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v3.24.1.u1

Restatement of Interim Financial Statements (Unaudited) (Tables) | 12 Months Ended
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Dec. 31, 2023
Accounting Changes and Error Corrections [Abstract] |
Schedule of Restatement of Interim Financial Statements (Unaudited) | Schedule of Restatement of Interim Financial Statements (Unaudited)
|  | (Unaudited) |
|  | As of September 30, |
|  | As Reported |  |  | Adjustments |  |  | As Restated |
Assets |  |  |  |  |  |  |  |  |  |  |  |
Current assets: |  |  |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents |  | $ | 761,249 |  |  | $ | - |  |  | $ | 761,249 |
Accounts receivable, net |  |  | 132,382 |  |  |  | - |  |  |  | 132,382 |
Inventories |  |  | 34,530 |  |  |  | - |  |  |  | 34,530 |
Prepaid and other current assets |  |  | 38,693 |  |  |  | - |  |  |  | 38,693 |
Total current assets |  |  | 966,854 |  |  |  | - |  |  |  | 966,854 |
Property and equipment, at cost |  |  | 420,586 |  |  |  | - |  |  |  | 420,586 |
Less - accumulated depreciation |  |  | (340,260 | ) |  |  | - |  |  |  | (340,260 | )
Property and equipment, net |  |  | 80,326 |  |  |  | - |  |  |  | 80,326 |
Operating lease right of use asset, net |  |  | 78,043 |  |  |  | - |  |  |  | 78,043 |
Intangible assets |  |  | 110,695 |  |  |  | - |  |  |  | 110,695 |
Total assets |  | $ | 1,235,918 |  |  | $ | - |  |  | $ | 1,235,918 |
Liabilities and Stockholders’ Deficit |  |  |  |  |  |  |  |  |  |  |  |
Current liabilities: |  |  |  |  |  |  |  |  |  |  |  |
Accounts payable |  | $ | 566,649 |  |  | $ | - |  |  | $ | 566,649 |
Accrued expenses |  |  | 280,063 |  |  |  | - |  |  |  | 280,063 |
Notes payable |  |  | 194,249 |  |  |  | - |  |  |  | 194,249 |
Current portion of operating lease payable |  |  | 45,194 |  |  |  | - |  |  |  | 45,194 |
Customer deposits |  |  | 68,972 |  |  |  | - |  |  |  | 68,972 |
Share liabilities |  |  | 934,256 |  |  |  | - |  |  |  | 934,256 |
Warrant liabilities |  |  | 168,269 |  |  |  | - |  |  |  | 168,269 |
Total current liabilities |  |  | 2,257,652 |  |  |  | - |  |  |  | 2,257,652 |
Operating lease payable, net of current portion |  |  | 39,353 |  |  |  | - |  |  |  | 39,353 |
Total liabilities |  |  | 2,297,005 |  |  |  | - |  |  |  | 2,297,005 |
Stockholders’ deficit: |  |  |  |  |  |  |  |  |  |  |  |
Convertible Series A preferred stock |  |  | - |  |  |  | - |  |  |  | - |
Convertible Series Seed preferred stock |  |  | - |  |  |  | - |  |  |  | - |
Common stock |  |  | 5,149 |  |  |  | - |  |  |  | 5,149 |
Additional paid in capital |  |  | 42,178,570 |  |  |  | 3,721,007 |  |  |  | 45,899,577 |
Accumulated deficit |  |  | (43,244,806 | ) |  |  | (3,721,007 | ) |  |  | (46,965,813 | )
Total stockholders’ deficit |  |  | (1,061,087 | ) |  |  | - |  |  |  | (1,061,087 | )
Total liabilities and stockholders’ deficit |  | $ | 1,235,918 |  |  | $ | - |  |  | $ | 1,235,918 |
NeurAxis, Inc. Statements of Operations
|  | (Unaudited) |  |  | (Unaudited) |
