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Restatement of Previously Issued Financial Statements | 6 Months Ended
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Jun. 30, 2022
Restatement of Previously Issued Financial Statements [Abstract] |
RESTATEMENT OF PREVIOUSLY ISSUED FINANCIAL STATEMENTS | 1A. RESTATEMENT OF PREVIOUSLY ISSUED FINANCIAL STATEMENTS The Company concluded it should restate its previously issued financial statements by amending its Quarterly Report on Form 10-Q for the three-month and six-month periods ended June 30, 2022, filed with the Securities and Exchange Commission (the “SEC”) on August 11, 2022, to reflect the accrual of approximately $222,000 of deferred compensation expense (consisting of earned and unused paid time off) during the first quarter of 2022. This change increases the Company’s administrative expenses and accrued expenses by approximately $222,000 with no impact on its cash position. There has been no change to previously disclosed product sales. In accordance with SEC Staff Accounting Bulletin No. 99 “Materiality,” and SEC Staff Accounting Bulletin No. 108, “Considering the Effects of Prior Year Misstatements when Quantifying Misstatements in Current Year Financial Statements,” the Company evaluated the correction and has determined that the related impact was material to the previously issued financial statements that contained the error, reported in the Company’s Form 10-Q for the three-month and six-month periods ended June 30, 2022 (the “Affected Quarterly Period”). Therefore, the Company concluded that the Affected Quarterly Period should be restated to present the reclassification. As such, the Company is reporting the restatement to the period in this Form 10-Q/A.
|  | As Reported |  |  | Adjustment |  |  | As Restated |
Unaudited Balance Sheet As of June 30, 2022 |  |  |  |  |  |  |  |  |
Accounts payable and accrued expenses |  | $ | 1,429,797 |  |  | $ | 222,379 |  |  | $ | 1,652,176 |
Total current liabilities |  | $ | 2,508,885 |  |  | $ | 222,379 |  |  | $ | 2,731,264 |
Total liabilities |  | $ | 13,208,992 |  |  | $ | 222,379 |  |  | $ | 13,431,371 |
Accumulated deficit |  | $ | (3,687,176 | ) |  | $ | (222,379 | ) |  | $ | (3,909,555 | )
Total stockholders’ equity |  | $ | 32,774,857 |  |  | $ | (222,379 | ) |  | $ | 32,552,478 |
|  | As Reported |  |  | Adjustment |  |  | As Restated |
Unaudited Statement of Operations During the Six-Month Period Ended June 30, 2022 |  |  |  |  |  |  |  |  |
Administrative expenses |  | $ | 991,129 |  |  | $ | 222,379 |  |  | $ | 1,213,508 |
Operating expenses |  | $ | 4,636,571 |  |  | $ | 222,379 |  |  | $ | 4,858,950 |
Net operating income (loss) |  | $ | 173,980 |  |  | $ | (222,379 | ) |  | $ | (48,399 | )
Income (loss) before income taxes |  | $ | 53,813 |  |  | $ | (222,379 | ) |  | $ | (168,566 | )
Net income (loss) |  | $ | 51,518 |  |  | $ | (222,379 | ) |  | $ | (170,861 | )
Basic net income (loss) per share |  | $ | 0.01 |  |  | $ | (0.03 | ) |  | $ | (0.02 | )
Diluted weighted average common shares outstanding |  |  | 7,781,403 |  |  |  | (38,053 | ) |  |  | 7,743,350 |
Diluted net income (loss) per share |  | $ | 0.01 |  |  | $ | (0.03 | ) |  | $ | (0.02 | )
|  | As Reported |  |  | Adjustment |  |  | As Restated |
Unaudited Statement of Stockholders’ Equity During the Three-Month Period Ended June 30, 2022 |  |  |  |  |  |  |  |  |
Accumulated Deficit – Balance, March 31, 2022 |  | $ | (3,003,028 | ) |  | $ | (222,379 | ) |  | $ | (3,225,407 | )
Accumulated Deficit – Balance, June 30, 2022 |  | $ | (3,687,176 | ) |  | $ | (222,379 | ) |  | $ | (3,909,555 | )
