Note 12- Restatement of Prior Quarters (unaudited)

Management of GT Biopharma, Inc. and its audit committee, identified an accounting error in the previously reported results of operations for the three and six month periods ended June 30, 2020 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 statements of operations and stockholders’ deficit for the three and six month periods ended June 30, 2020 may no longer be relied upon. The Company has restated its unaudited related condensed consolidated statements of operations and stockholders’ deficit for the three and six month periods ended June 30, 2020. 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 are summarized as follows:

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

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