| RESTATEMENT OF PREVIOUSLY ISSUED UNAUDITED INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) |
NOTE 3 - RESTATEMENT OF PREVIOUSLY ISSUED UNAUDITED
INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
The following tables present the
effects of the Restatement described in Note 2 - Summary of Significant Accounting Policies – Restatement of Previously Issued Consolidated
Financial Statements on the Company’s unaudited interim condensed consolidated financial statements for the periods indicated.
The
following tables present the effects of the Restatement on the Company’s unaudited interim condensed consolidated balance sheets
as of the dates indicated:
SCHEDULE OF RESTATEMENTS OF THE COMPANY’S UNAUDITED INTERIM CONDENSED CONSOLIDATED STATEMENTS
| |
|
As Previously |
|
|
Restatement |
|
|
As |
|
| |
|
March 31, 2022 |
|
| |
|
As Previously |
|
|
Restatement |
|
|
As |
|
| |
|
Stated |
|
|
Adjustments |
|
|
Restated |
|
| |
|
(unaudited) |
|
|
|
|
|
(unaudited) |
|
| LIABILITIES AND STOCKHOLDERS’ EQUITY |
|
|
|
|
|
|
|
|
|
|
|
|
| Current liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
| Derivative liabilities |
|
$ |
- |
|
|
$ |
14,205,418 |
|
|
$ |
14,205,418 |
|
| Total current liabilities |
|
$ |
493,829 |
|
|
$ |
14,205,418 |
|
|
$ |
14,699,247 |
|
| Total liabilities |
|
$ |
762,186 |
|
|
$ |
14,205,418 |
|
|
$ |
14,967,604 |
|
| Stockholders’ equity |
|
|
|
|
|
|
|
|
|
|
|
|
| Additional paid-in capital |
|
$ |
159,103,184 |
|
|
$ |
(21,901,000 |
) |
|
$ |
137,202,184 |
|
| Accumulated deficit |
|
$ |
(138,962,278 |
) |
|
$ |
7,695,582 |
|
|
$ |
(131,266,696 |
) |
| Total stockholders’ equity |
|
$ |
20,156,702 |
|
|
$ |
(14,205,418 |
) |
|
$ |
5,951,284 |
|
| Total liabilities and stockholders’ equity |
|
$ |
20,918,888 |
|
|
$ |
- |
|
|
$ |
20,918,888 |
|
| |
|
As Previously |
|
|
Restatement |
|
|
As |
|
| |
|
June 30, 2022 |
|
| |
|
As Previously |
|
|
Restatement |
|
|
As |
|
| |
|
Stated |
|
|
Adjustments |
|
|
Restated |
|
| |
|
(unaudited) |
|
|
|
|
|
(unaudited) |
|
| LIABILITIES AND STOCKHOLDERS’ EQUITY |
|
|
|
|
|
|
|
|
|
|
|
|
| Current liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
| Derivative liabilities |
|
$ |
- |
|
|
$ |
6,430,025 |
|
|
$ |
6,430,025 |
|
| Total current liabilities |
|
$ |
621,781 |
|
|
$ |
6,430,025 |
|
|
$ |
7,051,806 |
|
| Total liabilities |
|
$ |
855,841 |
|
|
$ |
6,430,025 |
|
|
$ |
7,285,866 |
|
| Stockholders’ equity |
|
|
|
|
|
|
|
|
|
|
|
|
| Additional paid-in capital |
|
$ |
162,207,334 |
|
|
$ |
(21,901,000 |
) |
|
$ |
140,306,334 |
|
| Accumulated deficit |
|
$ |
(143,637,519 |
) |
|
$ |
15,470,975 |
|
|
$ |
(128,166,544 |
) |
| Total stockholders’ equity |
|
$ |
18,585,612 |
|
|
$ |
(6,430,025 |
) |
|
$ |
12,155,587 |
|
| Total liabilities and stockholders’ equity |
|
$ |
19,441,453 |
|
|
$ |
- |
|
|
$ |
19,441,453 |
|
| |
|
As Previously |
|
|
Restatement |
|
|
As |
|
| |
|
September 30, 2022 |
|
