| Restatement of Financial Statements |
NOTE 12 – RESTATEMENT OF FINANCIAL
STATEMENTS
The December 31, 2023 financial
statements have been restated from the previously issued 2023 financial statements for revisions and corrections to
accounting errors relating loan modification, to the calculation and amortization of debt discount to notes payable and for
the recording of previously unrecorded trade accounts payable and accrued interest on debt.
| | |
As Previously Reported 2023 | |
Restated 2023 | |
Effect of Change |
| | |
| |
| |
|
| Balance Sheet | |
| |
| |
|
| Total assets | |
$ | 382,202 | | |
$ | 382,202 | | |
$ | — | |
| Accounts payable | |
$ | 358,001 | | |
$ | 268,188 | | |
| (89,813 | ) |
| Accrued payables | |
| 247,020 | | |
| 302,020 | | |
| 55,000 | |
| Notes payable | |
| 325,000 | | |
| 286,220 | | |
| (38,780 | ) |
| Convertible notes payable | |
| 584,079 | | |
| 584,079 | | |
| — | |
| Total current liabilities | |
| 1,514,100 | | |
| 1,440,507 | | |
| (73,593 | ) |
| Notes payable- long term | |
| 75,000 | | |
| 35,140 | | |
| (39,860 | ) |
| Preferred stock | |
| 1,000 | | |
| 1,000 | | |
| — | |
| Common stock | |
| 1,544,696 | | |
| 1,544,696 | | |
| — | |
| Additional paid in capital | |
| 7,666,156 | | |
| 7,649,714 | | |
| (16,442 | ) |
| Common stock to be issued | |
| 3,200 | | |
| 3,200 | | |
| — | |
| Accumulated deficit | |
| (10,421,950 | ) | |
| (10,292,055 | ) | |
| 129,895 | |
| Total stockholders deficit | |
| (1,206,898 | ) | |
| (1,093,445 | ) | |
| 113,453 | |
| Total liabilities and stockholders deficit | |
$ | 382,202 | | |
$ | 382,202 | | |
$ | — | |
| | |
| | | |
| | | |
| | |
| Statement of Operations | |
| | | |
| | | |
| | |
| Operating expenses | |
$ | 616,824 | | |
$ | 527,010 | | |
$ | (89,814 | ) |
| Interest expense | |
| 496,157 | | |
| 219,214 | | |
| (276,943 | ) |
| Amortization of debt issue costs | |
| 7,835 | | |
| 28,547 | | |
| 20,712 | |
| Loss on debt extinguishment | |
| (73,833 | ) | |
| 142,317 | | |
| 216,150 | |
| Net Loss | |
$ | (1,046,983 | ) | |
$ | (917,088 | ) | |
$ | 129,895 | |
| | |
| | | |
| | | |
| | |
| Statement of Cash Flows | |
| | | |
| | | |
| | |
| Net loss | |
$ | (1,046,983 | ) | |
$ | (917,088 | ) | |
$ | 129,895 | |
| Amortization of note issue costs | |
| 7,835 | | |
| 28,547 | | |
| 20,712 | |
| Stock based compensation | |
| 3,200 | | |
| 3,200 | | |
| — | |
| Stock issued for consulting agreement | |
| 100,000 | | |
| 100,000 | | |
| — | |
| Stock issued for loan costs | |
| 266,063 | | |
| 279,539 | | |
| 13,476 | |
| Debt extinguishment | |
| (73,833 | ) | |
| (203,103 | ) | |
| (129,270 | ) |
| Default provisions on convertible debt | |
| 74,499 | | |
| 74,499 | | |
| — | |
| Accounts payable | |
| 193,285 | | |
| 103,472 | | |
| (89,813 | ) |
| Accrued payables | |
| 135,222 | | |
| 190,222 | | |
| 55,000 | |
| Operating activities | |
| (340,712 | ) | |
| (340,712 | ) | |
| — | |
| Investing activities | |
| (40,001 | ) | |
| (40,001 | ) | |
| — | |
| Financing activities | |
| 352,178 | | |
| 352,178 | | |
| — | |
| Decrease in cash | |
$ | (28,535 | ) | |
$ | (28,535 | ) | |
$ | — | |
|