Chanticleer Holdings, Inc. (NASDAQ:BURG) (“Chanticleer,” or
the “Company”), owner, operator and franchisor of multiple branded
restaurants in the U.S. and abroad, today announced financial
results for the fourth quarter and year ended December 31, 2017.
Annual Financial Highlights for the Year
ended December 31, 2017
- Revenue for the year was $41.4 million compared with $41.7
million in 2016
- Cost of sales as a percentage of restaurant sales was 33.8% in
2017, compared to 33.0% in 2016, on higher beef, chicken and
distribution costs, which are expected to moderate in future
periods.
- General and administrative expenses as a percentage of total
revenue improved to 11.0% in 2017 from 13.9% in 2016
- G&A levels have been reduced over the past 2 years as a
result of integration and efficiency initiatives
- Operating loss from continuing operations was $5.2 million
($2.8 million excluding non-cash asset impairment charges) in 2017
compared to $2.6 million in 2016.
- Net loss attributable to Common Shareholders was $6.9 million,
($2.73) per share in 2017, compared to $9.1 million, ($4.18) per
share in 2016.
- Non-Gaap Restaurant EBITDA was $4.2 million in 2017 compared to
$5.0 million in 2016
- Non-Gaap Adjusted EBITDA was $234 thousand in 20017 compared to
$82 thousand in 2016
- Cash used in operating activities was negative $0.7 million in
2017 compared to negative $0.5 million in 2016.
- During 2017, the Company initiated its growth phase opening 4
new Little Big Burger locations, 1 new BGR location and expects to
open 8 to 12 new locations annually. The Company also closed 4
underperforming company locations in 2017 which resulted in
non-cash impairment charges and is expected to contribute to
improved operating performance in future periods.
Mike Pruitt, Chairman and CEO of Chanticleer
commented, “In 2017 we solidified our foundation by closing
underperforming units, opening four Little Big Burger units,
executing multiple franchise agreements and signing five leases
under our financial partner joint venture that will open in 2018.
We believe the Company has reached an inflection point as we
continue to accelerate growth of our Little Big Burger concept with
new locations generating above average unit economics and
outperforming our expectations. This growth phase consists of
a robust pipeline of locations to support future growth, currently
expecting to open 8-12 new Little Big Burger stores annually going
forward, with upside to those expectations as new franchisees come
on line.”
Pruitt continued, “Chanticleer is in process of
evolving and narrowing its strategic focus and allocation of
resources to the domestic better burger segment where we generate
the highest margins and rates of return. As we increase focus on
the domestic burger business, we are continuing to evaluate the
potential sale of our domestic non-burger and international
operations which would streamline the Company’s operations and
significantly increase operating margins going forward.
Lastly, I’m thankful to our financial partners,
both JV & franchise, that will allow us to double our Little
Big Burger locations and continue BGR on a successful path. We
shortly hope to announce new relationships that will allow us
visibility on executing on our plan.”
Conference Call
The Company will host a webcast and conference
call on Wednesday, March 28, 2018 at 4:30 p.m. ET.
To access the call, dial 1-877-407-0784
approximately five minutes prior to the scheduled start time.
International callers please dial 1-201-689-8560. To access the
webcast, log into the following link:
http://public.viavid.com/index.php?id=128878.
A replay of the teleconference will be available
until April 28, 2018 and may be accessed by dialing 1-844-512-2921.
International callers may dial 1-412-317-6671. Callers should use
conference PIN: 13677861.
Use of Non-GAAP Measures
Chanticleer Holdings, Inc. prepares its
condensed consolidated financial statements in accordance with
United States generally accepted accounting principles (”GAAP”). In
addition to disclosing financial results prepared in accordance
with GAAP, the Company discloses information regarding Adjusted
EBITDA and Restaurant EBITDA, which differ from the term EBITDA as
it is commonly used. In addition to adjusting net income (loss)
from continuing operations to exclude taxes, interest, and
depreciation and amortization, Adjusted EBITDA also excludes
pre-opening and closing costs for our restaurants, non-cash
expenses, transaction and severance related expenses, change in
fair value of derivative liability and other income and
expenses.
In addition, Restaurant EBITDA also excludes
management fee income, franchise revenue and general and
administrative expenses. Adjusted EBITDA and restaurant EBITDA are
not measures of performance defined in accordance with GAAP.
