Registration of securities issued in business combination transactions

Significant Accounting Policies (Tables)

v3.19.3
Significant Accounting Policies (Tables)
 9 Months Ended 12 Months Ended
Sep. 30, 2019
Dec. 31, 2018
Accounting Policies [Abstract]    
Schedule of Revenue Recognized  

Revenue recognized during fiscal year 2018 under ASC 606 and revenue that would have been recognized during fiscal year 2018 had ASC 605 been applied is as follows:

 

    As reported under     If reported under     Increase/  
    ASC 606     ASC 605     (Decrease)  
Revenue:                        
Restaurant sales, net   $ 39,665,763     $ 39,665,763     $ -  
Gaming income, net     402,611       402,611       -  
Management fee income     100,000       100,000       -  
Franchise income     445,335       362,495       82,840  
Total revenue   $ 40,613,709     $ 40,530,869     $ 82,840  

Schedule of Contract Balances

Opening and closing balances of contract liabilities and receivables from contracts with customers are as follows:

 

    September 30, 2019     December 31, 2018  
             
Accounts Receivable   $ 178,495     $ 227,056  
Royalty Receivables     -       5,307  
Gift Card Liability     81,599       87,724  
Deferred Revenue     983,488       1,174,506  

Opening and closing balances of contract liabilities and receivables from contracts with customers are as follows:

 

    December 31, 2018     December 31, 2017  
             
Accounts Receivable   $ 227,056     $ 362,992  
Royalty Receivables     5,307       14,796  
Gift Card Liability     87,724       80,533  
Deferred Revenue     1,174,506       175,000  

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 )     -  

 
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 or lease life, if shorter
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 September 30, 2019 and 2018, which have been excluded from the calculation of diluted net loss per common share since the effect would be antidilutive.

 

    September 30,
2019		     September 30,
2018		  
Warrants     3,586,894       2,571,829  
Convertible notes     -       300,000  
Stock options     32,800       -  
Total     3,619,694       2,871,829  

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, 2018 and 2017, which have been excluded from the calculation of diluted net loss per common share since the effect would be antidilutive.

 

    December 31, 2018     December 31, 2017  
Warrants     3,684,762       2,362,615  
Convertible notes     300,000       366,667  
Accrued interest on convertible notes     -       18,681  
Total     3,984,762       2,747,963