| Restatement |
| |
|
Previously reported |
|
|
|
Revised |
| |
|
For the three months ended |
|
|
|
For the three months ended |
| |
|
3/31/2019 |
|
Adjustment |
|
3/31/2019 |
| Revenue |
|
$ |
239,738 |
|
|
$ |
(88,855 |
) |
|
$ |
150,883 |
|
| Revenue - related party |
|
|
3,000 |
|
|
|
|
|
|
|
3,000 |
|
| Total revenue |
|
|
242,738 |
|
|
|
(88,855 |
) |
|
|
153,883 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| Cost of Revenue |
|
|
122,128 |
|
|
|
9,603 |
|
|
|
131,731 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| Gross Profit |
|
|
120,610 |
|
|
|
(98,458 |
) |
|
|
22,152 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| Operation Expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
| Selling |
|
|
9,209 |
|
|
|
(9,209 |
) |
|
|
– |
|
| Compensation - officers |
|
|
31,675 |
|
|
|
3,325 |
|
|
|
35,000 |
|
| Research and development |
|
|
62,004 |
|
|
|
|
|
|
|
62,004 |
|
| Professional fees |
|
|
355,274 |
|
|
|
(4,875 |
) |
|
|
350,399 |
|
| General and administrative |
|
|
110,456 |
|
|
|
197 |
|
|
|
110,653 |
|
| Total Operating Expenses |
|
|
568,618 |
|
|
|
(10,562 |
) |
|
|
558,056 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| Loss from Operations |
|
|
(448,008 |
) |
|
|
(87,896 |
) |
|
|
(535,904 |
) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
| Other Income (Expense) |
|
|
|
|
|
|
|
|
|
|
|
|
| Interest income (expense), net |
|
|
725 |
|
|
|
|
|
|
|
725 |
|
| Total other expense |
|
|
725 |
|
|
|
|
|
|
|
725 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| Loss before income taxes |
|
|
(447,283 |
) |
|
|
(87,896 |
) |
|
|
(535,179 |
) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
| Tax expense |
|
|
– |
|
|
|
|
|
|
|
– |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| Net Loss |
|
$ |
(447,283 |
) |
|
$ |
(87,896 |
) |
|
$ |
(535,179 |
) |
Condensed consolidated statement of cash
flows
| |
|
Previously reported |
|
|
|
Revised |
| |
|
For the three months ended |
|
|
|
For the three months ended |
| |
|
3/31/2019 |
|
Adjustment |
|
3/31/2019 |
| Cash flows from operating activities: |
|
|
|
|
|
|
|
|
|
|
|
|
| Net Loss |
|
$ |
(447,283 |
) |
|
|
(87,896 |
) |
|
$ |
(535,179 |
) |
| Adjustments to reconcile net loss to net cash from operating activities: |
|
|
|
|
|
|
|
|
|
|
|
|
| Inventories reserve |
|
|
26,435 |
|
|
|
|
|
|
|
26,435 |
|
| Depreciation expense |
|
|
32,925 |
|
|
|
|
|
|
|
32,925 |
|
| Amortization of right-of-use assets |
|
|
2,033 |
|
|
|
|
|
|
|
2,033 |
|
| Stock-based compensation |
|
|
35,999 |
|
|
|
|
|
|
|
35,999 |
|
| Changes in operating assets and liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
| Accounts receivable |
|
|
(99,176 |
) |
|
|
|
|
|
|
(99,176 |
) |
| Accounts receivable - related party |
|
|
37,625 |
|
|
|
|
|
|
|
37,625 |
|
| Inventories |
|
|
9,187 |
|
|
|
|
|
|
|
9,187 |
|
| Other receivable |
|
|
(2,151 |
) |
|
|
|
|
|
|
(2,151 |
) |
| Prepaid expenses |
|
|
46,671 |
|
|
|
|
|
|
|
46,671 |
|
| Accounts payable and accrued liabilities |
|
|
11,216 |
|
|
|
(959 |
) |
|
|
10,257 |
|
| Accounts payable - related party |
|
|
(4,921 |
) |
|
|
|
|
|
|
(4,921 |
) |
| Other current liabilities |
|
|
(7,210 |
) |
|
|
|
|
|
|
(7,210 |
) |
| Customer deposit |
|
|
(10,467 |
) |
|
|
88,855 |
|
|
|
78,388 |
|
| Net cash flows used in operating activities |
|
|
(369,117 |
) |
|
|
|
|
|
|
(369,117 |
) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
| Cash flows from investing activities: |
|
|
|
|
|
|
|
|
|
|
|
|
| Cash from acquisition |
|
|
201,482 |
|
|
|
|
|
|
|
201,482 |
|
| Purchase of property and equipment |
|
|
(181,121 |
) |
|
|
|
|
|
|
(181,121 |
) |
| Cash paid for acquisition |
|
|
(550,000 |
) |
|
|
|
|
|
|
(550,000 |
) |
| Net cash flows used in investing activities |
|
|
(529,639 |
) |
|
|
|
|
|
|
(529,639 |
) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
| Cash flows from financing activities: |
|
|
|
|
|
|
|
|
|
|
|
|
| Payment on long term debt and finance lease obligation |
|
|
(2,021 |
) |
|
|
|
|
|
|
(2,021 |
) |
| Net cash flows used in financing activities |
|
|
(2,021 |
) |
|
|
|
|
|
|
(2,021 |
) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
| Net change in cash |
|
|
(900,776 |
) |
|
|
|
|
|
|
(900,776 |
) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
| Cash beginning of period |
|
|
4,455,751 |
|
|
|
|
|
|
|
4,455,751 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| Cash end of period |
|
$ |
3,554,975 |
|
|
|
|
|
|
$ |
3,554,975 |
|
|