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Restatement of Financial Statements | 9 Months Ended
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Sep. 30, 2017
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 |

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- Definition The entire disclosure for reporting accounting changes and error corrections. It includes the conveyance of information necessary for a user of the Company's financial information to understand all aspects and required disclosure information concerning all changes and error corrections reported in the Company's financial statements for the period. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 250 -URI http://asc.fasb.org/topic&trid=2122394 + Details
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