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Revision of Prior Year Financial Statements | 3 Months Ended | 12 Months Ended
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Mar. 31, 2020 | Dec. 31, 2019
Accounting Changes and Error Corrections [Abstract] |  |
Revision of Prior Year Financial Statements |
NOTE 16. | Revision of Prior Financial Statements:
The Company’s corrections of the financial statements as of March 31, 2020 and the three months then ended were a result of the adoption of FASB ASU 2016-02 “Leases” (Topic 842) and the implementation of the guidance for a lease that was executed as of April 1, 2019. In accordance with the guidance provided by the SEC’s Staff Accounting Bulletin 99, Materiality and Staff Accounting Bulletin No. 108, Considering the Effects of Prior Year Misstatements when Quantifying Misstatements in Current Year Financial Statements the Company determined that previously issued financial statements be revised to reflect the correction of these errors. The following tables summarize the effects of the revisions on the specific items presented in the Company’s historical condensed consolidated financial statements previously included in the Company’s Quarterly Report on Form 10-Q for the three months ended March 31, 2020:
|  | March 31, 2020 |
|  | As Previously Reported |  |  | Adjustment |  |  | As Revised |
Balance Sheet |  |  |  |  |  |  |  |  |  |  |  |
Other Assets |  |  |  |  |  |  |  |  |  |  |  |
Operating lease right of use asset, net |  | $ | - |  |  | $ | 918,903 |  |  | $ | 918,903 |
Total Other Assets |  |  | 16,892,220 |  |  |  | 918,903 |  |  |  | 17,811,123 |
Total Assets |  | $ | 27,136,179 |  |  | $ | 918,903 |  |  | $ | 28,055,082 |
Current Liabilities |  |  |  |  |  |  |  |  |  |  |  |
Current portion – operating lease liability |  | $ | - |  |  | $ | 186,389 |  |  | $ | 186,389 |
Total Current Liabilities |  |  | 16,913,062 |  |  |  | 186,389 |  |  |  | 17,074,498 |
Long-term Liabilities |  |  |  |  |  |  |  |  |  |  |  |
Operating lease liability, net |  |  | - |  |  |  | 739,977 |  |  |  | 739,977 |
Total Long-term Liabilities |  |  | - |  |  |  | 739,977 |  |  |  | 739,977 |
Total Liabilities |  | $ | 16,913,062 |  |  | $ | 926,372 |  |  | $ | 17,814,498 |
Stockholders’ Equity |  |  |  |  |  |  |  |  |  |  |  |
Accumulated Deficit |  | $ | (42,400,593 | ) |  | $ | (7,469 | ) |  | $ | (42,408,062 | )
Total Stockholders’ Equity |  |  | 10,223,117 |  |  |  | (7,469 | ) |  |  | 10,215,648 |
Total Liabilities and Stockholders’ Equity |  | $ | 27,136,179 |  |  | $ | 918,903 |  |  | $ | 28,055,082 |
|  | For the three months ended March 31, 2020 |
|  | As Previously Reported |  |  | Adjustments |  |  | As Revised |
Statement of Operations |  |  |  |  |  |  |  |  |  |  |  |
Interest expense |  | $ | (160,060 | ) |  | $ | (3,681 | ) |  | $ | (163,741 | )
Total other income (expenses) |  |  | (160,060 | ) |  |  | (3,681 | ) |  |  | (163,741 |
Loss before income taxes |  |  | (1,762,635 | ) |  |  | (3,681 | ) |  |  | (1,766,316 | )
Net loss |  |  | (1,784,527 | ) |  |  | (3,681 | ) |  |  | (1,788,208 | )
Net loss attributable to common stockholders |  |  | (1,892,362 | ) |  |  | (3,681 | ) |  |  | (1,896,043 | )
Total comprehensive loss |  | $ | (1,927,865 | ) |  | $ | (3,681 | ) |  | $ | (1,931,546 | )
Basic and diluted loss per share |  | $ | (0.60 | ) |  | $ | - |  |  | $ | (0.60 | )
Statements of Cash Flows |  |  |  |  |  |  |  |  |  |  |  |
Net loss |  | $ | (1,784,527 | ) |  | $ | (3,681 | ) |  | $ | (1,788,208 | )
Amortization of right of use asset |  |  |  |  |  |  |  |  |  |  |  |
Net Cash Used in Operating Activities |  | $ | (2,293,105 | ) |  | $ | - |  |  | $ | (2,293,105 | )
|  | For the three months ended March 31, 2020 |
