Prior Period Misstatement

3 Months Ended

Mar. 31, 2017

Notes to Financial Statements

NOTE 9 - Prior Period Misstatement

Subsequent to filing the Form 10-Q for the three months ended March 31, 2016, it was discovered that the issuance of 200,000 shares of the Company's common stock with a fair value of $102,000 were not included in the Form 10-Q. The effect of this omission was that, as at March 31, 2016, prepaid expenses were understated by $102,000, common stock was understated by $20 and additional paid-in capital was understated by $101,980. As at March 31, 2016, the restated balance of prepaid expenses is $110,107, the restated balance of common stock is $6,749 and the restated balance of additional paid-in capital is $4,174,617. In addition, the correct weighted average shares outstanding for the three months ended March 31, 2016 was 67,455,040.

The effects of the prior period misstatement are as follows:

	As Originally Reported		Restated
Prepaid expenses	$	8,107	$	128,107
Common stock	$	6,729	$	6,749
Additional paid-in capital	$	4,072,637	$	4,174,617
Weighted average shares outstanding		67,265,996		67,455,040