| |
|
As Previously |
|
|
Restatement |
|
|
As |
|
| |
|
Stated |
|
|
Adjustments |
|
|
Restated |
|
| |
|
(unaudited) |
|
|
|
|
|
(unaudited) |
|
| LIABILITIES AND STOCKHOLDERS’ EQUITY |
|
|
|
|
|
|
|
|
|
|
|
|
| Current liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
| Derivative liabilities |
|
$ |
- |
|
|
$ |
7,220,748 |
|
|
$ |
7,220,748 |
|
| Total current liabilities |
|
$ |
717,179 |
|
|
$ |
7,220,748 |
|
|
$ |
7,937,927 |
|
| Total liabilities |
|
$ |
915,903 |
|
|
$ |
7,220,748 |
|
|
$ |
8,136,651 |
|
| Stockholders’ equity |
|
|
|
|
|
|
|
|
|
|
|
|
| Additional paid-in capital |
|
$ |
165,281,862 |
|
|
$ |
(21,901,000 |
) |
|
$ |
143,380,862 |
|
| Accumulated deficit |
|
$ |
(148,293,344 |
) |
|
$ |
14,680,252 |
|
|
$ |
(133,613,092 |
) |
| Total stockholders’ equity |
|
$ |
17,004,315 |
|
|
$ |
(7,220,748 |
) |
|
$ |
9,783,567 |
|
| Total liabilities and stockholders’ equity |
|
$ |
17,920,218 |
|
|
$ |
- |
|
|
$ |
17,920,218 |
|
| |
|
As Previously |
|
|
Restatement |
|
|
As |
|
| |
|
March 31, 2023 |
|
| |
|
As Previously |
|
|
Restatement |
|
|
As |
|
| |
|
Stated |
|
|
Adjustments |
|
|
Restated |
|
| |
|
(unaudited) |
|
|
|
|
|
(unaudited) |
|
| LIABILITIES AND STOCKHOLDERS’ EQUITY |
|
|
|
|
|
|
|
|
|
|
|
|
| Current liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
| Derivative liabilities |
|
$ |
- |
|
|
$ |
7,030,083 |
|
|
$ |
7,030,083 |
|
| Total current liabilities |
|
$ |
470,391 |
|
|
$ |
7,030,083 |
|
|
$ |
7,500,474 |
|
| Total liabilities |
|
$ |
593,927 |
|
|
$ |
7,030,083 |
|
|
$ |
7,624,010 |
|
| Stockholders’ equity |
|
|
|
|
|
|
|
|
|
|
|
|
| Additional paid-in capital |
|
$ |
171,796,596 |
|
|
$ |
(21,901,000 |
) |
|
$ |
149,895,596 |
|
| Accumulated deficit |
|
$ |
(158,325,119 |
) |
|
$ |
14,870,917 |
|
|
$ |
(143,454,202 |
) |
| Total stockholders’ equity |
|
$ |
13,487,037 |
|
|
$ |
(7,030,083 |
) |
|
$ |
6,456,954 |
|
| Total liabilities and stockholders’ equity |
|
$ |
14,080,964 |
|
|
$ |
- |
|
|
$ |
14,080,964 |
|
| |
|
As Previously |
|
|
Restatement |
|
|
As |
|
| |
|
June 30, 2023 |
|
| |
|
As Previously |
|
|
Restatement |
|
|
As |
|
| |
|
Stated |
|
|
Adjustments |
|
|
Restated |
|
| |
|
(unaudited) |
|
|
|
|
|
(unaudited) |
|
| LIABILITIES AND STOCKHOLDERS’ EQUITY |
|
|
|
|
|
|
|
|
|
|
|
|
| Current liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
| Derivative liabilities |
|
$ |
- |
|
|
$ |
9,758,930 |
|
|
$ |
9,758,930 |
|
| Total current liabilities |
|
$ |
812,853 |
|
|
$ |
9,758,930 |
|
|
$ |
10,571,783 |
|
| Total liabilities |
|
$ |
896,433 |
|
|
$ |
9,758,930 |
|
|
$ |
10,655,363 |
|
| Stockholders’ equity |
|
|
|
|
|
|
|
|
|
|
|
|
| Additional paid-in capital |
|
$ |
173,695,154 |
|
|
$ |
(21,901,000 |
) |
|
$ |
151,794,154 |
|
| Accumulated deficit |
|
$ |
(161,305,671 |
) |
|
$ |
12,142,070 |
|
|
$ |
(149,163,601 |
) |
| Total stockholders’ equity |
|
$ |
12,403,864 |
|
|
$ |
(9,758,930 |
) |
|
$ |
