Financials

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Condensed Consolidated Balance Sheets (Unaudited) - USD ($)
Sep. 30, 2015
Dec. 31, 2014
Current assets:    
Cash $ 1,805,927 $ 245,828
Accounts and other receivables 194,589 313,509
Inventories 593,778 532,803
Due from related parties 45,615 46,015
Prepaid expenses and other current assets 421,508 330,745
TOTAL CURRENT ASSETS 3,061,417 1,468,900
Property and equipment, net 17,855,282 13,315,409
Goodwill 12,269,504 15,617,308
Intangible assets, net 7,542,395 3,396,503
Investments at fair value 35,362 35,362
Other investments 1,550,000 1,550,000
Deposits and other assets 297,037 408,492
TOTAL ASSETS 42,610,997 35,791,974
Current liabilities:    
Accounts payable and accrued expenses 4,420,370 5,580,131
Current maturities of long-term debt and notes payable 1,134,025 1,813,647
Current maturities of convertible notes payable, net of debt discount of $359,243 and $63,730, respectively 215,757 436,270
Current maturities of capital leases payable 47,370 42,032
Due to related parties 212,399 1,299,083
Deferred rent 686,622 118,986
Derivative liabilities 1,318,661 1,945,200
Liabilities of discontinued operations 177,204 177,393
TOTAL CURRENT LIABILITIES 8,212,408 11,412,742
Long-term debt, less current maturities, net of debt discount of $214,833 and $343,733, respectively 5,419,925 5,009,283
Convertible notes payable, net of debt discount of $955,177 and $1,872,587, respectively 2,294,823 1,477,413
Capital leases payable, less current maturities 25,144 36,628
Deferred rent 1,784,840 2,196,523
Deferred tax liabilities 655,050 686,884
TOTAL LIABILITIES $ 18,392,190 $ 20,819,473
Stockholders' equity:    
Preferred stock: no par value; authorized 5,000,000 shares; none issued and outstanding
Common stock: $0.0001 par value; authorized 45,000,000 shares; issued and outstanding 21,328,830 and 7,249,442 shares, respectively $ 2,133 $ 725
Additional paid in capital 55,208,098 32,601,400
Accumulated other comprehensive loss (911,900) (1,657,908)
Non-controlling interest (527,590) 4,904,471
Accumulated deficit (30,607,114) (20,876,187)
TOTAL STOCKHOLDERS' EQUITY 24,218,807 14,972,501
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 42,610,997 $ 35,791,974
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Condensed Consolidated Statements of Operations and Comprehensive Loss (Unaudited) - USD ($)
3 Months Ended 9 Months Ended
Sep. 30, 2015
Jun. 30, 2014
Sep. 30, 2015
Sep. 30, 2014
Revenue:        
Restaurant sales, net $ 10,005,324 $ 8,753,554 $ 28,907,536 $ 20,465,510
Gaming income, net 121,031 141,156 352,881 272,391
Management fee income - non-affiliates 25,000 $ 417,842 204,124 $ 467,993
Franchise income 119,950 270,948
Total revenue 10,271,305 $ 9,312,552 29,735,489 $ 21,205,894
Expenses:        
Restaurant cost of sales 3,358,602 2,927,629 9,937,190 7,097,300
Restaurant operating expenses 5,998,627 4,997,159 17,451,671 11,846,792
Restaurant pre-opening and closing expenses 141,306 62,293 739,495 323,274
General and administrative expenses 1,676,609 $ 1,422,193 5,656,545 $ 4,287,279
Asset impairment charge 4,489,043 4,489,043
Depreciation and amortization 358,307 $ 435,404 1,205,255 $ 1,162,088
Total expenses 16,022,494 9,844,678 39,479,199 24,716,733
Loss from operations (5,751,189) (532,126) (9,743,710) (3,510,839)
Other (expense) income        
Interest expense (657,906) (581,215) (2,736,555) (1,268,756)
Change in fair value of derivative liabilities 262,232 $ 221,000 833,139 $ 925,200
Loss on extinguishment of debt $ (145,834) $ (315,923)
Realized gains on securities $ 101,472
Equity in losses of investments (40,694)
Other income (expense) $ (40,262) $ 438,607 $ 35,064 446,445
Total other (expense) income (581,770) 78,392 (2,184,275) 163,667
Loss from continuing operations before income taxes (6,332,959) (453,734) (11,927,985) (3,347,172)
Income tax benefit (expense) (7,356) 19,726 30,298 27,235
Loss from continuing operations $ (6,340,315) (434,008) (11,897,687) (3,319,937)
Gain (loss) from discontinued operations, net of taxes (56,223) 189 (161,196)
Consolidated net loss $ (6,340,315) (490,231) (11,897,498) (3,481,133)
Less: Net loss (income) attributable to non-controlling interest 1,823,601 (61,209) 2,166,570 68,318
Net loss attributable to Chanticleer Holdings, Inc. (4,516,715) (551,440) (9,730,928) (3,412,815)
