| REVISION OF PREVIOUSLY ISSUED FINANCIAL STATEMENTS |
NOTE 2 - REVISION OF PREVIOUSLY ISSUED FINANCIAL STATEMENTS
Management identified errors made in its historical financial statements related to the valuation and expense of equity-based compensation for management and members of the Company’s board of directors. The Company accounts for stock-based compensation in accordance with ASC 718. Under the provisions of ASC 718, stock-based compensation cost is estimated at the grant date based on the award’s fair value and is recognized as expense over the requisite service period. At the date of grant, the Company determines the fair value of the stock option award using the Black Scholes option pricing model.
The Company made errors in the application of the Black Scholes option valuation model by applying an inappropriate methodology in determining the expected term of granted options. Based on the limited history relating to exercises of options, the Company determined that the expected life of an option grant should be calculated using the simplified method. After recalculating the valuations and reviewing the periodic reported expense for all the options issued as equity-based compensation, the Company concluded that, in aggregate, it had overstated the equity-based compensation. In accordance with SEC Staff Accounting Bulletin No. 99, Materiality, and SEC Staff Accounting Bulletin No. 108, Considering the Effects of Prior Year Misstatements when Quantifying Misstatements in Current Year Financial Statements; the Company evaluated the error quantitatively and qualitatively and has determined that the related impact was not material to any previously presented financial statements. As such the Company corrected the error in the consolidated financial statements for the years ended December 31, 2020 and 2021, and the condensed consolidated financial statements for the three month period ended March 31, 2021, the three month and six month periods ended June 30, 2021, and the three month and nine month period ended September 30, 2021.
The impact of the revision on the Company’s previously released financial statements that are reference in this form 10Q are reflected in the following tables. The adjustment below include immaterial footing corrections in certain previously reported balances.
|
CONSOLIDATED BALANCE SHEET
as of December 31, 2020
|
|
|
|
|
|
|
|
|
|
|
|
As Previously |
|
|
|
|
|
|
|
|
|
Reported |
|
|
Adjustment |
|
|
As Revised |
|
Additional paid-in capital |
|
$ |
87,747,898 |
|
|
$ |
(760,319 |
) |
|
$ |
86,987,579 |
|
Accumulated deficit |
|
|
(99,063,675 |
) |
|
|
760,319 |
|
|
|
(98,303,356 |
) |
|
CONSOLIDATED STATEMENT OF OPERATIONS
for the Year Ending December 31, 2020
|
|
|
|
|
|
|
|
|
As Previously |
|
|
|
|
|
|
|
|
|
Reported |
|
|
Adjustment |
|
|
As Revised |
|
General and Administrative |
|
$ |
4,820,762 |
|
|
$ |
(57,086 |
) |
|
$ |
4,763,676 |
|
Research and Development |
|
|
3,754,913 |
|
|
|
(494,141 |
) |
|
|
3,260,772 |
|
Total costs and expenses |
|
|
8,575,675 |
|
|
|
(551,227 |
) |
|
|
8,024,448 |
|
LOSS FROM OPERATIONS |
|
|
(8,575,675 |
) |
|
