XML 49 R36.htm IDEA: XBRL DOCUMENT v3.21.1
RESTATEMENT (Tables)
 12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Accounting Changes and Error Corrections [Abstract]    
Schedule of restatement of financial statements

The tables below summarize the impact of the restatements described above on financial information previously reported on the Company’s Forms 10-Q for the periods ended March 31, June 30, and September 30, 2020 and 2019 and on Form S-1 for the year ended December 31, 2019:

 

NC = No change to the "as reported" amounts

 

    December 31, 2019   March 31, 2020 (Unaudited)
    As Reported   As Restated   As Reported   As Restated
Consolidated Balance Sheets:                                
Deferred revenue   $ 1,245,300     $ 1,479,870     $ 1,390,540     $ 1,681,876  
Total Current Liabilities   $ 2,767,960     $ 3,002,530     $ 2,836,706     $ 3,128,042  
Retained earnings (Deficit)   $ 1,384,289     $ 1,149,719     $ 1,362,678     $ 1,071,342  
Total Stockholders' Equity (Deficit)   $ 1,384,790     $ 1,150,220     $ 1,363,179     $ 1,071,843  

 

 

     

June 30, 2020

(Unaudited)

      

September 30, 2020

(Unaudited)

  
      As Reported       As Restated       As Reported       As Restated  
Consolidated Balance Sheets:                                
Deferred revenue     NC       NC       NC       NC  
Total Current Liabilities     NC       NC       NC       NC  
Retained earnings (Deficit)     NC       NC       NC       NC  
Total Stockholders' Equity (Deficit)     NC       NC       NC       NC  

 

    Year Ended December 31, 2019   Three Months Ended March 31, 2020   Three Months Ended June 30, 2020
    As Reported   As Restated   As Reported   As Restated   As Reported   As Restated
Net Sales   $ 9,329,720     $ 9,095,150     $ 1,528,400     $ 1,471,634     $ 1,404,028     $ 1,695,364  
                                                 
Cost of Goods Sold     6,009,730       6,009,730       1,161,813       1,161,813       1,180,769       1,180,769  
                                                 
Gross Profit     3,319,990       3,085,420       366,587       309,821       223,259       514,595  
                                                 
Operating Expenses                                                
Research and development     —        —        —        —        —        —   
Stock based compensation     —        —        —        —        101,607       101,607  
Selling. General and Administrative Expenses     1,916,386       1,916,386       388,198       388,198       426,677       426,677  
Total Operating Expenses     1,916,386       1,916,386       388,198       388,198       528,284       528,284  
                                                 
Operating (Loss) Income     1,403,604       1,169,034       (21,611 )     (78,377 )     (305,025 )     (13,689 )
                                                 
Other Income                                                
Gain on settlement     1,520,399       1,520,399       —        —        —        —   
Other Income     (15,736 )     (15,736 )     —        —        7,497       7,497  
Total Other Income     1,504,663       1,504,663       —        —        7,497       7,497  
                                                 
(Loss) Income Before Provision for Income Taxes     2,908,267       2,673,697       (21,611 )     (78,377 )     (297,528 )     (6,192 )
                                                 
Provision for Income Taxes     106,861       106,861       —        —        —        —   
                                                 
Net (Loss) Income     2,801,406       2,566,836       (21,611 )     (78,377 )     (297,528 )     (6,192 )
                                                 
Basic and Diluted (Loss) Earnings Per Common Share   $ 0.56     $ 0.51     $ —      $ (0.02 )   $ (0.06 )   $ —   

 

    Six Months Ended
June 30, 2020		   Three Months Ended September 30, 2020   Nine Months Ended September 30, 2020
    As Reported   As Restated   As Reported   As Restated   As Reported   As Restated
Net Sales   $ 2,932,428     $ 3,166,998       NC       NC     $ 4,493,061     $ 4,727,631  
                                                 
Cost of Goods Sold     2,342,582       2,342,582       NC       NC       3,825,037       3,825,037  
                                                 
Gross Profit     589,846       824,416       NC       NC       668,024       902,594  
                                                 
Operating Expenses                                                
Research and development     —         —         NC       NC       65,037       65,037  
Stock based compensation     101,607       101,607       NC       NC       381,314       381,314  
Selling. General and Administrative Expenses     814,875       814,875       NC       NC       1,443,276       1,443,276  
Total Operating Expenses     916,482       916,482       NC       NC       1,889,627       1,889,627  
                                                 
Operating (Loss) Income     (326,636 )     (92,066 )     NC       NC       (1,221,603 )     (987,033 )
                                                 
Other Income                                                
Other Income     7,497       7,497       NC       NC       11,905       11,905  
Total Other Income     7,497       7,497       NC       NC       11,905       11,905  
                                                 
(Loss) Income Before Provision for Income Taxes     (319,139 )     (84,569 )    

 

NC

       NC       (1,209,698 )     (975,128 )
                                                 
Provision for Income Taxes     —         —         NC       NC       —         —    
                                                 
Net (Loss) Income     (319,139 )     (84,569 )     NC       NC       (1,209,698 )     (975,128 )
                                                 
Basic and Diluted (Loss)  Earnings Per Common Share   $ (0.06 )   $ (0.02 )     NC       NC     $ (0.19 )   $ (0.18 )

The tables below summarize the impact of the restatements described above on financial information previously reported on the Company’s Forms S-1 for the year ended December 31, 2019. Certain line items in the financial data below were excluded because they were not impacted by the Restatement.

 

    December 31, 2019
    As Reported   As Restated
Consolidated Balance Sheets:                
Deferred revenue   $ 1,245,300     $ 1,479,870  
Total Current Liabilities   $ 2,767,960     $ 3,002,530  
Retained earnings (Deficit)   $ 1,384,289     $ 1,149,719  
Total Stockholders' Equity (Deficit)   $ 1,384,790     $ 1,150,220  

 

    Year Ended December 31, 2019
    As Reported   As Restated
         
Net Sales   $ 9,329,720     $ 9,095,150  
                 
Cost of Goods Sold     6,009,730       6,009,730  
                 
Gross Profit     3,319,990       3,085,420  
                 
Operating Expenses                
Research and development     —         —    
Stock based compensation     —         —    
Selling. General and Administrative Expenses     1,916,386       1,916,386  
Total Operating Expenses     1,916,386       1,916,386  
                 
Operating (Loss) Income     1,403,604       1,169,034  
                 
Other Income                
Gain on settlement     1,520,399       1,520,399  
Other Income     (15,736 )     (15,736 )
Total Other Income     1,504,663       1,504,663  
                 
(Loss) Income Before Provision for Income Taxes     2,908,267       2,673,697  
                 
Provision for Income Taxes     106,861       106,861  
                 
Net (Loss) Income     2,801,406       2,566,836  
                 
Basic and Diluted (Loss) Earnings Per Common Share   $ 0.56     $ 0.51