However, adjusted EBITDA and restaurant EBITDA are used internally
in planning and evaluating the company's operating performance and
by the Company’s creditors. Accordingly, management believes that
disclosure of these metrics offers investors, bankers and other
stakeholders an additional view of the company's operations that,
when coupled with the GAAP results, provides a more complete
understanding of the Company's financial results.
Adjusted EBITDA and Restaurant EBITDA should not
be considered as alternatives to net loss or to net cash used in
operating activities as a measure of operating results or of
liquidity. It may not be comparable to similarly titled measures
used by other companies, and it excludes financial information that
some may consider important in evaluating the company's
performance. A reconciliation of GAAP net income (loss) to Adjusted
EBITDA and Restaurant EBITDA is included in the accompanying
financial schedules.
For further information, please refer to
Chanticleer’s Annual Report on Form 10-K to be filed with the SEC
on or about March 28, 2018, available online at www.sec.gov.
About Chanticleer Holdings, Inc.
Headquartered in Charlotte, NC, Chanticleer Holdings (BURG),
owns, operates and franchises fast casual and full service
restaurant brands, including American Burger Company, BGR – Burgers
Grilled Right, Little Big Burger, Just Fresh and Hooters.
Forward-Looking Statements
This press release contains forward-looking
statements within the meaning of The Private Securities Litigation
Reform Act of 1995. These statements include projections,
predictions, expectations or statements as to beliefs or future
events or results or refer to other matters that are not historical
facts. Forward-looking statements are subject to known and unknown
risks, uncertainties and other factors that could cause the actual
results to differ materially from those contemplated by these
statements. The forward-looking statements contained in this press
release are based on various factors and were derived using
numerous assumptions. In some cases, you can identify these
forward-looking statements by the words “anticipate”, “estimate”,
“plan”, “project”, “continuing”, “ongoing”, “target”, “aim”,
“expect”, “believe”, “intend”, “may”, “will”, “should”, “could”, or
the negative of those words and other comparable words.
Our operations involve risks and uncertainties,
many of which are outside our control, and any one of which, or a
combination of which, could materially affect our results of
operations and whether the forward-looking statements ultimately
prove to be correct. Forward-looking statements in this press
release include, without limitation, statements reflecting
management's expectations for future financial performance and
operating expenditures, expected growth, profitability and business
outlook, increased sales and marketing expenses, and the expected
results from the integration of our acquisitions.
Forward-looking statements are only current
predictions and are subject to known and unknown risks,
uncertainties, and other factors that may cause our actual results,
levels of activity, performance, or achievements to be materially
different from those anticipated by such statements. These factors
include, but are not limited to, the Company's ability to manage
growth; integrate acquisitions; manage debt; meet development
goals; and other important risks and uncertainties referenced and
discussed under the heading titled “Risk Factors” in the Company's
filings with the Securities and Exchange Commission. Although we
believe that the expectations reflected in the forward-looking
statements contained in this press release are reasonable, we
cannot guarantee future results, levels of activity, performance,
or achievements.
The statements in this press release are made as
of the date of this press release, even if subsequently made
available by the Company on its website or otherwise. The Company
does not assume any obligations to update the forward-looking
statements provided to reflect events that occur or circumstances
that exist after the date on which they were made.
