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Restatement (Tables)

3 Months Ended

Mar. 31, 2018

Restatement

Schedule of Consolidated Financial Statements Previously Issued

Following is a summary of the restatement changes made to the consolidated financial statements previously issued as of and for the three months ended March 31, 2018:

		Originally Reported				Restatement				As Restated
		2018				2018				2018
Consolidated balance sheet:
Derivative liabilities		$	-			$	846,319			$	846,319
Additional paid-in capital		$	24,655,946			$	(2,614,795	)		$	22,041,151
Accumulated deficit		$	14,701,902			$	(1,768,476	)		$	12,933,426
Consolidated Statement of Operations and Comprehensive Loss:
General and administrative		$	3,169,787			$	24,226			$	3,194,013
Change in fair value of derivative liabilities		$	-			$	1,035,159			$	1,035,159
Net loss		$	1,915,971			$	(1,010,933	)		$	905,038
Total comprehensive loss		$	1,911,108			$	(1,010,933	)		$	900,175
Consolidated Statements of Cash Flows:
Net loss		$	1,915,971			$	(1,010,933	)		$	905,038
Stock compensation		$	496,688			$	24,226			$	520,914
Change in fair value of derivative liabilities		$	-			$	1,035,159			$	1,035,159

Schedule of Fair Value Assumption Used

In determining the fair value of the derivative liabilities, the Company used the Black-Scholes option pricing model at March 31, 2018:

		March 31, 2018
Common stock issuable upon exercise of warrants			1,032,717
Market value of common stock on measurement date		$	4.06
Exercise price		$	7.70 to $7.0
Risk free interest rate(1)			2.27	%
Expected life in years			1.76 years
Expected volatility (2)			72.36	%
Expected dividend yields (3)			0	%

(1) The risk-free interest rate was determined by management using the applicable Treasury Bill as of the measurement date.

(2) The historical trading volatility was determined by calculating the volatility of the Company’s peers common stock.

(3) The Company does not expect to pay a dividend in the foreseeable future.

Schedule of Fair Value of Derivative Liabilities on a Recurring Basis

The following table shows the change in the Company’s derivative liabilities that were accounted for at fair value on a recurring basis as of March 31, 2018:

		Amount
Balance, December 31, 2017		$	1,857,252
Initial valuation of derivative liabilities upon issuance of warrants			24,226
Change in fair value of derivative liabilities			(1,035,159	)
Balance, March 31, 2018			846,319

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Tabular disclosure of the fair value measurement of liabilities using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets), and gains or losses recognized in other comprehensive income (loss) and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs) by class of liability.

+ References

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-Publisher FASB
-Name Accounting Standards Codification
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-SubTopic 10
-Section 50
-Paragraph 3
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Tabular disclosure of the nature and effects of a restatement to correct an error in the reported results of operations of prior periods. When prior period adjustments are recorded, the resulting effects (both gross and net of applicable income tax) on the net income of prior periods are disclosed in the annual report for the year in which the adjustments are made, and amended filings of previously issued reports are typically issued.

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Tabular disclosure of the assumptions used to determine for pension plans and/or other employee benefit plans the benefit obligation and net benefit cost, including assumed discount rates, rate increase in compensation increase, and expected long-term rates of return on plan assets.

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