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Note 13 - Restatement of Prior Quarters (unaudited) | 12 Months Ended
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Dec. 31, 2020
Accounting Changes and Error Corrections [Abstract] |
Restatement of Prior Quarters (unaudited) | Management of GT Biopharma, Inc. and its audit committee, identified an accounting error in the recognition of an additional loss on extinguishment of debt of $8,643,000 as a result of the June 2020 forbearance agreements that was not previously recorded (see Note 4). As a result, the previously filed unaudited condensed consolidated balance sheets as of June 30, 2020 and September 30, 2020, and the related condensed consolidated statements of operations and stockholders’ deficiency, may no longer be relied upon. The Company has restated its unaudited condensed consolidated balance sheets as of June 30, 2020 and September 30, 2020 and the related condensed consolidated statements of operations and stockholders’ deficiency. The restatement did not affect the previously reported assets and liabilities in the corresponding financial statements. The effects of the discrepancy discovered related to the accounting error on the previously filed Form 10-Q’s are summarized as follows: Condensed Consolidated Statement of Operations for the three months ended June 30, 2020 (unaudited)
|  | Previously Reported |  |  | Adjustment |  |  | As Restated |
Other income (expense) |  | $ | (7,221 | ) |  | $ | (8,643 | ) |  | $ | (15,864 | )
Net loss |  |  | (8,779 | ) |  |  | (8,643 | ) |  |  | (17,422 | )
Net loss per common share - basic and diluted |  | $ | (0.12 | ) |  | $ | (0.12 | ) |  | $ | (0.24 | )
Condensed Consolidated Statement of Operations for the six months ended June 30, 2020 (unaudited)
|  | Previously Reported |  |  | Adjustment |  |  | As Restated |
Other income (expense) |  | $ | (7,859 | ) |  | $ | (8,643 | ) |  | $ | (16,502 | )
Net loss |  |  | (10,487 | ) |  |  | (8,643 | ) |  |  | (19,130 | )
Net loss per common share - basic and diluted |  | $ | (0.15 | ) |  | $ | (0.12 | ) |  | $ | (0.27 | )
Condensed Consolidated Statement of Stockholders’ Deficit as of June 30, 2020 (unaudited)
|  | Previously Reported |  |  | Adjustment |  |  | As Restated |
Preferred share |  | $ | 25 |  |  | $ | - |  |  | $ | 24 |
Common share |  |  | 75 |  |  |  | - |  |  |  | 75 |
Additional paid-in capital |  |  | 550,411 |  |  |  | 8,643 |  |  |  | 559,054 |
Noncontrolling interest |  |  | (169 | ) |  |  | - |  |  |  | (169 | )
Accumulated deficit |  |  | (577,819 | ) |  |  | (8,643 | ) |  |  | (586,462 | )
Total Shareholder deficit |  | $ | (27,499 | ) |  | $ | - |  |  | $ | (27,499 | )
The effects of the discrepancy discovered related to the accounting error on the previously filed Form 10-Q for the three and nine months ended September 30, 2020 are summarized as follows: Condensed Consolidated Statement of Operations for the three months ended September 30, 2020 (unaudited)
|  | Previously Reported |  |  | Adjustment |  |  | As Restated |
Other income (expense) |  | $ | (931 | ) |  | $ | (8,643 | ) |  | $ | (9,574 | )
Net loss |  |  | (2,876 | ) |  |  | (8,643 | ) |  |  | (11,519 | )
Net loss per common share - basic and diluted |  | $ | (0.04 | ) |  | $ | (1.13 | ) |  | $ | (1.16 | )
Condensed Consolidated Statement of Operations for the nine months ended September 30, 2020 (unaudited)
|  | Previously Reported |  |  | Adjustment |  |  | As Restated |
Other income (expense) |  | $ | (8,790 | ) |  | $ | (8,643 | ) |  | $ | (17,433 | )
Net loss |  |  | (13,363 | ) |  |  | (8,643 | ) |  |  | (22,006 | )
Net loss per common share - basic and diluted |  | $ | (0.18 | ) |  | $ | (0.12 | ) |  | $ | (0.30 | )
Condensed Consolidated Statement of Stockholders’ Deficit as of September 30, 2020 (unaudited)
|  | Previously Reported |  |  | Adjustment |  |  | As Restated |
Preferred share |  |  | 25 |  |  |  | - |  |  |  | 25 |
Common share |  |  | 78 |  |  |  | - |  |  |  | 78 |
Additional paid-in capital |  |  | 550,984 |  |  |  | 8,643 |  |  |  | 559,627 |
Noncontrolling interest |  |  | (169 | ) |  |  | - |  |  |  | (169 | )
Accumulated deficit |  |  | (580,695 | ) |  |  | (8,643 | ) |  |  | (589,338 | )
Total Shareholder deficit |  |  | (29,777 | ) |  |  |  |  |  |  | (29,777 | )

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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 -Publisher FASB -Name Accounting Standards Codification -Topic 250 -SubTopic 10 -Section 50 -Paragraph 9 -URI http://asc.fasb.org/extlink&oid=109234566&loc=d3e22663-107794 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 250 -SubTopic 10 -Section 50 -Paragraph 7 -URI http://asc.fasb.org/extlink&oid=109234566&loc=d3e22644-107794 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 250 -SubTopic 10 -Section 50 -Paragraph 8 -URI http://asc.fasb.org/extlink&oid=109234566&loc=d3e22658-107794 + Details
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