Contact:
Investor RelationsJason
Assad678-570-6791Ja@chanticleerholdings.com
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|
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|
Chanticleer Holdings, Inc. and
Subsidiaries |
Consolidated Balance Sheets |
|
|
|
|
|
|
|
|
|
December 31, 2017 |
|
December 31, 2016 |
ASSETS |
|
|
|
|
|
|
|
Current assets: |
|
|
|
|
|
|
|
Cash |
$ |
272,976 |
|
|
$ |
268,575 |
|
Restricted cash |
|
165,517 |
|
|
|
- |
|
Accounts
and other receivables, net |
|
475,988 |
|
|
|
524,481 |
|
Inventories |
|
460,756 |
|
|
|
539,550 |
|
Prepaid
expenses and other current assets |
|
324,324 |
|
|
|
461,074 |
|
Assets
held for sale, net |
|
100,000 |
|
|
|
- |
|
TOTAL CURRENT ASSETS |
|
1,799,561 |
|
|
|
1,793,680 |
|
Property and equipment,
net |
|
8,548,592 |
|
|
|
11,513,693 |
|
Goodwill |
|
12,647,806 |
|
|
|
12,405,770 |
|
Intangible assets,
net |
|
5,896,732 |
|
|
|
6,530,243 |
|
Investments |
|
800,000 |
|
|
|
800,000 |
|
Deposits and other
assets |
|
490,328 |
|
|
|
442,737 |
|
TOTAL ASSETS |
$ |
30,183,019 |
|
|
$ |
33,486,123 |
|
|
|
|
|
|
|
|
|
LIABILITIES AND STOCKHOLDERS' EQUITY |
|
|
|
|
|
|
|
Current
liabilities: |
|
|
|
|
|
|
|
Accounts
payable and accrued expenses |
$ |
5,972,252 |
|
|
$ |
5,553,068 |
|
Current
maturities of long-term debt and notes payable |
|
5,741,911 |
|
|
|
6,171,649 |
|
Current
maturities of convertible notes payable |
|
3,000,000 |
|
|
|
- |
|
Current
maturities of capital leases payable |
|
- |
|
|
|
18,449 |
|
Due to
related parties |
|
191,850 |
|
|
|
194,350 |
|
TOTAL CURRENT LIABILITIES |
|
14,906,013 |
|
|
|
11,937,516 |
|
Long-term debt, less
current portion, net of discount and deferred financing costs
of $1,173,190 and $0, respectively |
|
- |
|
|
|
287,445 |
|
Convertible notes
payable, net of debt discount (premium) of ($12,256) and
$46,936, respectively |
|
212,256 |
|
|
|
3,678,064 |
|
Redeemable preferred
stock: no par value; authorized 5,000,000 shares; 62,876 and 19,050
shares issued and outstanding, net of discount of $208,697 and $0,
respectively |
|
640,129 |
|
|
|
257,175 |
|
Deferred rent |
|
2,156,378 |
|
|
|
2,135,526 |
|
Deferred tax
liabilities |
|
779,359 |
|
|
|
1,485,554 |
|
TOTAL LIABILITIES |
|
18,694,135 |
|
|
|
19,781,280 |
|
Commitments and
contingencies |
|
|
|
|
|
|
|
Common stock subject to
repurchase obligation; 0 and 56,290 shares issued and
outstanding, respectively |
|
- |
|
|
|
349,000 |
|
Stockholders'
equity: |
|
|
|
|
|
|
|
Common
stock: $0.0001 par value; authorized 45,000,000 shares;
issued and outstanding 3,045,809 and 2,139,424 shares,
respectively |
|
305 |
|
|
|
213 |
|
Additional paid-in capital |
|
60,750,330 |
|
|
|
55,926,196 |
|
Accumulated other comprehensive loss |
|
(934,901 |
) |
|
|
(1,155,658 |
) |
Accumulated deficit |
|
(49,109,303 |
) |
|
|
(42,206,325 |
) |
Total Chanticleer Holdings, Inc, Stockholders'
Equity |
|
10,706,431 |
|
|
|
12,564,426 |
|
Non-Controlling Interests |
|
782,453 |
|
|
|
791,417 |
|
TOTAL STOCKHOLDERS' EQUITY |
|
11,488,884 |
|
|
|
13,355,843 |
|
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY |
$ |
30,183,019 |
|
|
$ |
33,486,123 |
|
|
|
|
|
|
|
|
|
|
Chanticleer Holdings, Inc. and
Subsidiaries |
