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Restatement of Previously Issued Unaudited Condensed Consolidated Financial Statements for the Three and Nine Months Ended September 30, 2018 (Tables)

9 Months Ended

Sep. 30, 2018

Accounting Changes and Error Corrections [Abstract]

Schedule of Restatements

The following table presents the effect of the restatements on the Company’s previously issued balance sheet:

		As of September 30, 2018
		As Previously Reported				Adjustments				As Restated
Note receivable		$	6,300,000			$	(6,000,000	)		$	300,000
Additional paid-in capital			17,736,192				(1,360,000	)			16,376,192
Accumulated deficit			(3,887,080	)			(4,640,000	)			(8,527,080	)

The following table presents the effect of the restatements on the Company’s previously issued statement of operations:

		For the three months ended September 30, 2018
		As Previously Reported				Adjustments				As Restated
Fair value of common stock issued in connection with the financing transaction		$	-			$	4,640,000			$	4,640,000
Net loss			(132,586	)			(4,640,000	)			(4,772,586	)
Net loss attributable to common shareholders			(213,200	)			(4,640,000	)			(4,835,200	)
Comprehensive loss			(288,052	)			(4,640,000	)			(4,928,052	)
Net loss per share, basic and diluted		$	(0.00	)		$	(0.09	)		$	(0.09	)

		For the nine months ended September 30, 2018
		As Previously Reported				Adjustments				As Restated
Fair value of common stock issued in connection with the financing transaction		$	-			$	4,640,000			$	4,640,000
Net loss			(506,255	)			(4,640,000	)			(5,146,255	)
Net loss attributable to common shareholders			(620,767	)			(4,640,000	)			(5,260,767	)
Comprehensive loss			(728,906	)			(4,640,000	)			(5,368,906	)
Net loss per share, basic and diluted		$	(0.01	)		$	(0.09	)		$	(0.10	)

The following table presents the effect of the restatements on the Company’s previously issued statement of cash flows:

		For the nine months ended September 30, 2018
		As Previously Reported				Adjustments				As Restated
Cash flows from operating activities:
Net loss			(506,255	)			(4,640,000	)			(5,146,255	)
Adjustments to reconcile net loss to net cash used in operating activities:
Fair value of common stock issued in connection with the financing transaction			-				4,640,000				4,640,000
Issuance of notes receivable			(6,300,000	)			6,000,000				(300,000	)
Net cash provided by (used in) investing activities			(5,757,920	)			6,000,000				242,080
Proceeds from shares issued for cash			9,463, 705				(6,000,000	)			3,463,705
Net cash provided by financing activities			8,008,063				(6,000,000	)			2,008,063

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- References

No definition available.

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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
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 9
-URI http://asc.fasb.org/extlink&oid=109234566&loc=d3e22663-107794

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 7
-URI http://asc.fasb.org/extlink&oid=109234566&loc=d3e22644-107794

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 8
-URI http://asc.fasb.org/extlink&oid=109234566&loc=d3e22658-107794

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