| Unaudited Condensed Combined Balance Sheet as of December 31, 2020 |
Note
4 – Unaudited Condensed Combined Balance Sheet as of December 31, 2020
The acquisition of Supera by pre-Merger MyMD
Florida was accounted for as a business combination under common control in accordance with ASC 805 and is being presented as if the
acquisition had been consummated and ASC 842 had been adopted on January 1, 2020.
The
audited Balance Sheets as of December 31, 2020 of pre-Merger MyMD Florida and Supera is presented below with the
adjustments required to eliminate inter-company transactions, implement ASC 842 for reporting leasing transactions and reclassify
certain balances to conform with the classification in the Condensed Consolidated Balance Sheet as of June 30, 2021.
Schedule
of Reclassification of Condensed Consolidated Balance Sheet Information
| |
|
MyMD |
|
|
Supera |
|
|
|
|
|
|
|
|
|
|
| |
|
Pharmaceuticals |
|
|
Pharmaceuticals |
|
|
|
|
|
|
|
|
Restated |
|
| |
|
Inc. |
|
|
Inc. |
|
|
|
|
|
AJE |
|
|
Total |
|
| |
|
(audited) |
|
|
(audited) |
|
|
Adjustments |
|
|
# |
|
|
(unaudited) |
|
| ASSETS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Current Assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Cash |
|
$ |
133,733 |
|
|
$ |
14,551 |
|
|
|
- |
|
|
|
|
|
$ |
148,284 |
|
| Prepaid expenses |
|
|
1,218 |
|
|
|
- |
|
|
|
- |
|
|
|
|
|
|
1,218 |
|
| Due from affiliate |
|
|
- |
|
|
|
24,600 |
|
|
|
(24,600 |
) |
|
1 |
|
|
|
- |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total Current Assets |
|
|
134,951 |
|
|
|
39,151 |
|
|
|
(24,600 |
) |
|
|
|
|
|
149,502 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Non-Current Assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Operating Lease Right-of-Use Assets |
|
|
- |
|
|
|
- |
|
|
|
527,195 |
|
|
3 |
|
|
|
527,195 |
|
| Intangible Assets, net |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
|
|
|
- |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total Non-Current Assets |
|
|
- |
|
|
|
- |
|
|
|
527,195 |
|
|
|
|
|
|
527,195 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total Assets |
|
$ |
134,951 |
|
|
$ |
39,151 |
|
|
$ |
502,595 |
|
|
|
|
|
$ |
676,697 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| LIABILITIES |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Current Liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Trade and Other Payables |
|
$ |
1,025,063 |
|
|
$ |
556,781 |
|
|
$ |
219,885 |
|
|
1,2 |
|
|
$ |
1,801,729 |
|
| Due to Related Party |
|
|
39,177 |
|
|
|
- |
|
|
|
(39,177 |
) |
|
2 |
|
|
|
- |
|
| Interest Payable, related party |
|
|
175,679 |
|
|
|
- |
|
|
|
(175,679 |
) |
|
2 |
|
|
|
- |
|
| Loan Payable |
|
|
1,200,000 |
|
|
|
- |
|
|
|
- |
|
|
|
|
|
|
1,200,000 |
|
Operating Lease Payable |
|
|
- |
|
|
|
- |
|
|
|
481,049 |
|
|
3 |
|
|
|
481,049 |
|
| Paycheck Protection Program Loan |
|
|
54,000 |
|
|
|
16,600 |
|
|
|
- |
|
|
|
|
|
|
70,600 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total Current Liabilities |
|
|
2,493,919 |
|
|
|
573,381 |
|
|
|
486,078 |
|
|
|
|
|
|
3,553,378 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Non-Current Liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
- |
|
| Line of Credit Payable – related party, net of discount |
|
|
1,734,237 |
|
|
|
599,747 |
|
|
|
- |
|
|
|
|
|
|
2,333,984 |
|
| Interest Payable, related party |
|
|
- |
|
|
|
29,628 |
|
|
|
(29,628 |
) |
|
2 |
|
|
|
- |
|
| Operating Lease Liability, net of current |
|
|
- |
|
|
|
- |
|
|
|
46,369 |
|
|
3 |
|
|
|
46,369 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total Non-Current Liabilities |
|
|
1,734,237 |
|
|
|
629,375 |
|
|
|
16,741 |
|
|
|
|
|
|
2,380,353 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total Liabilities |
|
$ |
4,228,156 |
|
|
$ |
1,202,756 |
|
|
$ |
502,819 |
|
|
|
|
|
$ |
5,933,731 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Commitments and Contingencies |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| STOCKHOLDERS’ DEFICIT |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Common stock, par $0.0001,
100,000,000
shares authorized and 73,991,413
issued and outstanding as of December 31, 2020 |
|
|
4,004 |
|
|
|
- |
|
|
|
- |
|
|
|
|
|
|
4,004 |
|
| Additional Paid in Capital |
|
|
43,411,488 |
|
|
|
- |
|
|
|
(1 |
) |
|
2 |
|
|
|
43,411,487 |
|
| Accumulated Deficit |
|
|
(47,508,697 |
) |
|
|
(1,163,605 |
) |
|
|
(223 |
) |
|
3 |
|
|
|
(48,672,525 |
) |
| Total Stockholders’ Deficit |
|
|
(4,093,205 |
) |
|
|
(1,163,605 |
) |
|
|
(224 |
) |
|
|
|
|
|
(5,257,034 |
) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total Liabilities and Stockholders’ Deficit |
|
$ |
134,951 |
|
|
$ |
39,151 |
|
|
$ |
502,595 |
|
|
|
|
|
$ |
676,697 |
|
The following is an explanation
of the adjusting entries that were recorded to arrive at the restated Condensed Consolidated Balance Sheet as of December 31, 2020:
| AJE # |
|
Account |
|
|
Debit |
|
|
Credit |
|
| 1 |
|
|
Trade
and Other Payables |
|
|
|
24,600 |
|
|
|
|
|
| |
|
|
Due from Affiliate |
|
|
|
|
|
|
|
24,600 |
|
| |
|
|
To eliminate inter-company transactions |
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| 2 |
|
|
Due to Related Party |
|
|
|
39,177 |
|
|
|
|
|
| |
|
|
Interest
Payable, related party |
|
|
|
175,679 |
|
|
|
|
|
| |
|
|
Interest Payable, related party |
|
|
|
29,628 |
|
|
|
|
|
| |
|
|
Additional Paid-In Capital |
|
|
|
1 |
|
|
|
|
|
| |
|
|
Trade and Other Payables |
|
|
|
|
|
|
|
244,485 |
|
| |
|
|
To
reclassify account balances to conform with the classification on the June 30, 2021 Condensed
Consolidated Balance Sheet |
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| 3 |
|
|
Operating
Lease Right-of-Use
|
|
|
|
527,195 |
|
|
|
|
|
| |
|
|
Accumulated Deficit |
|
|
|
223 |
|
|
|
|
|
| |
|
|
Operating
Lease Payable
|
|
|
|
|
|
|
|
481,049 |
|
| |
|
|
Operating
Lease Payable, net of current portion |
|
|
|
|
|
|
|
46,369 |
|
| |
|
|
To
implement ASC 842 for the accounting of operating leases |
|
|
|
|
|
|
|
|
|
|