| 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 September 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 |
|
$ |
125,634 |
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$ |
589 |
|
$ |
126,223 |
Total owned operating expenses |
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165,514 |
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|
589 |
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|
166,103 |
General and administrative |
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|
12,785 |
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29 |
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12,814 |
Pre-opening expenses |
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2,110 |
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8 |
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2,118 |
Total costs and expenses |
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196,995 |
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|
626 |
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197,621 |
Operating income |
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(3,020) |
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(626) |
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(3,646) |
Loss before benefit for income taxes |
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(13,699) |
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(626) |
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(14,325) |
Benefit for income taxes |
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(4,644) |
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(212) |
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(4,856) |
Net loss |
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(9,055) |
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(414) |
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(9,469) |
Net loss attributable to The ONE Group Hospitality, Inc. |
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(8,890) |
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(414) |
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(9,304) |
Net loss available to common stockholders |
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(16,015) |
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(414) |
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(16,429) |
Basic net loss per common share |
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(0.52) |
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(0.01) |
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(0.53) |
Diluted net loss per common share |
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(0.52) |
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(0.01) |
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(0.53) |
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For the nine months ended September 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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$ |
278,464 |
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$ |
1,169 |
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$ |
279,633 |
Total owned operating expenses |
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372,935 |
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1,169 |
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374,104 |
General and administrative |
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30,941 |
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41 |
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30,982 |
Pre-opening expenses |
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7,528 |
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20 |
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7,548 |
Total costs and expenses |
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453,450 |
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|
1,230 |
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|
454,680 |
Operating income |
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(1,986) |
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(1,230) |
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(3,216) |
Loss before benefit for income taxes |
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(26,757) |
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(1,230) |
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(27,987) |
Benefit for income taxes |
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(8,180) |
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(403) |
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(8,583) |
Net loss |
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(18,577) |
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(827) |
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(19,404) |
Net loss attributable to The ONE Group Hospitality, Inc. |
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(17,888) |
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(827) |
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(18,715) |
Net loss available to common stockholders |
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(29,551) |
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(827) |
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(30,378) |
Basic net loss per common share |
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(0.95) |
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(0.03) |
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(0.97) |
Diluted net loss per common share |
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(0.95) |
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(0.03) |
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(0.97) |
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Condensed Consolidated Statement of Comprehensive Income (Loss) |
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For the three months ended September 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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$ |
(9,055) |
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$ |
(414) |
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$ |
(9,469) |
Comprehensive loss |
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(8,981) |
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(414) |
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(9,395) |
Comprehensive loss attributable to The ONE Group Hospitality, Inc. |
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(8,816) |
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(414) |
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(9,230) |
Comprehensive loss attributable to common stockholders |
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(15,941) |
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(414) |
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(16,355) |
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For the nine months ended September 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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$ |
(18,577) |
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$ |
(827) |
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$ |
(19,404) |
Comprehensive loss |
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(18,560) |
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(827) |
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(19,387) |
Comprehensive loss attributable to The ONE Group Hospitality, Inc. |
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(17,871) |
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(827) |
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(18,698) |
Comprehensive loss attributable to common stockholders |
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(29,534) |
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(827) |
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(30,361) |
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Condensed Consolidated Statement of Stockholders' Equity and Series A Preferred Stock |
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For the three months ended September 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 |
Additional paid-in capital |
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$ |
72,554 |
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$ |
(827) |
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$ |
71,727 |
Stockholders' equity |
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51,442 |
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(827) |
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50,615 |
Total equity |
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48,937 |
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(827) |
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48,110 |
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Condensed Consolidated Statement of Cash Flows |
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For the nine months ended September 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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$ |
(18,577) |
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$ |
(827) |
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$ |
(19,404) |
Deferred taxes |
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(8,376) |
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(403) |
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(8,779) |
Operating lease liabilities and right-of-use assets |
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|
5,172 |
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|
1,230 |
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|
6,402 |
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