Quarterly report pursuant to Section 13 or 15(d)

12. Restatement

v3.10.0.1
12. Restatement
 6 Months Ended
Jun. 30, 2018
Accounting Changes and Error Corrections [Abstract]  
Restatement

Note 12 – Restatement

 

    Previously reported             Restated  
    For the six months ended             For the six months ended  
    6/30/2017     Adjustment       6/30/2017  
                     
Revenue   $ 211,086       680,427   {a}   $ 891,513  
Revenue - related party     –       6,571   {b}     6,571  
Total revenue     211,086                 898,084  
                           
Cost of Revenue     65,498       686,998   {a}     752,496  
                           
Gross Profit     145,588                 145,588  
                           
Operation Expenses:                          
Compensation - officers     60,000                 60,000  
Research and development     109,929                 109,929  
Professional fees     69,777                 69,777  
General and administrative     123,083                 123,083  
Total Operating Expenses     362,789                 362,789  
                           
Loss from Operations     (217,201 )               (217,201 )
                           
Other Income (Expense)                          
Interest expense, net     53                 53  
Other income     4,763                 4,763  
Total other expense     4,815                 4,815  
                           
Loss before income taxes     (212,885 )               (212,885 )
                           
Income tax expense     800                 800  
                           
Net Loss   $ (213,685 )             $ (213,685 )
                           
Weight Average Number of Common Shares Outstanding - Basic and Diluted     34,574,706                 34,574,706  
                           
Net Loss per common share                          
Basic and diluted   $ (0.01 )             $ (0.01 )

 

{a} The Company previously recorded shipment of sales shipped directly from vendor to customer as net of cost of goods sold. The Company corrected the error by recording sales at gross amount and separately record cost of goods sold amount.

 

{b} Revenue generated from Vitashower Corp., a company owned by the CEO, amounted to $6,571 for the six months ended June 30, 2017 was reclassified to be separately disclosed.

 

    Previously reported             Restated  
    For the three months ended             For the three months ended  
    6/30/2017     Adjustment       6/30/2017  
                     
Revenue   $ 128,896       496,172   {a}   $ 625,068  
Revenue - related party     –       3,563   {b}     3,563  
Total revenue     128,896                 628,631  
                           
Cost of Revenue     45,163       499,736   {a}     544,898  
                           
Gross Profit     83,733                 83,733  
                           
Operation Expenses:                          
Compensation - officers     30,000                 30,000  
Research and development     55,453                 55,453  
Professional fees     41,797                 41,797  
General and administrative     60,673                 60,673  
Total Operating Expenses     187,923                 187,923  
                           
Loss from Operations     (104,190 )               (104,190 )
                           
Other Income (Expense)                          
Interest expense, net     20                 20  
Other income     –                 –  
Total other expense     20                 20  
                           
Loss before income taxes     (104,170 )               (104,170 )
                           
Income tax expense     800                 800  
                           
Net Loss   $ (104,970 )             $ (104,970 )
                           
Weight Average Number of Common Shares Outstanding - Basic and Diluted     34,574,706                 34,574,706  
                           
Net Loss per common share                          
Basic and diluted   $ (0.00 )             $ (0.00 )

 

{a} The Company previously recorded shipment of sales shipped directly from vendor to customer as net of cost of goods sold. The Company corrected the error by recording sales at gross amount and separately record cost of goods sold amount.

 

{b} Revenue generated from Vitashower Corp., a company owned by the CEO, amounted to $3,563 for the three months ended June 30, 2017 was reclassified to be separately disclosed.