2,644,934 |
|
| Total liabilities and stockholders’ equity |
|
$ |
13,300,297 |
|
|
$ |
- |
|
|
$ |
13,300,297 |
|
| |
|
As Previously |
|
|
Restatement |
|
|
As |
|
| |
|
September 30, 2023 |
|
| |
|
As Previously |
|
|
Restatement |
|
|
As |
|
| |
|
Stated |
|
|
Adjustments |
|
|
Restated |
|
| |
|
(unaudited) |
|
|
|
|
|
(unaudited) |
|
| LIABILITIES AND STOCKHOLDERS’ EQUITY |
|
|
|
|
|
|
|
|
|
|
|
|
| Current liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
| Derivative liabilities |
|
$ |
- |
|
|
$ |
2,065,177 |
|
|
$ |
2,065,177 |
|
| Total current liabilities |
|
$ |
932,619 |
|
|
$ |
2,065,177 |
|
|
$ |
2,997,796 |
|
| Total liabilities |
|
$ |
975,033 |
|
|
$ |
2,065,177 |
|
|
$ |
3,040,210 |
|
| Stockholders’ equity |
|
|
|
|
|
|
|
|
|
|
|
|
| Additional paid-in capital |
|
$ |
177,042,781 |
|
|
$ |
(21,901,000 |
) |
|
$ |
155,141,781 |
|
| Accumulated deficit |
|
$ |
(164,231,163 |
) |
|
$ |
19,835,823 |
|
|
$ |
(144,395,340 |
) |
| Total stockholders’ equity |
|
$ |
12,826,068 |
|
|
$ |
(2,065,177 |
) |
|
$ |
10,760,891 |
|
| Total liabilities and stockholders’ equity |
|
$ |
13,801,101 |
|
|
$ |
- |
|
|
$ |
13,801,101 |
|
The following tables present the
effect of the Restatement on the Company’s unaudited interim condensed consolidated statements of operations for the periods indicated:
| |
|
As Previously |
|
|
Restatement |
|
|
As |
|
| |
|
For the Three Months Ended |
|
| |
|
March 31, 2022 |
|
| |
|
As Previously |
|
|
Restatement |
|
|
As |
|
| |
|
Stated |
|
|
Adjustments |
|
|
Restated |
|
| |
|
(unaudited) |
|
|
|
|
|
(unaudited) |
|
| |
|
|
|
|
|
|
|
|
|
| Change in fair value of derivative liabilities |
|
$ |
- |
|
|
$ |
3,391,212 |
|
|
$ |
3,391,212 |
|
| Total other (income) expense |
|
$ |
(237,643 |
) |
|
$ |
3,391,212 |
|
|
$ |
3,153,569 |
|
| Net loss |
|
$ |
(4,816,150 |
) |
|
$ |
(3,391,212 |
) |
|
$ |
(8,207,362 |
) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
| Earnings (loss) per share - basic and diluted |
|
$ |
(1.37 |
) |
|
$ |
(0.96 |
) |
|
$ |
(2.33 |
) |
| |
|
As Previously |
|
|
Restatement |
|
|
As |
|
|
As Previously |
|
|
Restatement |
|
|
As |
|
| |
|
For the Three Months Ended |
|
|
For the Six Months Ended |
|
| |
|
June 30, 2022 |
|
|
June 30, 2022 |
|
| |
|
As Previously |
|
|
Restatement |
|
|
As |
|
|
As Previously |
|
|
Restatement |
|
|
As |
|
| |
|
Stated |
|
|
Adjustments |
|
|
Restated |
|
|
Stated |
|
|
Adjustments |
|
|
Restated |
|
| |
|
(unaudited) |
|
|
|
|
|
(unaudited) |
|
|
(unaudited) |
|
|
|
|
|
(unaudited) |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Change in fair value of derivative liabilities |
|
$ |
- |
|
|
$ |
(7,775,393 |
) |
|
$ |
(7,775,393 |
) |
|
$ |
- |
|
|
$ |
(4,384,181 |
) |
|
$ |
(4,384,181 |
) |
| Total other (income) expense |
|
$ |
46,613 |
|
|
$ |
(7,775,393 |
) |
|
$ |
(7,728,780 |
) |
|
$ |
(191,030 |
) |
|
$ |
(4,384,181 |
) |
|
$ |
(4,575,211 |
) |
| Net (loss) income |
|
