| Schedule of Impact of Correction to Previously Reported |
The table below sets forth the consolidated
balance sheets, including the balances originally reported, corrections and the as restated balances:
| |
|
As of June 30, 2017 |
|
| |
|
As Reported |
|
|
Correction |
|
|
As Restated |
|
| Trade Receivables – Related Party, net |
|
$ |
125,001 |
|
|
$ |
(125,001 |
) |
|
$ |
- |
|
| Inventories, net |
|
|
2,166,699 |
|
|
|
62,140 |
|
|
|
2,228,839 |
|
| Total Current Assets |
|
|
4,906,089 |
|
|
|
(62,861 |
) |
|
|
4,843,228 |
|
| Total Assets |
|
|
6,562,562 |
|
|
|
(62,861 |
) |
|
|
6,499,701 |
|
| Trade and Other Payables |
|
|
1,413,141 |
|
|
|
88,500 |
|
|
|
1,501,641 |
|
| Total Current Liabilities |
|
|
1,447,052 |
|
|
|
88,500 |
|
|
|
1,535,552 |
|
| Total Liabilities |
|
|
1,447,052 |
|
|
|
88,500 |
|
|
|
1,535,552 |
|
| Accumulated Deficit |
|
|
(99,495,455 |
) |
|
|
(151,361 |
) |
|
|
(99,646,816 |
) |
| Total Stockholder’s Equity |
|
|
5,115,510 |
|
|
|
(151,361 |
) |
|
|
4,964,149 |
|
| Total Liabilities and Stockholders’ Equity |
|
|
6,562,562 |
|
|
|
(62,861 |
) |
|
|
6,499,701 |
|
The table below sets for the consolidated statements
of income, including the amounts originally reported, corrections, and the restated amounts:
| |
|
For the three months ended June 30, 2017 |
|
| |
|
As Reported |
|
|
Correction |
|
|
As Restated |
|
| Product revenue |
|
$ |
1,097,295 |
|
|
$ |
(370 |
) |
|
$ |
1,096,925 |
|
| Product revenue – Related party |
|
|
100,567 |
|
|
|
(124,631 |
) |
|
|
(24,064 |
) |
| Product Cost of Sales |
|
|
(264,231 |
) |
|
|
(26,360 |
) |
|
|
(290,591 |
) |
| Gross Income |
|
|
933,631 |
|
|
|
(151,361 |
) |
|
|
782,270 |
|
| Loss from Operations |
|
|
(669,301 |
) |
|
|
(151,361 |
) |
|
|
(820,662 |
) |
| Loss Before Income Taxes |
|
|
(666,647 |
) |
|
|
(151,361 |
) |
|
|
(818,008 |
) |
| Net Loss Attributable to Common Stockholders |
|
|
(666,647 |
) |
|
|
(151,361 |
) |
|
|
(818,008 |
) |
| Comprehensive Loss |
|
|
(665,795 |
) |
|
|
(151,361 |
) |
|
|
(817,156 |
) |
| Loss per share |
|
$ |
(0.08 |
) |
|
$ |
(0.01 |
) |
|
$ |
(0.09 |
) |
| |
|
For the six months ended June 30, 2017 |
|
| |
|
As Reported |
|
|
Correction |
|
|
As Restated |
|
| Product revenue |
|
$ |
1,740,481 |
|
|
$ |
(370 |
) |
|
$ |
1,740,111 |
|
| Product revenue – Related party |
|
|
124,631 |
|
|
|
(124,631 |
) |
|
|
- |
|
| Product Cost of Sales |
|
|
(522,952 |
) |
|
|
(26,360 |
) |
|
|
(549,312 |
) |
| Gross Income |
|
|
1,342,160 |
|
|
|
(151,361 |
) |
|
|
1,190,799 |
|
| Loss from Operations |
|
|
(2,031,454 |
) |
|
|
(151,361 |
) |
|
|
(2,182,815 |
) |
| Loss Before Income Taxes |
|
|
(2,015,918 |
) |
|
|
(151,361 |
) |
|
|
(2,167,279 |
) |
| Net Loss Attributable to Common Stockholders |
|
|
(2,015,918 |
) |
|
|
(151,361 |
) |
|
|
(2,167,279 |
) |
| Comprehensive Loss |
|
|
(2,014,909 |
) |
|
|
(151,361 |
) |
|
|
(2,166,270 |
) |
| Loss per share |
|
$ |
(0.25 |
) |
|
$ |
(0.02 |
) |
|
$ |
(0.27 |
) |
The table below sets forth the condensed consolidated
statements of shareholders’ equity, including the balances originally reported, corrections and the as restated balances:
| |
|
For the six months ended June 30, 2017 |
|
| |
|
As Reported |
|
|
Correction |
|
|
As Restated |
|
| Net loss, for the six months ended June 30, 2017 |
|
$ |
(2,015,918 |
) |
|
$ |
(151,361 |
) |
|
$ |
(2,167,279 |
) |
| Accumulated Deficit, as of June 30, 2017 |
|
|
(99,495,455 |
) |
|
|
(151,361 |
) |
|
|
(99,646,816 |
) |
| Total Equity, as of June 30, 2017 |
|
|
5,115,510 |
|
|
|
(151,361 |
) |
|
|
4,964,149 |
|
The table below sets forth the condensed consolidated
statements of cash flows from operating activities, including the balances originally reported, corrections and the as restated
balances:
| |
|
For the six months ended June 30, 2017 |
|
| |
|
As Reported |
|
|
Correction |
|
|
As Restated |
|
| Net loss |
|
$ |
(2,015,918 |
) |
|
$ |
(151,361 |
) |
|
$ |
(2,167,279 |
) |
| (Increase)/decrease in trade receivables – related party |
|
|
(93,109 |
) |
|
|
125,001 |
|
|
|
31,892 |
|
| Increase in inventories |
|
|
(151,720 |
) |
|
|
(62,140 |
) |
|
|
(213,860 |
) |
| Increase/(decrease) in trade and other payables |
|
|
(50,222 |
) |
|
|
88,500 |
|
|
|
38,278 |
|
| Net cash used in operating activities |
|
|
(2,593,231 |
) |
|
|
- |
|
|
|
(2,593,231 |
) |
|