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Restatement of Financial Statements (Tables) | 9 Months Ended
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Sep. 30, 2020
Restatement Of Financial Statements [Abstract] |
Schedule of balance sheet |
|  | September 30, |  |  |  |  |  | December 31, |
|  | 2020 |  |  |  |  |  | 2019 |
ASSETS |  | (As Filed) |  |  | Adjustments |  |  | (As Restated) |
Total assets |  | $ | 10,474,016 |  |  | $ | - |  |  | $ | 10,474,016 |
LIABILITIES AND STOCKHOLDERS’ EQUITY |  |  |  |  |  |  |  |  |  |  |  |
Total liabilities |  |  | 5,564,034 |  |  |  | - |  |  |  | 5,564,034 |
Stockholders’ equity: |  |  |  |  |  |  |  |  |  |  |  |
Series A Convertible Preferred stock, $0.001 par value; 900,000 shares authorized; 89,872 and 578,567 shares issued and outstanding, respectively |  |  | 90 |  |  |  | - |  |  |  | 90 |
Common stock, $0.001 par value; 45,000,000 shares authorized; 9,845,600 and 7,390,261 shares issued and outstanding, respectively |  |  | 9,846 |  |  |  | - |  |  |  | 9,846 |
Additional paid-in capital |  |  | 26,667,488 | (1) |  |  | (1,338,303 | ) |  |  | 25,329,185 |
Accumulated deficit |  |  | (21,779,442 | )(1) |  |  | 1,338,303 |  |  |  | (20,441,139 | )
Total stockholders’ equity |  |  | 4,897,982 |  |  |  | - |  |  |  | 4,897,982 |
Total liabilities and stockholders’ equity |  | $ | 10,462,016 |  |  | $ | - |  |  | $ | 10,462,016 |
Schedule of statement of operations |
|  | Three months ended September 30, 2020 |  |  |  |  |  | Three months ended September 30, 2020 |
|  | (As Filed) |  |  | Adjustments |  |  | (As Restated) |
Revenue |  | $ | 1,171,399 |  |  | $ | - |  |  | $ | 1,171,399 |
Operating expenses: |  |  |  |  |  |  |  |  |  |  |  |
Cost of revenues |  |  | 956,203 |  |  |  | - |  |  |  | 956,203 |
General and administrative |  |  | 3,573,946 | (1) |  |  | (1,338,303 | ) |  |  | 2,235,643 |
Total operating expenses |  |  | 4,530,149 |  |  |  | (1,338,303 | ) |  |  | 3,191,846 |
Loss from operations |  |  | (3,358,750 | ) |  |  | 1,338,303 |  |  |  | (2,020,447 | )
Other income (expenses): |  |  |  |  |  |  |  |  |  |  |  |
Interest expense |  |  | - |  |  |  | - |  |  |  | - |
Loss on settlemet of sccounts payable |  |  | (726,766 | ) |  |  | - |  |  |  | (726,766 | )
Other income |  |  | - |  |  |  | - |  |  |  | - |
Total other income (expense) |  |  | (726,766 | ) |  |  | - |  |  |  | (726,766 | )
Net loss before income taxes |  |  | (4,085,516 | ) |  |  | 1,338,303 |  |  |  | (2,747,213 | )
Provision for (benefit from) income taxes |  |  | - |  |  |  | - |  |  |  | - |
Net loss |  | $ | (4,085,516 | ) |  |  |  |  |  | $ | (2,747,213 | )
Net loss per share, basic and diluted |  | $ | (0.42 | ) |  |  |  |  |  | $ | (0.29 | )
Weighted average common shares outstanding, basic and diluted |  |  | 9,616,717 |  |  |  |  |  |  |  | 9,616,717 |
|  | Nine months ended September 30, 2020 |  |  |  |  |  | Nine months ended September 30, 2020 |
|  | (As Filed) |  |  | Adjustments |  |  | (As Restated) |
Revenue |  | $ | 3,739,798 |  |  | $ | - |  |  | $ | 3,739,798 |
Operating expenses: |  |  |  |  |  |  |  |  |  |  |  |
Cost of revenues |  |  | 2,739,737 |  |  |  | - |  |  |  | 2,739,737 |
General and administrative |  |  | 8,372,491 | (1) |  |  | (1,338,303 | ) |  |  | 7,034,188 |
