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Restatement of Financial Statements
 9 Months Ended
Sep. 30, 2016
Restatement of Financial Statements [Abstract]  
Restatement of Financial Statements
10.Restatement of Financial Statements

 

The September 30, 2016 financial statements were restated to reclassify marketing expense that was recorded in cost of goods sold to marketing expenses. There were no other changes to the financial statements. These reclassifications have no impact on previously reported net income.

 

The following table shows the changes made to the September 30, 2016 income statement.

 

  Three Months Ended  Nine Months Ended
  September 30, 2016  September 30, 2016
  As Reported  Adjustment  As Restated  As Reported  Adjustment  As Restated 
Net sales $1,384,429  $   $1,384,429  $4,252,704  $   $4,252,704 
                         
Cost of sales  942,738   (554,536)  388,202   2,981,657   (1,713,337)  1,268,320 
                         
Gross Profit  441,691       996,227   1,271,047       2,984,384 
                         
Operating expenses                        
Compensation and related expenses  361,829       361,829   1,077,340       1,077,340 
Professional fees  82,608       82,608   277,282       277,282 
Marketing expenses  -   554,536   554,536   -   1,713,337   1,713,337 
General and administrative expenses  204,958       204,958   382,857       382,857 
Total operating expenses  649,395       1,203,931   1,737,479       3,450,816 
                         
Operating Income (Loss)  (207,704)      (207,704)  (466,432)      (466,432)
                         
Interest (expense)  (9,992)      (9,992)  (15,805)      (15,805)
                         
Net Income (Loss) Before Taxes  (217,696)      (217,696)  (482,237)      (482,237)
Deferred income tax benefit  -       -   -       - 
                         
Net Income (Loss)  (217,696)      (217,696)  (482,237)      (482,237)
                         
Net income (loss) attributable to noncontrolling interests  8,955       8,955   6,439       6,439 
                         
Net Income (loss) attributable to Immudyne, Inc. $(226,651)     $(226,651) $(488,676)     $(488,676)
                         
Basic and diluted (loss) per share attributable to Immudyne, Inc. $(0.01)     $(0.01) $(0.02)     $(0.02)
                         
Average number of common shares outstanding                        
Basic  34,427,087       34,427,087   31,917,873       31,917,873 
Diluted  34,427,087       34,427,087   31,917,873       31,917,873