Consolidated Statements of
Operations |
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
|
Year Ended |
|
December 31, 2017 |
|
December 31, 2016 |
|
|
December 31, 2017 |
|
December 31, 2016 |
Revenue: |
|
|
|
|
|
|
|
|
Restaurant sales, net |
$ |
9,837,950 |
|
|
$ |
9,571,878 |
|
|
|
$ |
40,495,166 |
|
|
$ |
40,640,159 |
|
Gaming
income, net |
|
113,665 |
|
|
|
125,973 |
|
|
|
|
442,521 |
|
|
|
441,620 |
|
Management fee income |
|
25,018 |
|
|
|
25,000 |
|
|
|
|
100,000 |
|
|
|
100,000 |
|
Franchise
income |
|
105,550 |
|
|
|
138,741 |
|
|
|
|
395,176 |
|
|
|
520,222 |
|
Total revenue |
|
10,082,183 |
|
|
|
9,861,592 |
|
|
|
|
41,432,863 |
|
|
|
41,702,001 |
|
Expenses: |
|
|
|
|
|
|
|
|
Restaurant cost of sales |
|
3,316,761 |
|
|
|
3,143,308 |
|
|
|
|
13,692,921 |
|
|
|
13,392,078 |
|
Restaurant operating expenses |
|
5,782,594 |
|
|
|
5,501,259 |
|
|
|
|
23,432,124 |
|
|
|
22,641,951 |
|
Restaurant pre-opening and closing expenses |
|
179,737 |
|
|
|
27,143 |
|
|
|
|
319,282 |
|
|
|
145,130 |
|
General
and administrative expenses |
|
1,132,494 |
|
|
|
1,400,207 |
|
|
|
|
4,545,496 |
|
|
|
5,801,033 |
|
Asset
impairment charge |
|
922,726 |
|
|
|
- |
|
|
|
|
2,395,616 |
|
|
|
- |
|
Depreciation and amortization |
|
513,963 |
|
|
|
602,882 |
|
|
|
|
2,282,801 |
|
|
|
2,341,697 |
|
Total expenses |
|
11,848,275 |
|
|
|
10,674,799 |
|
|
|
|
46,668,240 |
|
|
|
44,321,889 |
|
Operating loss
from continuing operations |
|
(1,766,092 |
) |
|
|
(813,207 |
) |
|
|
|
(5,235,377 |
) |
|
|
(2,619,888 |
) |
Other (expense)
income |
|
|
|
|
|
|
|
|
Interest
expense |
|
(646,248 |
) |
|
|
(642,463 |
) |
|
|
|
(2,592,961 |
) |
|
|
(2,347,019 |
) |
Change in
fair value of derivative liabilities |
|
- |
|
|
|
- |
|
|
|
|
- |
|
|
|
1,231,608 |
|
Gain
(loss) on debt refinancing |
|
- |
|
|
|
- |
|
|
|
|
(95,310 |
) |
|
|
- |
|
Other
income (expense) |
|
62,935 |
|
|
|
(424,660 |
) |
|
|
|
112,984 |
|
|
|
(412,272 |
) |
Total
other expense |
|
(583,313 |
) |
|
|
(1,067,123 |
) |
|
|
|
(2,575,287 |
) |
|
|
(1,527,683 |
) |
Loss from continuing
operations before income taxes |
|
(2,349,405 |
) |
|
|
(1,880,330 |
) |
|
|
|
(7,810,664 |
) |
|
|
(4,147,571 |
) |
Income tax benefit (expense) |
|
813,826 |
|
|
|
(60,596 |
) |
|
|
|
644,429 |
|
|
|
(198,463 |
) |
Loss from
continuing operations |
|
(1,535,579 |
) |
|
|
(1,940,926 |
) |
|
|
|
(7,166,235 |
) |
|
|
(4,346,034 |
) |
Discontinued
operations |
|
|
|
|
|
|
|
|
Loss from
discontinued operations, net of tax |
|
- |
|
|
|
- |
|
|
|
|
- |
|
|
|
(1,304,627 |
) |
Loss on
write down of net assets |
|
- |
|
|
|
113,908 |
|
|
|
|
- |
|
|
|
(3,762,253 |
) |
Consolidated
net loss |
|
(1,535,579 |
) |
|
|
(1,827,018 |
) |
|
|
|
(7,166,235 |
) |
|
|
(9,412,914 |
) |
Less net
loss attributable to non-controlling interest: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Continuing operations |
|
125,521 |
|
|
|
21,805 |
|
|
|
|
371,464 |
|
|
|
75,417 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Discontinued operations |
|
- |
|
|
|
- |
|
|
|
|
- |
|
|
|
260,925 |
|
Net loss
attributable to Chanticleer Holdings, Inc. |
$ |
(1,410,058 |
) |
|
$ |
(1,805,213 |
) |
|
|
$ |
(6,794,771 |
) |
|
$ |
(9,076,572 |
) |
|
|
- |
|
|
|
- |
|
|
|
|
|
|
