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RESTATEMENT OF PREVIOUSLY ISSUED FINANCIAL STATEMNTS (Tables) | 3 Months Ended
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Mar. 31, 2017
Restatement Of Previously Issued Financial Statemnts Tables |
Schedule of restatement of previously issued financial statements | The Company has restated its previously issued financial statements as of and for the three months ended March 31, 2017, to correct the non-cash error related to its stock-based compensation. The impact of the restatements is reflected below for the periods indicated:
CONSOLIDATED BALANCE SHEET
|  | As of March 31, 2017 |
|  | As Previously |  |  |  |  |  |  |
|  | Reported |  |  | Adjustment |  |  | Restated |
ASSETS |  |  |
Total assets |  | $ | 17,388,723 |  |  | $ | — |  |  | $ | 17,388,723 |
LIABILITIES AND STOCKHOLDERS’ DEFICIT |  |  |  |  |  |  |  |  |  |  |  |
Total current liabilities |  |  | 2,415,394 |  |  |  | — |  |  |  | 2,415,394 |
Total long-term liabilities |  |  | 2,079,905 |  |  |  | — |  |  |  | 2,079,905 |
Total liabilities |  |  | 4,495,299 |  |  |  | — |  |  |  | 4,495,299 |
Commitments and Contingencies (Note 14) |  |  |  |  |  |  |  |  |  |  |  |
Stockholders’ Deficit: |  |  |  |  |  |  |  |  |  |  |  |
Common stock, $0.0001 par value, 500,000,000 shares |  |  |  |  |  |  |  |  |  |  |  |
authorized; 344,093,411 and 234,704,655 shares issued |  |  |  |  |  |  |  |  |  |  |  |
and outstanding as of March 31, 2017 and December 31, 2016, respectively |  |  | 34,409 |  |  |  | — |  |  |  | 34,409 |
Additional paid in capital |  |  | 70,952,037 |  |  |  | 1,000,000 |  |  |  | 71,952,037 |
Stock subscription receivable |  |  | (830,000 | ) |  |  | — |  |  |  | (830,000 | )
Accumulated deficit |  |  | (57,595,085 | ) |  |  | (1,000,000 | ) |  |  | (58,595,085 | )
Accumulated comprehensive income |  |  | 332,063 |  |  |  | — |  |  |  | 332,063 |
Total stockholders’ deficit |  |  | 12,893,424 |  |  |  | — |  |  |  | 12,893,424 |
Total liabilities and stockholders’ deficit |  | $ | 17,388,723 |  |  | $ | — |  |  | $ | 17,388,723 |
CONSOLIDATED STATEMENTS OF OPERATIONS |  |  |
|  | Three months ended March 31, 2017 |
|  | As Previously |  |  |  |  |
|  | Reported |  |  | Adjustment |  |  | Restated |
Total revenues, net |  | $ | 584,689 |  |  | $ | — |  |  | $ | 584,689 |
Operating Expenses: |  |  |  |  |  |  |  |  |  |  |  |
Cost of Sales |  |  | 149,129 |  |  |  |  |  |  |  | 149,129 |
General and administrative |  |  | 4,255,382 |  |  |  | 1,000,000 |  |  |  | 5,255,382 |
Research and development |  |  | 29,070 |  |  |  | — |  |  |  | 29,070 |
Depreciation and amortization |  |  | 109,534 |  |  |  | — |  |  |  | 109,534 |
Total operating expenses |  |  | 4,543,115 |  |  |  | 1,000,000 |  |  |  | 5,543,115 |
Loss from operations |  |  | (3,958,426 | ) |  |  | (1,000,000 | ) |  |  | (4,958,426 | )
Other income (expense), net |  |  | (4,710,666 | ) |  |  | — |  |  |  | (4,710,666 | )
Income loss before income taxes |  |  | (8,669,092 | ) |  |  | (1,000,000 | ) |  |  | (9,669,092 | )
Income Taxes |  |  | — |  |  |  | — |  |  |  | — |
Net (loss) |  | $ | (8,669,092 | ) |  | $ | (1,000,000 | ) |  | $ | (9,669,092 | )
Net (loss) per share - Basic and diluted |  | $ | (0.03 | ) |  | $ | — |  |  | $ | (0.03 | )
Weighted Average Shares Outstanding - Basic and diluted |  |  | 295,596,151 |  |  |  | — |  |  |  | 295,596,151 |
STATEMENT OF COMPREHENSIVE INCOME (LOSS)
|  | Three months ended |
|  | As Previously |  |  |  |  |  |  |
|  | Reported |  |  | Adjustment |  |  | Restated |
Net loss |  | $ | (8,669,092 | ) |  | $ | (1,000,000 | ) |  | $ | (9,669,092 | )
Add: |  |  |  |  |  |  |  |  |  |  |  |
Foreign currency translation gain |  |  | 23,452 |  |  |  | — |  |  |  | 23,452 |
Comprehensive loss |  | $ | (8,645,640 | ) |  | $ | (1,000,000 | ) |  | $ | (9,645,640 | )

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- Definition Tabular disclosure of prior period adjustments to previously issued financial statements including (1) the effect of the correction on each financial statement line item and any per-share amounts affected for each prior period presented (2) the cumulative effect of the change on retained earnings or other appropriate components of equity or net assets in the statement of financial position, as of the beginning of the earliest period presented, and (3) the effect of the prior period adjustments (both gross and net of applicable income tax) on the net income of each prior period presented in the entity's annual report for the year in which the adjustments are made. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 250 -SubTopic 10 -Section 50 -Paragraph 9 -URI http://asc.fasb.org/extlink&oid=64853466&loc=d3e22663-107794 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 250 -SubTopic 10 -Section 50 -Paragraph 7 -URI http://asc.fasb.org/extlink&oid=64853466&loc=d3e22644-107794 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 250 -SubTopic 10 -Section 50 -Paragraph 8 -URI http://asc.fasb.org/extlink&oid=64853466&loc=d3e22658-107794 + Details
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