Revision of Prior Year Financial Statements

12 Months Ended

Dec. 31, 2020

Notes to Financial Statements

Revision of Prior Year Financial Statements

Note 12 - Revision of Prior Year Financial Statements

The Company identified certain errors in the Statement of Cash Flows in the financial statements for the year ended December 31, 2019, which has been revised in the current report.

In accordance with the guidance provided by the SEC’s Staff Accounting Bulletin 99, Materiality and Staff Accounting Bulletin No. 108, Considering the Effects of Prior Year Misstatements when Quantifying Misstatements in Current Year Financial Statements, the Company determined that the previously issued financial statements should be revised to reflect the correction of these errors.

The following table summarizes the effects of the revisions on the specific items presented in the Company’s historical consolidated financial statements previously included in the Company’s Annual Report for the year ended December 31, 2019 

	As Previously Reported			As Revised
Statements of Cash Flows
Net income	$	779,128		$	779,128
Depreciation		58,175			58,175
Deferred rent amortization		(10,265	)		(10,265	)
Gain on forgiveness of accounts payable		(1,659,917	)		(1,659,917	)
Prepaid expenses and other assets		(25,971	)		(25,971	)
Deposits		12,541			12,541
Accounts payable		77,511			769,092
Accrued liabilities		(631,636	)		(59,945
Net Cash Used in Operating Activities		(137,162	)		(137,162	)