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Note 12 - Restatement of Previously Issued (Unaudited) Interim Financial Statements | 6 Months Ended
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Jun. 30, 2024
Notes to Financial Statements |
Error Correction [Text Block] | Note 12. Restatement of Previously Issued (Unaudited) Interim Financial Statements While undergoing a review of its unaudited condensed consolidated interim financial statements, the Company determined it had incorrectly expensed costs directly associated with the Merger during various periods in 2023. Fees such as accounting and legal related to the Merger should have been capitalized and net against proceeds of the Merger. This impacted previously reported amounts for deferred offering costs and general and administrative expense, among other line items in the unaudited condensed consolidated interim financial statements as of and for the three and six months ended June 30, 2023. The following tables set forth the effects of the error corrections on affected items within the Company’s previously reported unaudited interim condensed consolidated balance sheet as of the periods indicated had the adjustments been made in the corresponding quarter:
|  | June 30, 2023 |
|  | As reported |  |  | Adjusted |  |  | As restated |
Deferred offering costs |  | $ | - |  |  | $ | 1,059,768 |  |  | $ | 1,059,768 |
Accumulated deficit |  | $ | (55,288,521 | ) |  | $ | 1,059,768 |  |  | $ | (54,228,753 | )
Total assets |  | $ | 2,304,448 |  |  | $ | 1,059,768 |  |  | $ | 3,364,216 |
Total liabilities |  | $ | 14,188,409 |  |  | $ | — |  |  | $ | 14,188,409 |
Total convertible preferred stock |  | $ | 24,287,211 |  |  | $ | — |  |  | $ | 24,287,211 |
Total stockholders’ equity (deficit) |  | $ | (36,171,172 | ) |  | $ | 1,059,768 |  |  | $ | (35,111,404 | )
The following tables set forth the effects of the error corrections on affected items within the Company’s previously reported unaudited interim condensed consolidated statements of operations and comprehensive loss for the periods indicated had the adjustments been made in the corresponding quarters:
|  | Six Months Ended June 30, 2023 |
|  | As reported |  |  | Adjusted |  |  | As restated |
General and administrative expense |  | $ | 3,053,234 |  |  | $ | (1,059,768 | ) |  | $ | 1,993,466 |
Total operating expenses |  | $ | 6,844,896 |  |  | $ | (1,059,768 | ) |  | $ | 5,785,128 |
Loss from operations |  | $ | (3,717,084 | ) |  | $ | 1,059,768 |  |  | $ | (2,657,316 | )
Net loss |  | $ | (3,019,605 | ) |  | $ | 1,059,768 |  |  | $ | (1,959,837 | )
Net loss per share of common stock, basic and diluted |  | $ | (5.83 | ) |  | $ | 2.05 |  |  | $ | (3.78 | )
|  | Three Months Ended June 30, 2023 |
|  | As reported |  |  | Adjusted |  |  | As restated |
General and administrative expense |  | $ | 1,414,303 |  |  | $ | (421,750 | ) |  | $ | 992,553 |
Total operating expenses |  | $ | 3,372,691 |  |  | $ | (421,750 | ) |  | $ | 2,950,941 |
Loss from operations |  | $ | (1,652,747 | ) |  | $ | 421,750 |  |  | $ | (1,230,997 | )
Net loss |  | $ | (1,847,251 | ) |  | $ | 421,750 |  |  | $ | (1,425,501 | )
Net loss per share of common stock, basic and diluted |  | $ | (3.57 | ) |  | $ | 0.82 |  |  | $ | (2.75 | )

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- Definition The entire disclosure for reporting error correction. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 250 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 7 -Publisher FASB -URI https://asc.fasb.org/1943274/2147483443/250-10-50-7 + Details
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