| RESTATEMENT |
NOTE 10 - RESTATEMENT
The Company is restating its Condensed Consolidated Unaudited Statement of Operations, Condensed Consolidated Unaudited Statement of Cash Flow, and Condensed Consolidated Unaudited Statement of Changes in Stockholders' Deficit for the three and six months ended March 31, 2020. The restatement shows the previously filed financial statements, the restatement adjustments and as restated columns for the Condensed Consolidated Unaudited Statement of Operations, Condensed Consolidated Unaudited Statement of Cash Flow, and Condensed Consolidated Unaudited Statement of Changes in Stockholders' Deficit for the three and six months ended March 31, 2020. The restatement of our financial statements in this Form 10-Q reflects the correction of certain identified errors related to the valuation of ReadyMed software platform acquired in October 2019.
The table below present the impact of the restatement in the Company's condensed consolidated unaudited financial statements:
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For the Three Months ended March 31, 2020
(Unaudited)
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As previously
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Adjustment
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As Restated
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reported
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Statement of Operations
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Amortization and depreciation
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$
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46,676
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$
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(46,676)
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$
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-
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Total Operating Expense
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$
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335,472
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$
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(46,676)
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$
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288,796
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Income/(Loss) from continuing operations before income taxes
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$
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47,323
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$
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46,676
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$
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93,999
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Net Income/(Loss)
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$
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5,813
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$
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46,676
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$
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52,489
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Net Income/(Loss) attributable to common stockholders
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$
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(4,418)
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$
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46,676
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$
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42,258
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Net Income/(Loss) per share basic and diluted
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Income/(Loss) from continuing operations
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$
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0.00
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$
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0.00
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$
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0.00
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Income/(Loss) per common share - basic and diluted
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$
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(0.00)
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$
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0.00
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$
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0.00
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For the Six Months ended March 31, 2020
(Unaudited)
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As previously
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Adjustment
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As Restated
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reported
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Statement of Operations
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|
|
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|
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Amortization and depreciation
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$
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95,910
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|
$
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(85,032)
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$
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10,878
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Total Operating Expense
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$
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655,830
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|
$
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(85,032)
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$
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570,798
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Income from continuing operations before income taxes
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$
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33,565
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$
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85,032
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$
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118,597
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Net Income/(Loss)
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$
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(31,371)
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$
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85,032
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$
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53,661
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Net Income/(Loss) attributable to common stockholders
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$
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(51,946)
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$
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85,032
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$
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33,086
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Net Income/(Loss) per share basic and diluted
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Income/(Loss) from continuing operations
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$
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(0.00)
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$
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0.00
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$
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0.00
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Income/(Loss) per common share - basic and diluted
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$
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(0.00)
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$
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0.00
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$
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0.00
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March 31, 2020
(Unaudited)
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As previously
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Adjustment
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As Restated
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reported
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Statement of Changes in Stockholders Deficit
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Additional Paid in Capital
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$
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15,866,718
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$
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(600,000)
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$
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15,266,718
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Accumulated Deficit
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$
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(16,252,481)
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$
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85,032
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$
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(16,167,449)
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Total Stockholders Deficit
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$
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(383,436)
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$
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(514,968)
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$
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(898,404)
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Total Liabilities and Stockholders Deficit
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$
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753,103
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$
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(514,968)
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$
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238,135
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March 31, 2020
(Unaudited)
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As previously
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Adjustment
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As Restated
|
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reported
|
|
Statement of Cash Flow
|
|
|
|
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Net Income/(Loss)
|
$
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(31,371)
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$
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85,032
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$
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53,661
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Amortization of ReadyMed software platform
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$
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85,032
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$
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(85,032)
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$
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-
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Supplemental disclosures of non-cash investing and financing activities:
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Common stock issued for ReadyMed platform
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$
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600,000
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$
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(600,000)
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$
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-
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