|
551,227 |
|
|
|
(8,024,448 |
) |
NET LOSS |
|
|
(9,105,729 |
) |
|
|
551,227 |
|
|
|
(8,554,502 |
) |
BASIC AND DILUTED LOSS PER SHARE |
|
$ |
(1.79 |
) |
|
$ |
0.11 |
|
|
$ |
(1.68 |
) |
|
CONSOLIDATED STATEMENT OF CHANGES IN STOCKHOLDERS’ EQUITY (DEFICIT)
for the Year Ended December 31, 2020
|
|
|
|
|
|
|
|
|
|
|
|
As Previously |
|
|
|
|
|
|
|
|
|
Reported |
|
|
Adjustment |
|
|
As Revised |
|
Balance, December 30, 2019 – Additional Paid in Capital |
|
$ |
81,614,504 |
|
|
$ |
(209,091 |
) |
|
$ |
81,405,413 |
|
Balance, December 30, 2019 – Accumulated Deficit |
|
|
(89,957,946 |
) |
|
|
209,091 |
|
|
|
(89,748,855 |
) |
Employee and director equity-based compensation – Additional Paid in Capital |
|
|
2,302,044 |
|
|
|
(551,227 |
) |
|
|
1,750,817 |
|
Employee and director equity-based compensation - Total |
|
|
2,302,044 |
|
|
|
(551,227 |
) |
|
|
1,750,817 |
|
Net loss for the year ended December 31, 2020 – Accumulated Deficit |
|
|
(9,105,729 |
) |
|
|
551,227 |
|
|
|
(8,554,502 |
) |
Net loss for the year ended December 31, 2020 - Total |
|
|
(9,105,729 |
) |
|
|
551,227 |
|
|
|
(8,554,502 |
) |
Balance, December 31, 2020 – Additional Paid in Capital |
|
|
87,747,898 |
|
|
|
(760,319 |
) |
|
|
86,987,579 |
|
Balance, December 31, 2020 - Accumulated Deficit |
|
|
(99,063,675 |
) |
|
|
760,319 |
|
|
|
(98,303,356 |
) |
|
CONSOLIDATED STATEMENT OF CASH FLOWS
for the Year Ended December 31, 2020
|
|
|
|
|
|
|
|
|
|
|
|
As Previously |
|
|
|
|
|
|
|
|
|
Reported |
|
|
Adjustment |
|
|
As Revised |
|
Net Loss |
|
$ |
(9,105,729 |
) |
|
$ |
551,227 |
|
|
$ |
(8,554,502 |
) |
Employee and director equity-based compensations |
|
|
2,302,044 |
|
|
|
(551,227 |
) |
|
|
1,750,817 |
|
|
CONDENSED CONSOLIDATED BALANCE SHEET
as of March 31, 2021
|
|
|
|
|
|
|
|
|
|
|
|
As Previously |
|
|
|
|
|
|
|
|
|
Reported |
|
|
Adjustment |
|
|
As Revised |
|
Additional paid-in capital |
|
$ |
89,437,765 |
|
|
$ |
(837,250 |
) |
|
$ |
88,600,515 |
|
Accumulated deficit |
|
|
(101,282,654 |
) |
|
|
837,250 |
|
|
|
(100,445,404 |
) |
|
CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS
for the Three Months Ended March 31, 2021
|
|
|
|
|
|
|
|
|
|
|
|
As Previously |
|
|
|
|
|
|
|
|
|
Reported |
|
|
Adjustment |
|
|
As Revised |
|
General and Administrative |
|
$ |
1,436,822 |
|
|
$ |
(13,272 |
) |
|
$ |
1,423,550 |
|
Research and Development |
|
|
646,752 |
|
|
|
(63,659 |
) |
|
|
583,093 |
|
Total costs and expenses |
|
|
2,083,574 |
|
|
|
(76,931 |
) |
|
|
2,006,643 |
|
LOSS FROM OPERATIONS |
|
|
(2,083,574 |
) |
|
|
76,931 |
|
|
|
(2,006,643 |
) |
NET LOSS |
|
|
(2,218,978 |
) |
|
|
76,931 |
|
|
|
(2,142,047 |
) |
BASIC AND DILUTED LOSS PER SHARE |
|
$ |
(0.43 |
) |
|
$ |
0.02 |
|
|
$ |
(0.41 |
) |
|
CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN STOCKHOLDERS’ EQUITY (DEFICIT)
for the Three Months Ended March 31, 2021
|
|
|
|
|
|
|
|
|
|
|
|
As Previously |
|
|
|
|
|
|
|
|
|
Reported |
|
|
Adjustment |
|
|
As Revised |
|
Balance, December 30, 2020 – Additional Paid in Capital |
|
$ |
87,747,898 |
|
|
$ |
(760,319 |
) |
|
$ |
86,987,579 |
|
Balance, December 30, 2020 – Accumulated Deficit |
