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RESTATEMENT OF PREVIOUSLY ISSUED FINANCIAL STATEMNTS | 3 Months Ended
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Mar. 31, 2017
Restatement Of Previously Issued Financial Statemnts |
RESTATEMENT OF PREVIOUSLY ISSUED FINANCIAL STATEMNTS | NOTE 15 – RESTATEMENT OF PREVIOUSLY ISSUED FINANCIAL STATEMNTS Subsequent to filing its Quarterly Report on Form 10-Q for the period ended March 31, 2017 (the “Form 10-Q”) with the Securities and Exchange Commission (the “SEC”) on August 4, 2017, the Company determined that a computation error occurred in its calculation of stock-based compensation for the period ended March 31, 2017. In accounting for the Company’s stock-based compensation for the period ended March 31, 2017, the Company utilized an incorrect common stock fair value as an input in the black-scholes calculation which determines the fair value of one stock option tranche that vested on January 31, 2017. Upon correcting for the previously used option price, the Company determined that stock-based compensation should have been $1,000,000 higher than previously reported. 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 | )
Certain amounts in the related statement of cash flows have been corrected, but those changes did not impact the cash provided from or used in operating, investing or financing activities. The adjustment column for the condensed consolidated financial statement includes the increase in stock compensation by $1,000,000 in the balance sheet as of March 31, 2017 and for the three months ended March 31, 2017.
| ● | The balance sheet reflects an increase by $1,000,000 to accumulated deficit and additional paid in capital.
| ● | The statement of operations increases general and administrative expense and net loss by $1,000,000.
| ● | The statement of comprehensive income reflects on increase in net loss for the increase in stock compensation expense.
| ● | There is no impact on net cash flow from operating activities included on the statement of cash flow for the three months ended March 31, 2017 and earnings per share – basic and diluted is unchanged.

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- Definition The entire disclosure for reporting accounting changes and error corrections. It includes the conveyance of information necessary for a user of the Company's financial information to understand all aspects and required disclosure information concerning all changes and error corrections reported in the Company's financial statements for the period. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 250 -URI http://asc.fasb.org/topic&trid=2122394 + Details
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