| 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 |
) |
|