Annual report pursuant to Section 13 and 15(d)

Significant Accounting Policies (Tables)

v3.20.1
Significant Accounting Policies (Tables)
 12 Months Ended
Dec. 31, 2019
Accounting Policies [Abstract]  
Schedule of Property and Equipment Useful Lives

The estimated useful lives used to compute depreciation and amortization are as follows:

 

Leasehold improvements 5-15 years
Restaurant furnishings and equipment 3-10 years
Furniture and fixtures 3-10 years
Office and computer equipment 3-7 years

Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share

The following table summarizes the number of common shares potentially issuable upon the exercise of certain warrants, convertible notes payable and convertible interest as of December 31, 2019 and 2018, which have been excluded from the calculation of diluted net loss per common share since the effect would be antidilutive.

 

    December 31, 2019     December 31, 2018  
Warrants     3,306,237       3,768,762  
Convertible notes     -       300,000  
Stock options     32,800       -  
Total     3,339,037       4,068,762  

Schedule of Leases Assets and Liabilities

See the table below for the impact of adoption of Topic 842 on the Company’s balance sheet accounts as of the day of adoption, January 1, 2019:

 

    As Previously Reported     New Lease Standard Adjustment     As Adjusted  
Operating lease assets   $ -     $ 19,823,202     $ 19,823,202  
Current operating lease liabilities     -       3,774,148       3,774,148  
Long-term operating lease liabilities     -       18,346,253       18,346,253  
Deferred rent     2,297,199       (2,297,199 )     -