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Restatement of Prior Period Financial Statements | 9 Months Ended
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Sep. 30, 2025
Restatement of Prior Period Financial Statements [Abstract] |
Restatement of Prior Period Financial Statements | Note 4 - Restatement and Reclassification of Prior Period Financial Statements Based on an analysis of FASB ASC, ASC 250-Accounting Changes and Error Corrections, Staff Accounting Bulletin 99, Materiality, and Staff Accounting Bulletin 108, Considering the Effects of Prior Year Misstatements when Quantifying Misstatements in Current Year Financial Statements, the Company determined these errors were material to the previously issued interim financial statements and as such a restatement was necessary. For the three and nine months ended September 30, 2024, the Company revised its expense presentation by reallocating certain amounts previously reported under cost of goods sold to general and administrative, research and development, and sales and marketing expenses to better reflect the nature of the underlying costs. In addition, certain expenses were reclassified among these operating expense categories. These revisions had no effect on total revenue, loss from operations, net loss, or shareholders’ equity (deficit) for any period presented. The impact of these reclassifications and restatements on the Company’s condensed consolidated statements of operations for the three and nine months ended September 30, 2024, is shown below:
|  | For the three months ended September 30, 2024 |
|  | As previously reported |  |  | Reclassification |  |  | Restatement |  |  | As adjusted |
Revenue |  | $ | 81,636 |  |  | $ | - |  |  |  | - |  |  | $ | 81,636 |
Cost of goods sold |  |  | 145,201 |  |  |  | - |  |  |  | (137,204 | ) |  |  | 7,997 |
Gross profit |  | $ | (63,565 | ) |  | $ | - |  |  | $ | 137,204 |  |  | $ | 73,639 |
Operating expenses: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
General and administrative expenses |  |  | 1,039,092 |  |  |  | (532,305 | ) |  |  | 99 |  |  |  | 506,886 |
Research and development expenses |  |  | 157,741 |  |  |  | - |  |  |  | 28,937 |  |  |  | 186,678 |
Sales and marketing |  |  | 633,570 |  |  |  | (103,154 | ) |  |  | 108,168 |  |  |  | 638,584 |
Acquisition and integration |  |  | - |  |  |  | 635,459 |  |  |  | - |  |  |  | 635,459 |
Depreciation and amortization |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Total operating expenses |  |  | 1,830,403 |  |  |  | - |  |  |  | 137,204 |  |  |  | 1,967,607 |
Loss from operations |  | $ | (1,893,968 | ) |  | $ | - |  |  | $ | - |  |  | $ | (1,893,968 | )
|  | For the nine months ended September 30, 2024 |
|  | As previously reported |  |  | Reclassification |  |  | Restatement |  |  | As adjusted |
Revenue |  | $ | 183,631 |  |  | $ | - |  |  | $ | - |  |  | $ | 183,631 |
Cost of goods sold |  |  | 155,210 |  |  |  | - |  |  |  | (137,204 | ) |  |  | 18,006 |
Gross profit |  | $ | 28,421 |  |  | $ | - |  |  | $ | 137,204 |  |  | $ | 165,625 |
Operating expenses: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
General and administrative expenses |  |  | 2,462,469 |  |  |  | (1,398,008 | ) |  |  | 99 |  |  |  | 1,064,461 |
Research and development expenses |  |  | 431,054 |  |  |  | - |  |  |  | 28,937 |  |  |  | 459,991 |
Sales and marketing |  |  | 1,758,156 |  |  |  | (103,154 | ) |  |  | 108,168 |  |  |  | 1,763,170 |
Acquisition and integration |  |  | - |  |  |  | 1,501,261 |  |  |  | - |  |  |  | 1,501,261 |
Depreciation and amortization |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Total operating expenses |  |  | 4,651,679 |  |  |  | - |  |  |  | 137,204 |  |  |  | 4,788,883 |
Loss from operations |  | $ | (4,623,258 | ) |  | $ | - |  |  | $ | - |  |  | $ | (4,623,258 | )
Out of Period Adjustment During the three months ended September 30, 2025, the Company identified an error in its previously issued financial statements that was corrected through an out of period adjustment in the condensed financial statements as of and for the three and nine months ended September 30, 2025. The error related to non-redemption compensation incurred during the three months ended June 30, 2025 that was not recorded in that quarter. As a result, the Company recorded an out of period adjustment in the amount of approximately $561,000 in the quarter ended September 30, 2025. The Company assessed this out of period adjustment both quantitatively and qualitatively and concluded the error was immaterial.

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