|  | For the Three Months Ended September 30, 2023 |  |  | For the Nine Months Ended September 30, 2023 |
|  | As Reported |  |  | Adjustments |  |  | As Restated |  |  | As Reported |  |  | Adjustments |  |  | As Restated |
Net sales |  | $ | 477,460 |  |  | $ | - |  |  | $ | 477,460 |  |  | $ | 1,928,590 |  |  | $ | - |  |  | $ | 1,928,590 |
Cost of goods sold |  |  | 67,287 |  |  |  | - |  |  |  | 67,287 |  |  |  | 231,000 |  |  |  | - |  |  |  | 231,000 |
Gross profit |  |  | 410,173 |  |  |  | - |  |  |  | 410,173 |  |  |  | 1,697,590 |  |  |  | - |  |  |  | 1,697,590 |
Selling expenses |  |  | 64,210 |  |  |  | - |  |  |  | 64,210 |  |  |  | 250,933 |  |  |  | - |  |  |  | 250,933 |
Research and development |  |  | 44,950 |  |  |  | - |  |  |  | 44,950 |  |  |  | 171,536 |  |  |  | - |  |  |  | 171,536 |
General and administrative |  |  | 3,323,352 |  |  |  | - |  |  |  | 3,323,352 |  |  |  | 6,316,411 |  |  |  | - |  |  |  | 6,316,411 |
Operating loss |  |  | (3,022,339 | ) |  |  | - |  |  |  | (3,022,339 | ) |  |  | (5,041,290 | ) |  |  | - |  |  |  | (5,041,290 | )
Other (expense) income, net: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Financing charges |  |  | - |  |  |  | - |  |  |  | - |  |  |  | (2,772 | ) |  |  | - |  |  |  | (2,772 | )
Interest expense |  |  | (102,628 | ) |  |  | - |  |  |  | (102,628 | ) |  |  | (453,869 | ) |  |  | - |  |  |  | (453,869 | )
Interest income |  |  | 2,103 |  |  |  | - |  |  |  | 2,103 |  |  |  | 2,103 |  |  |  | - |  |  |  | 2,103 |
Change in fair value of warrant liability |  |  | 592,853 |  |  |  | - |  |  |  | 592,853 |  |  |  | 791,610 |  |  |  | - |  |  |  | 791,610 |
Change in fair value of derivative financial instruments |  |  | 6,394 |  |  |  | - |  |  |  | 6,394 |  |  |  | 198,551 |  |  |  | - |  |  |  | 198,551 |
Amortization of debt discount and issuance cost |  |  | (1,331,030 | ) |  |  | - |  |  |  | (1,331,030 | ) |  |  | (4,881,622 | ) |  |  | - |  |  |  | (4,881,622 | )
Extinguishment of debt liabilities |  |  | (1,058,062 | ) |  |  | (3,721,007 | ) |  |  | (4,779,069 | ) |  |  | 71,436 |  |  |  | (3,721,007 | ) |  |  | (3,649,571 | )
Other income |  |  | 9,931 |  |  |  | - |  |  |  | 9,931 |  |  |  | 11,483 |  |  |  | - |  |  |  | 11,483 |
Other expense |  |  | (1,578 | ) |  |  | - |  |  |  | (1,578 | ) |  |  | (9,008 | ) |  |  | - |  |  |  | (9,008 | )
Total other (expense) income, net |  |  | (1,882,017 | ) |  |  | (3,721,007 | ) |  |  | (5,603,024 | ) |  |  | (4,272,088 | ) |  |  | (3,721,007 | ) |  |  | (7,993,095 | )
Net loss |  | $ | (4,904,356 | ) |  | $ | (3,721,007 | ) |  | $ | (8,625,363 | ) |  | $ | (9,313,378 | ) |  | $ | (3,721,007 | ) |  | $ | (13,034,385 | )
NeurAxis, Inc. Statements of Cash Flows
|  | (Unaudited) |
|  | For the Nine Months Ended September 30, 2023 |
|  | As Reported |  |  | Adjustments |  |  | As Restated |
Cash flows from operating activities |  |  |  |  |  |  |  |  |  |  |  |
Net loss |  | $ | (9,313,378 | ) |  | $ | (3,721,007 | ) |  | $ | (13,034,385 | )