|
|
(99,063,675 |
) |
|
|
760,319 |
|
|
|
(98,303,356 |
) |
Issuance of warrants for services – Additional Paid in Capital |
|
|
975,024 |
|
|
|
(76,931 |
) |
|
|
898,093 |
|
Issuance of warrants for services - Total |
|
|
975,024 |
|
|
|
(76,931 |
) |
|
|
898,093 |
|
Net loss for the three months ended March 31, 2021 – Accumulated Deficit |
|
|
(2,218,978 |
) |
|
|
76,931 |
|
|
|
(2,142,047 |
) |
Net loss for the three months ended March 31, 2021 - Total |
|
|
(2,218,978 |
) |
|
|
76,931 |
|
|
|
(2,142,047 |
) |
Balance, March 31, 2021 – Additional Paid in Capital |
|
|
89,437,765 |
|
|
|
(837,250 |
) |
|
|
88,600,515 |
|
Balance, March 31, 2021 - Accumulated Deficit |
|
|
(101,282,654 |
) |
|
|
837,250 |
|
|
|
(100,445,404 |
) |
|
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS
for the Three Months Ended March 31, 2021
|
|
|
|
|
|
|
|
|
|
|
|
As Previously |
|
|
|
|
|
|
|
|
|
Reported |
|
|
Adjustment |
|
|
As Revised |
|
Net Loss |
|
$ |
(2,218,978 |
) |
|
$ |
76,931 |
|
|
$ |
(2,142,047 |
) |
Employee and director equity-based compensation expense |
|
|
975,024 |
|
|
|
(76,931 |
) |
|
|
898,093 |
|
|
CONDENSED CONSOLIDATED BALANCE SHEET
as of June 30, 2021
|
|
|
|
|
|
|
|
|
|
|
|
As Previously |
|
|
|
|
|
|
|
|
|
Reported |
|
|
Adjustment |
|
|
As Revised |
|
Additional paid-in capital |
|
$ |
110,452,205 |
|
|
$ |
(885,726 |
) |
|
$ |
109,566,479 |
|
Accumulated deficit |
|
|
(103,128,302 |
) |
|
|
885,725 |
|
|
|
(102,242,577 |
) |
|
CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS
for the Three Months Ended June 30, 2021
|
|
|
|
|
|
|
|
|
|
|
|
As Previously |
|
|
|
|
|
|
|
|
|
Reported |
|
|
Adjustment |
|
|
As Revised |
|
General and Administrative |
|
$ |
1,281,488 |
|
|
$ |
972 |
|
|
$ |
1,282,460 |
|
Research and Development |
|
|
467,918 |
|
|
|
(49,447 |
) |
|
|
418,471 |
|
Total costs and expenses |
|
|
1,749,406 |
|
|
|
(48,475 |
) |
|
|
1,700,931 |
|
LOSS FROM OPERATIONS |
|
|
(1,749,406 |
) |
|
|
48,475 |
|
|
|
(1,700,931 |
) |
NET LOSS |
|
|
(1,845,648 |
) |
|
|
48,475 |
|
|
|
(1,797,173 |
) |
BASIC AND DILUTED LOSS PER SHARE |
|
$ |
(0.28 |
) |
|
$ |
0.00 |
|
|
$ |
(0.28 |
) |
|
CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS
for the Six Months Ended June 30, 2021
|
|
|
|
|
|
|
|
|
|
|
|
As Previously |
|
|
|
|
|
|
|
|
|
Reported |
|
|
Adjustment |
|
|
As Revised |
|
General and Administrative |
|
$ |
2,718,310 |
|
|
$ |
(12,300 |
) |
|
$ |
2,706,010 |
|
Research and Development |
|
|
1,114,670 |
|
|
|
(113,106 |
) |
|
|
1,001,564 |
|
Total costs and expenses |
|
|
3,832,980 |
|
|
|
(125,406 |
) |
|
|
3,707,574 |
|
LOSS FROM OPERATIONS |
|
|
(3,832,980 |
) |
|
|
125,406 |
|
|
|
(3,707,574 |
) |
NET LOSS |
|
|
(4,064,627 |
) |
|
|
125,406 |
|
|
|
(3,939,221 |
) |
BASIC AND DILUTED LOSS PER SHARE |
|
$ |
(0.70 |
) |
|
$ |
0.03 |
|
|
$ |
(0.67 |
) |
|
CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN STOCKHOLDERS’ EQUITY (DEFICIT)
for the Three Months Ended June 30, 2021
|
|
|
|
|
|
|
|
|
|
|
|
As Previously |
|
|
|
|
|
|
|
|
|
Reported |
|
|
Adjustment |
|
|
As Revised |
|
Balance, March 31, 2021 – Additional Paid in Capital |
