Financials

v3.2.0.727
Condensed Consolidated Balance Sheets - USD ($)
Jun. 30, 2015
Dec. 31, 2014
Current assets:    
Cash $ 2,808,181 $ 245,828
Accounts and other receivables 413,473 313,509
Inventories 591,294 532,803
Due from related parties 45,615 46,015
Prepaid expenses and other current assets 517,986 330,745
TOTAL CURRENT ASSETS 4,376,549 1,468,900
Property and equipment, net 14,572,594 13,315,409
Goodwill 15,812,260 15,617,308
Intangible assets, net 6,024,161 3,396,503
Investments at fair value 35,362 35,362
Other investments 1,550,000 1,550,000
Deposits and other assets 401,262 408,492
TOTAL ASSETS 42,772,188 35,791,974
Current liabilities:    
Current maturities of long-term debt and notes payable 3,195,365 1,813,647
Current maturities of convertible notes payable, net of debt discount of $731,125 and $63,730, respectively 268,875 436,270
Derivative liability 1,847,192 1,945,200
Accounts payable and accrued expenses 6,868,504 5,580,131
Current maturities of capital leases payable 55,521 42,032
Deferred rent 609,601 118,986
Due to related parties 616,829 $ 1,299,083
Deferred revenue 25,250  
Liabilities of discontinued operations 177,204 $ 177,393
TOTAL CURRENT LIABILITIES 13,664,341 11,412,742
Convertible notes payable, net of debt discount of $1,237,727 and $1,872,587, respectively 2,012,274 1,477,413
Capital leases payable, less current maturities 40,393 36,628
Deferred rent 1,955,636 2,196,523
Deferred tax liabilities 618,220 686,884
Long-term debt, less current maturities, net of debt discount of $257,800 and $343,733, respectively 2,867,180 5,009,283
TOTAL LIABILITIES $ 21,158,044 $ 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 13,681,330 and 7,249,442 shares at June 30, 2015 and December 31, 2014, respectively $ 1,368 $ 725
Additional paid in capital 46,040,386 32,601,400
Accumulated other comprehensive loss (3,122,634) (1,657,908)
Non-controlling interest 4,818,673 4,904,471
Accumulated deficit (26,123,649) (20,876,187)
TOTAL STOCKHOLDERS' EQUITY 21,614,144 14,972,501
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 42,772,188 $ 35,791,974
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Condensed Consolidated Statements of Operations and Comprehensive Loss (Unaudited) - USD ($)
3 Months Ended 6 Months Ended
Jun. 30, 2015
Jun. 30, 2014
Jun. 30, 2015
Jun. 30, 2014
Revenue:        
Restaurant sales, net $ 10,480,370 $ 6,443,489 $ 18,902,212 $ 11,711,957
Gaming income, net 99,823 75,724 231,850 131,235
Management fee income - non-affiliates 77,903 $ 25,151 179,124 $ 50,151
Franchise income 134,939   150,998  
Total revenue 10,793,035 $ 6,544,364 19,464,184 $ 11,893,343
Expenses:        
Restaurant cost of sales 3,616,930 2,292,745 6,578,588 4,169,671
Restaurant operating expenses 6,384,905 3,766,452 11,453,044 6,869,978
Restaurant pre-opening and closing expenses 391,442 260,981 598,189 260,981
General and administrative expenses 2,081,583 1,236,160 3,979,936 2,844,743
Depreciation and amortization 408,311 382,072 846,948 777,375
Total expenses 12,883,171 7,938,410 23,456,705 14,872,056
Loss from operations (2,090,136) (1,394,046) (3,992,521) (2,978,713)
Other (expense) income        
Interest expense (1,373,797) (350,760) (2,078,649) (687,541)
Change in fair value of derivative liabilities $ 232,854 $ 272,100 570,907 $ 704,200
Loss on extinguishment of debt     $ (170,089)  
Realized gains on securities   $ 4,127   $ 101,472
Equity in losses of investments       (40,694)
Other income $ 76,859 $ 4,552 $ 75,326 7,838
Total other (expense) income (1,064,084) (69,981) (1,602,505) 85,275
Loss from continuing operations before income taxes (3,154,220) (1,464,027) (5,595,026) (2,893,438)
Income tax (benefit) provision (4,734) 1,379 (37,654) (7,509)
Loss from continuing operations (3,149,486) (1,465,406) (5,557,372) (2,885,929)
Gain (loss) from discontinued operations, net of taxes 2,088 (72,300) 189 (104,973)
Consolidated net loss (3,147,398) (1,537,706) (5,557,183) (2,990,902)
Less: Net loss attributable to non-controlling interest 201,184 126,642 342,968 129,528
Net loss attributable to Chanticleer Holdings, Inc. (2,946,214) (1,411,064) (5,214,215) (2,861,374)
Net loss attributable to Chanticleer Holdings, Inc.:        
Loss from continuing operations (2,948,302) (1,338,764) (5,214,404) (2,756,401)
