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CORRECTION OF ERRORS IN 2022 INTERIM FINANCIAL INFORMATION (Tables) | 5 Months Ended
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Jun. 30, 2023
Accounting Changes and Error Corrections [Abstract] |
SCHEDULE OF ERROR CORRECTIONS | SCHEDULE OF ERROR CORRECTIONS
Condensed Balance Sheets |  | For the six months ended June 30, 2022 (unaudited) |
|  | As previously reported |  |  | Adjustments |  |  | As Restated |
Total assets |  | $ | 5,620,989 |  |  | $ | – |  |  | $ | 5,620,989 |
Total current liabilities |  |  | 1,381,419 |  |  |  | – |  |  |  | 1,381,419 |
Additional paid-in capital |  |  | 41,184,654 |  |  |  | (152,653 | ) |  |  | 41,032,001 |
Accumulated deficit |  |  | (36,945,162 | ) |  |  | 152,653 |  |  |  | (36,792,509 | )
Other |  |  | 78 |  |  |  | – |  |  |  | 78 |
Total stockholders’ equity |  |  | 4,239,570 |  |  |  | – |  |  |  | 4,239,570 |
Total liabilities and stockholders’ equity |  | $ | 5,620,989 |  |  | $ | – |  |  | $ | 5,620,989 |
Condensed Statements of Operations |  | For the six months ended June 30, 2022 (unaudited) |
|  | As previously reported |  |  | Adjustments |  |  | As Restated |
Gross profit (loss) |  | $ | (11,279 | ) |  | $ | – |  |  | $ | (11,279 | )
Sales and marketing |  |  | 194,067 |  |  |  | – |  |  |  | 194,067 |
Research and development |  |  | 558,029 |  |  |  | – |  |  |  | 558,029 |
General and administrative |  |  | 2,375,126 |  |  |  | (152,653 | ) |  |  | 2,222,473 |
Total operating expenses |  |  | 3,127,222 |  |  |  | (152,653 | ) |  |  | 2,974,569 |
Total other income (expense) |  |  | (1,505,102 | ) |  |  | – |  |  |  | (1,505,102 | )
Net income (loss) |  | $ | (4,643,603 | ) |  | $ | 152,653 |  |  | $ | (4,490,950 | )
Net (loss) allocable to common stockholders |  | $ | (5,059,126 | ) |  | $ | 152,653 |  |  | $ | (4,906,473 | )
(Loss) per share |  | $ | (1.16 | ) |  | $ | 0.04 |  |  | $ | (1.12 | )
Weighted Average common shares outstanding |  |  | 4,363,600 |  |  |  | 10,068 |  |  |  | 4,373,668 |
Condensed Statements of Operations |  | For the three months ended June 30, 2022 (unaudited) |
|  | As previously reported |  |  | Adjustments |  |  | As Restated |
Gross profit (loss) |  | $ | (3,573 | ) |  | $ | – |  |  | $ | (3,573 | )
Sales and marketing |  |  | 124,759 |  |  |  | – |  |  |  | 124,759 |
Research and development |  |  | 353,226 |  |  |  | – |  |  |  | 353,226 |
General and administrative |  |  | 1,883,843 |  |  |  | (152,653 | ) |  |  | 1,731,190 |
Total operating expenses |  |  | 2,361,828 |  |  |  | (152,653 | ) |  |  | 2,209,175 |
Total other income (expense) |  |  | (1,342,114 | ) |  |  | – |  |  |  | (1,342,114 | )
Net income (loss) |  | $ | (3,707,515 | ) |  | $ | 152,653 |  |  | $ | (3,554,862 | )
Net (loss) allocable to common stockholders |  | $ | (3,835,723 | ) |  | $ | 152,653 |  |  | $ | (3,683,070 | )
(Loss) per share |  | $ | (0.49 | ) |  | $ | 0.02 |  |  | $ | (0.47 | )
Weighted Average common shares outstanding |  |  | 7,821,515 |  |  |  | – |  |  |  | 7,821,515 |
Condensed Statements of Cash Flows |  | For the six months ended June 30, 2022 (unaudited) |
|  | As previously reported |  |  | Adjustments |  |  | As Restated |
Net income (loss) |  | $ | (4,643,603 | ) |  | $ | 152,653 |  |  | $ | (4,490,950 | )
Adjustments to reconcile net income (loss) to net cash used in operation activities |  |  |  |  |  |  |  |  |  |  |  |
Depreciation and amortization |  |  | 94,705 |  |  |  | (25,000 | ) |  |  | 69,705 |
Non-cash charge settled in equity |  |  | – |  |  |  | 1,299,507 |  |  |  | 1,299,507 |
Prepaids and other current assets |  |  | (308,052 | ) |  |  | (140,382 | ) |  |  | (448,434 | )
Accrued and other liabilities |  |  | 728,399 |  |  |  | (921,718 | ) |  |  | (193,320 | )
Other |  |  | 1,047,540 |  |  |  | – |  |  |  | 1,047,540 |
Net cash (used in) operations |  |  | (3,081,011 | ) |  |  | 365,060 |  |  |  | (2,715,951 | )
Net cash (used in) investing activities |  |  | (120,957 | ) |  |  | – |  |  |  | (120,957 | )
IPO Issuance costs |  |  | – |  |  |  | (365,060 | ) |  |  | (365,060 | )
Others |  |  | 6,552,318 |  |  |  | – |  |  |  | 6,552,318 |
Net cash provided by financing activities |  |  | 6,552,318 |  |  |  | (365,060 | ) |  |  | 6,187,258 |
Net cash increase (decrease) for period |  | $ | 3,350,350 |  |  | $ | – |  |  | $ | 3,350,350 |
Condensed Statements of Changes in Stockholders’ Equity |  | June 30, 2022 (unaudited) |
|  | As previously reported |  |  | Adjustments |  |  | As Restated |
Common Stock |  | $ | 78 |  |  | $ | – |  |  | $ | 78 |
Additional paid-in capital |  |  | 41,184,654 |  |  |  | (152,653 | ) |  |  | 41,032,001 |
Accumulated deficit |  |  | (36,945,162 | ) |  |  | 152,653 |  |  |  | (36,792,509 | )
Total stockholders’ equity |  | $ | 4,239,570 |  |  | $ | – |  |  | $ | 4,239,570 |

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