Restatement of Previously Issued Financial Statements (Tables)
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12 Months Ended |
Dec. 31, 2024 |
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| Restatement of Previously Issued Financial Statements |
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| Schedule of previous reported consolidated Balance Sheet |
CONSOLIDATED BALANCE SHEETS | | | | | | | | | | | | DECEMBER 31, 2023 | | | As previously | | | | | | | | | reported | | Adjustment | | As restated | ASSETS AND STOCKHOLDERS’ EQUITY (DEFICIT) | | | | | | | | | | | | | | | | | | | | Accounts receivable | | $ | 2,233,211 | | $ | 843,251 | | $ | 3,076,462 | Total current assets | | | 24,151,758 | | | 843,251 | | | 24,995,009 | Total assets | | | 27,467,593 | | | 843,251 | | | 28,310,844 | | | | | | | | | | | Stockholders’ equity (deficit) | | | | | | | | | | Accumulated deficit | | | (62,794,376) | | | 843,251 | | | (61,951,125) | | | | | | | | | | | Total stockholders’ equity (deficit) | | | (782,897) | | | 843,251 | | | 60,354 | | | | | | | | | | | Total liabilities and stockholders’ equity (deficit) | | $ | 27,467,593 | | $ | 843,251 | | $ | 28,310,844 |
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| Schedule of previously reported Consolidated Statement of Operations |
CONSOLIDATED STATEMENT OF OPERATIONS | | | | | | | | | | | | FOR THE YEAR ENDED DECEMBER 31, | | | 2023 | | | As previously | | | | | | | | | reported | | Adjustment | | As restated | Revenue | | $ | 17,940,370 | | $ | (315,000) | | $ | 17,625,370 | Gross Profit | | | 5,767,996 | | | (315,000) | | | 5,452,996 | Operating (loss) income | | | (8,658,472) | | | (315,000) | | | (8,973,472) | Interest income | | | — | | | 79,301 | | | 79,301 | Total other income | | | 15,035,698 | | | 79,301 | | | 15,114,999 | | | | | | | | | | | Income (loss) before provision for income taxes | | | 6,377,226 | | | (235,699) | | | 6,141,527 | | | | | | | | | | | Net income (loss) | | $ | 5,904,013 | | $ | (235,699) | | $ | 5,668,314 | | | | | | | | | | | Net loss per common share - basic and diluted: | | $ | 0.06 | | $ | — | | $ | 0.06 |
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| Schedule of previously reported Consolidated Statements of Changes in Stockholder's Equity |
| | | | | | | | | | | | Accumulated Deficit | | | As Reported | | Adjustment | | As Restated | Balance – January 1, 2022 | | $ | (67,116,913) | | $ | — | | $ | (67,116,913) | | | | | | | | | | | Net loss | | | (1,581,476) | | | 1,078,950 | | | (502,526) | | | | | | | | | | | Balance December 31, 2022 | | | (68,698,389) | | | 1,078,950 | | | (67,619,439) | | | | | | | | | | | Net income | | | 5,904,013 | | | (235,699) | | | 5,668,314 | | | | | | | | | | | Balance December 31, 2023 | | $ | (62,794,376) | | $ | (843,251) | | $ | (61,951,125) |
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| Schedule of previously reported Consolidated Statement of Cash Flows |
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS | | | | | | | | | | | | FOR THE YEAR ENDED DECEMBER 31, | | | 2023 | | | As previously | | | | | | | | | reported | | Adjustment | | As restated | Cash flows from operating activities | | | | | | | | | | Net income (loss) | | $ | 5,904,013 | | $ | (235,699) | | $ | 5,668,314 | | | | | | | | | | | Adjustments to reconcile net loss to net cash | | | | | | | | | | Non-cash interest income | | | — | | | (79,301) | | | (79,301) | Changes in operating assets and liabilities | | | | | | | | | | Accounts receivable | | | 544,396 | | | 315,000 | | | 859,396 | Net cash provided by operating activities | | $ | 19,226,037 | | $ | — | | $ | 19,226,037 |
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