|
$ |
89,437,765 |
|
|
$ |
(837,250 |
) |
|
$ |
88,600,515 |
|
Balance, March 31, 2021 – Accumulated Deficit |
|
|
(101,282,654 |
) |
|
|
837,250 |
|
|
|
(100,445,404 |
) |
Issuance of warrants for services – Additional Paid in Capital |
|
|
369,965 |
|
|
|
(48,475 |
) |
|
|
321,490 |
|
Issuance of warrants for services - Total |
|
|
369,965 |
|
|
|
(48,475 |
) |
|
|
321,490 |
|
Net loss for the three months ended June 30, 2021 – Accumulated Deficit |
|
|
(1,845,648 |
) |
|
|
48,475 |
|
|
|
(1,797,173 |
) |
Net loss for the three months ended June 30, 2021 - Total |
|
|
(1,845,648 |
) |
|
|
48,475 |
|
|
|
(1,797,173 |
) |
Balance, June 30, 2021 – Additional Paid in Capital |
|
|
110,452,205 |
|
|
|
(885,726 |
) |
|
|
109,566,479 |
|
Balance, June 30, 2021 - Accumulated Deficit |
|
|
(103,128,302 |
) |
|
|
885,725 |
|
|
|
(102,242,577 |
) |
|
CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN STOCKHOLDERS’ EQUITY (DEFICIT)
for the Six Months Ended June 30, 2021
|
|
|
|
|
|
|
|
|
|
|
|
As Previously |
|
|
|
|
|
|
|
|
|
Reported |
|
|
Adjustment |
|
|
As Revised |
|
Balance, December 31, 2020 – Additional Paid in Capital |
|
$ |
87,747,898 |
|
|
$ |
(760,319 |
) |
|
$ |
86,987,579 |
|
Balance, December 31, 2020 – Accumulated Deficit |
|
|
(99,063,675 |
) |
|
|
760,319 |
|
|
|
(98,303,356 |
) |
Issuance of warrants for services – Additional Paid in Capital |
|
1,344,989 |
|
|
|
(125,406 |
) |
|
|
1,219,583 |
|
Issuance of warrants for services - Total |
|
|
1,344,989 |
|
|
|
(125,406 |
) |
|
|
1,219,583 |
|
Net loss for the six months ended June 30, 2021 – Accumulated Deficit |
|
|
(4,064,627 |
) |
|
|
125,406 |
|
|
|
(3,939,221 |
) |
Net loss for the six months ended June 30, 2021 - Total |
|
|
(4,064,627 |
) |
|
|
125,406 |
|
|
|
(3,939,221 |
) |
Balance, June 30, 2021 – Additional Paid in Capital |
|
|
110,452,205 |
|
|
|
(885,726 |
) |
|
|
109,566,479 |
|
Balance, June 30, 2021 - Accumulated Deficit |
|
|
(103,128,302 |
) |
|
|
885,725 |
|
|
|
(102,242,577 |
) |
|
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS
for the Six Months Ended June 30, 2021
|
|
|
|
|
|
|
|
|
|
|
|
As Previously |
|
|
|
|
|
|
|
|
|
Reported |
|
|
Adjustment |
|
|
As Revised |
|
Net Loss |
|
$ |
(4,064,627 |
) |
|
$ |
125,406 |
|
|
$ |
(3,939,221 |
) |
Employee and director equity-based compensation expense |
|
|
1,367,389 |
|
|
|
(125,406 |
) |
|
|
1,241,983 |
|
|
CONDENSED CONSOLIDATED BALANCE SHEET
as of September 30, 2021
|
|
|
|
|
|
|
|
|
|
|
|
As Previously |
|
|
|
|
|
|
|
|
|
Reported |
|
|
Adjustment |
|
|
As Revised |
|
Additional paid-in capital |
|
$ |
112,473,855 |
|
|
$ |
(918,442 |
) |
|
$ |
111,555,413 |
|
Accumulated deficit |
|
|
(104,712,643 |
) |
|
|
918,442 |
|
|
|
(103,794,201 |
) |
|
CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS
for the Three Months Ended September 30, 2021
|
|
|
|
|
|
|
|
|
|
|
|
As Previously |
|
|
|
|
|
|
|
|
|
Reported |
|
|
Adjustment |
|
|
As Revised |
|
General and Administrative |
|
$ |
1,263,490 |
|
|
$ |
612 |
|
|
$ |
1,264,102 |
|
Research and Development |
|
|
442,340 |
|
|
|
(33,327 |
) |
|
|
409,013 |
|
Total costs and expenses |
|
|