$ |
(4,675,241 |
) |
|
$ |
7,775,393 |
|
|
$ |
3,100,152 |
|
|
$ |
(9,491,391 |
) |
|
$ |
4,384,181 |
|
|
$ |
(5,107,210 |
) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Earnings (loss) per share - basic: |
|
$ |
(1.28 |
) |
|
$ |
2.14 |
|
|
$ |
0.85 |
|
|
$ |
(2.65 |
) |
|
$ |
1.22 |
|
|
$ |
(1.43 |
) |
| Weighted average common shares oustanding - diluted |
|
|
3,638,383 |
|
|
|
5,818,645 |
|
|
|
9,457,028 |
|
|
|
3,581,110 |
|
|
|
- |
|
|
|
3,581,110 |
|
| Earnings (loss) per share - diluted |
|
$ |
(1.28 |
) |
|
$ |
0.82 |
|
|
$ |
0.33 |
|
|
$ |
(2.65 |
) |
|
$ |
1.22 |
|
|
$ |
(1.43 |
) |
| |
|
As Previously |
|
|
Restatement |
|
|
As |
|
|
As Previously |
|
|
Restatement |
|
|
As |
|
| |
|
For the Three Months Ended |
|
|
For the Nine Months Ended |
|
| |
|
September 30, 2022 |
|
|
September 30, 2022 |
|
| |
|
As Previously |
|
|
Restatement |
|
|
As |
|
|
As Previously |
|
|
Restatement |
|
|
As |
|
| |
|
Stated |
|
|
Adjustments |
|
|
Restated |
|
|
Stated |
|
|
Adjustments |
|
|
Restated |
|
| |
|
(unaudited) |
|
|
|
|
|
(unaudited) |
|
|
(unaudited) |
|
|
|
|
|
(unaudited) |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Change in fair value of derivative liabilities |
|
$ |
- |
|
|
$ |
790,723 |
|
|
$ |
790,723 |
|
|
$ |
- |
|
|
$ |
(3,593,458 |
) |
|
$ |
(3,593,458 |
) |
| Total other expense (income) |
|
$ |
46,125 |
|
|
$ |
790,723 |
|
|
$ |
836,848 |
|
|
$ |
(144,905 |
) |
|
$ |
(3,593,458 |
) |
|
$ |
(3,738,363 |
) |
| Net (loss) income |
|
$ |
(4,655,825 |
) |
|
$ |
(790,723 |
) |
|
$ |
(5,446,548 |
) |
|
$ |
(14,147,216 |
) |
|
$ |
3,593,458 |
|
|
$ |
(10,553,758 |
) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Earnings (loss) per share - basic and diluted |
|
$ |
(1.28 |
) |
|
$ |
(0.22 |
) |
|
$ |
(1.50 |
) |
|
$ |
(3.93 |
) |
|
$ |
1.00 |
|
|
$ |
(2.93 |
) |
| |
|
As Previously |
|
|
Restatement |
|
|
As |
|
| |
|
For the Three Months Ended |
|
| |
|
March 31, 2023 |
|
| |
|
As Previously |
|
|
Restatement |
|
|
As |
|
| |
|
Stated |
|
|
Adjustments |
|
|
Restated |
|
| |
|
(unaudited) |
|
|
|
|
|
(unaudited) |
|
| |
|
|
|
|
|
|
|
|
|
| Change in fair value of derivative liabilities |
|
$ |
- |
|
|
$ |
1,488,350 |
|
|
$ |
1,488,350 |
|
| Total other income |
|
$ |
(94,876 |
) |
|
$ |
1,488,350 |
|
|
$ |
1,393,474 |
|
| Net (loss) income |
|
$ |
(5,684,222 |
) |
|
$ |
(1,488,350 |
) |
|
$ |
(7,172,572 |
) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
| Earnings (loss) per share - basic and diluted |
|
$ |
(1.53 |
) |
|
$ |
(0.40 |
) |
|
$ |
(1.93 |
) |
| |
|
As Previously |
|
|
Restatement |
|
|
As |
|
|
As Previously |
|
|
Restatement |
|
|
As |
|
| |
|
For the Three Months Ended |
|
|
For the Six Months Ended |
|
| |
|
June 30, 2023 |
|
|
June 30, 2023 |
|
| |
|
As Previously |
|
|
Restatement |
|
|
As |
|
|
As Previously |
|
|
Restatement |
|
|
As |
|
| |
|
Stated |
|
|
Adjustments |
|
|
Restated |
|
|
Stated |
|
|
Adjustments |
|
|
