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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Southern Concepts Restaurant Group Inc (CE) | USOTC:RIBS | OTCMarkets | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 0.0005 | 0.00 | 01:00:00 |
Colorado
|
80-0182193
|
(State or other jurisdiction of incorporation or organization)
|
(IRS Employer Identification No.)
|
Title of Each Class
|
|
Name of Each Exchange on Which Registered
|
NONE
|
|
NONE
|
PART I – Financial Information
|
1
|
|
|
Item 1. Financial Statements
|
1
|
|
|
Condensed consolidated financial statements (unaudited)
|
|
|
|
Balance sheets
|
2
|
|
|
Statements of loss
|
3
|
|
|
Statements of cash flows
|
4
|
|
|
Statement of changes in equity
|
5
|
|
|
Notes to unaudited consolidated financial statements
|
6
|
|
|
Item 2. Management's Discussion and Analysis
|
11
|
|
|
Item 3. Quantitative and Qualitative Disclosures About Market Risk
|
14
|
|
|
Item 4. Controls and Procedures
|
14
|
|
|
PART II – Other information
|
14
|
|
|
Item 1. Legal Proceedings
|
14
|
|
|
Item 1A. Risk Factors
|
14
|
|
|
Item 2. Unregistered Sales of Securities and Use of Proceeds
|
15
|
|
|
Item 3. Defaults Upon Senior Securities
|
15
|
|
|
Item 4. Mine Safety Disclosures
|
15
|
|
|
Item 5. Other Information
|
16
|
|
|
Item 6. Exhibits
|
17
|
|
|
|
|
September 30,
|
December 31,
|
|||||||
2016
|
2015
|
|||||||
Assets
|
(Unaudited)
|
(Audited)
|
||||||
Current assets:
|
||||||||
Cash and cash equivalents
|
$
|
65,822
|
$
|
1,107,330
|
||||
Prepaid expenses and other
|
69,821
|
117,499
|
||||||
Inventory
|
81,995
|
91,358
|
||||||
Total current assets
|
217,638
|
1,316,187
|
||||||
Deposits
|
120,555
|
120,555
|
||||||
Related party receivable
|
25,787
|
25,787
|
||||||
Intangible asset, net
|
31,875
|
35,625
|
||||||
Property and equipment, net
|
3,772,208
|
4,279,096
|
||||||
Total assets
|
$
|
4,168,063
|
$
|
5,777,250
|
||||
Liabilities and equity
|
||||||||
Current liabilities:
|
||||||||
Accounts payable
|
$
|
154,939
|
$
|
256,252
|
||||
Accrued expenses
|
295,016
|
272,347
|
||||||
Notes payable and accrued interest, current portion
|
232,133
|
-
|
||||||
Convertible notes payable and accrued interest, current portion
|
232,792
|
129,489
|
||||||
Related party note payable (net of discount of $91,485 (2016) and $365,940 (2015))
|
1,116,015
|
784,059
|
||||||
Total current liabilities
|
2,030,895
|
1,442,147
|
||||||
Deferred rent
|
289,710
|
309,895
|
||||||
Notes payable and accrued interest, net of current portion
|
193,335
|
482,934
|
||||||
Convertible notes payable and accrued interest, less current portion,
|
||||||||
(net of discount of $418,778 (2016) and $514,515 (2015)
|
1,158,648
|
1,110,122
|
||||||
Total liabilities
|
3,672,588
|
3,345,098
|
||||||
Commitments and contingencies
|
||||||||
Equity
|
||||||||
Preferred stock - par value $0.001;
|
||||||||
Authorized Series A shares - 456,068
|
||||||||
Issued and outstanding Series A shares - 456,068 (2016) and 4,884,859 (2015)
|
23,348
|
248,994
|
||||||
Common stock - no par value;
|
||||||||
