| 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 nine months ended June 30, 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 nine months ended June 30, 2020. The restatement of our financial statements in this Form 10-Q reflects the correction of certain identified miscalculations related to the valuation of the 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:
|
|
|
For the Three Months ended June 30, 2020 | |
|
|
(Unaudited) | |
|
|
As previously reported |
|
Adjustment |
|
|
As Restated | |
Statement of Operations |
|
|
|
|
|
|
| |
Administrative expense |
|
$ |
91,160 |
|
$ |
(150) |
* |
|
$ |
91,010 | |
Amortization and depreciation |
|
$ |
53,050 |
|
$ |
(52,900) |
* |
|
$ |
150 | |
Total Operating Expense |
|
$ |
289,026 |
|
$ |
(53,050) |
|
|
$ |
235,976 | |
Income from continuing operations before income taxes |
|
$ |
10,966 |
|
$ |
53,050 |
|
|
$ |
64,016 | |
Net Income |
|
$ |
10,966 |
|
$ |
53,050 |
|
|
$ |
64,016 | |
Net Income attributable to common stockholders |
|
$ |
735 |
|
$ |
53,050 |
|
|
$ |
53,785 | |
|
|
|
|
|
|
|
|
|
|
| |
Income from continuing operations |
|
$ |
0.00 |
|
$ |
0.00 |
|
|
$ |
0.00 | |
Net Income per common share - basic and diluted |
|
$ |
0.00 |
|
$ |
0.00 |
|
|
$ |
0.00 |
|
|
|
For the Nine Months ended June 30, 2020
(Unaudited) | |
|
|
As previously reported |
|
Adjustment |
|
|
As Restated | |
Statement of Operations |
|
|
|
|
|
|
| |
Administrative expense |
|
$ |
292,008 |
|
$ |
(150) |
* |
|
$ |
291,858 | |
Amortization and depreciation |
|
$ |
148,960 |
|
$ |
(137,932) |
* |
|
$ |
11,028 | |
Total Operating Expense |
|
$ |
944,856 |
|
$ |
(138,082) |
|
|
$ |
806,774 | |
Income from continuing operations before income taxes |
|
$ |
44,531 |
|
$ |
138,082 |
|
|
$ |
182,613 | |
Net Income/(Loss) |
|
$ |
(20,405) |
|
$ |
138,082 |
|
|
$ |
117,677 | |
Net Income/(Loss) attributable to common stockholders |
|
$ |
(51,211) |
|
$ |
138,082 |
|
|
$ |
86,871 | |
|
|
|
|
|
|
|
|
|
|
| |
Income from continuing operations |
|
$ |
0.00 |
|
$ |
0.00 |
|
|
$ |
0.00 | |
Net Income/(Loss) per common share - basic and diluted |
|
$ |
(0.00) |
|
$ |
0.00 |
|
|
$ |
0.00 |
|
|
|
June 30, 2020
(Unaudited) | |
|
|
As previously reported |
|
Adjustment |
|
As Restated | |
Statement of Changes in Stockholders’ Deficit |
|
|
|
|
|
| |
Additional Paid in Capital |
|
$ |
15,866,718 |
|
$ |
(600,000) |
|
$ |
15,266,718 | |
Accumulated Deficit |
|
$ |
(16,241,515) |
|
$ |
138,082 |
|
$ |
(16,103,433) | |
Total Stockholders’ Deficit |
|
$ |
(372,470) |
|
$ |
(461,918) |
|
$ |
(834,388) | |
Total Liabilities and Stockholders’ Deficit |
|
$ |
758,976 |
|
$ |
(461,918) |
|
$ |
297,058 |
|
|
|
June 30, 2020
(Unaudited) | |
|
|
As previously reported |
|
Adjustment |
|
As Restated | |
Statement of Cash Flow |
|
|
|
|
|
| |
Net Income/(Loss) |
|
$ |
(20,405) |
|
$ |
138,082 |
|
$ |
117,677 | |
Amortization of ReadyMed software platform |
|
$ |
138,082 |
|
$ |
(138,082) |
|
$ |
- | |
|
|
|
|
|
|
|
|
|
| |
Supplemental disclosures of non-cash investing and financing activities: |
|
|
|
|
|
|
|
|
| |
Common stock issued for ReadyMed platform |
|
$ |
600,000 |
|
$ |
(600,000) |
|
$ |
- | |
|
|
|
|
|
|
|
|
|
| |
* Reclassification
Certain reclassifications have been made to the 2020 financial statement amounts and disclosures to conform to the 2021 presentation.
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|