Restated |
|
| |
|
(unaudited) |
|
|
|
|
|
(unaudited) |
|
|
(unaudited) |
|
|
|
|
|
(unaudited) |
|
| Change in fair value of derivative liabilities |
|
$ |
- |
|
|
$ |
2,728,847 |
|
|
$ |
2,728,847 |
|
|
$ |
- |
|
|
$ |
4,217,197 |
|
|
$ |
4,217,197 |
|
| Total other income |
|
$ |
(135,999 |
) |
|
$ |
2,728,847 |
|
|
$ |
2,592,848 |
|
|
$ |
(230,875 |
) |
|
$ |
4,217,197 |
|
|
$ |
3,986,322 |
|
| Net (loss) income |
|
$ |
(2,980,552 |
) |
|
$ |
(2,728,847 |
) |
|
$ |
(5,709,399 |
) |
|
$ |
(8,664,774 |
) |
|
$ |
(4,217,197 |
) |
|
$ |
(12,881,971 |
) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Earnings (loss) per share - basic and diluted |
|
$ |
(0.77 |
) |
|
$ |
(0.70 |
) |
|
$ |
(1.47 |
) |
|
$ |
(2.28 |
) |
|
$ |
(1.11 |
) |
|
$ |
(3.39 |
) |
| |
|
As Previously |
|
|
Restatement |
|
|
As |
|
|
As Previously |
|
|
Restatement |
|
|
As |
|
| |
|
For the Three Months Ended |
|
|
For the Nine Months Ended |
|
| |
|
September 30, 2023 |
|
|
September 30, 2023 |
|
| |
|
As Previously |
|
|
Restatement |
|
|
As |
|
|
As Previously |
|
|
Restatement |
|
|
As |
|
| |
|
Stated |
|
|
Adjustments |
|
|
Restated |
|
|
Stated |
|
|
Adjustments |
|
|
Restated |
|
| |
|
(unaudited) |
|
|
|
|
|
(unaudited) |
|
|
(unaudited) |
|
|
|
|
|
(unaudited) |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Change in fair value of derivative liabilities |
|
$ |
- |
|
|
$ |
(7,693,753 |
) |
|
$ |
(7,693,753 |
) |
|
$ |
- |
|
|
$ |
(3,476,556 |
) |
|
$ |
(3,476,556 |
) |
| Total other income |
|
$ |
(178,951 |
) |
|
$ |
(7,693,753 |
) |
|
$ |
(7,872,704 |
) |
|
$ |
(409,826 |
) |
|
$ |
(3,476,556 |
) |
|
$ |
(3,886,382 |
) |
| Net (loss) income |
|
$ |
(2,925,492 |
) |
|
$ |
7,693,753 |
|
|
$ |
4,768,261 |
|
|
$ |
(11,590,266 |
) |
|
$ |
3,476,556 |
|
|
$ |
(8,113,710 |
) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Earnings (loss) per share - basic: |
|
$ |
(0.64 |
) |
|
$ |
1.68 |
|
|
$ |
1.04 |
|
|
$ |
(2.85 |
) |
|
$ |
0.85 |
|
|
$ |
(2.00 |
) |
| Weighted average common shares oustanding - diluted |
|
|
4,570,843 |
|
|
|
7,753,923 |
|
|
|
12,324,766 |
|
|
|
4,061,975 |
|
|
|
- |
|
|
|
4,061,975 |
|
| Earnings (loss) per share - diluted |
|
$ |
(0.64 |
) |
|
$ |
1.03 |
|
|
$ |
0.39 |
|
|
$ |
(2.85 |
) |
|
$ |
0.85 |
|
|
$ |
(2.00 |
) |
The following tables present the
effect of the Restatement on the Company’s unaudited interim condensed consolidated statements of changes in stockholders’
equity for the periods indicated:
| |
|
Additional |
|
|
|
|
|
|
|
| |
|
Paid-In |
|
|
Accumulated |
|
|
|
|
| |
|
Capital |
|
|
Deficit |
|
|
Total |
|
| |
|
|
|
|
|
|
|
|
|
| Balance - March 31, 2022 (as previously reported) |
|
$ |
159,103,184 |
|
|
$ |
(138,962,278 |
) |
|
$ |
20,156,702 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| Adjustment due to cumulative error correction |
|
|
(21,901,000 |
) |
|
|
11,086,794 |
|
|
|
(10,814,206 |
) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