Total Stockholders’ Equity – Balance, March 31, 2022 |  | $ | 33,372,539 |  |  | $ | (222,379 | ) |  | $ | 33,150,160 |
Total Stockholders’ Equity – Balance, June 30, 2022 |  | $ | 32,774,857 |  |  | $ | (222,379 | ) |  | $ | 32,552,478 |
Unaudited Statement of Stockholders’ Equity During the Six-Month Period Ended June 30, 2022 |  |  |  |  |  |  |  |  |  |  |  |
Accumulated Deficit – Net income (loss) |  | $ | 51,518 |  |  | $ | (222,379 | ) |  | $ | (170,861 | )
Accumulated Deficit – Balance, June 30, 2022 |  | $ | (3,687,176 | ) |  | $ | (222,379 | ) |  | $ | (3,909,555 | )
Total Stockholders’ Equity – Net income (loss) |  | $ | 51,518 |  |  | $ | (222,379 | ) |  | $ | (170,861 | )
Total Stockholders’ Equity – Balance, June 30, 2022 |  | $ | 32,774,857 |  |  | $ | (222,379 | ) |  | $ | 32,552,478 |
|  | As Reported |  |  | Adjustment |  |  | As Restated |
Unaudited Statement of Cash Flows During the Six-Month Period Ended June 30, 2022 |  |  |  |  |  |  |  |  |
Net income (loss) |  | $ | 51,518 |  |  | $ | (222,379 | ) |  | $ | (170,861 | )
Accounts payable and accrued expenses |  | $ | (199,654 | ) |  | $ | 222,379 |  |  | $ | 22,725 |
|  | As Reported |  |  | Adjustment |  |  | As Restated |
Notes to Unaudited Financial Statements – (n) Net Income (Loss) Per Common Share During the Six-Month Period Ended June 30, 2022 |  |  |  |  |  |  |  |  |
Net income (loss) attributable to stockholders |  | $ | 51,518 |  |  | $ | (222,379 | ) |  | $ | (170,861 | )
Dilutive impact of share-based compensation awards |  |  | 38,053 |  |  |  | (38,053 | ) |  |  | — |
Weighted average common shares outstanding - Diluted |  |  | 7,781,403 |  |  |  | (38,053 | ) |  |  | 7,743,350 |
Net income (loss) per share: Basic |  | $ | 0.01 |  |  | $ | (0.03 | ) |  | $ | (0.02 | )
Net income (loss) per share: Diluted |  | $ | 0.01 |  |  | $ | (0.03 | ) |  | $ | (0.02 | )
|  | As Reported |  |  | Adjustment |  |  | As Restated |
Notes to Unaudited Financial Statements – 9. Accounts Payable and Accrued Expenses As of June 30, 2022 |  |  |  |  |  |  |  |  |
Accrued payroll |  | $ | 441,644 |  |  | $ | 222,379 |  |  | $ | 664,023 |
Total |  | $ | 1,429,797 |  |  | $ | 222,379 |  |  | $ | 1,652,176 |
|  | As Reported |  |  | Adjustment |  |  | As Restated |
Notes to Unaudited Financial Statements – 17. Segment Information During the Six-Month Period Ended June 30, 2022 |  |  |  |  |  |  |  |  |
Other – Administrative expenses |  | $ | 991,129 |  |  | $ | 222,379 |  |  | $ | 1,213,508 |
Other – Operating activities |  | $ | 1,064,160 |  |  | $ | 222,379 |  |  | $ | 1,286,539 |
Other – Net operating loss |  | $ | (1,083,037 | ) |  | $ | (222,379 | ) |  | $ | (1,305,416 | )
Total – Administrative expenses |  | $ | 991,129 |  |  | $ | 222,379 |  |  | $ | 1,213,508 |
Total – Operating activities |  | $ | 4,636,571 |  |  | $ | 222,379 |  |  | $ | 4,858,950 |
Total – Net operating income (loss) |  | $ | 173,980 |  |  | $ | (222,379 | ) |  | $ | (48,399 | )
|  | As Reported |  |  | Adjustment |  |  | As Restated |
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations – Liquidity and Capital Resources As of June 30, 2022 |  |  |  |  |  |  |  |  |
Net working capital |  | $ | 14,820 |  |  | $ | (223 | ) |  | $ | 14,597 |
Increase - Amount |  | $ | 1,089 |  |  | $ | (222 | ) |  | $ | 867 |
Increase - % |  |  | 8 | % |  |  | (2 | )% |  |  | 6 | %
Stockholders’ equity |  | $ | 32,775 |  |  | $ | (223 | ) |  | $ | 32,552 |
Increase (Decrease) – Amount |  | $ | 198 |  |  | $ | (222 | ) |  | $ | (24 | )
Increase (Decrease) – % |  |  | 1 | % |  |  | (1 | )% |  |  | 0 | %

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