Annual report pursuant to Section 13 and 15(d)

Note 13 - Restatement of Prior Quarters (unaudited) (Tables)

v3.21.1
Note 13 - Restatement of Prior Quarters (unaudited) (Tables)
12 Months Ended
Dec. 31, 2020
Accounting Changes and Error Corrections [Abstract]  
Restatement

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 )