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RESTATEMENT OF PREVIOUSLY ISSUED FINANCIAL STATEMENTS (Tables) | 12 Months Ended
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Dec. 31, 2024
Accounting Changes and Error Corrections [Abstract] |
SCHEDULE OF RESTATEMENTS | The following table presents the effect of the restatements of the Company’s previously issued balance sheet: SCHEDULE OF RESTATEMENTS
|  | As of December 31, 2023 |
|  | As Previously Reported |  |  | Adjustments |  |  | As Restated |
Other Assets |  | $ | 444,723 |  |  | $ | (146,560 | )[1] |  | $ | 298,163 |
Accounts and Other Payables |  |  | (1,110,087) |  |  |  | (200,000 | )[2] |  |  | - |
|  |  |  |  |  |  | 1,173 | [4] |  |  | (1,308,914 | )
Property and Equipment, Net |  |  | 891,187 |  |  |  | (792,612 | )[3] |  |  | 98,575 |
Joint Venture Non-Controlled Equity Portion |  | $ | 99,048 |  |  |  | (99,048 | )[4] |  |  | - |
Cash and Cash Equivalents |  |  | 4,754,597 |  |  |  | (16,093 | )[4] |  |  | 4,738,504 |
Accumulated Other Comprehensive Income (Loss) |  |  | (222,380 | ) |  |  | (962 | )[4] |  |  | (221,418 | )
Accumulated Deficit |  | $ | (47,941,796 | ) |  | $ | (1,254,101 | )[5] |  | $ | (49,195,897 | )
[1] |  | Deferred Tax Asset eliminated from Other Assets
[2] |  | The intercompany amount due to Iveda Taiwan was understated by $200,000 related to a payment made on behalf of Iveda US by Iveda Taiwan added back to Accounts and Other Payables
[3] |  | 2023 capitalized software expensed to Research and Development
[4] |  | An adjustment for $180,000 to expense its investment in Iveda Phils JV originally recorded as a consolidation but we have determined this investment should have been recorded using the equity method. On the balance sheet this effected Cash and Cash equivalents, Accounts and Other Payables, Joint Venture Non-Controlled Equity Portion, Accumulated Other Comprehensive Income (Loss).
[5] |  | Each of the above restatements effected Accumulated Deficit

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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 + Details
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