RESTATEMENT OF PREVIOUSLY ISSUED FINANCIAL STATEMNTS (Tables)

3 Months Ended

Mar. 31, 2017

Restatement Of Previously Issued Financial Statemnts Tables

Schedule of restatement of previously issued financial statements

The Company has restated its previously issued financial statements as of and for the three months ended March 31, 2017, to correct the non-cash error related to its stock-based compensation.

The impact of the restatements is reflected below for the periods indicated:

CONSOLIDATED BALANCE SHEET
	As of March 31, 2017
	As Previously
	Reported			Adjustment			Restated
ASSETS
Total assets	$	17,388,723		$	—		$	17,388,723
LIABILITIES AND STOCKHOLDERS’ DEFICIT
Total current liabilities		2,415,394			—			2,415,394
Total long-term liabilities		2,079,905			—			2,079,905
Total liabilities		4,495,299			—			4,495,299
Commitments and Contingencies (Note 14)
Stockholders’ Deficit:
Common stock, $0.0001 par value, 500,000,000 shares
authorized; 344,093,411 and 234,704,655 shares issued
and outstanding as of March 31, 2017 and December 31, 2016, respectively		34,409			—			34,409
Additional paid in capital		70,952,037			1,000,000			71,952,037
Stock subscription receivable		(830,000	)		—			(830,000	)
Accumulated deficit		(57,595,085	)		(1,000,000	)		(58,595,085	)
Accumulated comprehensive income		332,063			—			332,063
Total stockholders’ deficit		12,893,424			—			12,893,424
Total liabilities and stockholders’ deficit	$	17,388,723		$	—		$	17,388,723

CONSOLIDATED STATEMENTS OF OPERATIONS
	Three months ended March 31, 2017
	As Previously
	Reported			Adjustment			Restated
Total revenues, net	$	584,689		$	—		$	584,689
Operating Expenses:
Cost of Sales		149,129						149,129
General and administrative		4,255,382			1,000,000			5,255,382
Research and development		29,070			—			29,070
Depreciation and amortization		109,534			—			109,534
Total operating expenses		4,543,115			1,000,000			5,543,115
Loss from operations		(3,958,426	)		(1,000,000	)		(4,958,426	)
Other income (expense), net		(4,710,666	)		—			(4,710,666	)
Income loss before income taxes		(8,669,092	)		(1,000,000	)		(9,669,092	)
Income Taxes		—			—			—
Net (loss)	$	(8,669,092	)	$	(1,000,000	)	$	(9,669,092	)
Net (loss) per share - Basic and diluted	$	(0.03	)	$	—		$	(0.03	)
Weighted Average Shares Outstanding - Basic and diluted		295,596,151			—			295,596,151

STATEMENT OF COMPREHENSIVE INCOME (LOSS)
	Three months ended
	As Previously
	Reported			Adjustment			Restated
Net loss	$	(8,669,092	)	$	(1,000,000	)	$	(9,669,092	)
Add:
Foreign currency translation gain		23,452			—			23,452
Comprehensive loss	$	(8,645,640	)	$	(1,000,000	)	$	(9,645,640	)