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Restatement of Prior Financial Information

6 Months Ended

Jun. 30, 2023

Accounting Changes and Error Corrections [Abstract]

Restatement of Prior Financial Information

Note 2. Restatement of Prior Financial Information

This Company’s previously filed unaudited statement of operations and cash flow statement and audited balance sheets have been restated to correct errors in calculating depreciation. From a quantitative and qualitative perspective, the Company determined that correcting the previously filed financial statements would not require amendment to its previously filed reports on Form 10-Q and 10-K. The effect of the correction of previously issued financial statements is summarized below:

Schedule of Prior Financial Information


	December 31, 2022
	As Previously Reported			Adjustment		Restated
Consolidated Balance Sheet
Property, plant and equipment, net of depreciation	$	389,000		$	412,000	$	801,000
Total assets	$	5,093,000		$	412,000	$	5,505,000
Accumulated deficit	$	(58,384,000	)	$	412,000	$	(57,972,000	)
Total stockholders’ equity	$	2,521,000		$	412,000	$	2,933,000
Total liabilities and stockholders’ equity	$	5,093,000		$	412,000	$	5,505,000


	Three-months ended June 30, 2022
	As Previously Reported			Adjustment			Restated
Consolidated Statement of Operations
Depreciation and amortization	$	117,000		$	(21,000	)	$	96,000
Total operating expenses	$	1,620,000		$	(21,000	)	$	1,599,000
Net loss	$	(737,000	)	$	21,000		$	(716,000	)


	Six-months ended June 30, 2022
	As Previously Reported			Adjustment			Restated
Consolidated Statement of Operations
Depreciation and amortization	$	278,000		$	(42,000	)	$	236,000
Total operating expenses	$	3,278,000		$	(42,000	)	$	3,236,000
Net loss	$	(1,631,000	)	$	42,000		$	(1,589,000	)

Consolidated Statement of Cash Flows
Net loss	$	(1,631,000	)	$	42,000		$	(1,589,000	)
Depreciation and amortization	$	286,000		$	(42,000	)	$	244,000
Net cash used in operating activities	$	(1,923,000	)	$	-		$	(1,923,000	)