Gain (loss) from discontinued operations 2,088 (72,300) 189 (104,973)
Net loss attributable to Chanticleer Holdings, Inc. $ (2,946,214) (1,411,064) $ (5,214,215) (2,861,374)
Other comprehensive loss:        
Unrealized loss on available-for-sale securities (none applies to non-controlling interest)   (3,809)   (15,527)
Foreign currency translation (loss) gain $ (160,426) 15,419 $ (1,464,726) 51,165
Other comprehensive loss $ (3,106,640) $ (1,399,454) $ (6,678,941) $ (2,825,736)
Net loss attributable to Chanticleer Holdings, Inc. per common share, basic and diluted:        
Continuing operations attributable to common shareholders, basic and diluted $ (0.24) $ (0.21) $ (0.56) $ (0.45)
Discontinued operations attributable to common shareholders, basic and diluted $ 0 $ (0.01) $ 0 $ (0.02)
Weighted average shares outstanding, basic and diluted 12,455,828 6,329,406 9,314,030 6,152,931
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Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
6 Months Ended
Jun. 30, 2015
Jun. 30, 2014
Cash flows from operating activities:    
Net loss $ (5,557,183) $ (2,990,902)
Less net loss attributable to non-controlling interest 342,968 129,528
Net loss attributable to Chanticleer Holdings, Inc (5,214,215) (2,861,374)
Net (income) loss from discontinued operations (189) 104,973
Net loss from continuing operations (5,214,404) (2,756,401)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization $ 846,948 777,375
Equity in losses of investments   $ 40,694
Loss on disposal of property and equipment $ 472,770  
Common stock and warrants issued for services 186,830 $ 330,757
Amortization of debt discount 1,592,414 582,617
Amortization of warrants 22,375 44,750
Change in fair value of derivative liabilities (570,907) $ (704,200)
(Decrease) in amounts payable to affiliate (681,855)  
(Increase) decrease in accounts and other receivables (84,668) $ 76,323
Decrease in prepaid expenses and other assets 10,955 437,228
Decrease in inventory 57,813 100,730
Increase in accounts payable and accrued expenses 1,057,729 449,993
Decrease (increase) in deferred rent (309,868) 12,693
Decrease in deferred income taxes (68,664) (64,683)
Net cash used in operating activities from continuing operations (2,682,532) (672,124)
Net cash used in operating activities from discontinued operations (4,500) (250,102)
Net cash used in operating activities (2,687,032) (922,226)
Cash flows from investing activities:    
Purchase of property and equipment (872,246) (1,629,359)
Cash paid for acquisitions, net of cash acquired (4,265,429) 27,527
Net cash used in investing activities from continuing operations (5,137,675) (1,601,832)
Cash flows from financing activities:    
Proceeds from sale of common stock and warrants 8,961,213 200,000
Loan proceeds 2,204,369 $ 1,458,308
Loan repayments $ (760,138)  
Advances from investors and partners   $ 681,801
Subsidiary capital received   33,500
Capital lease payments $ (27,405) (85,633)
Net cash provided by financing activities from continuing operations 10,378,039 2,287,976
Effect of exchange rate changes on cash 9,021 51,165
Net increase (decrease) in cash 2,562,353 (184,917)
Cash, beginning of period 245,828 442,694
Cash, end of period 2,808,181 257,777
Cash paid for interest and income taxes:    
Interest $ 563,771 63,503
Income taxes   $ 1,776
Non-cash investing and financing activities:    
Purchase of equipment using capital leases $ 50,087  
Issuance of stock in connection with business combinations 1,000,000  
Debt discount for fair value of warrants and conversion feature issued in connection with debt 1,233,908  
Reclassification of derivative liability to equity 306,001  
Convertible debt settled through issuance of common stock 1,750,000  
Long-term debt settled through issuance of common stock 100,000  
Purchases of businesses:    
Current assets excluding cash 296,104 $ 579,191
Property and equipment 2,164,023 6,056,800
Goodwill 663,037 2,650,492
Trade name/trademarks/franchise fees $ 2,750,000 338,804
Deposits and other assets   115,839
Liabilities assumed $ (607,735) (2,788,756)
Non-controlling interest   (993,999)
Chanticleer equity   (1,028,749)
Common stock issued $ (1,000,000) $ (4,978,306)
Cash paid (4,276,429)  
Cash received in excess of cash paid in acquisition $ 11,000 $ 27,527