Authorized shares - 125,000,000
|
||||||||
Issued and outstanding shares - 77,078,476 (2016) and 62,398,303 (2015)
|
10,476,626
|
9,799,319
|
||||||
Additional paid-in capital
|
4,295,507
|
3,873,710
|
||||||
Accumulated deficit
|
(14,509,118
|
)
|
(12,092,077
|
)
|
||||
Total Southern Concepts Restaurant Group, Inc ("SCRG") equity
|
286,363
|
1,829,946
|
||||||
Noncontrolling interest
|
209,112
|
602,206
|
||||||
Total equity
|
495,475
|
2,432,152
|
||||||
Total liabilities and equity
|
$
|
4,168,063
|
$
|
5,777,250
|
Nine months ended
|
||||||||
September 30,
|
||||||||
2016
|
2015
|
|||||||
Net cash used in operating activities
|
$
|
(1,576,790
|
)
|
$
|
(1,944,093
|
)
|
||
Cash flows from investing activities
|
||||||||
Purchase of property and equipment
|
(55,669
|
)
|
(1,604,167
|
)
|
||||
Net cash used in investing activities
|
(55,669
|
)
|
(1,604,167
|
)
|
||||
Cash flows from financing activities
|
||||||||
Contribution to subsidiary by non-controlling interest
|
75,000
|
1,084,023
|
||||||
Distribution to non-controlling interest holders
|
(115,312
|
)
|
(26,684
|
)
|
||||
Proceeds from issuance of a promissory note and a related party note
|
482,500
|
-
|
||||||
Payment of long-term debt
|
(438,400
|
)
|
-
|
|||||
Payment of notes
|
(50,000
|
)
|
-
|
|||||
Payment on promissory notes
|
-
|
(25,000
|
)
|
|||||
Proceeds from sale of common stock and warrants
|
637,113
|
1,302,166
|
||||||
Proceeds from stock option exercise
|
50
|
25
|
||||||
Proceeds from issuance of long-term debt, net
|
-
|
300,771
|
||||||
Proceeds from issuance of promissory notes and warrants
|
-
|
280,000
|
||||||
Net cash (used in) provided by financing activities
|
590,951
|
2,915,301
|
||||||
Net decrease in cash and cash equivalents
|
(1,041,508
|
)
|
(632,959
|
)
|
||||
Cash and cash equivalents, beginning
|
1,107,330
|
1,182,099
|
||||||
Cash and cash equivalents, ending
|
$
|
65,822
|
$
|
549,140
|
Additional
|
Non-
|
|||||||||||||||||||||||||||||||
Common Stock
|
Preferred Stock
|
paid-in
|
Accumulated
|
Controlling
|
||||||||||||||||||||||||||||
Shares
|
Amount
|
Shares
|
Amount
|
capital
|
Deficit
|
Interest
|
Total
|
|||||||||||||||||||||||||
Balances, December 31, 2015
|
62,398,303
|
$
|
9,799,319
|
4,884,859
|
$
|
248,994
|
$
|
3,873,710
|
$
|
(12,092,077
|
)
|
$
|
602,206
|
$
|
2,432,152
|
|||||||||||||||||
Issuance of common stock and warrants for cash
|
7,152,288
|
451,611
|
-
|
-
|
185,502
|
-
|
-
|
637,113
|
||||||||||||||||||||||||
Stock-based compensation
|
-
|
-
|
-
|
-
|
236,295
|
-
|
-
|
236,295
|
||||||||||||||||||||||||
Cashless exercise of a warrant
|
2,916,666
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
||||||||||||||||||||||||
Conversion of Series A preferred shares to common
|
4,428,791
|
225,646
|
(4,428,791
|
)
|
(225,646
|
)
|
-
|
-
|
-
|
-
|
||||||||||||||||||||||
Exercise of stock options
|
182,428
|
50
|
-
|
-
|
-
|
-
|
-
|
50
|
||||||||||||||||||||||||
Contribution by non-controlling interest holder
|
-
|
-
|
-
|
-
|
-
|
-
|
75,000
|
75,000
|
||||||||||||||||||||||||
Distribution to non-controlling interest holder