| Change in fair value of derivative liability |
|
|
- |
|
|
|
(3,391,212 |
) |
|
|
(3,391,212 |
) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
| Balance - March 31, 2022 (as restated) |
|
$ |
137,202,184 |
|
|
$ |
(131,266,696 |
) |
|
$ |
5,951,284 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| Balance - June 30, 2022 (as previously reported) |
|
$ |
162,207,334 |
|
|
$ |
(143,637,519 |
) |
|
$ |
18,585,612 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| Adjustment due to cumulative error correction |
|
|
(21,901,000 |
) |
|
|
11,086,794 |
|
|
|
(10,814,206 |
) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
| Change in fair value of derivative liability |
|
|
- |
|
|
|
4,384,181 |
|
|
|
4,384,181 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| Balance - June 30, 2022 (as restated) |
|
$ |
140,306,334 |
|
|
$ |
(128,166,544 |
) |
|
$ |
12,155,587 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| Balance - September 30, 2022 (as previously reported) |
|
$ |
165,281,862 |
|
|
$ |
(148,293,344 |
) |
|
$ |
17,004,315 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| Adjustment due to cumulative error correction |
|
|
(21,901,000 |
) |
|
|
11,086,794 |
|
|
|
(10,814,206 |
) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
| Change in fair value of derivative liability |
|
|
- |
|
|
|
3,593,458 |
|
|
|
3,593,458 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| Balance - September 30, 2022 (as restated) |
|
$ |
143,380,862 |
|
|
$ |
(133,613,092 |
) |
|
$ |
9,783,567 |
|
The following tables present the
effect of the Restatement on the Company’s unaudited interim condensed consolidated statements of cash flows for the periods indicated:
| |
|
|
|
|
|
|
|
(unaudited) |
|
| |
|
March 31, 2022 |
|
| |
|
As Previously |
|
|
Restatement |
|
|
As |
|
| |
|
Stated |
|
|
Adjustments |
|
|
Restated |
|
| |
|
|
|
|
|
|
|
(unaudited) |
|
| Cash Flows From Operating Activities: |
|
|
|
|
|
|
|
|
|
|
|
|
| Net (loss) income |
|
$ |
(4,816,150 |
) |
|
$ |
(3,391,212 |
) |
|
$ |
(8,207,362 |
) |
| Adjustments to reconcile net loss to net cash provided by operating activities: |
|
|
|
|
|
|
|
|
|
|
|
|
| Change in fair value of derivative liability |
|
$ |
- |
|
|
$ |
3,391,212 |
|
|
$ |
3,391,212 |
|
| Net Cash Used In Operating Activities |
|
$ |
(1,594,634 |
) |
|
$ |
- |
|
|
$ |
(1,594,634 |
) |
| |
|
(unaudited) |
|
|
|
|
|
(unaudited) |
|
| |
|
June 30, 2022 |
|
| |
|
As Previously |
|
|
Restatement |
|
|
As |
|
| |
|
Stated |
|
|
Adjustments |
|
|
Restated |
|
| |
|
(unaudited) |
|
|
|
|
|
(unaudited) |
|
| Cash Flows From Operating Activities: |
|
|
|
|
|
|
|
|
|
|
|
|
| Net (loss) income |
|
$ |
(9,491,391 |
) |
|
$ |
4,384,181 |
|
|
$ |
(5,107,210 |
) |
| Adjustments to reconcile net (loss) income to net cash provided by operating activities: |
|
|
|
|
|
|
|
|
|
|
|
|
| Change in fair value of derivative liability |
|
$ |
- |
|
|
