Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Statements of Operations (Unaudited)

v3.20.1
Condensed Consolidated Statements of Operations (Unaudited) - USD ($)
 3 Months Ended
Mar. 31, 2020
Mar. 31, 2019
Revenue:    
Total revenue $ 5,681,238 $ 7,837,588
Expenses:    
Restaurant cost of sales 1,797,770 2,422,075
Restaurant operating expenses 3,625,844 5,151,483
Restaurant pre-opening and closing expenses 20,730 69,175
General and administrative expenses 1,175,153 1,338,881
Asset impairment charge 91,491
Depreciation and amortization 415,831 459,357
Total expenses 7,035,328 9,532,462
Operating loss (1,354,090) (1,694,874)
Other expense    
Interest expense (162,988) (208,223)
Loss on change in fair value of derivative liability (297,000)
Other income (expense) 17,876 (19,431)
Total other expense (442,112) (227,654)
Loss before income taxes (1,796,202) (1,922,528)
Income tax benefit (expense) 3,676 (50,581)
Loss from continuing operations (1,792,526) (1,973,109)
Discontinued operations    
Loss from discontinued operations, net of tax (15,554)
Consolidated net loss (1,792,526) (1,988,663)
Less: Net (income) loss attributable to non-controlling interests (129,043) 115,591
Net loss attributable to Sonnet BioTherapeutics Holdings, Inc. (1,921,569) (1,873,072)
Dividends on redeemable preferred stock (28,219) (27,794)
Net loss attributable to common shareholders of Sonnet BioTherapeutics Holdings, Inc. $ (1,949,788) $ (1,900,866)
Net loss attributable to Sonnet BioTherapeutics Holdings, Inc. per common share, basic and diluted: $ (4.26) $ (13.28)
Weighted average shares outstanding, basic and diluted 458,065 143,132
Restaurant Sales, Net [Member]    
Revenue:    
Total revenue $ 5,491,457 $ 7,549,846
Gaming Income, Net [Member]    
Revenue:    
Total revenue 99,749 116,085
Management Fee Income [Member]    
Revenue:    
Total revenue 25,000
Franchise Income [Member]    
Revenue:    
Total revenue $ 90,032 $ 146,657