Annual report pursuant to Section 13 and 15(d)

Note 13 - Restatement of Prior Quarters (unaudited)

Note 13 - Restatement of Prior Quarters (unaudited)

12 Months Ended

Dec. 31, 2020

Accounting Changes and Error Corrections [Abstract]

Restatement of Prior Quarters (unaudited)

Management of GT Biopharma, Inc. and its audit committee, identified an accounting error in the recognition of an additional loss on extinguishment of debt of $8,643,000 as a result of the June 2020 forbearance agreements that was not previously recorded (see Note 4). As a result, the previously filed unaudited condensed consolidated balance sheets as of June 30, 2020 and September 30, 2020, and the related condensed consolidated statements of operations and stockholders’ deficiency, may no longer be relied upon. The Company has restated its unaudited condensed consolidated balance sheets as of June 30, 2020 and September 30, 2020 and the related condensed consolidated statements of operations and stockholders’ deficiency. The restatement did not affect the previously reported assets and liabilities in the corresponding financial statements.

The effects of the discrepancy discovered related to the accounting error on the previously filed Form 10-Q’s are summarized as follows:

Condensed Consolidated Statement of Operations for the three months ended June 30, 2020 (unaudited)

	Previously Reported			Adjustment			As Restated
Other income (expense)	$	(7,221	)	$	(8,643	)	$	(15,864	)
Net loss		(8,779	)		(8,643	)		(17,422	)
Net loss per common share - basic and diluted	$	(0.12	)	$	(0.12	)	$	(0.24	)

Condensed Consolidated Statement of Operations for the six months ended June 30, 2020 (unaudited)

	Previously Reported			Adjustment			As Restated
Other income (expense)	$	(7,859	)	$	(8,643	)	$	(16,502	)
Net loss		(10,487	)		(8,643	)		(19,130	)
Net loss per common share - basic and diluted	$	(0.15	)	$	(0.12	)	$	(0.27	)

Condensed Consolidated Statement of Stockholders’ Deficit as of June 30, 2020 (unaudited)

	Previously Reported			Adjustment			As Restated
Preferred share	$	25		$	-		$	24
Common share		75			-			75
Additional paid-in capital		550,411			8,643			559,054
Noncontrolling interest		(169	)		-			(169	)
Accumulated deficit		(577,819	)		(8,643	)		(586,462	)
Total Shareholder deficit	$	(27,499	)	$	-		$	(27,499	)

The effects of the discrepancy discovered related to the accounting error on the previously filed Form 10-Q for the three and nine months ended September 30, 2020 are summarized as follows:

Condensed Consolidated Statement of Operations for the three months ended September 30, 2020 (unaudited)

	Previously Reported			Adjustment			As Restated
Other income (expense)	$	(931	)	$	(8,643	)	$	(9,574	)
Net loss		(2,876	)		(8,643	)		(11,519	)
Net loss per common share - basic and diluted	$	(0.04	)	$	(1.13	)	$	(1.16	)

Condensed Consolidated Statement of Operations for the nine months ended September 30, 2020 (unaudited)

	Previously Reported			Adjustment			As Restated
Other income (expense)	$	(8,790	)	$	(8,643	)	$	(17,433	)
Net loss		(13,363	)		(8,643	)		(22,006	)
Net loss per common share - basic and diluted	$	(0.18	)	$	(0.12	)	$	(0.30	)

Condensed Consolidated Statement of Stockholders’ Deficit as of September 30, 2020 (unaudited)

	Previously Reported			Adjustment			As Restated
Preferred share		25			-			25
Common share		78			-			78
Additional paid-in capital		550,984			8,643			559,627
Noncontrolling interest		(169	)		-			(169	)
Accumulated deficit		(580,695	)		(8,643	)		(589,338	)
Total Shareholder deficit		(29,777	)					(29,777	)