Restatement of Previously Issued Unaudited Interim Condensed Consolidated Financial Statements (Tables)
|
9 Months Ended |
Sep. 30, 2023 |
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| Prior Period Adjustment [Abstract] |
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| Summary of effect of restatement on the line items within consolidated Balance Sheet |
The effect of the restatement on the line items within the Company’s unaudited interim condensed consolidated balance sheet as of September 30, 2023, are as follows:
|
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|
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September 30, 2023 |
|
|
As reported |
|
Adjustment |
|
Restated |
Inventories |
|
$ |
31,650 |
|
$ |
(4,079) |
|
$ |
27,571 |
Current assets |
|
|
54,726 |
|
|
(4,079) |
|
|
50,647 |
Total assets |
|
|
290,193 |
|
|
(4,079) |
|
|
286,114 |
Accrued and other current liabilities |
|
|
94,467 |
|
|
(469) |
|
|
93,998 |
Current liabilities |
|
|
133,769 |
|
|
(469) |
|
|
133,300 |
Total liabilities |
|
|
330,222 |
|
|
(469) |
|
|
329,753 |
Accumulated deficit |
|
|
(1,305,339) |
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|
(3,610) |
|
|
(1,308,949) |
Total shareholders’ deficit |
|
|
(40,029) |
|
|
(3,610) |
|
|
(43,639) |
Total liabilities and shareholders’ deficit |
|
|
290,193 |
|
|
(4,079) |
|
|
286,114 |
|
| Summary of effect of restatement on the line items within consolidated Income Statement |
The effect of the restatement on the line items within the Company’s unaudited interim condensed consolidated income statement for the three and nine months ended September 30, 2023 are as follows:
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|
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|
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|
|
Three Months Ended September 30, 2023 |
|
|
As reported |
|
Adjustment |
|
Restated |
Costs and expenses applicable to revenues |
|
$ |
(25,463) |
|
$ |
(4,079) |
|
$ |
(29,542) |
Gross profit |
|
|
17,427 |
|
|
(4,079) |
|
|
13,348 |
Loss from operations |
|
|
(7,555) |
|
|
(4,079) |
|
|
(11,634) |
Loss before income tax |
|
|
(11,792) |
|
|
(4,079) |
|
|
(15,871) |
Income tax expense |
|
|
3,780 |
|
|
(469) |
|
|
3,311 |
Net loss |
|
|
(15,572) |
|
|
(3,610) |
|
|
(19,182) |
Earnings per share |
|
|
(0.00) |
|
|
(0.00) |
|
|
(0.00) |
|
|
|
|
|
|
|
|
|
|
|
|
Nine Months Ended September 30, 2023 |
|
|
As reported |
|
Adjustment |
|
Restated |
Costs and expenses applicable to revenues |
|
$ |
(67,029) |
|
$ |
(4,079) |
|
$ |
(71,108) |
Gross profit |
|
|
51,329 |
|
|
(4,079) |
|
|
47,250 |
Loss from operations |
|
|
(27,017) |
|
|
(4,079) |
|
|
(31,096) |
Loss before income tax |
|
|
(41,295) |
|
|
(4,079) |
|
|
(45,374) |
Income tax expense |
|
|
13,021 |
|
|
(469) |
|
|
12,552 |
Net loss |
|
|
(54,316) |
|
|
(3,610) |
|
|
(57,926) |
Earnings per share |
|
|
(0.01) |
|
|
(0.00) |
|
|
(0.01) |
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| Summary of effect of restatement on the line items within consolidated Statement of changes in Shareholders' Deficit |
The effect of the restatement on the line items within the Company’s unaudited interim condensed consolidated statement of changes in shareholders' deficit as of September 30, 2023 are as follows:
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|
September 30, 2023 |
|
|
As reported |
|
Adjustment |
|
As revised |
Accumulated deficit – Balance September 30, 2023 |
|
$ |
(1,305,339) |
|
$ |
(3,610) |
|
$ |
(1,308,949) |
Total shareholders’ deficit – Balance September 30, 2023 |
|
|
(40,029) |
|
|
(3,610) |
|
|
(43,639) |
|
| Summary of effect of restatement on the line items within consolidated Statement of Cash Flow |
The effect of the restatement on the line items within the Company’s unaudited interim condensed consolidated statement of cash flows for the nine months ended September 30, 2023 are as follows:
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|
Nine Months Ended, September 30, 2023 |
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|
As reported |
|
Adjustment |
|
Restated |
CASH FLOW FROM OPERATING ACTIVITIES |
|
|
|
|
|
|
|
|
|
Net loss |
|
$ |
(54,316) |
|
$ |
(3,610) |
|
$ |
(57,926) |
Adjustments to reconcile net loss to net cash provided by (used in) operations: |
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|
|
|
|
|
|
|
|
Change in operating assets and liabilities |
|
|
17,965 |
|
|
3,610 |
|
|
21,575 |
Inventory |
|
|
(3,490) |
|
|
4,079 |
|
|
589 |
Accrued and other liabilities |
|
|
18,275 |
|
|
(469) |
|
|
17,806 |
|