Quarterly report pursuant to Section 13 or 15(d)

Restatement of Prior Financial Information (Tables)

v3.20.4
Restatement of Prior Financial Information (Tables)
6 Months Ended
Dec. 31, 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 December 31, 2019.

  

    As of December 31, 2019  
    Previously
Reported
    Adjustments     As Corrected  
Consolidate Balance Sheet                  
Current assets   $ 577,944     $ 408,294     $ 986,238  
Current liabilities   $ 4,514,446     $ 249,007     $ 4,763,453  
Working capital (deficit)   $ (3,936,502 )   $ 159,287     $ (3,777,215 )
Total assets   $ 1,550,298     $ 102,607     $ 1,652,905  
Total liabilities   $ 4,514,446     $ 249,007     $ 4,763,453  
Total stockholders' deficit   $ (2,964,148 )   $ (146,400 )   $ (3,110,548 )

 

    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 Six Months Ended

December 31, 2019

 
    Previously Reported     Adjustments     As Corrected  
Consolidated Statements of Operations                  
Revenues   $ 379,488     $ (271,706 )   $ 107,782  
Operating expenses   $ 1,326,290     $ (125,306 )   $ 1,200,984  
Loss from operations   $ (946,802 )   $ (146,400 )   $ (1,093,202 )
Other income (expenses)   $ 557,320     $ -     $ 557,320  
Net income (loss)   $ (1,504,122 )   $ (146,400 )   $ (1,650,522 )
Basic & diluted EPS   $ (0.02 )   $ -     $ (0.03 )

 

   

For the Three Months Ended

December 31, 2019

 
    Previously Reported     Adjustments     As Corrected  
Consolidated Statements of Operations                  
Revenues   $ 172,991     $ (111,706 )   $ 61,285  
Operating expenses   $ 755,432     $ 104,278     $ 859,710  
Loss from operations   $ (582,441 )   $ (215,984 )   $ (798,425 )
Other income (expenses)   $ 338,517     $ -     $ 338,517  
Net income (loss)   $ (920,958 )   $ (215,984 )   $ (1,136,942 )
Basic & diluted EPS   $ (0.02 )   $ -     $ (0.02 )