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Restatement of Prior Financial Information
 9 Months Ended
Sep. 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:

 

   As Previously Reported   Adjustment   Restated 
   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 

 

 

   As Previously Reported   Adjustment   Restated 
   Three-months ended September 30, 2022 
   As Previously Reported   Adjustment   Restated 
Consolidated Statement of Operations               
Depreciation and amortization  $112,000   $(21,000)  $91,000 
Total operating expenses  $1,985,000   $(21,000)  $1,964,000 
Net loss  $(2,708,000)  $21,000   $(2,687,000)

 

   As Previously Reported   Adjustment   Restated 
   Nine-months ended September 30, 2022 
   As Previously Reported   Adjustment   Restated 
Consolidated Statement of Operations               
Depreciation and amortization  $390,000   $(63,000)  $327,000 
Total operating expenses  $5,263,000   $(63,000)  $5,200,000 
Net loss  $(4,339,000)  $63,000   $(4,276,000)
                
Consolidated Statement of Cash Flows               
Net loss  $(4,339,000)  $63,000   $(4,276,000)
Depreciation and amortization  $407,000   $(63,000)  $344,000 
Net cash used in operating activities  $(2,619,000)  $-   $(2,619,000)