Total operating expenses |  |  | 11,112,228 |  |  |  | (1,338,303 | ) |  |  | 9,773,925 |
Loss from operations |  |  | (7,372,430 | ) |  |  | 1,338,303 |  |  |  | (6,034,127 | )
Other income (expenses): |  |  |  |  |  |  |  |  |  |  |  |
Interest expense |  |  | - |  |  |  | - |  |  |  | - |
Loss on settlemet of sccounts payable |  |  | (1,612,539 | ) |  |  | - |  |  |  | (1,612,539 | )
Other income |  |  | - |  |  |  | - |  |  |  | - |
Total other income (expense) |  |  | (1,612,539 | ) |  |  | - |  |  |  | (1,612,539 | )
Net loss before income taxes |  |  | (8,984,969 | ) |  |  | 1,338,303 |  |  |  | (7,646,666 | )
Provision for (benefit from) income taxes |  |  | - |  |  |  | - |  |  |  | - |
Net loss |  | $ | (8,984,969 | ) |  |  |  |  |  | $ | (7,646,666 | )
Net loss per share, basic and diluted |  | $ | (1.03 | ) |  |  |  |  |  | $ | (0.87 | )
Weighted average common shares outstanding, basic and diluted |  |  | 8,754,824 |  |  |  |  |  |  |  | 8,754,824 |
Schedule of statement of stockholder’s deficit |
|  | Preferred Stock |  |  | Common stock |  |  | Additional paid-in |  |  | Accumulated |  |  |  |
As Filed |  | Shares |  |  | $ |  |  | Shares |  |  | $ |  |  | capital |  |  | deficit |  |  | Total |
Balances, June 30, 2020 |  |  | 94,872 |  |  | $ | 95 |  |  |  | 9,490,582 |  |  | $ | 9,491 |  |  | $ | 23,863,806 |  |  | $ | (17,693,926 | ) |  | $ | 6,179,466 |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | - |
Conversion of Series A Convertible Preferred Stock into common stock |  |  | (5,000 | ) |  |  | (5 | ) |  |  | 13,158 |  |  |  | 13 |  |  |  | (8 | ) |  |  | - |  |  |  | - |
Settlement of Accounts Payable |  |  | - |  |  |  | - |  |  |  | 157,000 |  |  |  | 157 |  |  |  | 847,043 |  |  |  | - |  |  |  | 847,200 |
Shares issued in cashless exercise of warrants |  |  | - |  |  |  | - |  |  |  | 68,715 |  |  |  | 69 |  |  |  | (69 | ) |  |  | - |  |  |  | - |
Shares issued in cashless exercise of options |  |  | - |  |  |  | - |  |  |  | 28,890 |  |  |  | 29 |  |  |  | (29 | ) |  |  | - |  |  |  | - |
Shares issued to current and former employees and directors |  |  | - |  |  |  | - |  |  |  | 87,255 |  |  |  | 87 |  |  |  | 142,138 |  |  |  | - |  |  |  | 142,225 |
Stock based compensation |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 488,304 |  |  |  | - |  |  |  | 488,304 |
Net Loss |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | (4,085,516 | ) |  |  | (4,085,516 | )
Ending balance, September, 2020 |  |  | 89,872 |  |  | $ | 90 |  |  |  | 9,845,600 |  |  | $ | 9,846 |  |  | $ | 25,341,185 |  |  | $ | (21,779,442 | ) |  | $ | 3,571,679 |
|  | Preferred Stock |  |  | Common stock |  |  | Additional paid-in |  |  | Accumulated |  |  |  |
As Restated |  | Shares |  |  | $ |  |  | Shares |  |  | $ |  |  | capital |  |  | deficit |  |  | Total |
Balances, June 30, 2020 |  |  | 94,872 |  |  | $ | 95 |  |  |  | 9,490,582 |  |  | $ | 9,491 |  |  | $ | 23,863,806 |  |  | $ | (17,693,926 | ) |  | $ | 6,179,466 |
Conversion of Series A Convertible Preferred Stock into common stock |  |  | (5,000 | ) |  |  | (5 | ) |  |  | 13,158 |  |  |  | 13 |  |  |  | (8 | ) |  |  | - |  |  |  | - |