Net loss
attributable to Chanticleer Holdings, Inc.: |
|
|
|
|
|
|
|
|
Loss from
continuing operations |
$ |
(1,410,058 |
) |
|
$ |
(1,919,121 |
) |
|
|
$ |
(6,794,771 |
) |
|
$ |
(4,270,617 |
) |
Loss from
discontinued operations |
|
- |
|
|
|
113,908 |
|
|
|
|
- |
|
|
|
(4,805,955 |
) |
Net loss attributable to Chanticleer Holdings,
Inc. |
$ |
(1,410,058 |
) |
|
$ |
(1,805,213 |
) |
|
|
$ |
(6,794,771 |
) |
|
$ |
(9,076,572 |
) |
Dividends
on redeemable preferred stock |
|
(28,219 |
) |
|
|
- |
|
|
|
|
(108,206 |
) |
|
|
- |
|
Net loss attributable to common shareholders of Chanticleer
Holdings, Inc. |
$ |
(1,438,277 |
) |
|
$ |
(1,805,213 |
) |
|
|
$ |
(6,902,978 |
) |
|
$ |
(9,076,572 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss
attributable to Chanticleer Holdings, Inc. per common share, basic
and diluted: |
$ |
(0.49 |
) |
|
$ |
(0.82 |
) |
|
|
$ |
(2.73 |
) |
|
$ |
(4.18 |
) |
Continuing operations attributable to common stockholders,
basic and diluted |
$ |
(0.49 |
) |
|
$ |
(0.87 |
) |
|
|
$ |
(2.73 |
) |
|
$ |
(1.97 |
) |
Discontinued operations attributable to common
stockholders, basic and diluted |
$ |
- |
|
|
$ |
0.05 |
|
|
|
$ |
- |
|
|
$ |
(2.22 |
) |
Weighted average shares
outstanding, basic and diluted |
|
2,959,284 |
|
|
|
2,195,715 |
|
|
|
|
2,525,037 |
|
|
|
2,169,503 |
|
|
|
|
|
|
|
|
|
|
|
Chanticleer Holdings, Inc. and
Subsidiaries |
Consolidated Statements
of Cash Flows |
|
|
|
|
|
Year Ended |
|
December 31, 2017 |
|
December 31, 2016 |
Cash flows from
operating activities: |
|
|
|
Net
loss |
$ |
(7,166,235 |
) |
|
$ |
(9,412,914 |
) |
Net loss
from discontinued operations |
|
- |
|
|
|
5,066,880 |
|
Net loss
from continuing operations |
|
(7,166,235 |
) |
|
|
(4,346,034 |
) |
Adjustments to reconcile net loss from continuing operations to net
cash used in operating activities: |
|
|
|
Depreciation and amortization |
|
2,282,801 |
|
|
|
2,341,697 |
|
Asset
impairment charge |
|
2,395,616 |
|
|
|
- |
|
Loss on
debt refinancing |
|
95,310 |
|
|
|
- |
|
Common
stock and warrants issued for services |
|
280,669 |
|
|
|
24,510 |
|
Common
stock and warrants issued for interest |
|
- |
|
|
|
349,000 |
|
Amortization of debt discount |
|
788,187 |
|
|
|
1,039,656 |
|
Change in
assets and liabilities: |
|
|
|
Accounts
and other receivables |
|
35,154 |
|
|
|
(336,546 |
) |
Prepaid
and other assets |
|
22,157 |
|
|
|
113,633 |
|
Inventory |
|
23,062 |
|
|
|
33,217 |
|
Accounts
payable and accrued liabilities |
|
1,039,179 |
|
|
|
1,540,463 |
|
Change in
amounts payable to related parties |
|
(2,500 |
) |
|
|
194,350 |
|
Derivative liabilities |
|
- |
|
|
|
(1,231,608 |
) |
Deferred
income taxes |
|
(706,195 |
) |
|
|
131,783 |
|
Deferred
rent |
|
188,363 |
|
|
|
(288,279 |
) |
|
|
|
|
|
|
|
|
Net cash
used in operating activities from continuing operations |
|
(724,432 |
) |
|
|
(434,158 |
) |
Net
cash used in operating activities from discontinued
operations |
|
- |
|
|
|
(75,000 |
) |
Net cash
used in operating activities |
|
(724,432 |
) |
|
|
(509,158 |
) |
|
|
|
|
Cash flows from
investing activities: |
|
|
|
Purchase
of property and equipment |
|
(1,625,460 |
) |
|
|
(1,191,174 |
) |
Proceeds
from sale of property and equipment |
|
