Quarterly report pursuant to Section 13 or 15(d)

Restatement (Tables)

v3.23.2
Restatement (Tables)
 3 Months Ended
Mar. 31, 2023
Restatement  
Schedule of Balance Sheets

 

    March 31, 2023     Restatement Adjustment     March 31, 2023  
      (Unaudited)               (Unaudited)  
      (As Reported)               (As Restated)  
ASSETS                        
Current assets:                        
Cash   $ 528,330     $ -     $ 528,330  
Prepaid expenses     2,903       -       2,903  
Total current assets     531,233       -       531,233  
                         
Property and equipment, net     2,013       -       2,013  
Capitalized software costs, net     50,421       -       50,421  
                         
Total assets   $ 583,667     $ -     $ 583,667  
                         
                         
LIABILITIES AND STOCKHOLDERS’ EQUITY                        
                         
Current liabilities:                        
Accounts payable and accrued expenses   $ 69,532     $ -     $ 69,532  
Liquidated damages and accrued interest     -       471,402       471,402  
Total current liabilities     69,532       471,402       540,934  
                         
Total liabilities     69,532       471,402       540,934  
                         
Commitments and contingencies (See Note 5)                        
                         
Stockholders’ equity:                        
Preferred stock - 20,000,000 shares authorized:                        
Preferred stock - Series A, $0.001 par value, $45,000 stated value, 1,000,000 shares authorized; 128,312 shares issued and outstanding     128       126       128  
Common stock, $0.001 par value, 250,000,000 shares authorized; 7,126,336 shares issued and outstanding     7,126       7,108       7,126  
Additional paid in capital     3,314,340       3,179,913       3,314,340  
Subscriptions receivable     -       (33,000 )     -  
Accumulated deficit     (2,807,459 )     (2,084,707 )     (3,278,861 )
Total stockholders’ equity     514,135       1,069,440       42,733  
                         
Total liabilities and stockholders’ equity   $ 583,667     $ 1,540,842     $ 583,667  
Schedule of Statements of Operations

 

    For the Three Months Ended March 31, 2023     Restatement Adjustment     For the Three Months Ended March 31, 2023  
    (As Reported)           (As Restated)  
                   
Revenues   $ 1,770     $ -     $ 1,770  
                         
Operating Expenses:                        
Cost of revenues     116       -       116  
Sales and marketing     268,717       -       268,717  
Research and development     125,881       -       125,881  
General and administrative     324,954       -       324,954  
Depreciation and amortization     2,407       -       2,407  
Total Operating Expenses     722,075       -       722,075  
                         
Loss From Operations     (720,305 )     -       (720,305 )
                         
Other Income (Expense):                        
Liquidated damages expense     -       (176,117 )     (176,117 )
Interest expense     -       (12,368 )     (12,368 )
Total Other Income (Expense)     -       (188,485 )     (188,485 )
                         
Net Loss Before Income Taxes     (720,305 )     (188,485 )     (908,790 )
                         
Provision for Income Taxes (Benefit)     -       -       -  
                         
Net Loss   $ (720,305 )   $ (188,485 )   $ (908,790 )
Dividends on preferred stock     (2,447 )     -       (2,447 )
                         
Net Loss Attributable to Common Stockholders   $ (722,752 )   $ (188,485 )   $ (911,237 )
                         
Net Income (Loss) Per Common Share:                        
Basic   $ (0.10 )   $ (0.03 )   $ (0.13 )
Diluted   $ (0.10 )   $ (0.03 )   $ (0.13 )
                         
Weighted Average Common Shares Outstanding:                        
Basic     7,118,933               7,118,933  
Diluted     7,118,933               7,118,933