Settlement of Accounts Payable |  |  | - |  |  |  | - |  |  |  | 157,000 |  |  |  | 157 |  |  |  | 847,043 |  |  |  | - |  |  |  | 847,200 |
Shares issued in cashless exercise of warrants |  |  | - |  |  |  | - |  |  |  | 68,715 |  |  |  | 69 |  |  |  | (69 | ) |  |  | - |  |  |  | - |
Shares issued in cashless exercise of options |  |  | - |  |  |  | - |  |  |  | 28,890 |  |  |  | 29 |  |  |  | (29 | ) |  |  | - |  |  |  | - |
Shares issued to current and former employees and directors |  |  | - |  |  |  | - |  |  |  | 87,255 |  |  |  | 87 |  |  |  | 142,138 |  |  |  | - |  |  |  | 142,225 |
Stock based compensation |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 488,304 |  |  |  | - |  |  |  | 488,304 |
Net Loss |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | (2,747,213 | ) |  |  | (2,747,213 | )
Ending balance, September, 2020 |  |  | 89,872 |  |  | $ | 90 |  |  |  | 9,845,600 |  |  | $ | 9,846 |  |  | $ | 25,341,185 |  |  | $ | (20,441,139 | ) |  | $ | 4,909,982 |
|  | Preferred Stock |  |  | Common stock |  |  | Additional paid-in |  |  | Accumulated |  |  |  |
As Filed |  | Shares |  |  | $ |  |  | Shares |  |  | $ |  |  | capital |  |  | deficit |  |  | Total |
Balances,December 31, 2019 |  |  | 578,567 |  |  | $ | 579 |  |  |  | 7,390,261 |  |  | $ | 7,391 |  |  | $ | 19,712,115 |  |  | $ | (12,794,473 | ) |  | $ | 6,925,612 |
Conversion of Series A Convertible Preferred Stock into common stock |  |  | (488,695 | ) |  |  | (489 | ) |  |  | 1,286,042 |  |  |  | 1,286 |  |  |  | (797 | ) |  |  | - |  |  |  | - |
Settlement of Accounts Payable |  |  |  |  |  |  |  |  |  |  | 441,567 |  |  |  | 442 |  |  |  | 2,604,948 |  |  |  | - |  |  |  | 2,605,390 |
Shares issued in cashless exercise of warrants |  |  | - |  |  |  | - |  |  |  | 415,904 |  |  |  | 416 |  |  |  | (416 | ) |  |  | - |  |  |  | - |
Shares issued in cashless exercise of options |  |  | - |  |  |  | - |  |  |  | 86,424 |  |  |  | 86 |  |  |  | (86 | ) |  |  | - |  |  |  | - |
Warrants exercised for cash |  |  | - |  |  |  | - |  |  |  | 7,000 |  |  |  | 7 |  |  |  | 38,563 |  |  |  | - |  |  |  | 38,570 |
Shares issued to current and former employees and directors |  |  | - |  |  |  | - |  |  |  | 218,402 |  |  |  | 218 |  |  |  | 142,007 |  |  |  | - |  |  |  | 142,225 |
Stock based compensation |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 2,844,851 |  |  |  | - |  |  |  | 2,844,851 |
Net Loss |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | (8,984,969 | ) |  |  | (8,984,969 | )
Ending balance, September 30, 2020 |  |  | 89,872 |  |  | $ | 90 |  |  |  | 9,845,600 |  |  | $ | 9,846 |  |  | $ | 25,341,185 |  |  | $ | (21,779,442 | ) |  | $ | 3,571,679 |
|  | Preferred Stock |  |  | Common stock |  |  | Additional paid-in |  |  | Accumulated |  |  |  |
As Restated |  | Shares |  |  | $ |  |  | Shares |  |  | $ |  |  | capital |  |  | deficit |  |  | Total |
Balances,December 31, 2019 |  |  | 578,567 |  |  | $ | 579 |  |  |  | 7,390,261 |  |  | $ | 7,391 |  |  | $ | 19,712,115 |  |  | $ | (12,794,473 | ) |  | $ | 6,925,612 |
Conversion of Series A Convertible Preferred Stock into common stock |  |  | (488,695 | ) |  |  | (489 | ) |  |  | 1,286,042 |  |  |  | 1,286 |  |  |  | (797 | ) |  |  | - |  |  |  | - |