1,705,830 |
|
|
|
(32,715 |
) |
|
|
1,673,115 |
|
LOSS FROM OPERATIONS |
|
|
(1,705,830 |
) |
|
|
32,715 |
|
|
|
(1,673,115 |
) |
NET LOSS |
|
|
(1,584,339 |
) |
|
|
32,715 |
|
|
|
(1,551,624 |
) |
BASIC AND DILUTED LOSS PER SHARE |
|
$ |
(0.17 |
) |
|
$ |
(0.07 |
) |
|
$ |
(0.24 |
) |
|
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
for the Nine Months Ended September 30, 2021
|
|
|
|
|
|
|
|
|
|
|
|
As Previously |
|
|
|
|
|
|
|
|
|
Reported |
|
|
Adjustment |
|
|
As Revised |
|
General and Administrative |
|
$ |
3,981,801 |
|
|
$ |
(11,689 |
) |
|
$ |
3,970,112 |
|
Research and Development |
|
|
1,557,010 |
|
|
|
(146,433 |
) |
|
|
1,410,577 |
|
Total costs and expenses |
|
|
5,538,811 |
|
|
|
(158,122 |
) |
|
|
5,380,689 |
|
LOSS FROM OPERATIONS |
|
|
(5,538,811 |
) |
|
|
158,122 |
|
|
|
(5,380,689 |
) |
NET LOSS |
|
|
(5,648,968 |
) |
|
|
158,123 |
|
|
|
(5,490,845 |
) |
BASIC AND DILUTED LOSS PER SHARE |
|
$ |
(0.81 |
) |
|
$ |
(0.13 |
) |
|
$ |
(0.94 |
) |
|
CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN STOCKHOLDERS’ EQUITY (DEFICIT)
for the Three Months Ended September 30, 2021
|
|
|
|
|
|
|
|
|
|
|
|
As Previously |
|
|
|
|
|
|
|
|
|
Reported |
|
|
Adjustment |
|
|
As Revised |
|
Balance, June 30, 2021 – Additional Paid in Capital |
|
$ |
110,452,205 |
|
|
$ |
(885,726 |
) |
|
$ |
109,566,479 |
|
Balance, June 30, 2021 – Accumulated Deficit |
|
|
(103,128,302 |
) |
|
|
885,725 |
|
|
|
(102,242,577 |
) |
Issuance of warrants for services – Additional Paid in Capital |
|
|
256,920 |
|
|
|
(32,714 |
) |
|
|
224,206 |
|
Issuance of warrants for services - Total |
|
|
256,920 |
|
|
|
(32,714 |
) |
|
|
224,206 |
|
Net loss for the three months ended September 30, 2021 – Accumulated Deficit |
|
|
(1,584,339 |
) |
|
|
32,715 |
|
|
|
(1,551,624 |
) |
Net loss for the three months ended September 30, 2021 - Total |
|
|
(1,584,339 |
) |
|
|
32,715 |
|
|
|
(1,551,624 |
) |
Balance, September 30, 2021 – Additional Paid in Capital |
|
|
112,473,855 |
|
|
|
(918,442 |
) |
|
|
111,555,413 |
|
Balance, September 30, 2021 - Accumulated Deficit |
|
|
(104,712,643 |
) |
|
|
918,442 |
|
|
|
(103,794,201 |
) |
|
CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN STOCKHOLDERS’ EQUITY (DEFICIT)
for the Nine Months Ended September 30, 2021
|
|
|
|
|
|
|
|
|
|
|
|
As Previously |
|
|
|
|
|
|
|
|
|
Reported |
|
|
Adjustment |
|
|
As Revised |
|
Balance, December 30, 2020 – Additional Paid in Capital |
|
$ |
87,747,898 |
|
|
$ |
(760,319 |
) |
|
$ |
86,987,579 |
|
Balance, December 30, 2020 – Accumulated Deficit |
|
|
(99,063,675 |
) |
|
|
760,319 |
|
|
|
(98,303,356 |
) |
Issuance of warrants for services – Additional Paid in Capital |
|
|
1,601,909 |
|
|
|
(158,121 |
) |
|
|
1,443,788 |
|
Issuance of warrants for services - Total |
|
|
1,601,909 |
|
|
|
(158,121 |
) |
|
|
1,443,788 |
|
Net loss for the nine months ended September 30, 2021 – Accumulated Deficit |
|
|
(5,648,968 |
) |
|
|
158,123 |
|
|
|
(5,490,845 |
) |
Net loss for the nine months ended September 30, 2021 - Total |
|
|
(5,648,968 |
) |
|
|
158,123 |
|
|
|
(5,490,845 |
) |
Balance, September 30, 2021 – Additional Paid in Capital |
