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Restatement of previously issued financial statements (Tables)

9 Months Ended

Sep. 30, 2024

Accounting Changes and Error Corrections [Abstract]

Schedule of Restatement of Previously Issued Financial Statements

The following tables summarize the effect of the restatement on each financial statement line items as of the September 30, 2023:

Schedule of Restatement of Previously Issued Financial Statements

		As Previously Reported				Adjustments				As Restated
Consolidated Statements of Operations Income (Loss) for the nine months ended September 30, 2023
Direct marketing revenue		$	6,088,000				(4,325,000	)		$	1,763,000
Total revenue		$	23,245,000				(4,325,000	)		$	18,920,000
Cost of revenue		$	19,437,000				(1,258,000	)		$	18,179,000
Selling, general and administrative (including stock based compensation)		$	21,036,000				(4,728,000	)		$	16,308,000
Total costs and expenses		$	40,473,000				(5,986,000	)		$	34,487,000
Operating loss		$	(17,228,000	)			(1,661,000	)		$	(15,567,000	)
Other income (expense)		$	139,000				(1,000	)		$	138,000
Loss on investment		$	(30,490,000	)			(28,019,000	)		$	(2,471,000	)
Impairment of assets due to deconsolidation		$	-				6,220,000			$	(6,220,000	)
Loss from continuing operations before income taxes		$	(53,030,000	)			(23,459,000	)		$	(29,571,000	)
Loss from continuing operations		$	(53,030,000	)			(23,450,000	)		$	(29,580,000	)
(Loss) from discontinued operations, net of tax		$	-				3,481,000			$	(3,481,000	)
Net loss		$	(53,039,000	)			(19,978,000	)		$	(33,061,000	)
Net loss attributable to common stockholders		$	(50,303,000	)			(19,978,000	)		$	(30,325,000	)
Loss per common share - basic earnings per share		$	(7.20	)			(3.33	)		$	(3.87	)
Loss per common share - diluted earnings per share		$	(7.20	)			(3.33	)		$	(3.87	)
Loss per common share - discontinued operations basic		$	-				(0.47	)		$	(0.47	)
Loss per common share - discontinued operations diluted		$	-				(0.47	)		$	(0.47	)
Consolidated Statements of Cash Flows for the nine months ended September 30, 2023
Net loss		$	(53,039,000	)			(19,978,000	)		$	(33,061,000	)
Loss from discontinued operations		$	-				(3,481,000	)		$	(3,481,000	)
Loss from continuing operations		$	-				(29,580,000	)		$	(29,580,000	)
Loss (gain) on investments		$	30,490,000				(26,198,000	)		$	4,292,000
Impairment of assets		$	-				6,220,000			$	6,220,000
Net cash used by operating activities - continuing operations		$	-				(17,554,000	)		$	(17,554,000	)
Net cash used by operating activities - discontinued operations		$	-				(3,481,000	)		$	(3,481,000	)
Net increase (decrease) in cash - continuing operations		$	-				(8,912,000	)		$	(8,912,000	)
Net increase (decrease) in cash - discontinued operations		$	-				(3,481,000	)		$	(3,481,000	)
Consolidated Statements of Changes in Stockholders’ Equity for the nine months ended September 30, 2023
Dividend in kind - Deconsolidation of Sharing Services Global Corporation		$	-				(1,206,000	)		$	(1,206,000	)
Deconsolidation of Sharing Services Global Corp		$	18,773,000				(18,773,000	)		$	-
Net loss		$	(50,303,000	)			(19,978,000	)		$	(30,325,000	)
Accumulated deficit		$	(225,873,000	)			(1,000	)		$	(225,874,000	)
Total stockholders’ equity		$	127,747,000				(1,000	)		$	127,746,000

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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://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 8
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-8

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-7

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-9

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