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CORRECTION OF ERRORS IN 2022 INTERIM FINANCIAL INFORMATION (Tables)

5 Months Ended

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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- 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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