|  | As Previously Reported |  |  | Adjustments |  |  | As Revised |
Statement of Stockholders’ Deficit |  |  |  |  |  |  |  |  |  |  |  |
Net loss |  | $ | (1,784,527 | ) |  | $ | (3,681 | ) |  | $ | (1,788,208 | )
Accumulated deficit ending balance |  | $ | (42,400,593 | ) |  | $ | (7,469 | ) |  | $ | (42,408,062 | )
Total stockholders’ equity ending balance |  | $ | 10,223,117 |  |  | $ | (7,469 | ) |  | $ | 10,215,648 |
| NOTE 17. Revision of Prior Year Financial Statements The Company’s corrections of the financial statements as of December 31, 2019 and the year then ended were a result of the adoption of FASB ASU 2016-02 “Leases” (Topic 842) and the implementation of the guidance for a lease that was executed as of April 1, 2019. In accordance with the guidance provided by the SEC’s Staff Accounting Bulletin 99, Materiality and Staff Accounting Bulletin No. 108, Considering the Effects of Prior Year Misstatements when Quantifying Misstatements in Current Year Financial Statements the Company determined that previously issued financial statements be revised to reflect the correction of these errors. As a result of the aforementioned correction of accounting errors, the relevant financial statements have been revised as follows: The following tables summarize the effects of the revisions on the specific items presented in the Company’s historical consolidated financial statements previously included in the Company’s Annual Report for the year ended December 31, 2019 and the Company’s Quarterly Reports on Form 10-Q for the periods ended June 30, 2019 and September 30, 2019:
|  | December 31, 2019 |
|  | As Previously Reported |  |  | Adjustment |  |  | As Revised |
Balance Sheet |  |  |  |  |  |  |  |  |  |  |  |
Other Assets |  |  |  |  |  |  |  |  |  |  |  |
Operating lease right of use asset, net |  | $ | - |  |  | $ | 286,161 |  |  | $ | 286,161 |
Total Other Assets |  |  | 17,405,998 |  |  |  | 286,161 |  |  |  | 4,763,000 |
Total Assets |  | $ | 25,005,152 |  |  | $ | 286,161 |  |  | $ | 7,667,771 |
Current Liabilities |  |  |  |  |  |  |  |  |  |  |  |
Current portion – operating lease liability |  | $ | - |  |  | $ | 120,052 |  |  | $ | 120,052 |
Total Current Liabilities |  |  | 14,383,605 |  |  |  | 120,052 |  |  |  | 14,503,657 |
Long-term Liabilities |  |  |  |  |  |  |  |  |  |  |  |
Operating lease liability, net |  |  | - |  |  |  | 169,897 |  |  |  | 169,897 |
Total Long-term Liabilities |  |  | - |  |  |  | 169,897 |  |  |  | 169,897 |
Total Liabilities |  | $ | 14,383,605 |  |  | $ | 289,949 |  |  | $ | 14,673,554 |
Stockholders’ Equity |  |  |  |  |  |  |  |  |  |  |  |
Accumulated Deficit |  | $ | (40,508,231 | ) |  | $ | (3,788 | ) |  | $ | (40,512,019 | )
Total Stockholders’ Equity |  |  | 10,621,547 |  |  |  | (3,788 | ) |  |  | 10,617,764 |
Total Liabilities and Stockholders’ Equity |  | $ | 25,005,152 |  |  |  | 286,163 |  |  |  | 25,291,315 |
|  | For the year ended December 31, 2019 |
|  | As Previously Reported |  |  | Adjustments |  |  | As Revised |
Statement of Operations |  |  |  |  |  |  |  |  |  |  |  |
Interest expense |  | $ | (691,138 | ) |  | $ | (3,788 | ) |  | $ | (694,926 | )
Total other income (expenses) |  |  | 1,109,576 |  |  |  | (3,788 | ) |  |  | 1,105,788 |
Loss before income taxes |  |  | (5,215,318 | ) |  |  | (3,788 | ) |  |  | (5,219,106 | )
Net loss |  |  | (5,603,975 | ) |  |  | (3,788 | ) |  |  | (5,607,763 | )
Net loss attributable to common stockholders |  |  | (6,029,978 | ) |  |  | (3,788 | ) |  |  | (6,033,766 | )
Total comprehensive loss |  |  | (6,056,963 | ) |  |  | (3,788 | ) |  |  | (6,060,751 | )
Comprehensive loss attributable to Company |  | $ | (6,056,963 | ) |  | $ | (3,788 | ) |  | $ | (6,060,751 | )
Basic and diluted loss per share |  | $ | (2.83 | ) |  | $ | - |  |  | $ | (2.83 | )