461,158 |
|
|
|
- |
|
Cash paid
for acquisitions, net of cash acquired |
|
- |
|
|
|
(72,215 |
) |
Proceeds
from sale of investments |
|
- |
|
|
|
8,902 |
|
Net cash
used in investing activities from continuing operations |
|
(1,164,302 |
) |
|
|
(1,254,487 |
) |
|
|
|
|
Cash flows from
financing activities: |
|
|
|
Proceeds
from sale of common stock and warrants |
|
939,712 |
|
|
|
- |
|
Proceeds
from sale of preferred stock |
|
591,651 |
|
|
|
257,175 |
|
Payments
related to sale of preferred stock |
|
(243,480 |
) |
|
|
- |
|
Loan
proceeds |
|
6,578,090 |
|
|
|
275,000 |
|
Payment
of deferred financing costs |
|
(293,294 |
) |
|
|
|
|
Loan
repayments |
|
(6,187,738 |
) |
|
|
(513,523 |
) |
Capital
lease payments |
|
(28,405 |
) |
|
|
(40,636 |
) |
Contribution of non-controlling interest |
|
725,000 |
|
|
|
823,671 |
|
Net cash
provided by financing activities from continuing operations |
|
2,081,536 |
|
|
|
801,687 |
|
Effect of
exchange rate changes on cash |
|
(22,884 |
) |
|
|
6,118 |
|
Net increase
(decrease) in cash and restricted cash |
|
169,918 |
|
|
|
(955,840 |
) |
Cash and
restricted cash, beginning
of period |
|
268,575 |
|
|
|
1,224,415 |
|
Cash and
restricted cash, end of period |
$ |
438,493 |
|
|
$ |
268,575 |
|
|
|
|
|
|
Chanticleer Holdings, Inc. and
Subsidiaries |
Reconcilation of Net Loss to
EBITDA |
(Unaudited) |
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
Year Ended |
|
December 31, 2017 |
|
December 31, 2016 |
|
December 31, 2017 |
|
December 31, 2016 |
|
|
|
|
|
|
|
|
Consolidated net loss |
$ |
(1,535,579 |
) |
|
$ |
(1,940,926 |
) |
|
$ |
(7,166,235 |
) |
|
$ |
(4,346,034 |
) |
Interest
expense |
|
646,248 |
|
|
|
642,463 |
|
|
|
2,592,961 |
|
|
|
2,347,019 |
|
Income
tax |
|
(813,826 |
) |
|
|
60,596 |
|
|
|
(644,429 |
) |
|
|
198,463 |
|
Depreciation and amortization |
|
513,963 |
|
|
|
602,882 |
|
|
|
2,282,801 |
|
|
|
2,341,697 |
|
EBITDA |
$ |
(1,189,194 |
) |
|
$ |
(634,985 |
) |
|
$ |
(2,934,902 |
) |
|
$ |
541,145 |
|
Restaurant pre-opening and closing expenses |
|
179,737 |
|
|
|
27,143 |
|
|
|
319,282 |
|
|
|
145,130 |
|
Operating
results of restuarants closed in period |
|
69,896 |
|
|
|
|
|
369,011 |
|
|
|
- |
|
Change in
fair value of derivative liabilities |
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
(1,231,608 |
) |
(Gain)
loss on debt refinancing |
|
- |
|
|
|
- |
|
|
|
95,310 |
|
|
|
- |
|
Asset
impairment charge |
|
922,726 |
|
|
|
- |
|
|
|
2,395,616 |
|
|
|
- |
|
Transaction and severence related expenses |
|
- |
|
|
|
68,292 |
|
|
|
102,750 |
|
|
|
214,905 |
|
Other
income (expense) |
|
(62,935 |
) |
|
|
424,660 |
|
|
|
(112,984 |
) |
|
|
412,272 |
|
Adjusted EBITDA |
$ |
(79,770 |
) |
|
$ |
(114,890 |
) |
|
$ |
234,083 |
|
|
$ |
81,844 |
|
General
and administrative expenses |
|
1,132,494 |
|
|
|
1,331,915 |
|
|
|
4,442,746 |
|
|
|
5,586,128 |
|
Franchise
revenues |
|
(105,550 |
) |
|
|
(138,741 |
) |
|
|
(395,176 |
) |
|
|
(520,222 |
) |
Management fee revenue |
|
(25,018 |
) |
|
|
(25,000 |
) |
|
|
(100,000 |
) |
|
|
(100,000 |
) |
Restaurant EBITDA |
$ |
922,156 |
|
|
$ |
1,053,284 |
|
|
$ |
4,181,653 |
|
|
$ |
5,047,750 |
|
|
|
|
|
|
|
|
|
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