Settlement of Accounts Payable |  |  |  |  |  |  |  |  |  |  | 441,567 |  |  |  | 442 |  |  |  | 2,604,948 |  |  |  | - |  |  |  | 2,605,390 |
Shares issued in cashless exercise of warrants |  |  | - |  |  |  | - |  |  |  | 415,904 |  |  |  | 416 |  |  |  | (416 | ) |  |  | - |  |  |  | - |
Shares issued in cashless exercise of options |  |  | - |  |  |  | - |  |  |  | 86,424 |  |  |  | 86 |  |  |  | (86 | ) |  |  | - |  |  |  | - |
Warrants exercised for cash |  |  | - |  |  |  | - |  |  |  | 7,000 |  |  |  | 7 |  |  |  | 38,563 |  |  |  | - |  |  |  | 38,570 |
Shares issued to current and former employees and directors |  |  | - |  |  |  | - |  |  |  | 218,402 |  |  |  | 218 |  |  |  | 142,007 |  |  |  | - |  |  |  | 142,225 |
Stock based compensation |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 2,844,851 |  |  |  | - |  |  |  | 2,844,851 |
Net Loss |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | (7,646,666 | ) |  |  | (7,646,666 | )
Ending balance, September 30, 2020 |  |  | 89,872 |  |  | $ | 90 |  |  |  | 9,845,600 |  |  | $ | 9,846 |  |  | $ | 25,341,185 |  |  | $ | (20,441,139 | ) |  | $ | 4,909,982 |
Schedule of statement of cash flows |
|  | Nine months ended September 30, 2020 |  |  |  |  |  |  |  |  | Nine months ended September 30, 2020 |
|  | (As Filed) |  |  |  |  |  | Adjustments |  |  | (As Restated) |
Cash flows from operating activities: |  |  |  |  |  |  |  |  |  |  |  |
Net loss |  | $ | (8,984,969 | ) |  |  | (1 | ) |  | $ | 1,338,303 |  |  | $ | (7,646,666 | )
Adjustments to reconcile net loss to net cash used in operating activities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Depreciation |  |  | 29,275 |  |  |  |  |  |  |  | - |  |  |  | 29,275 |
Amortization of intangibles |  |  | 28,457 |  |  |  |  |  |  |  | - |  |  |  | 28,457 |
Stock-based compensation |  |  | 4,183,154 |  |  |  | (1 | ) |  |  | (1,338,303 | ) |  |  | 2,844,851 |
Loss on settlement of accounts payable |  |  | 2,747,615 |  |  |  |  |  |  |  | - |  |  |  | 2,747,615 |
Bad debt expense |  |  | 189,987 |  |  |  |  |  |  |  | - |  |  |  | 189,987 |
Changes in operating assets and liabilities |  |  | 662,070 |  |  |  |  |  |  |  | - |  |  |  | 662,070 |
Net cash used in operating activities |  |  | (1,144,411 | ) |  |  |  |  |  |  | - |  |  |  | (1,144,411 | )
Cash flows from investing activities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net cash provided by investing activities |  |  | (1,229 | ) |  |  |  |  |  |  | - |  |  |  | (1,229 | )
Cash flows from financing activities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net cash provided by financing activities |  |  | 847,542 |  |  |  |  |  |  |  | - |  |  |  | 847,542 |
Net (decrease) increase in cash |  |  | (298,098 | ) |  |  |  |  |  |  | - |  |  |  | (298,098 | )
Cash, beginning of period |  |  | 487,953 |  |  |  |  |  |  |  | - |  |  |  | 487,953 |
Cash, end of period |  | $ | 189,855 |  |  |  |  |  |  | $ | - |  |  | $ | 189,855 |

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- Definition Tabular disclosure of condensed balance sheet, including, but not limited to, balance sheets of consolidated entities and consolidation eliminations. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 3 -Paragraph i -Subsection 10 + Details
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