Statements of Cash Flows |  |  |  |  |  |  |  |  |  |  |  |
Net loss |  | $ | (6,029,978 | ) |  | $ | (3,788 | ) |  | $ | (6,033,766 | )
Amortization of right of use asset |  |  | - |  |  |  | 3,788 |  |  |  | 3,788 |
Net Cash Used in Operating Activities |  | $ | (2,453,123 | ) |  | $ | - |  |  | $ | (2,453,123 | )
|  | For the year ended December 31, 2019 |
|  | As Previously Reported |  |  | Adjustments |  |  | As Revised |
Statement of Stockholders’ Deficit |  |  |  |  |  |  |  |  |  |  |  |
Net loss |  | $ | (6,029,978 | ) |  | $ | (3,788 | ) |  | $ | (6,033,766 | )
Accumulated deficit ending balance |  | $ | (40,508,231 | ) |  | $ | (3,788 | ) |  | $ | (40,512,019 | )
Total stockholders’ equity ending balance |  | $ | 10,621,547 |  |  | $ | (3,788 | ) |  | $ | 10,617,764 |
F-49
The following tables summarize the effects of the revisions on the specific items presented in the Company’s historical unaudited condensed consolidated balance sheets previously included in the Company’s Quarterly Reports on Form 10-Q for the periods ended June 30, 2019 and September 30, 2019:
|  | September 30, 2019 |
|  | As Previously Reported |  |  | Adjustment |  |  | As Revised |
Balance Sheet |  |  |  |  |  |  |  |  |  |  |  |
Other Assets |  |  |  |  |  |  |  |  |  |  |  |
Operating lease right of use asset, net |  | $ | - |  |  | $ | 315,187 |  |  | $ | 315,187 |
Total Other Assets |  |  | 18,511,902 |  |  |  | 315,187 |  |  |  | 18,827,089 |
Total Assets |  | $ | 29,477,833 |  |  | $ | 315,187 |  |  | $ | 29,793,020 |
Current Liabilities |  |  |  |  |  |  |  |  |  |  |  |
Current portion – operating lease liability |  | $ | - |  |  | $ | 116,665 |  |  | $ | 116,665 |
Total Current Liabilities |  |  | 14,365,829 |  |  |  | 116,665 |  |  |  | 14,482,494 |
Long-term Liabilities |  |  |  |  |  |  |  |  |  |  |  |
Operating lease liability, net |  |  | - |  |  |  | 198,522 |  |  |  | 198,522 |
Total Long-term Liabilities |  |  | 4,251,103 |  |  |  | 198,522 |  |  |  | 4,449,625 |
Total Liabilities |  | $ | 18,616,932 |  |  | $ | 315,187 |  |  | $ | 18,932,119 |
Stockholders’ Equity |  |  |  |  |  |  |  |  |  |  |  |
Accumulated Deficit |  | $ | (37,806,731 | ) |  | $ | - |  |  | $ | (37,806,731 | )
Total Stockholders’ Equity |  |  | 10,860,901 |  |  |  | - |  |  |  | 10,860,901 |
Total Liabilities and Stockholders’ Equity |  | $ | 29,477,833 |  |  | $ | 315,187 |  |  | $ | 29,793,020 |
|  | June 30, 2019 |
|  | As Previously Reported |  |  | Adjustment |  |  | As Revised |
Balance Sheet |  |  |  |  |  |  |  |  |  |  |  |
Other Assets |  |  |  |  |  |  |  |  |  |  |  |
Operating lease right of use asset, net |  | $ | - |  |  | $ | 343,715 |  |  | $ | 343,715 |
Total Other Assets |  |  | 17,967,963 |  |  |  | 343,715 |  |  |  | 18,311,678 |
Total Assets |  | $ | 26,656,309 |  |  | $ | 343,715 |  |  | $ | 27,000,024 |
Current Liabilities |  |  |  |  |  |  |  |  |  |  |  |
Current portion – operating lease liability |  | $ | - |  |  | $ | 113,338 |  |  | $ | 113,338 |
Total Current Liabilities |  |  | 13,408,946 |  |  |  | 113,338 |  |  |  | 13,522,284 |
Long-term Liabilities |  |  |  |  |  |  |  |  |  |  |  |
Operating lease liability, net |  |  | - |  |  |  | 230,377 |  |  |  | 230,377 |
Total Long-term Liabilities |  |  | - |  |  |  | 230,377 |  |  |  | 230,377 |
Total Liabilities |  | $ | 13,408,946 |  |  | $ | 343,715 |  |  | $ | 13,752,661 |
Stockholders’ Equity |  |  |  |  |  |  |  |  |  |  |  |
Accumulated Deficit |  | $ | (37,872,197 | ) |  | $ | - |  |  | $ | (37,872,197 | )
Total Stockholders’ Equity |  |  | 13,247,363 |  |  |  | - |  |  |  | 13,247,363 |
Total Liabilities and Stockholders’ Equity |  | $ | 26,656,309 |  |  | $ | 343,715 |  |  | $ | 27,000,024 |

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