| Schedule of comparative prior period financial statements and notes to the financial statements have been restated |
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Consolidated Balance Sheets |
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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 |
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$ |
260,204 |
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$ |
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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Consolidated Statement of Operations |
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For the twelve months ended 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 |
Owned restaurant operating expenses |
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$ |
411,798 |
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$ |
1,789 |
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$ |
413,587 |
Total owned operating expenses |
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550,592 |
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1,789 |
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552,381 |
General and administrative |
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44,170 |
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64 |
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44,234 |
Pre-opening expenses |
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9,488 |
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21 |
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9,509 |
Total costs and expenses |
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662,573 |
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1,874 |
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664,447 |
Operating income |
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10,771 |
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(1,874) |
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8,897 |
Loss before benefit for income taxes |
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(24,487) |
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(1,874) |
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(26,361) |
Benefit for income taxes |
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(7,834) |
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(600) |
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(8,434) |
Net loss |
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(16,653) |
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(1,274) |
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(17,927) |
Net loss attributable to The ONE Group Hospitality, Inc. |
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(15,824) |
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(1,274) |
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(17,098) |
Net loss available to common stockholders |
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(34,966) |
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(1,274) |
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(36,240) |
Basic net loss per common share |
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(1.12) |
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(0.04) |
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(1.16) |
Diluted net loss per common share |
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(1.12) |
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(0.04) |
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(1.16) |
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Consolidated Statement of Comprehensive Income (Loss) |
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For the twelve months ended 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 |
Net loss |
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$ |
(16,653) |
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$ |
(1,274) |
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$ |
(17,927) |
Comprehensive loss |
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(16,751) |
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(1,274) |
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(18,025) |
Comprehensive loss attributable to The ONE Group Hospitality, Inc. |
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(15,922) |
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(1,274) |
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(17,196) |
Comprehensive loss attributable to common stockholders |
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(35,064) |
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(1,274) |
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(36,338) |
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Consolidated Statement of Stockholders' Equity and Series A Preferred Stock |
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For the twelve months ended 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 |
Additional paid-in capital |
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$ |
68,392 |
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$ |
(1,274) |
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$ |
67,118 |
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 |
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Consolidated Statement of Cash Flows |
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For the twelve months ended 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 |
Net loss |
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$ |
(16,653) |
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$ |
(1,274) |
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$ |
(17,927) |
Deferred taxes |
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(8,580) |
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(600) |
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(9,180) |
Operating lease liabilities and right-of-use assets |
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7,441 |
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1,874 |
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9,315 |
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