
Total liabilities, Series A preferred stock and stockholders' equity |
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959,353 |
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727 |
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960,080 |
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Condensed Consolidated Statement of Operations |
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For the three months ended June 30, 2024 |
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Previously |
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As |
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Reported |
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Adjustment |
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Corrected |
Owned restaurant operating expenses |
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$ |
103,192 |
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$ |
580 |
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$ |
103,772 |
Total owned operating expenses |
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139,069 |
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|
580 |
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|
139,649 |
General and administrative |
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10,622 |
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12 |
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10,634 |
Pre-opening expenses |
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2,504 |
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12 |
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2,516 |
Total costs and expenses |
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170,840 |
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|
604 |
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171,444 |
Operating income |
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1,654 |
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(604) |
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|
1,050 |
Loss before benefit for income taxes |
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(10,360) |
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(604) |
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(10,964) |
Benefit for income taxes |
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(3,268) |
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(191) |
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(3,459) |
Net loss |
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(7,092) |
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(413) |
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(7,505) |
Net loss attributable to The ONE Group Hospitality, Inc. |
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(6,929) |
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(413) |
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(7,342) |
Net loss available to common stockholders |
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(11,467) |
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(413) |
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(11,880) |
Basic net loss per common share |
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(0.36) |
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(0.01) |
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(0.38) |
Diluted net loss per common share |
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(0.36) |
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(0.01) |
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(0.38) |
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For the six months ended June 30, 2024 |
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Previously |
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As |
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Reported |
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Adjustment |
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Corrected |
Owned restaurant operating expenses |
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$ |
152,830 |
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$ |
580 |
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$ |
153,410 |
Total owned operating expenses |
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207,421 |
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|
580 |
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208,001 |
General and administrative |
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18,156 |
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12 |
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18,168 |
Pre-opening expenses |
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5,418 |
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12 |
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|
5,430 |
Total costs and expenses |
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256,455 |
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|
604 |
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257,059 |
Operating income |
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1,034 |
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(604) |
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|
430 |
Loss before benefit for income taxes |
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(13,058) |
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(604) |
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(13,662) |
Benefit for income taxes |
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(3,536) |
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(191) |
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(3,727) |
Net loss |
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(9,522) |
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(413) |
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(9,935) |
Net loss attributable to The ONE Group Hospitality, Inc. |
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(8,998) |
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(413) |
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(9,411) |
Net loss available to common stockholders |
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(13,536) |
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(413) |
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(13,949) |
Basic net loss per common share |
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(0.43) |
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(0.01) |
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(0.44) |
Diluted net loss per common share |
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(0.43) |
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(0.01) |
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(0.44) |
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Condensed Consolidated Statement of Comprehensive Income (Loss) |
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For the three months ended June 30, 2024 |
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Previously |
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As |
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Reported |
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Adjustment |
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Corrected |
Net loss |
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$ |
(7,092) |
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$ |
(413) |
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$ |
(7,505) |
Comprehensive loss |
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(7,081) |
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(413) |
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(7,494) |
Comprehensive loss attributable to The ONE Group Hospitality, Inc. |
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(6,918) |
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(413) |
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(7,331) |
Comprehensive loss attributable to common stockholders |
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(11,456) |
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(413) |
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(11,869) |
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For the six months ended June 30, 2024 |
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Previously |
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As |
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Reported |
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Adjustment |
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Corrected |
Net loss |
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$ |
(9,522) |
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$ |
(413) |
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$ |
(9,935) |
Comprehensive loss |
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(9,579) |
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(413) |
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(9,992) |
Comprehensive loss attributable to The ONE Group Hospitality, Inc. |
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(9,055) |
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(413) |
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(9,468) |
Comprehensive loss attributable to common stockholders |
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(13,593) |
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(413) |
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(14,006) |
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Condensed Consolidated Statement of Stockholders' Equity and Series A Preferred Stock |
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For the three months ended June 30, 2024 |
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Previously |
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As |
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Reported |
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Adjustment |
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Corrected |
Retained earnings |
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$ |
15,348 |
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$ |
(413) |
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$ |
14,935 |
Stockholders' equity |
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68,081 |
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(413) |
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67,668 |
Total equity |
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65,741 |
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(413) |
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65,328 |
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Condensed Consolidated Statement of Cash Flows |
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For the six months ended June 30, 2024 |
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Previously |
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As |
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Reported |
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Adjustment |
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Corrected |
Net loss |
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$ |
(9,522) |
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$ |
(413) |
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$ |
(9,935) |
Deferred taxes |
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(3,671) |
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(191) |
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(3,862) |
Operating lease liabilities and right-of-use assets |
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|
466 |
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|
604 |
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|
1,070 |
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