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Restatement of Previously Issued Financial Statements
 12 Months Ended
Dec. 31, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Restatement of Previously Issued Financial Statements

Note 23. Restatement of Previously Issued Financial Statements

 

Subsequent to the filing of the December 31, 2021 Form 10-K, the Company became aware of scrivener’s errors in its filing, which led to incorrect financial information being inadvertently filed in the Form 10-K, including the correction of interest expense to reflect a reduction in the amount of $398,954 and certain other adjustments. Management determined it should restate its previously reported financial statements. The Company noted that financial statements were appropriately prepared, but due to these scrivener’s errors an incorrect version was filed on April 15, 2022.

 

The impact of the restatement on the Company’s financial statements is reflected in the following table:

Schedule of restated financial information

   As Reported   Adjustment   As Restated 
Consolidated Balance Sheet as of December 31, 2021            
Property and equipment, net  $24,293,157   $398,954   $24,692,111 
Total assets  $47,345,291   $398,954   $47,744,245 
Noncontrolling interest  $4,613,550   $398,954   $5,012,504 
Total stockholders' equity  $27,154,179   $398,954   $27,553,133 
Total liabilities and stockholders’ equity and temporary equity  $47,345,291   $398,954   $47,744,245 
Consolidated Statement of Operations for the Year Ended December 31, 2021               
Interest expense  $900,552   $(398,954)  $501,598 
Total other income (expense)  $(1,778,951)  $398,954   $(1,379,997)
Loss before provision for income taxes  $(8,704,867)  $398,954   $(8,305,913)
Consolidated net loss  $(7,654,660)  $398,954   $(7,255,706)
Less: Net loss attributable to noncontrolling interests  $(2,170,489)  $398,954   $(1,771,535)
Statement of Changes in Stockholders’ Equity (Deficit) December 31, 2021               
Net loss, Noncontrolling interest  $(2,170,489)  $398,954   $(1,771,535)
Net loss, Total Stockholders' Equity (Deficit)  $(7,654,660)  $398,954   $(7,255,706)
Noncontrolling interest as of December 31, 2021  $4,613,550   $398,954   $5,012,504 
Total Stockholders' Equity (Deficit) as of December 31, 2021  $27,154,179   $398,954   $27,553,133 
Consolidated Statement of Cash Flows for the Year Ended December 31, 2021               
Consolidated net loss  $(7,654,660)  $398,954   $(7,255,706)
Accrued interest on notes payable  $900,552   $(398,954)  $501,598 
Capitalized interest on construction in process  $1,215,743   $398,954   $1,614,697 
Note 9 Property and Equipment               
Remediation Processing Unit System A, Gross Carrying Amount  $2,253,967   $307,500   $2,561,467 
Remediation Processing Unit System B, Gross Carrying Amount  $2,253,967   $91,454   $2,345,421 
Total Fixed Assets, Gross Carrying Amount  $25,083,463   $398,954   $25,482,417 
Remediation Processing Unit System A, Net Book Value  $2,253,967   $307,500   $2,561,467 
Remediation Processing Unit System B, Net Book Value  $2,253,967   $91,454   $2,345,421 
Total Fixed Assets, Net Book Value  $24,293,157   $398,954   $24,692,111