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The
Company restated its December 31, 2015 financial statements. The Company determined that it did not correctly record, as of December
31, 2015, $1,213,967 in stock issued to its financial adviser related to the merger as of December 31, 2015 and incorrectly recorded
$500,000 in general and administrative costs related to the merger that should have increased goodwill related to the merger.
Correction of these errors had the following effects on the Companys financial statements as of and for the year ended December
31, 2015:
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An
increase in impairment of goodwill and intangibles of $1,713,967, |
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A
decrease in general and administrative expenses of $500,000, |
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A
decrease in net income of $1,213,967, |
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· |
An
increase in additional paid-in capital of $$1,213,967, and |
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A
decrease in accumulated deficit of $1,213,967. |
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