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Amergent Hospitality Group Inc.(AMHG), a leading hospitality company, has re leased its financial results for the year ended December 31, 2022. The company reported a net loss of $3.3 million for the year, while its revenue reached $21.3 million.
Amergent Hospitality Group Inc. faced a net loss of $3.3 million in 2022. This loss was primarily attributed to various expenses incurred during the year. The company's operating loss amounted to $7.4 million, reflecting the challenges it encountered in the competitive hospitality industry.
Revenue of $21.3 Million
Despite the net loss, Amergent Hospitality Group Inc. achieved revenue of $21.3 million in 2022. This revenue was generated from multiple sources, including restaurant sales, net gaming income, and franchise income. The company's ability to generate substantial revenue demonstrates its strong market presence and customer demand.
Consolidated Balance Sheets
The consolidated balance sheets of Amergent Hospitality Group Inc. and its subsidiaries as of December 31, 2022, reveal the company's financial position. The total assets amounted to $19.2 million, showing a decrease compared to the previous year. The decrease in assets can be attributed to the challenges faced by the company during the year, resulting in a decline in cash and restricted cash, investments, and property and equipment.
The consolidated statements of operations provide insights into Amergent Hospitality Group Inc.'s financial performance for the year. The company's total revenue amounted to $21.3 million, reflecting a positive growth trajectory. However, various expenses, including restaurant cost of sales, operating expenses, and asset impairment charges, contributed to an operating loss of $7.4 million.
Consolidated Statements of Comprehensive Loss
The consolidated statements of comprehensive loss reveal a net loss attributable to Amergent Hospitality Group Inc. of $3.0 million. Despite this loss, the company maintained a comprehensive loss of $3.0 million for the year, which takes into account foreign currency translation gain.
Consolidated Statements of Convertible Preferred Stock and Stockholders' Deficit
Amergent Hospitality Group Inc.'s consolidated statements of convertible preferred stock and stockholders' deficit depict the changes in the company's capital structure. The stockholders' deficit increased from $6.2 million to $9.3 million, primarily due to the net loss incurred during the year. The company's accumulated deficit reached $101.0 million, highlighting the challenges it faced.
Consolidated Statements of Cash Flows
The consolidated statements of cash flows provide insights into Amergent Hospitality Group Inc.'s cash flow activities. The company reported net cash flows used in operating activities of $3.7 million, primarily driven by the net loss incurred during the year. Furthermore, the company invested $315,000 in property and equipment and reported net cash flows provided by financing activities of $2.1 million.
Amergent Hospitality Group Inc. experienced a net loss of $3.3 million in 2022, despite generating revenue of $21.3 million. The company faced various challenges that impacted its financial performance. However, Amergent Hospitality Group Inc. remains focused on improving its operations and delivering value to its customers in the highly competitive hospitality industry.