|
|
112,473,855 |
|
|
|
(918,442 |
) |
|
|
111,555,413 |
|
|
Balance, September 30, 2021 -
Accumulated Deficit
|
|
|
(104,712,643 |
) |
|
|
918,442 |
|
|
|
(103,794,201 |
) |
|
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS
for the Nine Months Ended of September 30, 2021
|
|
|
|
|
|
|
|
|
|
|
|
As Previously |
|
|
|
|
|
|
|
|
|
Reported |
|
|
Adjustment |
|
|
As Revised |
|
Net Loss |
|
$ |
(5,648,968 |
) |
|
$ |
158,123 |
|
|
$ |
(5,490,845 |
) |
Employee and director equity-based compensation expense |
|
|
1,624,309 |
|
|
|
(158,121 |
) |
|
|
1,466,188 |
|
|
CONSOLIDATED BALANCE SHEET
as of December 31, 2021
|
|
|
|
|
|
|
|
|
|
|
|
As Previously |
|
|
|
|
|
|
|
|
|
Reported |
|
|
Adjustment |
|
|
As Revised |
|
Additional paid-in capital |
|
$ |
114,259,830 |
|
|
$ |
(1,167,805 |
) |
|
$ |
113,092,025 |
|
Accumulated deficit |
|
$ |
(108,227,041 |
) |
|
$ |
1,167,805 |
|
|
$ |
(107,059,236 |
) |
|
CONSOLIDATED STATEMENT OF OPERATIONS
for the Year Ended December 31, 2021
|
|
|
|
|
|
|
|
|
|
|
|
As Previously |
|
|
|
|
|
|
|
|
|
Reported |
|
|
Adjustment |
|
|
As Revised |
|
General and Administrative |
|
$ |
6,932,921 |
|
|
$ |
(238,302) |
|
|
$ |
6,694,619 |
|
Research and Development |
|
|
2,119,684 |
|
|
|
(169,184) |
|
|
|
1,950,500 |
|
Total costs and expenses |
|
|
9,052,605 |
|
|
|
(407,486) |
|
|
|
8,645,119 |
|
LOSS FROM OPERATIONS |
|
|
(9,052,605 |
) |
|
|
407,486 |
|
|
|
(8,645,119 |
) |
NET LOSS |
|
|
(9,163,366 |
) |
|
|
407,485 |
|
|
|
(8,755,881 |
) |
BASIC AND DILUTED LOSS PER SHARE |
|
$ |
(1.20 |
) |
|
$ |
0.05 |
|
|
$ |
(1.15 |
) |
|
CONSOLIDATED STATEMENT OF CHANGES IN STOCKHOLDERS’ EQUITY (DEFICIT)
for the Year Ended December 31, 2021
|
|
|
|
|
|
|
|
|
|
|
|
As Previously |
|
|
|
|
|
|
|
|
|
Reported |
|
|
Adjustment |
|
|
As Revised |
|
Balance, December 30, 2020 – Additional Paid in Capital |
|
$ |
87,747,898 |
|
|
$ |
(760,319 |
) |
|
$ |
86,987,579 |
|
Balance, December 30, 2020 – Accumulated Deficit |
|
|
(99,063,675 |
) |
|
|
760,319 |
|
|
|
(98,303,356 |
) |
Employee and director equity-based compensation – Additional Paid in Capital |
|
|
3,377,512 |
|
|
|
(407,485 |
) |
|
|
2,970,027 |
|
Employee and director equity-based compensation - Total |
|
|
3,377,512 |
|
|
|
(407,485 |
) |
|
|
2,970,027 |
|
Net loss for the year ended December 31, 2021 – Accumulated Deficit |
|
|
(9,163,366 |
) |
|
|
407,485 |
|
|
|
(8,755,881 |
) |
Net loss for the year ended December 31, 2021 - Total |
|
|
(9,163,366 |
) |
|
|
407,485 |
|
|
|
(8,755,881 |
) |
Balance, December 31, 2021 – Additional Paid in Capital |
|
|
114,259,830 |
|
|
|
(1,167,805 |
) |
|
|
113,092,025 |
|
Balance, December 31, 2021 - Accumulated Deficit |
|
|
(108,227,041 |
) |
|
|
1,167,805 |
|
|
|
(107,059,236 |
) |
|
CONSOLIDATED STATEMENT OF CASH FLOWS
for the Year Ended December 31, 2021
|
|
|
|
|
|
|
|
|
|
|
|
As Previously |
|
|
|
|
|
|
|
|
|
Reported |
|
|
Adjustment |
|
|
As Revised |
|
Net Loss |
|
$ |
(9,163,366 |
) |
|
$ |
407,485 |
|
|
$ |
(8,755,881 |
) |
Employee and director equity-based compensation |
|
|
3,377,512 |
|
|
|
(407,485 |
) |
|
|
2,970,027 |
|
|