Net loss attributable to Chanticleer Holdings, Inc.:        
Loss from continuing operations $ (4,516,715) (495,217) (9,731,117) (3,251,619)
Gain (loss) from discontinued operations (56,223) 189 (161,196)
Net loss attributable to Chanticleer Holdings, Inc. $ (4,516,715) $ (551,440) $ (9,730,928) (3,412,815)
Other comprehensive loss:        
Unrealized loss on available-for-sale securities (none applies to non-controlling interest) (15,527)
Foreign currency translation (loss) gain $ (572,954) $ 177,219 $ (891,772) 228,384
Total other comprehensive loss (572,954) 177,219 (891,772) 212,857
Comprehensive loss $ (3,943,761) $ (374,221) $ (10,622,700) $ (3,199,958)
Net loss attributable to Chanticleer Holdings, Inc. per common share, basic and diluted:        
Continuing operations attributable to common stockholders, basic and diluted $ (0.31) $ (0.07) $ (0.69) $ (0.52)
Discontinued operations attributable to common stockholders, basic and diluted $ (0.01) $ 0 $ (0.03)
Weighted average shares outstanding, basic and diluted 14,802,370 6,628,011 14,059,116 6,279,688
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Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
9 Months Ended
Sep. 30, 2015
Sep. 30, 2014
Cash flows from operating activities:    
Net loss $ (11,897,498) $ (3,481,133)
Net (income) loss from discontinued operations (189) 161,196
Net loss from continuing operations (11,897,687) (3,319,937)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 1,205,255 $ 1,162,088
Deferred income taxes $ (31,834)
Equity in losses of investments $ 40,694
Asset impairment charge $ 4,489,043
Loss on extinguishment of debt 315,923
Loss on disposal of property and equipment 514,522
Common stock and warrants issued for services 231,857 $ 354,617
Amortization of debt discount 1,356,365 930,392
Amortization of warrants 22,375 152,325
Change in fair value of derivative liabilities (833,139) (925,200)
(Increase) decrease in accounts and other receivables (70,421) (244,553)
Decrease in prepaid expenses and other assets (171,450) (107,161)
Decrease in inventory 2,239 33,845
Increase in accounts payable and accrued expenses 1,224,599 $ 3,150,118
(Decrease) increase in deferred rent (311,104)
Net cash (used in) provided by operating activities from continuing operations (3,953,457) $ 1,308,335
Net cash (used in) provided by operating activities from discontinued operations (4,500) (254,790)
Net cash (used in) provided by operating activities (3,957,957) 1,053,545
Cash flows from investing activities:    
Purchase of property and equipment (1,518,747) (3,569,775)
Cash paid for acquisitions, net of cash acquired (9,082,918) 27,527
Net cash used in investing activities from continuing operations (10,601,665) (3,542,248)
Cash flows from financing activities:    
Proceeds from sale of common stock and warrants 14,920,937 835,000
Loan proceeds 656,837 $ 1,458,308
Loan repayments (824,981)
Proceeds from convertible debt 2,150,000
Capital lease payments (39,822) $ (142,906)
Decrease in amounts payable to affiliate (1,086,684)
Minority Interest 333,342 $ 33,500
Net cash provided by financing activities from continuing operations 16,109,629 2,183,902
Effect of exchange rate changes on cash 10,092 119,884
Net increase (decrease) in cash 1,560,099 (184,917)
Cash, beginning of period 245,828 442,694
Cash, end of period 1,805,927 257,777
Supplemental cash flow information:    
Interest 810,028 63,503
Income taxes 54,183 $ 1,776
Non-cash investing and financing activities:    
Purchase of equipment using capital leases 50,087
Issuance of stock in connection with business combinations 4,062,317 $ (5,401,639)
Debt discount for fair value of warrants and conversion feature issued in connection with debt 1,176,108
Convertible debt settled through issuance of common stock 2,175,000
Long-term debt settled through issuance of common stock 100,000
Purchases of businesses:    
Current assets excluding cash 476,569 $ 636,894
Property and equipment 5,386,141 7,945,152
Goodwill 4,019,972 11,394,009
Trade name/trademarks/franchise fees $ 4,300,000 559,304
Deposits and other assets 136,025
Liabilities assumed $ (1,037,446) (4,165,235)
Non-controlling interest (4,753,288)
Chanticleer equity (1,028,749)
Common stock issued $ (4,062,317) (5,401,639)
Assumption of debt (5,000,000)
Cash paid $ (9,276,429) (350,000)
Cash acquired $ 193,510 $ 27,527