Adjustments to reconcile net loss to net cash used by operating activities: |  |  |  |  |  |  |  |  |  |  |  |
Amortization of debt discount and issuance cost |  |  | 4,881,622 |  |  |  | - |  |  |  | 4,881,622 |
Depreciation and amortization |  |  | 30,290 |  |  |  | - |  |  |  | 30,290 |
Provision for losses on accounts receivable |  |  | 6,380 |  |  |  | - |  |  |  | 6,380 |
Non-cash lease expense |  |  | 23,339 |  |  |  | - |  |  |  | 23,339 |
Non-cash interest expense |  |  | 260,777 |  |  |  | - |  |  |  | 260,777 |
Stock based compensation |  |  | - |  |  |  | - |  |  |  | - |
Extinguishment of derivative liability |  |  | (71,436 | ) |  |  | 3,721,007 |  |  |  | 3,649,571 |
Issuance of common stock for non-cash consideration |  |  | 2,550,000 |  |  |  | - |  |  |  | 2,550,000 |
Finance charges |  |  | 2,772 |  |  |  | - |  |  |  | 2,772 |
Change in fair value of derivative liabilities |  |  | (198,551 | ) |  |  | - |  |  |  | (198,551 | )
Change in fair value of warrant liabilities |  |  | (791,610 | ) |  |  | - |  |  |  | (791,610 | )
Changes in operating assets and liabilities: |  |  |  |  |  |  |  |  |  |  |  |
Accounts receivable |  |  | 35,637 |  |  |  | - |  |  |  | 35,637 |
Inventory |  |  | 13,603 |  |  |  | - |  |  |  | 13,603 |
Prepaids and other current assets |  |  | (37,967 | ) |  |  | - |  |  |  | (37,967 | )
Accounts payable |  |  | (1,025,467 | ) |  |  | - |  |  |  | (1,025,467 | )
Accrued expenses |  |  | (415,181 | ) |  |  | - |  |  |  | (415,181 | )
Customer deposits |  |  | 9,798 |  |  |  | - |  |  |  | 9,798 |
Operating lease liability |  |  | (25,047 | ) |  |  | - |  |  |  | (25,047 | )
Net cash used by operating activities |  |  | (4,064,419 | ) |  |  | - |  |  |  | (4,064,419 | )
Cash flows from investing activities |  |  |  |  |  |  |  |  |  |  |  |
Additions to property and equipment |  |  | (14,741 | ) |  |  | - |  |  |  | (14,741 | )
Additions to intangible assets |  |  | (41,000 | ) |  |  | - |  |  |  | (41,000 | )
Net cash used by investing activities |  |  | (55,741 | ) |  |  | - |  |  |  | (55,741 | )
Cash flows from financing activities |  |  |  |  |  |  |  |  |  |  |  |
Proceeds from issuance of common stock, net of issuance costs |  |  | 5,464,642 |  |  |  | - |  |  |  | 5,464,642 |
Offering costs in advance of sale of common stock |  |  | (2,417,185 | ) |  |  | - |  |  |  | (2,417,185 | )
Principal payments on notes payable |  |  | (3,487,578 | ) |  |  | - |  |  |  | (3,487,578 | )
Proceeds from notes payable |  |  | 159,831 |  |  |  | - |  |  |  | 159,831 |
Proceeds from convertible notes, net of fees |  |  | 4,908,000 |  |  |  | - |  |  |  | 4,908,000 |
Net cash provided by financing activities |  |  | 4,627,710 |  |  |  | - |  |  |  | 4,627,710 |
Net decrease in cash and cash equivalents |  |  | 507,550 |  |  |  | - |  |  |  | 507,550 |
Cash and cash equivalents at beginning of period |  |  | 253,699 |  |  |  | - |  |  |  | 253,699 |
Cash and cash equivalents at end of period |  | $ | 761,249 |  |  | $ | - |  |  | $ | 761,249 |

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