|
(115,312
|
)
|
(115,312
|
)
|
||||||||||||||||||||||||||||
Net loss
|
-
|
-
|
-
|
-
|
-
|
(2,417,041
|
)
|
(352,782
|
)
|
(2,769,823
|
)
|
|||||||||||||||||||||
Balances, September 30, 2016
|
77,078,476
|
$
|
10,476,626
|
456,068
|
$
|
23,348
|
$
|
4,295,507
|
$
|
(14,509,118
|
)
|
$
|
209,112
|
$
|
495,475
|
Year ending
|
||||
2016 (remainder of year)
|
$
|
1,250
|
||
2017
|
5,000
|
|||
2018
|
5,000
|
|||
2019
|
5,000
|
|||
2020
|
5,000
|
|||
Thereafter
|
10,625
|
|||
$
|
31,875
|
Weighted
|
||||||||||||
Weighted
|
average
|
|||||||||||
Shares
|
average
|
remaining
|
Aggregate
|
|||||||||
under
|
exercise
|
contractual
|
intrinsic
|
|||||||||
option
|
price
|
life
|
value
|
|||||||||
Outstanding at January 1, 2016
|
2,867,876
|
$
|
0.30
|
|||||||||
Granted
|
5,400,000
|
0.05
|
||||||||||
Exercised
|
(182,426
|
) |
0.00
|
|||||||||
Forfeited/cancelled
|
(1,468,950
|
)
|
0.25
|
|||||||||
Outstanding at September 30, 2016
|
6,616,500
|
0.11
|
4.48
|
$ |
-
|
|||||||
Exercisable at September 30, 2016
|
2,104,000
|
$
|
0.23
|
4.40
|
$ |
-
|
Weighted
|
||||||||
average
|
||||||||
Number of
|
grant date
|
|||||||
options
|
fair value
|
|||||||
Non-vested options outstanding at January 1, 2016
|
1,365,926
|
$
|
0.18
|
|||||
Granted
|
5,400,000
|
0.05
|
||||||
Vested
|
(1,907,426
|
)
|
0.15
|
|||||
Forfeited/cancelled
|
(346,000
|
) |
0.46
|
|||||
Non-vested options outstanding at September 30, 2016
|
4,512,500
|
$
|
0.05
|
Weighted
|
||||||||||||||
Weighted
|
Average
|
|||||||||||||
Shares
|
Average
|
Remaining
|
Aggregate
|
|||||||||||
Underlying
|
Exercise
|
Contractual
|
Intrinsic
|
|||||||||||
Warrants
|
Price
|
Life
|
Value
|
|||||||||||
Outstanding at January 1, 2016
|
27,717,614
|
$ |
|
0.25
|
2.96
|
|||||||||
Granted
|
3,010,554
|
0.30
|
||||||||||||
Exercised
|
(5,000,000
|
)
|
||||||||||||
Forfeited/cancelled
|
(250,000
|
)
|
0.90 | |||||||||||
Outstanding at September 30, 2016
|
25,478,168
|
0.28
|
1.85
|
$ |
-
|
|||||||||
Exercisable at September 30, 2016
|
24,623,168
|
$ |
|
0.29
|
1.85
|
$ |
-
|
Non-vested
|
Weighted
|
Weighted
|
||||||||||
Shares
|
Average
|
Average
|
||||||||||
Underlying
|
Exercise
|
Grant Date
|
||||||||||
Warrants
|
Price
|
Fair Value
|
||||||||||
Non-vested at January 1, 2016
|
173,000
|
$
|
0.18
|
$
|
0.24
|
|||||||
Granted
|
3,010,554
|
0.30
|
$
|
-
|
||||||||
Vested
|
(2,328,554
|
)
|
0.39
|
-
|
||||||||
Forfeited/cancelled
|
-
|
|
-
|
$
|
-
|
|||||||
Non-vested at September
|
855,000
|
$
|
0.06
|
$
|
0.07
|
|
Key events and recent developments within our Company;
|
|
Our results of operations for the three and nine months ended September 30, 2016 and 2015;
|
|
Our liquidity and capital resources; and
|
|
Any contractual obligations to which we are committed;
|
|
SOUTHERN CONCEPTS RESTAURANT GROUP, INC.
|
|
|
|
|
|
|
Date: November 14, 2016
|
By:
|
/s/ James J. Fenlason
|
|
|
|
James J. Fenlason, CEO and CFO
|
|
|
|
|
|
|
|||
|
|
|
1 Year Southern Concepts Restau... (CE) Chart |
1 Month Southern Concepts Restau... (CE) Chart |
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