Quarterly report pursuant to Section 13 or 15(d)

12. Restatement (Tables)

v3.10.0.1
12. Restatement (Tables)
 9 Months Ended
Sep. 30, 2018
Accounting Changes and Error Corrections [Abstract]  
Restatements
    Previously reported             Restated  
    For the nine months ended             For the nine months ended  
    9/30/2017     Adjustment       9/30/2017  
                     
Revenue   $ 943,110       (101,815 ) {a}   $ 841,295  
Revenue - related party     –       6,571   {b}     6,571  
Total revenue     943,110                 847,866  
                           
Cost of Revenue     723,419       (95,244 ) {a}     628,175  
                           
Gross Profit     219,691                 219,691  
                           
Operation Expenses:                          
Compensation - officers     90,000                 90,000  
Research and development     177,791                 177,791  
Professional fees     102,162                 102,162  
General and administrative     168,451                 168,451  
Total Operating Expenses     538,404                 538,404  
                           
Loss from Operations     (318,713 )               (318,713 )
                           
Other Income (Expense)                          
Interest expense, net     (39,802 )               (39,802 )
Other income     5,014                 5,014  
Total other expense     (34,788 )               (34,788 )
                           
Loss before income taxes     (353,501 )               (353,501 )
                           
Income tax provision     800                 800  
                           
Net Loss   $ (354,301 )             $ (354,301 )
                           
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 adjust previously overstated revenue and cost of goods sold.

 

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

 

    Previously reported             Restated  
    For the three months ended             For the three months ended  
    9/30/2017     Adjustment       9/30/2017  
                     
Revenue   $ 220,643       45,075   {a}   $ 265,718  
Revenue - related party     –                 –  
Total revenue     220,643                 265,718  
                           
Cost of Revenue     146,540       45,075   {a}     191,615  
                           
Gross Profit     74,103                 74,103  
                           
Operation Expenses:                          
Compensation - officers     30,000                 30,000  
Research and development     54,708                 54,708  
Professional fees     32,385                 32,385  
General and administrative     58,522                 58,522  
Total Operating Expenses     175,615                 175,615  
                           
Loss from Operations     (101,512 )               (101,512 )
                           
Other Income (Expense)                          
Interest expense, net     (39,855                 (39,855 )
Other income     750                 750  
Total other expense     (39,105                 (39,105 )
                           
Loss before income taxes     (140,617 )               (140,617 )
                           
Income tax provision     –                 –  
                           
Net Loss   $ (104,617 )             $ (104,617 )
                           
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.