Quarterly report pursuant to Section 13 or 15(d)

Restatement of Prior Financial Information (Tables)

v3.20.2
Restatement of Prior Financial Information (Tables)
3 Months Ended
Sep. 30, 2020
Accounting Changes and Error Corrections [Abstract]  
Schedule of restatement of prior financial information

    As of June 30, 2019 (A)  
    Previously
Reported
    Adjustments     As Corrected  
Consolidated Balance Sheet                  
Current assets   $ 482,667     $ 487,500     $ 970,167  
Current liabilities   $ 2,955,272     $ 223,333     $ 3,178,605  
Working capital (deficit)   $ (2,472,605 )   $ 264,167     $ (2,208,438 )
Total assets   $ 482,667     $ 487,500     $ 970,167  
Total liabilities   $ 2,955,272     $ 223,333     $ 3,178,605  
Total stockholders' deficit   $ (2,472,605 )   $ 264,167     $ (2,208,438 )

 

(A) The balance sheet impact of the errors was corrected in the quarter ended September 30, 2019.

 

    As of September 30, 2019  
    Previously
Reported
    Adjustments     As Corrected  
Consolidated Balance Sheet                  
Current assets   $ 858,216     $ 387,917     $ 1,246,133  
Current liabilities   $ 3,287,252     $ 1,151,666     $ 4,438,918  
Working capital (deficit)   $ (2,429,036 )   $ (763,749 )   $ (3,192,785 )
Total assets   $ 858,216     $ 1,221,250     $ 2,079,466  
Total liabilities   $ 3,287,252     $ 1,151,666     $ 4,438,918  
Total stockholders' deficit   $ (2,429,036 )   $ 69,584     $ (2,359,452 )  

 

    For the Year Ended June 30, 2019 (A)  
    Previously Reported     Adjustments     As Corrected  
Consolidated Statements of Operations                  
Revenues   $ 352,172     $ -     $ 352,172  
Operating expenses   $ 2,263,722     $ (264,167 )   $ 1,999,555  
Loss from operations   $ (1,911,550 )   $ 264,167     $ (1,647,383 )
Other income (expenses)   $ 2,686,793     $ -     $ 2,686,793  
Net income (loss)   $ (4,598,343 )   $ 264,167     $ (4,334,176 )
Basic & diluted EPS   $ (0.09 )   $ -     $ (0.09 )

 

(A) The income statement impact of the errors was corrected in the quarter ended September 30, 2019.

 

   

For the Three Months Ended

September 30, 2019

 
    Previously Reported     Adjustments     As Corrected  
Consolidated Statements of Operations                  
Revenues   $ 206,497     $ (160,000 )   $ 46,497  
Operating expenses   $ 570,858     $ (229,584 )   $ 341,274  
Loss from operations   $ (364,361 )   $ 69,584     $ (294,777 )
Other income (expenses)   $ 218,803     $ -     $ 218,803  
Net income (loss)   $ (583,164 )   $ 69,584     $ (513,580 )
Basic & diluted EPS   $ (0.01 )   $ -     $ (0.01 )