2022 10-Q Mistake correcting a 2021 10-K Mistake?
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Posted On: 11/20/2022 5:40:13 PM
2022 10-Q Mistake correcting a 2021 10-K Mistake?
https://app.quotemedia.com/data/downloadFilin...CK=1343465
Just trying to help the company here. Not being picky but $65,475 is a good percentage (23%) of $286,705
Accounting Policies
Restatement from 2021 10K
Page 10
LIABILITIES AND STOCKHOLDERS’ DEFICIT
2021 Current Liabilities $ 3,134,223 2021
2021 Restated - Current Liabilities less $ (65,475) $ 3,068,748
2021 Note payable 35,905
2021 Note payable 35,905
2021 Total liabilities 3,170,128
2021 Restated - Total Liabilities less (65,475) 3,104,653
2021 Stockholders’ Deficit (2,883,423)
2021 Restated - Stockholders’ Deficit less 65,475 (2,817,948)
2021 Total liabilities and stockholders’ deficit $ 286,705
2021 Restated - Total liabilities and stockholders’ deficit $ 286,705 (should it be $221,230 ??)
Maybe I'm incorrect. But it's not this new accounting error (2022 10-Q), after correcting the error in the 2021 10-K, that's an issue, but more about not knowing $65,475 was already paid 4 to 5 years earlier. Stuff happens.
It's a lot of due diligence time going through quarterly and annual filings. Not sure how many people do this due diligence. But more seem to get upset when others share details (positive or negative) that might help others with their investment decisions.
If I can be any other help please advise. I want to help the company when I can.
in my humble opinion
cheers
Quote:
Restatement
During the nine months ended September 30, 2022, the Company discovered its previously reported balance sheet as of December 31, 2021 included $65,475 of accounts payable that were paid in 2017 and 2018 due to an error in the recording of these payments, resulting in an overstate of liabilities and expenses for those periods. Management determined that the errors discovered were immaterial to all previously presented financial statements, but correcting the error in the current period would materially misstatement the current financial statements. Accordingly, the Company has corrected the error by recording an adjustment to the consolidated balance sheet as of December 31, 2021 as follows:
https://app.quotemedia.com/data/downloadFilin...CK=1343465
Just trying to help the company here. Not being picky but $65,475 is a good percentage (23%) of $286,705
Accounting Policies
Restatement from 2021 10K
Page 10
LIABILITIES AND STOCKHOLDERS’ DEFICIT
2021 Current Liabilities $ 3,134,223 2021
2021 Restated - Current Liabilities less $ (65,475) $ 3,068,748
2021 Note payable 35,905
2021 Note payable 35,905
2021 Total liabilities 3,170,128
2021 Restated - Total Liabilities less (65,475) 3,104,653
2021 Stockholders’ Deficit (2,883,423)
2021 Restated - Stockholders’ Deficit less 65,475 (2,817,948)
2021 Total liabilities and stockholders’ deficit $ 286,705
2021 Restated - Total liabilities and stockholders’ deficit $ 286,705 (should it be $221,230 ??)
Maybe I'm incorrect. But it's not this new accounting error (2022 10-Q), after correcting the error in the 2021 10-K, that's an issue, but more about not knowing $65,475 was already paid 4 to 5 years earlier. Stuff happens.
It's a lot of due diligence time going through quarterly and annual filings. Not sure how many people do this due diligence. But more seem to get upset when others share details (positive or negative) that might help others with their investment decisions.
If I can be any other help please advise. I want to help the company when I can.
in my humble opinion
cheers
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