Revision of Prior Period Financial Statements

6 Months Ended

Jun. 30, 2020

Accounting Changes and Error Corrections [Abstract]

Revision of Prior Period Financial Statements

15. Revision of Prior Period Financial Statements

During the review for the six-months ended June 30, 2020 new information came to light regarding share issuances and an anti-dilution agreement. The share issuances for the three months ended March 31, 2020 were 2,000,000 and 458,834 common shares respectively. The anti-dilution agreement relating to a 2017 share subscription payable agreement was triggered in March 2019 upon the Company’s stock split was also discovered. Please refer to Note 8.

We revised certain prior period financial statements for an immaterial error related to the recognition of the deemed dividend related to down-round features along with the associated shares issuance and professional fees (Note 1). A summary of revisions to our previously reported financial statements presented herein for comparative purposes.

The cumulative effect of the adjustments on all prior periods to Shareholders’ Equity as of June 30, 2019, December 30, 2019 and March 31, 2020 reflected below:

	Common Stock				Additional Paid-in		Share Subscriptions			Share Subscription		Accumulated			Cumulative translation			Total Stockholders’ Equity
	Shares		Amount		Capital		Receivable			Payable		Deficit			adjustment			(Deficit)
Balance at June 30, 2019		28,177,966	$	2,817	$	8,309,293	$	(1,577	)	$	1,853,819	$	(10,482,521	)	$	(23,624	)	$	(341,792	)
Revision		12,719,566	$	1,273	$	182,509		-		$	781,298	$	(965,079	)		-			-
Balance at June 30, 2019, as revised		40,897,532	$	4,090	$	8,491,802	$	(1,577	)	$	2,635,117	$	(11,447,600	)	$	(23,624	)	$	(341,792	)
Balance at December 31, 2019		41,906,790	$	4,191	$	8,381,231	$	(1,577	)	$	1,511,080	$	(10,768,906	)	$	(8,580	)	$	(882,561	)
Revision		-		-	$	261,192		-		$	648,315	$	(909,507	)		-			-
Balance at December 31, 2019, as revised		41,906,790	$	4,191	$	8,642,423	$	(1,577	)	$	2,159,395	$	(11,678,413	)	$	(8,580	)	$	(882,561	)
								-
Balance at March 31, 2020		46,547,749	$	4,655	$	9,060,739	$	(1,577	)	$	1,178,608	$	(10,961,172	)	$	(8,580	)	$	(727,327	)
Revision		2,458,834	$	246	$	731,946		-		$	137,315	$	(869,507	)		-			-
Balance at March 31, 2020, as revised		49,006,583	$	4,901	$	9,792,685	$	(1,577	)	$	1,315,923	$	(11,830,679	)	$	(8,580	)	$	(727,327	)

The Consolidated Statements of Operations and Comprehensive Loss has been revised to reflect the correction for the three months ended March 31, 2020 as follows

	For the Three Months Ended March 31, 2020
	As previously reported			Revision			As Revised
Professional Fees	$	149,465		$	(40,000	)	$	109,465
Total Operating Expenses	$	178,471		$	(40,000	)	$	138,471
Loss from Operations	$	(164,455	)	$	40,000		$	(124,455	)
Net Loss	$	(192,266	)	$	40,000		$	(152,266	)
Comprehensive Loss	$	(192,266	)	$	40,000		$	(152,266	)
Loss per Share – Basic and Diluted	$	(0.00	)		-		$	(0.00	)