Hey EH, welcome to Sober Recovery.
I have found that my kids always appreciated honesty in any situation.
I bet your kids do too.
I don't think you need to sugar coat anything, just tell them the truth.
They've probably figured out most of it on their own, but having some dialogue about it will help them work through it.
It's hard for kids to have someone promising them great things and never coming through.
However, disappointment is a part of life and they need to know how to cope with it.
Don't apologize for "going on".
We're here to listen.