| Schedule of Restatement of Consolidated Financial Statements |
The table below sets forth the consolidated
balance sheets, including the balances originally reported, corrections and the as restated balances:
| |
|
As of December 31, 2017 |
|
| |
|
As Reported |
|
|
Correction |
|
|
As Restated |
|
| Trade Receivables, net |
|
$ |
1,490,985 |
|
|
$ |
(526,314 |
) |
|
$ |
964,671 |
|
| Trade Receivables – Related Party, net |
|
|
125,001 |
|
|
|
(125,001 |
) |
|
|
- |
|
| Inventories, net |
|
|
1,845,281 |
|
|
|
(897,669 |
) |
|
|
947,612 |
|
| Total Current Assets |
|
|
9,324,883 |
|
|
|
(1,548,984 |
) |
|
|
7,775,899 |
|
| Total Assets |
|
|
10,886,874 |
|
|
|
(1,548,984 |
) |
|
|
9,337,890 |
|
| Trade and Other Payables |
|
|
1,733,216 |
|
|
|
12,000 |
|
|
|
1,745,216 |
|
| Total Current Liabilities |
|
|
1,773,037 |
|
|
|
12,000 |
|
|
|
1,785,037 |
|
| Total Liabilities |
|
|
1,773,037 |
|
|
|
12,000 |
|
|
|
1,785,037 |
|
| Accumulated Deficit |
|
|
(103,284,863 |
) |
|
|
(1,560,984 |
) |
|
|
(104,845,847 |
) |
| Total Stockholder’s Equity |
|
|
9,113,837 |
|
|
|
(1,560,984 |
) |
|
|
7,552,853 |
|
| Total Liabilities and Stockholders’ Equity |
|
|
10,886,874 |
|
|
|
(1,548,984 |
) |
|
|
9,337,890 |
|
The table below sets for the consolidated statements
of income, including the balances originally reported, corrections, and the restated amounts:
| |
|
For the year ended December 31, 2017 |
|
| |
|
As Reported |
|
|
Correction |
|
|
As Restated |
|
| Product revenue |
|
$ |
3,754,896 |
|
|
$ |
(450,184 |
) |
|
$ |
3,304,712 |
|
| Product revenue – Related party |
|
|
124,631 |
|
|
|
(124,631 |
) |
|
|
- |
|
| Product Cost of Sales |
|
|
(1,419,963 |
) |
|
|
(986,169 |
) |
|
|
(2,406,132 |
) |
| Gross Income |
|
|
2,509,564 |
|
|
|
(1,560,984 |
) |
|
|
948,580 |
|
| Loss from Operations |
|
|
(5,052,806 |
) |
|
|
(1,560,984 |
) |
|
|
(6,613,790 |
) |
| Loss Before Income Taxes |
|
|
(5,805,326 |
) |
|
|
(1,560,984 |
) |
|
|
(7,366,310 |
) |
| Net Loss Attributable to Common Stockholders |
|
|
(5,805,326 |
) |
|
|
(1,560,984 |
) |
|
|
(7,366,310 |
) |
| Comprehensive Loss |
|
|
(5,805,326 |
) |
|
|
(1,560,984 |
) |
|
|
(7,366,310 |
) |
| Loss per Share |
|
|
(0.61 |
) |
|
|
(0.17 |
) |
|
|
(0.78 |
) |
The table below sets forth the consolidated
statements of shareholders' equity, including the balances originally reported, corrections and the as restated balances:
| |
|
As Reported |
|
|
Correction |
|
|
As Restated |
|
| Net loss, for the year ended December 31, 2017 |
|
$ |
(5,805,326 |
) |
|
$ |
(1,560,984 |
) |
|
$ |
(7,366,310 |
) |
| Accumulated Deficit, as of December 21, 2017 |
|
|
(103,284,863 |
) |
|
|
(1,560,984 |
) |
|
|
(104,845,847 |
) |
| Total Equity, as of December 31, 2017 |
|
|
9,113,837 |
|
|
|
(1,560,984 |
) |
|
|
7,552,853 |
|
The table below sets forth the consolidated
statements of cash flows from operating activities, including the balances originally reported, corrections and the as restated
balances:
| |
|
For the year ended December 31, 2017 |
|
| |
|
As Reported |
|
|
Correction |
|
|
As Restated |
|
| Net loss |
|
$ |
(5,805,326 |
) |
|
$ |
(1,560,984 |
) |
|
$ |
(7,366,310 |
) |
| Reserve and write-off for absolute inventory |
|
|
26,122 |
|
|
|
1,182,400 |
|
|
|
1,208,522 |
|
| Increase in trade receivables |
|
|
(1,339,714 |
) |
|
|
526,314 |
|
|
|
(813,400 |
) |
| (Increase)/decrease in trade receivables – related party |
|
|
(93,109 |
) |
|
|
125,001 |
|
|
|
31,892 |
|
| Increase/(decrease) in inventories |
|
|
165,118 |
|
|
|
(284,731 |
) |
|
|
(119,613 |
) |
| Increase/(decrease) in trade and other payables |
|
|
269,853 |
|
|
|
12,000 |
|
|
|
281,853 |
|
| Net cash used in operating activities |
|
|
5,080,412 |
|
|
|
- |
|
|
|
5,080,412 |
|
|