$ |
(4,384,181 |
) |
|
$ |
(4,384,181 |
) |
| Net Cash Used In Operating Activities |
|
$ |
(2,845,756 |
) |
|
$ |
- |
|
|
$ |
(2,845,756 |
) |
| |
|
(unaudited) |
|
|
|
|
|
(unaudited) |
|
| |
|
September 30, 2022 |
|
| |
|
As Previously |
|
|
Restatement |
|
|
As |
|
| |
|
Stated |
|
|
Adjustments |
|
|
Restated |
|
| |
|
(unaudited) |
|
|
|
|
|
(unaudited) |
|
| Cash Flows From Operating Activities: |
|
|
|
|
|
|
|
|
|
|
|
|
| Net (loss) income |
|
$ |
(14,147,216 |
) |
|
$ |
3,593,458 |
|
|
$ |
(10,553,758 |
) |
| Adjustments to reconcile net (loss) income to net cash provided by operating activities: |
|
|
|
|
|
|
|
|
|
|
|
|
| Change in fair value of derivative liability |
|
$ |
- |
|
|
$ |
(3,593,458 |
) |
|
$ |
(3,593,458 |
) |
| Net Cash Used In Operating Activities |
|
$ |
(4,297,412 |
) |
|
$ |
- |
|
|
$ |
(4,297,412 |
) |
| |
|
(unaudited) |
|
|
|
|
|
(unaudited) |
|
| |
|
March 31, 2023 |
|
| |
|
As Previously |
|
|
Restatement |
|
|
As |
|
| |
|
Stated |
|
|
Adjustments |
|
|
Restated |
|
| |
|
(unaudited) |
|
|
|
|
|
(unaudited) |
|
| Cash Flows From Operating Activities: |
|
|
|
|
|
|
|
|
|
|
|
|
| Net (loss) income |
|
$ |
(5,684,222 |
) |
|
$ |
(1,488,350 |
) |
|
$ |
(7,172,572 |
) |
| Adjustments to reconcile net (loss) income to net cash provided by operating activities: |
|
|
|
|
|
|
|
|
|
|
|
|
| Change in fair value of derivative liability |
|
$ |
- |
|
|
$ |
1,488,350 |
|
|
$ |
1,488,350 |
|
| Net Cash Used In Operating Activities |
|
$ |
(2,348,740 |
) |
|
$ |
- |
|
|
$ |
(2,348,740 |
) |
| |
|
(unaudited) |
|
|
|
|
|
(unaudited) |
|
| |
|
June 30, 2023 |
|
| |
|
As Previously |
|
|
Restatement |
|
|
As |
|
| |
|
Stated |
|
|
Adjustments |
|
|
Restated |
|
| |
|
(unaudited) |
|
|
|
|
|
(unaudited) |
|
| Cash Flows From Operating Activities: |
|
|
|
|
|
|
|
|
|
|
|
|
| Net (loss) income |
|
$ |
(8,664,774 |
) |
|
$ |
(4,217,197 |
) |
|
$ |
(12,881,971 |
) |
| Adjustments to reconcile net (loss) income to net cash provided by operating activities: |
|
|
|
|
|
|
|
|
|
|
|
|
| Change in fair value of derivative liability |
|
$ |
- |
|
|
$ |
4,217,197 |
|
|
$ |
4,217,197 |
|
| Net Cash Used In Operating Activities |
|
$ |
(3,479,065 |
) |
|
$ |
- |
|
|
$ |
(3,479,065 |
) |
| |
|
(unaudited) |
|
|
|
|
|
(unaudited) |
|
| |
|
September 30, 2023 |
|
| |
|
As Previously |
|
|
Restatement |
|
|
As |
|
| |
|
Stated |
|
|
Adjustments |
|
|
Restated |
|
| |
|
(unaudited) |
|
|
|
|
|
(unaudited) |
|
| Cash Flows From Operating Activities: |
|
|
|
|
|
|
|
|
|
|
|
|
| Net (loss) income |
|
$ |
(11,590,266 |
) |
|
$ |
3,476,556 |
|
|
$ |
(8,113,710 |
) |
| Adjustments to reconcile net (loss) income to net cash provided by operating activities: |
|
|
|
|
|
|
|
|
|
|
|
|
| Change in fair value of derivative liability |
|
$ |
- |
|
|
$ |
(3,476,556 |
) |
|
$ |
(3,476,556 |
) |
| Net Cash Used In Operating Activities |
|
$ |
(4,656,785 |
) |
|
$ |
- |
|
|
$ |
(4,656,785 |
) |
|